Government Presents Budget of NPR 21 Khali 24 Arab 34 Crore for Upcoming Fiscal Year

Kathmandu. The government has presented a budget of approximately 21 khali 24 arab 34 crore for the upcoming fiscal year. Finance Minister Dr. Swarnim Wagle presented the budget of this size in the parliament.

He has allocated 4 khali 31 arab for capital expenditure and 4 khali 22 arab for financial management. Similarly, it has been mentioned that revenue will be 14 khali 5 arab, grants will be 61 arba 74 crore, and foreign loans will be 2 khali 47 arab.

Similarly, internal loans will be 4 khali 10 arab and current expenditure will be 12 khali 70 arab. The government has set a target of achieving an economic growth rate of 7 percent for the upcoming fiscal year 2083/84. The Central Bureau of Statistics has stated that the economic growth rate in the current fiscal year 2082/83 will be 3.85 percent.

Similarly, he announced that the inflation rate will be kept below 6 percent in the upcoming fiscal year.

Key Highlights of the Budget Speech for Fiscal Year 2083/84

- Budget size of 21 khali 24 arab 34 crore rupees

- Achieving an economic growth of 7 percent

- Target to limit inflation to 6 percent

Big relief for taxpayers

- Doubling the personal income tax limit to 10 lakh

- The maximum rate of personal income tax has decreased by 10 percentage points

- 31 government bodies to be abolished

- 6 to be merged

- 18 to be restructured

- Salary of civil servants increased by 21 percent

- An additional 1,040 MW of electricity to be added to the national grid in one year

- Nepal Electricity Authority to be split into three separate companies

- Farmers investing up to a minimum of 2 crore rupees in agriculture and animal husbandry will receive up to 40 percent of the initial capital as grants

- 50 percent tax exemption on income earned from exports

- Establishment of the country's first sovereign AI compute center

- Announcement to celebrate 'Visit Nepal Year' in 2085 BS and 'Nepal Health Year' in 2087 BS

- Bringing 90 percent of Nepalis under health insurance coverage within the next three years

- Free treatment for childhood cancer in government hospitals

- Dalit and child nutrition allowance doubled to 1,000 rupees per month

- Foreign citizens to be allowed to purchase apartments with conditions

- Legal arrangements for non-resident Nepalis to participate in the secondary market of securities

- 50 percent increase in travel expenses provided to women health volunteers

- Encouragement for startups and science and technology research

- Blue bus service to be operated for women

- Operation of remittance-investment matching fund and provision of collateral-free loans

- Approximately 10 percent increase in taxes on cigarettes, bidis, and tobacco products, and an increase in excise duty on liquor and beer

- 'Able ones should leave' policy for social security allowance