ADVERTISEMENT
ECONOMY

Ministry of Agriculture and Livestock Development receives record-high budget allocation

KATHMANDU, May 29:  The government has allocated Rs 58.98 billion for the Ministry of Agriculture and Livestock Deve...

By Sara Pahari

KATHMANDU, May 29:  The government has allocated Rs 58.98 billion for the Ministry of Agriculture and Livestock Development for the upcoming fiscal year (FY) 2023/24.


Finance Minister Dr Prakash Sharan Mahat announced this while presenting next year's budget in parliament on Monday. For the current fiscal year (FY 2022/23), the government had allocated Rs 55.97 billion under this heading.


This time around, Dr Mahat also announced support for the agriculture sector with the slogan 'Technical service in agriculture, a support to production’.


The government has reduced the funds for the agricultural modernization project for the next fiscal year. The government has allocated Rs 3.22 billion for this project. Last year, the government had allocated Rs 5.9 billion for the same project. 


Similarly, a budget of Rs 950 million  has been allocated for agricultural insurance.


Finance Minister Mahat said that the government has allocated a budget to provide subsidies for agricultural insurance in the next fiscal year.


Related story

NOC's depot to open on all days except Dashain Tika day


He said that the government is providing a subsidy of 80 percent of the total insurance fee for agriculture and livestock insurance, and the equivalent amount has been set aside to pay the subsidies. 


Similarly, the government has allocated Rs 1.25 billion rupees to encourage startups.


The budget allocated for the agriculture in the previous fiscal years :


•    Rs 55.89 billion in FY 2022/23


•    Rs 45.05 billion in FY 2021/22


•    Rs 37.4 billion in FY 2020/21


•    Rs 34.83 billion in FY 2019/20


•    Rs 29.94 billion in FY 2018/19


•    Rs 24.26 billion in FY 2017/18


•    Rs 27.43 billion in FY 2016/17


•    Rs 21. 51 billion in FY 2015/16


•    Rs 23. 28 billion in FY 2014/15


•    Rs 21.4 billion in FY 2013/14


 

Related Stories
ECONOMY

Stunning Singjema Lake in Taplejung developing into tourism destination

3 min read
ECONOMY

Public transport sector suffers damage worth 730 million in recent disasters

1 min read
ECONOMY

NRB saves Rs 1.5 billion in printing as it promoted use of clean notes this Das...

3 min read
ECONOMY

India hands over components for prefabricated steel bridges

1 min read
ECONOMY

World Bank providing Nepal with US $150 million to fight back natural and clima...

3 min read