Kathmandu, May 28: The government has announced the budget of Rs 1.86 trillion for the upcoming fiscal year 2024/025. Minister for Finance Barshaman Pun unveiled the budget in a joint meeting of the federal parliament this afternoon.
As announced, Rs 1140.66 billion (61.31 percent) has been allocated towards current expenditure while Rs 352.35 billion (18.94 percent) towards capital expenditure.
Similarly, Rs 367.28 billion has been allocated for fiscal management title.
The size of the upcoming fiscal year’s budget is 6.2 percent more than the current fiscal year while it is 21.56 percent more than the revised estimation of the budget of the current fiscal year.
In the total allocation, Rs 408.87 billion has been allocated for fiscal transfer to the province and local levels.
The major sources of the budget estimation for the upcoming fiscal year include Rs 1260.3 billion from revenue collection and Rs 52.33 billion from foreign aid and Rs 217.67 billion from foreign loan assistance. Likewise, Rs 330 billion would be collected from the internal loan.
Govt. to run triangle project connecting Bharatpur, Pokhara, Butwal
Likewise, The government has announced to run Gandaki Economic Triangle Project connecting Bharatpur, Pokhara and Butwal.
Presenting the government’s budget estimates for coming fiscal year 2024/25 in the joint meeting of the parliament today, Finance Minister Barshaman Pun mentioned that Gandaki Economic Triangle Project would be implemented in order to launch model development campaign as per the concept of integrated development.
Industrial revival and quality employment would be carried out by building industrial ecosystem with partnership of private sector under this project. The expansion of under construction Narayangadh-Butwal and Muglin-Pokhara road section would be completed within coming fiscal year, mentioned the budget.
The Butwal-Pokhara road would be expanded into dedicated two-lane, said Finance Minister Pun, sharing that necessary transport network would be developed for industrial development at three corridors of the triangle.
Narayangadh-Butwal road section would be developed as the centre of construction materials and heavy industry, Muglin-Pokhara section as the centre of agriculture and food processing industry and Pokhara-Butwal section as the centre of electronic equipment, footwear, clothes, carpet and goods and services related to domestic purpose industry under the project.
A total of two million rupees budget has been allocated for the implementation of the project developing it as the model project at public private partnership.
The budget reads that surrounding areas along the east-west highway from Nijgadh to Dhalkebar would be developed as Nepali carpet corridor and arrangement would be made to purchase such carpets by public agencies.
Year for Investment on Women
The government has announced that the next financial year will be implemented as ‘Year for Investment in Women’. This was announced in the budget estimates for the financial year 2024/25 presented by the Finance Minister today in the joint meeting of both houses of the Federal Parliament.
It may be noted that the International Women’s Day this year was observed under the slogan, “Invest in women: Accelerate progress”.
The government is celebrating the ‘Year for Investment in Women’as a campaign against violence against women. ‘Koseli Ghar’ or gift stores with local products will also be established to promote women entrepreneurs, the finance minister said.
Meanwhile, the government has allocated 100 million rupees for the ‘Prime Minister’s Daughter Programme’. The ‘Yuwa Mahila Rashtriya Mahila’ program will continue from the previous year. An amount of Rs. 1.6 billion has been allocated to the Ministry of Women, Children and Senior Citizens.
According to the budget statement a sales center will be established in Chobhar for the commercial promotion of products produced by women, the President’s Women Upliftment Program helping rescue pregnant women and new mothers from remote areas will be continued, the President’s Entrepreneurship Award will be announced for women’s empowerment and women’s participation in sports will be increased.
Budget to help develop IT ‘hub’
The Government has aimed at developing the country as a hub for information technology. Minister for Finance Barshman Pun, while presenting the budget for the fiscal year 2023/24 at the joint meeting of federal Parliament today, said that it is estimated that exports worth three trillion rupees will be made in the information technology sector in 10 years.
He said that with the goal of generating 500,000 direct and one million indirect jobs in the sector, the next year will be announced as the commencement year of the information technology sector.
The budget expects to help establish information technology as a supporting sector for the national economy and prepare a legal basis for adopting the latest information technology in the country. According to Minister Pun, the development, promotion and regulation of artificial intelligence (AI) will be arranged accordingly. “In the field of information technology, high-speed, reliable and high quality Internet services and intellectual property protection will be ensure with stable policy,” he said.
Institutional arrangements will be made for the implementation and monitoring of the Digital Nepal Framework by revising it. A total of Rs 690 million has been allocated for the project. The government is going to advance the work of information Technology Park with infrastructure such as high-speed internet, electricity security by using appropriate government and private buildings in Kathmandu Valley and Butwal in the new fiscal year.
Free space will be provided to operate the ‘work station’ in the park for three years. Multi-storied buildings will be constructed at Charkhaal in Dillibazar, Kathmandu, for the operation of state-of-the-art information technology hub in joint policy partnership programme.
Similarly, Rs 170 million has been allocated to establish a knowledge park at Khumaltar in Lalitpur. The government has arranged for public bodies to give preference to domestically produced software.
Government is planning to develop standards for the data centres to be operated from the policy sector while upgrading the existing government data centers. The budget mentions the issue of making the storage, security and use of electronic data systematic and reliable, and making arrangements for ‘internship’ of young people who are studying information technology at the bachelor’s and master’s level in the information technology-related institutions.
The budget aims at providing high-speed internet to all wards, centers, community schools and health sectors and to reduce the ‘digital divide’ in backward areas, women and communities.
