As private sector praises budget, Minister Pun says it was unveiled being realistic

Kathmandu, May 30: Finance Minister Barsha Man Pun has said the budget unveiled by the government for the upcoming fiscal year 2024/25 has received good comments. At a programme organised by Nepal Association of Financial Journalists (NAFIJ) here today to hold discussions on budget for the upcoming fiscal year 2024/25, Minister Pun shared that stakeholders have made their comments on the budget terming it a balanced document.

“Slight criticism on budget is natural but most of the sectors have commented stating that the government has brought a balanced budget,” he explained, adding most of the sectors and bodies concerned have accepted the budget as it was brought in a realistic manner.

The Finance Minister stated that problems have been reported in the public financial management in the recent period. “Amount of internal loan is increasing and it is challenging to gather sources in this situation. It is the time for all to think towards reducing current expenditure and increasing capital expenditure”, he mentioned.

The Finance Minister laid emphasis on the need that prioritized agriculture, tourism, information technology and energy should play major role in economic growth. He added that tax rate on raw materials used by steel industries was changed on the basis of different government studies.
Similarly, Deputy Governor of Nepal Rastra Bank, Bam Bahadur Mishra, said brining programmes related to finance sector reform in budget was admirable, stressing that Nepal Rastra Bank was ready to take leadership for the implementation of such programmes.

Different issues including promotion of digital payment, central bank currency, green finance were incorporated in the budget which would held the NRB’s programmes, he underlined. Likewise, President of Federation of Nepalese Chamber of Commerce and Industry (FNCCI) Chandra Prasad Dhakal stressed the need of implementation of the issues raised by the private sector, which are incorporated in the budget. He added challenges seen in economy at present could be resolved through effective implementation of the budget.

Similarly, President of Confederation of Nepalese Industries (CNI) Rajesh Agrawal termed the beginning of new phase of economic reform as a positive step and appreciated the move to increase the morale of the private sector. Also speaking at the event, President of Nepal Chamber of Commerce Kamlesh Agrawal said the budget is realistic and balanced.

Good programmes unveiled in agriculture and tourism is positive part of the budget, he added.
Chairman of Nepal Bankers’ Association Sunil KC appreciated the priority set in tourism, hydropower, startup and information technology and hoped that such programmes would benefit the banking sector.