Rs. 1751 billion estimated as expenses for FY 2023/24

Kathmandu / May 29: Expecting a six per cent economic growth in upcoming fiscal year of 2023/024, Finance Minister Dr. Prakash Sharan Mahat presented an estimate expenditure of Rs. 1751.31 billion at the meeting of the federal parliament today.

According to the budget speech, a sum of Rs. 1248. 62 billion will be collected as revenue, Rs. 49.9 billion will be received as foreign grant while Rs. 212.75 billion will be had as foreign loan and Rs. 240 billion will be covered from internal loan.

Of the total expenditure estimate, current expenditure will be Rs. 1141. 8 billion, capital expenditure Rs. 302.7 billion and financial expenditure Rs. 307.4 billion in upcoming FY.

Here are some highlights of the annual budget:

Burn unit of Bir Hospital to be upgraded with advanced equipment and services while existing health insurance scheme to continue, will be restructured to make it sustainable. Free medicine for TB to continue.

Rs. 197.29 billion has been allocated for education ministry and a medical college will be established in Dadeldhura.

Rs. 11 bln 960 mln has been allocated for ministry of tourism and there is emphasis on free textbook for the students of community school in time.

Rs. 8 bln 450 mln allocated for Day Meal for students in community schools and that a provision will be made to ban junk food from being provided as Day Meal to students.

Continuity has been given to basic education in mother tongue programme.

Rs. 2 bln 130 mln allocated for tourism promotion.Tourist trekking route to made linking Rolpa, Rukum and Dolpa districts’ cultural as well as naturally beautiful areas. Monasteries and other cultural monuments of over 100 years to be protected in the Himalayan region.

Efforts to be made to increase number of foreign tourist visiting Nepal. Number of foreign tourists visiting Nepal estimated to cross a million in upcoming FY.

Kirat cultural circuit to be initiated. Let’s visit Nepal, Let’s understand Nepal campaign for promoting domestic tourism.

Conducive environment for foreign-returnees so that they stay at home and do business. Rs. 9 bln 460 mln allocated for ministry of industry.

Petroleum storage capacity to be upgraded for 3 months. Bilateral imitative with European Union and US to promote export to prepare for post LDC promotion of Nepal.

Dhaubadi Iron ore to be operated while Rs. 410 million has been allocated for construction of industrial estates.

Panchkhal industrial estate to be named as Woman Entrepreneurial Estate. Rs. 540 million allocated for SEZ.

Rs. 7 billion 240 million allocated for ministry of land management. Working area of credit cooperatives to be limited to a certain geographical area.

Protection of public land has been emphasized and 25,000 landless people to get land ownership certificate in the upcoming FY.

Rs. 15 billion 560 million allocated for forest ministry and that 300 million saplings will be planted next year.

Rs. 58 billion 980 million allocated for ministry of agriculture. Vaccination programme to be launched to control avian influenza. Potential of marijuana agriculture for medicinal use to be studied.

Budget allocated for fruit and vegetable market at Chobhar in Kathmandu. 950 million rupees allocated for insurance of crops of farmers. 800 million rupees allocated for providing subsidy to sugarcane farmers. Organic farming to be promoted. 30 billion rupees allocated as subsidy on fertilisers for farmers. Cultivation of paddy and potato to be emphasised. Subsidy for agriculture to be made effective.

Made in Nepal to be promoted. Rs. 3 billion 220 million rupees allocated for Prime Minister Agriculture Modernisation Programme.

Amendment of rule for minimum of requirement of FDI and no maximum limit for investment in communication and technology. Investment summit to be organized this year. Easy provision to be made for private sector to get loan from abroad.

Province to get 58 billion while the local levels will get 87 billion rupees under financial transfer.

No fee for registration of new company. 1 billion 250 million rupees allocated for promoting start-ups. A fund of a billion rupees allocated for innovation. 1 per cent of GDP for research and development. 7 billion allocated for promotion of production program in local level.

All local levels to have national production and employment promotion programme. Programme for economic improment to be launched. Digital, green economy to be promoted.

