The national fiscal budget always brings many heads together to discuss its strengths and weaknesses. This year too, the trend continued soon after its promulgation. However, the excessive expenses and the economy of the past 10 years still show their effect till the present day.
The economic blockade imposed on Nepal plays a great role in the declined economy. Prior to the blockade, the Gorkha earthquake had already stirred the economy. As a result, Nepal’s economic growth in 2016 remained to a minimal 0.6 percent (source: trading economics). The growth rate is the lowest since the people’s movement. However, Nepal’s economy saw positive outcomes with a growth rate of 7.5 percent after better political scenario in 2017.
Now, Nepal has completed three levels of elections with a stable government. Also, the ruling party has majority seats in the current assembly. They are geared towards aiming for economic progress with the prosperity of the people and the nation. The people have also accepted the agenda and vision of the current ruling parties.
What is missing in budget for agriculture?
Since taking command, the government’s contribution towards removing syndicate from transportation has been widely appreciated by the people. However, the indicator in the stock market is yet to see a positive change. Further, the existing liquidity crunch has raised questions over the government’s ability to break the age-old trend of less expenditure and slow development of national pride projects. This has emerged as a challenge to the government. The private sector demands the government to address their priorities.
After crossing the transitional period, the people have started discussing the projects government should prioritize on. Some emphasize the need of railway in Nepal, while others urge the government to allocate budget for hydro-plants.
Nepal has also committed to graduate from less developed country by 2022 (source: myrepublica). Liberalization and privatization brought positive outcomes in 1991. However, many still ask what the people got after liberalization and privatization. Another key aim of the present government is to provide employment, thus, many youths were also attracted to the fiscal budget announcement.
I suggest the government to focus on infrastructure development and to increase the pace of national pride project. For the last few years, we have seen government allocating separate budget in sectors with no concrete plans. I urge the government to remove this practice also. As our country is largely dependent on agriculture, the government should prioritize on plans to uplift the situation of agriculture and encourage the youth to take it as a profession. Sports can also play a vital role in the nation’s development, so let’s make the infrastructure for sports. Finally, I request the government to impose strict rule and policy for budget implementation by setting a target every quarter.
