Government outlines five strategies and priorities in budget for fiscal year 2024-25

KATHMANDU: The government has unveiled a comprehensive economic plan, setting forth five key strategies and priorities for the upcoming fiscal year. Finance Minister Barsha Man Pun presented the budget estimates for the Fiscal Year 2024/25 during a joint session of the Federal Parliament today, emphasizing a multifaceted approach to economic reform and development.

Five Objectives of the Budget:
1. Increasing Production, Productivity, and Employment: The government aims to boost the country’s economic output and create more job opportunities.
2. Securing Investment and Growth: Efforts will be made to attract and secure investments to foster economic growth.
3. Accelerating Economic Activities: The government plans to enhance economic activities by boosting the morale of the private sector.
4. Human Resource Development: A focus on developing a skilled workforce to meet the demands of a modern economy.
5. Alleviating Economic Disparities and Poverty: The balanced and just mobilization of resources will be employed to reduce economic disparities and poverty.

Five Priorities of the Government:
1. Economic Reforms and Private Sector Encouragement: Policies will be enacted to encourage private sector participation and drive economic reforms.
2. Construction of Industrial Infrastructure: Development in sectors such as agriculture, energy, and information technology will be prioritized.
3. Development of Social Sectors: Emphasis on improving education, healthcare, and other social services.
4. Promotion of Inclusion and Social Security: Initiatives to enhance social inclusion, social security, and good governance.
5. Enhancement of Public Service Delivery: Improving the effectiveness and efficiency of public services.

Five Strategies for Economic Reforms:
1. Structural Reforms: A high-level task force will be formed to provide recommendations for structural economic reforms.
2. Improvement in Business Environment: The government pledges to enact favorable policies, complete country rating, and eliminate dual taxation to create a conducive environment for business.
3. Reforms in Public Finance System: Measures to improve the efficiency and transparency of the public finance system.
4. Financial Sector Reforms: Enhancing the stability and functionality of the financial sector.
5. Reforms in Public Administration: Initiatives to modernize and improve the efficiency of public administration.

Minister Pun highlighted that these strategies and priorities are aimed at creating a robust and inclusive economy that can sustain long-term growth and development. The government’s focus on structural reforms, combined with efforts to improve the business environment and public service delivery, underscores its commitment to achieving these goals.

The announcement of these comprehensive measures reflects the government’s proactive approach to addressing the economic challenges and opportunities facing Nepal.