Kathmandu: Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel, a seasoned politician representing Rupandehi district, has shared insights into Nepal’s economic and political landscape. Paudel, who has held various ministerial positions, discussed the government’s budget, monetary policy, and efforts to create an investment-friendly environment.
According to National News Agency Nepal, Paudel emphasized that the upcoming fiscal year’s budget aims to invigorate the economy by increasing production, productivity, and employment while attracting both domestic and foreign investment. The government projects an economic growth rate of six percent for the fiscal year 2082/83, supported by comprehensive monetary policy measures.
Paudel outlined the policy and legal reforms undertaken in the past year to foster a conducive investment environment. Significant legislative changes include amendments to the Financial Procedures and Financial Accountability Act, Privatization Act, and Banking Offences and Penalties Act, among others. Despite these efforts, challenges remain, including meeting revenue targets and increasing capital expenditure.
The Deputy Prime Minister reported a positive trend in economic indicators, such as a projected growth rate of 4.61 percent for the current fiscal year, an increase in the economy’s size by Rs 400 billion, and a notable rise in remittance inflows by 15.5 percent. Additionally, foreign currency reserves have grown, and foreign aid commitments have increased significantly.
Addressing parliamentary practices, Paudel criticized opposition parties for their recent activities, urging them to focus on agenda-driven discussions. He expressed confidence in the implementation of the constitution, noting that while most provisions have been enacted, achieving all constitutional goals will take time and resources.
Regarding constitutional amendments, Paudel highlighted the importance of general consensus, asserting that the constitution is subject to revision as needed to reflect societal changes. He also addressed concerns about federalism, acknowledging its newness to Nepal and the ongoing process of refining its implementation.
In response to criticisms of the current political system on social media, Paudel dismissed any possibility of restoring monarchy, emphasizing the nation’s commitment to a democratic system. He reassured citizens both in Nepal and abroad that the country’s systems are not weak and urged support for the government’s initiatives toward development and social justice.