The government has allocated a budget of Rs. 1647.57 billion for the coming Fiscal Year 2078/79. Speaking on the occasion at the Office of the Prime Minister and Council of Ministers, Baluwatar, Finance Minister Bishnu Poudel said that a budget of Rs 1.647 trillion has been allocated for the coming year.
Out of this amount, the federal government has allocated Rs. 678.61 billion for current expenditure and Rs. 347.26 billion for capital expenditure. Similarly, Rs. 207.97 billion has been allocated for financial management.
Rs. 386.71 billion has been allocated through financial transfers to the provinces and municipalities.
The government has given priority to health and education in the coming budget. To revive the business affected by the Covid-19 pandemic, various tax exemptions and customs exemptions and refinancing and business continuity loan programs have been introduced to keep the economy afloat.
For the development of health infrastructure, customs exemption has been provided for the equipment used in the treatment of Covid-19 and a grant has been provided for the establishment of an oxygen plant.
In which: -
Current Expenditure Budget: Rs 678 billion (41.2 percent).
Capital Expenditure Budget: Rs. 347.26 billion (22.7 percent).
Financial Management: Rs. 297 billion (12.6 percent).
Rs. 386 billion will be transferred at the state and local levels. Out of the total financial transfers made at the state and local level, 84 percent will be spent on current headings.
Key features of the budget
Economic growth and inflation are projected at 6.5 percent.
The budget focused on covid control, budget reduction for treatment and vaccination assurance.
26.75 billion for vaccine management.
Rs. 37.53 billion has been allocated for the prevention and treatment of the Covid pandemic.
One hundred percent increase in transport allowance for 52,000 women health volunteers across the country, now getting Rs 12,000 monthly.
Budget allocation for construction of trauma centers at Dhalkebar, Bardaghat and Lamki.
37.87 billion has been allocated to the state level and Rs. 173.50 billion to the local level for the conditional grant.
57.54 billion financial equalization grants to the states and 94 billion equalization grants to the local level.
12.37 billion has been allocated for supplementary grants and 12.46 billion for special grants.
Rs. 7.5 billion has been allocated to run a citizen awareness program for healthy Nepal and to bring access to 50 percent of households under health insurance.
Social security allowance increased by 33 percent, old age allowance reached 4,000.
Contributors and employers are required to contribute to the Social Security Fund.
Loans of up to Rs. 2.5 million at a 5 percent interest rate will be provided to the youth.
Government employees will be given 10 days of travel leave and private employees will be encouraged.
Up to 50 percent discount on electricity tariff for the duration of the injunction.
To make Nepal self-sufficient in rice within 5 years.
To provide free training to one lakh in the next one year.
A budget of Rs. 12 billion has been allocated to open a chemical fertilizer factory within three years.
A budget of Rs 12 billion has been allocated to create 200,000 jobs under the Prime Minister's Employment Program.
Establishment of land bank in all states, vacant land will be used for commercial farming.
Landless Dalits, squatters and landless to be provided land ownership in the coming fiscal year.
Abolish the Poverty Alleviation Fund.
To stop the production and sale of plastic bags thinner than 40 microns from July 20.
Light vehicles running on petroleum products will be replaced by electric vehicles by 2088.
The government has decided to run a separate television station for the flow of weather information.
Madan Bhandari University of Science and Technology will be brought into operation next year.
The government is going to run Made in Nepal, Make in Nepal campaign in collaboration with the private sector. Through this campaign, cement, medicine and iron bars will be exported and promoted
Ram temple to be built in Ayodhyapuri of Chitwan.
Arrangements have been made for Dalit, Muslim and free Kamalari women to get free education for all subjects up to higher education.
The salary of teachers and staff of the child development center has reached Rs 15,000.
The film industry will not be exempted from electricity tariff, license and renewal fee during the prohibition period.
Industries operating in Kathmandu Valley will be shifted to the Mayurdhap Industrial Area of Makwanpur.
Simikot, the district headquarters of Humla, will be connected to the national highway next year.
Rs. 1.80 billion has been allocated for the construction of the Tinkune-Jadibuti tunnel. Rs. 15.34 billion to expand the East-West Highway with security arrangements.
Free internet in all community schools in 2 years.
Feasibility study of uranium in Mustang.
International Stadium in Damak, Jhapa.
A budget of Rs. 10.3 billion has been allocated for railway projects including East-West Railway.
Himalayan footpath to be constructed from Darchula to Taplejung.
To operate 100 new electric buses in Kathmandu by encouraging electric vehicles.
To reduce the customs value of electric household items.
1 lakh 68 thousand houses will be replaced by thatched roofs, 75 thousand grants.
The 'Local Infrastructure Partnership Program' known as the Parliament Development Fund has been scrapped.
The Mobile device management system will be brought into operation from July 20.
Taplejung's Suketar airport will be named in the memory of Late Tourism Minister Rabindra Adhikari. Chuhandanda Airport will be named after Angchiring Sherpa.
The budget allocated Rs. 33.55 billion for the post-earthquake reconstruction.
Announcement to provide free treatment to journalists who are members of the Federation of Nepali Journalists in government health institutions. National identity cards will be issued to all Nepalis in two years.
Food allowance for security personnel increased by 15 percent.
The salaries of all civil servants have been increased by Rs 2,000, with accident insurance of Rs 1 million and health insurance of Rs 1 lakh.
Those who do business up to 2 million a year are given 90 percent exemption in income tax, those who do business from 2 million to 5 million are given 75 percent discount in income tax, and those who do business from 5 million to 10 million are given 50 percent discount in income tax.
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