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The Nepalese government has unveiled its annual budget for the fiscal year 2024/025, allocating a total of Rs 1.86 trillion for various expenditures. Finance Minister Barshaman Pun outlined the distribution of the budget, with Rs. 1.1 trillion earmarked for recurrent expenditures, Rs. 350 billion for capital expenditures, and Rs. 367 billion for financial management.

To fund these expenditures, the government plans to generate Rs. 1.26 trillion from tax revenues, with additional funds raised through internal and external borrowing, as well as foreign grants. The government aims for a 6% economic growth rate, focusing on sustainable development and sectoral expansion while maintaining inflation at 5.5%.

The budget for the upcoming fiscal year includes five key strategies and priorities, such as promoting economic reforms, developing industrial infrastructure, advancing social sectors, promoting inclusion and social security, and improving governance and service delivery. Additionally, the government has allocated Rs 22.54 billion for the Fast Track project, highlighting its commitment to enhancing infrastructure and regional connectivity.

Furthermore, the government has increased taxes on electric vehicles and expensive vehicles, aiming to boost revenue and promote sustainable transportation options. The budget also reflects a strategic approach to economic and social development, prioritizing key areas such as production, productivity, employment, investment, and growth.

In addition, the Tourism Ministry has received a significant budget boost of nearly Rs 12 billion, with plans to enhance tourism infrastructure and promote Nepal as a wedding destination. The budget for the fiscal year 2024/25 also emphasizes fostering IT growth and targeting a 6% economic growth rate.

Overall, the government’s budget for the upcoming fiscal year reflects a comprehensive approach to economic development, infrastructure enhancement, and social welfare, aiming to drive sustainable growth and prosperity in Nepal.

Team@GQN.