Nepal’s Finance Minister is scheduled to present the country’s budget for the upcoming fiscal year 2081/82 (2024/25) at 1:00 PM today in a joint session of the Federal Parliament. This annual event, mandated by the constitution, outlines the government’s estimated income and expenditure for the coming year.
Focus on New Initiatives and Continuity
Finance Ministry sources indicate a budget prioritizing both new programs and ongoing projects. The plan aims to allocate resources with greater certainty and may address social security concerns to ensure efficient spending on children’s welfare programs.
Boosting IT Sector and Startups
The Ministry reportedly received suggestions to include initiatives encouraging foreign investment in the information technology sector. This could involve accelerating the construction of IT parks and promoting startups through budgetary measures.
The budget is expected to prioritize funding for essential schemes and programs while focusing on reducing unnecessary current expenses to generate capital.
Anticipating an economic expansion, the government is preparing a budget with a projected deficit of Rs. 1.9 trillion. Additionally, the Finance Ministry is being urged to address past criticism regarding tax rate adjustments. The budget is expected to include clear explanations for any tax changes within its detailed document presented to parliament.
The budget is also likely to incorporate programs that provide assistance and subsidies to stimulate production and exports within the private sector.
