The government has set a target of securing a seven-percent economic growth, limiting the inflation at six percent in the upcoming fiscal year.
Presenting the budget speech for the fiscal year, 2083-84 BS (2026-27) in the federal parliament on Friday, Finance Minister Dr Swarnim Wagle informed that economic transformation, structural reforms and restoration of the private sector's confidence were accorded top priority in the budget.
Depicting the budget as a document with innovation and resolution for the state operation, the Minister said, "This has determined a take-off point for implementing a clear roadmap for an economic transformation and political commitments the government made before the citizens."
The government has prioritized to prepare bases for food governance, productive employment, expansion of middle class, competitive economy and dignified livelihood, he claimed. Through the budget, the government attempts to redefine the State as an institution for creating opportunities by not confining it to its traditional roles as controller and regulator, the Minister said while presenting the budget.
Dr Wagle informed the parliament that the government was initiating a new phase for structural reforms by streamlining energy, agriculture, forest, industry, tourism, information technology and human capital as major potentials for economic prosperity for the upcoming year.
Describing the private sector as a major partner of the national economy, he said a base has been prepared for launching the economic cycle that creates an investment-friendly atmosphere and promotes entrepreneurship and innovation.
He also promised IT-friendly, accountable and result-oriented public service delivery system and assured of making the administrative mechanism more accountable to the citizen. Towards the revenue management, the taxation system has been made simple, justifiable and productive. The budget pursues a policy of promoting frugality in the public expenditures, according to him.
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