Budget Day: Govt to unveil Rs 2 trillion growth-focused budget today – The Himalayan Times – Nepal’s No.1 English Daily Newspaper

KATHMANDU, MAY 29

Finance Minister Dr Swarnim Wagle is scheduled to present the budget for the upcoming fiscal year 2083/84 at a joint meeting of the Federal Parliament today.

In line with the constitutional provision requiring the annual estimates of government income and expenditure to be presented on Jestha 15, the budget will be tabled this afternoon.

The government is preparing a budget estimated between Rs 1.89 trillion and Rs 2 trillion, with focus on economic revitalisation, boosting private sector confidence, increasing capital expenditure and creating employment opportunities, according to a senior official at the Ministry of Finance.

The budget is also expected to prioritise good governance, economic reforms, production growth and improved public service delivery.

The National Planning Commission had initially fixed the budget ceiling at Rs 1.89 trillion for the next fiscal year. However, the National Revenue Estimates Committee reportedly revised the ceiling upward following the government’s request, citing difficulties in preparing the budget within the earlier limit.

Officials said the budget has been prepared based on the government’s 100-point governance reform action plan, policy and programme priorities, and the principles and priorities of the Appropriation Bill presented in Parliament.

Suggestions and deliberations from lawmakers in both Houses of the Federal Parliament have also been incorporated in the budget preparation process.

The budget is expected to include a hike in government employees’ salaries, revision of some tax rates, industry-friendly policies and programmes aimed at promoting productive sectors.

Priority has reportedly been given to information technology, small and medium enterprises, and investment promotion.