New budget prioritizes agriculture, tourism and mega development projects for broad-based economic growth

Published On: May 29, 2023 05:30 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, May 29: Finance Minister Dr Prakash Sharan Mahat has emphasized prioritizing agriculture, tourism, and development projects for broad economic growth. The finance minister made such remarks while presenting the budget for the FY 2023/24 on Monday. The government's highest priorities in the next fiscal year would be modernizing agriculture, developing the tourism sector, and supporting completion of development projects.

He assured to ensure quality social development, security and justice system, creating an investment-friendly environment and raising the morale of the private sector.

The finance minister said that by creating income and employment opportunities, poverty will be alleviated and macroeconomic sustainability will be maintained, and the effectiveness of public expenditure will be enhanced by improving the budget system, simplifying federalism and maintaining good governance.

Dr Mahat said that the budget for the next fiscal year has emphasized increasing the investment of the government, private sector and cooperatives by increasing production, productivity and employment opportunities, and by building economic and social infrastructure to prepare the basis for high economic growth.

He said that the government has realized the need to reduce the gap between the rich and the poor by utilizing public resources in an appropriate and efficient manner, as well as distributing the available opportunities and benefits equitably.

He said that economic growth will be achieved and quality social development, security and justice will be guaranteed by making the economy dynamic, broad, sustainable and inclusive. FM Mahat said that the purpose of the budget is to raise the morale of the private sector by creating an investment-friendly environment, reduce poverty by creating income generating and employment opportunities, maintain macroeconomic stability, strengthen federalism and maintain good governance, and improve the effectiveness of public spending by improving the budget system.


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