Finance Minister Barsha Man Pun stated that the budget for the upcoming fiscal year was formulated based on the government's policies, programmes and international commitments.
Addressing lawmakers' concerns during the National Assembly meeting on the Appropriation Bill-2081-82 BS, he said during the deliberations, the government received constructive suggestions regarding the constitution, the vision of the 16th plan, the achievements of the federal republic, and priorities of the Bill.
The Finance Minister said the budget aims to institutionalize economic reforms, create jobs, boost production, strengthen the economy, and achieve economic resilience through five major objectives and transformational strategies.
Lawmakers expressed concerns that the budget did not fully adhere to constitutional spirit and government policies, particularly in strengthening federalism, prioritizing the education sector, adequately funding agriculture, and promoting productivity.
In response, he claimed the budget is balanced in view of the size of the Gross Domestic Product, public finance conditions, and the budget speech in previous years. "Budget is production-oriented not a distributive one.
The proposed total expenditure for the upcoming fiscal year amounts to Rs 1860 billion 300 million, reflecting a 6.2% increase compared to the current fiscal year. Current expenditures are reduced while capital expenditures are increased in the upcoming fiscal year, according to the Minister.
Similarly, a fiscal handover of 30.5 percent or Rs 500 billion and 67 billion of the total allocations has been ensured for the province and local levels.
Budget allocation to the province and local levels has increased this time, he said, adding that the budget aims to strengthen the economy and encourage the private sector. (RSS)
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