No new vehicles, furniture etc to be purchased in the upcoming FY. Incentive, additional allowances to be cancelled due to pressure on economy. Amount of domestic debt to be mobilised for development works.

Project monitoring system to be improved for result. Foreign assistance to be mobilised in productive sector. E-bidding to be made compulsory in all agencies.

Land acquisition Act to be simplified for projects to get land easily. Provision to be made to present policy and programme in federal parliament before March to ensure extended deliberation.

Narrowing gap between rich and poor one of the objectives of the budget. Priority of budget: agriculture, energy and tourism.

Govt to focus on making investment friendly environment. Efforts to be made to make public expenditure effective. Improvement in foreign exchange reserve, rising liquity in financial system, declining weighted average interest rate signallling economic recovery.

Govt firm to bring economy on track. Tourist arrival doubled this year compared to last year. Revenue collection in current FY estimated to remain below projection. Revenue collection to exceed 1.1 trillion rupees.

Capacity of National Trauma Center to be augmented. Necessary budget allocated for GETA hospital. Sukra Raj tropical hospital to be expanded to a 300-bed hospital. Provincial tropical disease hospital being built in Pokhara, Surkhet and Bharatpur to be completed within next year brought to operation. GETA hospital to have 100 beds. 83 billion 990 million allocated for health ministry.

New destinations will be identified for export promotion. 100 per cent population will get access to electricity in next two years. Additional 900 MW electricity to be added in national grid within upcoming FY. Rs. 66 billion170 million for urban development ministry. Rs 87 bilion 450 allocated million for energy ministry. Rs. 4.17 billion allocated for Sunkoshi Marin Diversion project. Use of electric vehicle to be encouraged. Rs 8 billion 710million allocated for communication ministry.

Over 150 billion rupees allocated for social security allowance. Remaining works of peace process will be concluded by means of commission on enforced disappearance and truth and reconciliation commission. Arrangement will be made for fast internet services across the country.

Rs. 1.17 billion allocated for Mahakali irrigation project. Rs. 630 million allocated for Babai irrigation project. Rs, 2.63 billion allocated for Rani Gulariya irrigation project. Rs. 800 million allocated for Sikta irrigation project.

Additional 600 suspension bridges to be built in upcoming FY. Investment in irrigation, water in farmland programme to be launched. Unauthorised settlements at the Bagamati and the Bishnumati river banks will be removed through proper management. Rs. 131 billion allocated for development of transport and road infrastructure. Rs. 500 million allocated for Bheri corridor project. Continuity to East-West Railway project. Rs. 22.50 billion allocated for Kathmandu-Madhesh fast track.

Encouragement to be provided for remittance inflow through formal channels. Rs. 2.41 billion allocated for Madan Bhandari highway and road sections in Ilam, Sunsari, Gulmi, Rolpa, Surkeht. Rs. 1.98 billion allocated for Kaligandaki corridor.

Signature bridges to be constructed over the Narayani and Tinau rivers. Rs. 31.2 billion allocated for expansion nad upgradation of East-West Highway.

Public services to be made disable-friendly. Flood light to be made of international standard, installed at TU cricket stadium.

Necessary amendment to be made in regulation of stock exchange. Execution of public enterprises in company model emphasized. Strategic partners to be invited for public enterprises in loss. Citizen pension programme to be introduced.

Provision for NRNs to invest in stock exchange. Rs, 50 million for Constituency Development Fund, for each constituency. Emphasis on paperless governance, goverment payment through QR code, 2 shift service delivery essettial goverment service.

Rs. 131 billion allocated for physical infrastructure ministry. Current expenditure estimated to be Rs. 1141 billion in upcoming FY. Rs. 302 billion allocated for capital expenditure for upcoming FY. Financial expenditure estimated to be Rs. 302 billion in upcoming FY.

Investment friendly tax policy to be adopted. New customs Act will be formulated and adopted and the packaging of tobacco products in degradable materials will be made mandatory in upcoming FY.