Kathmandu: Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel has articulated that the budget for the upcoming fiscal year has been crafted with a focus on attaining maximum results grounded in reality. In a session held today in the House of Representatives, he addressed queries regarding the budget allocation for the Ministry of Finance under the Appropriation Bill, 2082, clarifying that the allocations were made with a realistic approach towards managing resources and expenditures.
According to National News Agency Nepal, Finance Minister Paudel emphasized that the budget avoids risky ventures and the complacency of maintaining the status quo, aiming instead to deliver maximum results in alignment with current realities. He urged lawmakers to recognize the budget as both realistic and policy-oriented.
Paudel highlighted a gradual dynamism in the previously stagnant economy, noting positive improvements in economic indicators. He expressed optimism that achieving a 6 percent economic growth is feasible with the effective execution of the proposed budget, stating that this target is realistically within reach.
The Finance Minister stressed the critical role of elected representatives in policy-making and development, underscoring the shared responsibility in fulfilling commitments made to the populace. He announced ongoing efforts to amend the Public Procurement Act to address issues in development projects, and he highlighted a significant proposal to increase capital expenditure by 17 percent for the upcoming fiscal year, compared to a smaller rise in current expenditures.
Paudel reiterated the government’s commitment to expanding the tax base by fostering economic activity and increasing voluntary tax compliance through collective reforms and simplification of tax laws. He also mentioned arrangements for subsidies to sugarcane farmers, emphasizing the need for an integrated national subsidy policy to ensure transparency.
Preparations are underway to facilitate remaining payments to contractors in the current fiscal year, with measures to prevent recurring issues in the future. Paudel also mentioned initiatives to modernize agriculture and promote productive sectors, aiming to make foreign employment safe and organized while channeling its benefits towards enhancing production.
He concluded by expressing confidence that the luxury tax on gold jewelry will curb illegal transactions, noting that since it is an indirect tax, consumers will bear its cost, thereby promoting transparency and legal trade practices.