Budget presented with the aim of achieving maximum results: DPM Paudel

Kathmandu: Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel has said that the budget for the upcoming fiscal year has been presented to achieve the maximum results based on reality.

In today’s meeting of the House of Representatives, while answering questions raised during the discussions on the budget allocation of the Ministry of Finance under the Appropriation Bill, 2082, he clarified that the budget allocation was done realistically in terms of resource and expenditure management.

‘The budget has not taken the risk of hitting an accident in the name of taking a big leap, and the mindset of enjoying the status quo. The budget has been presented to achieve maximum results in today’s circumstances, being based on the reality,’ said the Finance Minister.

He urged the lawmakers to take the budget as a realistic and policy-based budget. Deputy Prime Minister Paudel indicated that the stagnant economy is gradually becoming dynamic, stating there is an improvement in the overall indicators of the economy.

Mentioning that achieving 6 percent economic growth is possible through effective implementation of the presented budget, he said, ‘The goal of economic growth is achievable. The target is within the capacity limit.’

Highlighting the significant role of elected representatives in policy-making and development, he said that fulfilling the commitments made to the people is a shared responsibility. He clarified that preparations are underway to amend the Public Procurement Act to address the issues seen in development projects.

Emphasising the need to stop the trend of reducing capital expenditure and increasing ordinary expenses, Finance Minister Paudel shared that a proposal for a significant increase in capital expenditure has been put forward for the upcoming fiscal year.

‘A 17 percent higher allocation has been made for capital expenditure compared to the current fiscal year, and there is a slight increase in current expenditure, which is a mandatory obligation. But there has been a significant increase in capital expenditure. This practice must be strengthened and continued in the coming days,’ he said.

Stating that the government has adopted a policy to widen the tax base by promoting economic activities, he clarified that the government’s policy is to increase voluntary tax participation by making collective reforms and simplification in tax laws. Deputy Prime Minister Paudel said arrangements have been made for subsidies for sugarcane farmers.

‘To make the subsidies transparent, an integrated national subsidy policy is necessary. The limit of the subsidy will be determined according to that policy, which will be formulated by the National Planning Commission,’ he said.

The Finance Minister stated that the government has provided significant flexibility and facilitation for the remaining payments to the contractors in the current fiscal year, and measures will be taken in the upcoming fiscal year to ensure that the problems seen in the past do not recur.

Stressing on modernisation of agriculture and the promotion of productive sectors to increase internal employment, he stated that foreign employment would be made safe, organised, and dignified, and the benefits derived from it would be channelled into increasing production.

Finance Minister Paudel expressed confidence that the luxury tax imposed on gold jewellery will control the illegal transactions seen in this business. He said, ‘Since this is an indirect tax, it will be paid by the consumers rather than the gold traders. Its implementation will help control the illegal trade in gold and will bring transparency.’

RSS