Kathmandu, May 30: The government has presented a budget of 19 trillion 64 billion 110 million rupees for the upcoming fiscal year 2082/83.
Finance Minister Bishnu Prasad Paudel presented the budget of that size in a joint meeting of the National Assembly and the House of Representatives on Thursday, May 29.
Accordingly, Minister Paudel has allocated 11 trillion 80 billion 980 million, which is 60.1 percent for current expenditure, 4 trillion 7 billion 89 crore, which is 20.8 percent for capital expenditure, and 3 trillion 75 billion 24 crore, which is 19.1 percent for financial management.
The Minister stated that this year's allocation is 5.6 percent more than the previous year's allocation and 18.2 percent more than the revised estimate.
He mentioned that in the total allocation, 4 trillion 17 billion 83 million was allocated for financial transfers to provinces and local levels.
"Among the sources to cover the estimated expenses for the upcoming fiscal year, 13 trillion 15 billion from revenue and 53 billion 45 crore from foreign grants will cover 5 trillion 95 billion 66 crore," he said while estimating the expenses for the next year, "To cover this shortfall, 2 trillion 33 billion 66 crore will be raised from foreign loans."
He mentioned that the government estimates that the shortfall of 362 billion will be covered by internal loans when operating revenue and foreign aid are taken into account.
Last year, for the current fiscal year, Poudel had presented a total budget of 18 trillion 60 billion 30 crore rupees. This year, the budget presented by Poudel is 1 trillion 3 billion 81 crore rupees more. In the previous five years, the government had presented budgets of 17 trillion 51 billion in FY 2080/81, 17 trillion 93 billion in FY 2079/80, 13 trillion 10 billion in FY 2078/79, 14 trillion 74 billion in FY 2077/78, and 15 trillion 32 billion in FY 2076/77.
The Minister, through the budget, has aimed at becoming self-sufficient in rice within 2 years. For this, the promotion of spring rice cultivation will be undertaken in 22 districts of the Tarai and Inner Madhesh.
The freezing and release of properties by banks, financial, and cooperative institutions will be managed through an online system.
Savings deposits up to 500,000 in cooperatives will be protected through a deposit protection fund. The assets of those misusing funds will be auctioned off to return the money to the savers.
An incubation center will be established to make the Gen-Z generation entrepreneurial and professional.
Startup entrepreneurs will be given loans at an interest rate of 3 percent.
New industries opened in the special economic zone and industrial area will receive a 3-year rent exemption. The monthly rent rate in the special economic zone will be set at 5 rupees per square meter, down from 20 rupees.
The laws related to land acquisition and demarcation will be reviewed. Housing and apartments that have been stalled due to demarcation will be allowed to be sold.
Double taxation exemption agreements will be made with countries having investment potential. The process of bringing in investments and repatriating profits will be made easier.
Foreign investors will be allowed to lease branch offices or residential buildings or apartments.
Nepalis will be allowed to take sweat equity in exchange for providing technology or services to foreign companies.
Hotels and resorts will be given tax and electricity duty exemptions similar to productive industries.
By implementing 'On the Job' and 'Apprenticeship' programs, the workforce will be prepared for domestic industries.
Encouraging entrepreneurship-friendly education, a 'work-study program' will be conducted with a minimum wage for 20 hours of work per week.
Treatment for heart disease and cancer will be expanded in all seven provinces.
At least three sports academies will be operated in each province.
To promote EVs, the private sector will be encouraged to build charging stations and workshops.
Providing subsidized loans of up to 2 million rupees to the youth
The government will raise the age for senior citizen allowances to 70 years.
An asset management company will be established to manage the bad loans and non-banking assets of banks and financial institutions.
A neo bank will be established. Policy and structural arrangements will be made to implement the concept of green taxonomy.
The secondary trading of government bonds will be initiated.
A teacher bank will be established to make math, science, and English teachers available everywhere.
Abolishing value-added tax (VAT) on digital transactions

People’s News Monitoring Service.