KATHMANDU: Finance Minister Swarnim Wagle has said the government will introduce a “hope-inspiring” budget for the upcoming fiscal year, emphasizing a stronger role for the private sector in driving economic growth.
Speaking at the 60th annual general meeting of the Federation of Nepalese Chambers of Commerce and Industry, Wagle stated that the upcoming budget will focus on boosting growth, creating jobs, and expanding investment opportunities.
He reiterated that the private sector will serve as a key partner in development, adding that a strategic proposal aimed at protecting and promoting private enterprises has already been presented to the Cabinet.
Wagle also highlighted the government’s long-term goal of building a $100 billion economy, noting that such an ambition cannot be achieved without active private sector participation.
“Government resources are limited, but private investment is what expands the economy,” he said. According to him, public expenditure accounts for only about 25 to 30 percent of GDP, with the rest driven by private economic activity.
The minister further said that the government is working to repeal around two dozen laws that have been hindering economic progress. Reforms in revenue administration are also planned to make the tax system more business- and investment-friendly.
Wagle added that the government will advance policies based on the concept of a social market economy, encouraging innovation and dynamism in the private sector while ensuring equitable income distribution through investments in education, healthcare, transportation, and social security.
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