Kathmandu, May 29: Finance Minister Barshman Pun has said that the budget for the new financial year 2023/24 has been introduced with the welfare of the citizens at the center.
Speaking at an interaction on the budget presented at the joint meeting of the Federal Parliament on Tuesday, Finance Minister Pun asserted that we expect that the budget will instill hope not only in the people, but also in the businesspersons and entrepreneurs. “The government will begin a new phase of economic reforms through the budget of the next financial year while a policy has been pursued to try to build an economy that suits our geographical location “, he said.
Stating that the change in tax rate was carried on the basis of need and with justification, he said the policy is to protect domestic industries and manufacturing sector.”The budget is focused on increasing domestic production by prioritizing sectors such as agriculture, energy and information technology.”
Finance Secretary Madhukumar Marasini said that budget resources have been managed within the limits of the budget given by the National Resource Estimation Committee and the domestic loan raising limit set by the National Natural Resources and Fiscal Commission.
Revenue Secretary Dr Ram Prasad Ghimire said that rather than raising more revenue, the revenue policy is focused towards making the economic sector viable and protecting the domestic industries.
Also speaking at the event, Nepal Rastra Bank Governor Mahaprasad Adhikari said that the budget has come within the limits set by the Resource Estimation Committee. The federal government can resort to internal borrowing when the province and local levels fail to do so.
Finance Minister Pun had presented a Rs 18.6 trillion budget for the upcoming fiscal year 2023/24 at the joint meeting of both houses of the federal parliament on Tuesday. RSS #nepal
