INSUBCONTINENT EXCLUSIVE:
KATHMANDU, MAY 17The government is set to present the upcoming fiscal year's budget with a vision to build an
independent economy with focus on social justice and rural development.
Budget for next fiscal year to focus on economic
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Laying emphasis on developing socialism-oriented
economy, the government has set its policy objective to generate employment opportunities for immigrant youths within the country and
increase agriculture yields.
Minister of Finance Janardan Sharma shared this while presenting the principles and priorities
of budget and programme to be included in upcoming fiscal year's Appropriation Bill at today's House of Representatives meeting.On the
occasion, Minister Sharma further noted that the constitutional ideals, parameters and directives including democratic republic, federal
governance system, inclusion, socialism-oriented economy had been taken into consideration while formulating the budget proposal
He clarified that the government would focus on allocating adequate resources in prioritised sectors, enhancing allocation efficiency for
ensuring result-oriented execution of appropriated budget, boosting institutional capacity and maintaining financial discipline.As per the
principles and priorities, the government is to focus onproposing budget only for financially and technically feasible projects and cutting
public spending on unproductive sectors, the minister added."Budget will be centralised for ensuring smooth public service, pro-people and
service-seeker-friendly, increasing information technology use in service delivery and promoting good governance by checking corruption and
irregularities.The priorities are ultimately meant for enhancing public trust towards the government," the minister explained.He further
said the new budget would have measures for productive economy by improving existing tax system
Focus would be laid on increasing the share of Inland Revenue to the national revenue portfolio, Minister Sharma said, adding the budget had
set a longterm goal of making tax system sustainable by expanding the scope of tax, checking revenue leakage and ensuring further reforms in
tax system.Likewise, policies are to be put in place for utilising public debt in national priority areas, productive sectors and capital
formation; avoiding negative impacts on the use of fiscal instruments by private sector while mobilising domestic debt and channelising
foreign aid only on national priorities and capital formation, the document states.A version of this article appears in the print on May 18,
2022, of The Himalayan Times.
This article first appeared/also appeared in https://thehimalayantimes.com