Budget lays foundation to end forced youth migration for dreams: Wagle

KATHMANDU: Finance Minister Dr. Swarnim Wagle has said the government has begun laying the foundation to end the long-standing compulsion of Nepali youth having to leave the country to fulfill their ambitions, with the process formally initiated through the fiscal year 2083/84 budget.

Addressing the The Nepalese Young Entrepreneurs Forum (NYEF) conference 2083 in Kathmandu on Sunday, Dr. Wagle said the government’s vision is to create an environment where young people can pursue their dreams, launch businesses, and build successful careers within Nepal rather than seeking opportunities abroad.

“For the past 15 to 20 years, Nepali youth have increasingly felt compelled to leave the country to realize their aspirations,” Dr. Wagle said. “We have begun laying the groundwork through this budget to ensure that such a situation does not continue in the future. Those who want to understand this vision should study the budget closely. Effective implementation will translate that vision into reality.”

The minister said the government has designed the budget with a long-term perspective aimed at delivering tangible outcomes over the next five years by fostering entrepreneurship, innovation, employment creation, and private-sector growth.

Focus on Youth Entrepreneurship

Speaking to young entrepreneurs from across the country, Dr. Wagle highlighted several measures included in the budget to encourage startups, small businesses, and youth-led enterprises.

These include tax concessions, relief measures for businesses struggling with outstanding tax liabilities, simplification of administrative procedures, expansion of digital government services, and governance reforms aimed at improving the business environment.

According to the finance minister, the government has sought to reduce barriers that discourage young people from entering business and entrepreneurship.

“The budget has been prepared with a strong focus on expanding entrepreneurial thinking among young people and creating an ecosystem that supports innovation and enterprise,” he said.

Tax Relief Measures

Dr. Wagle said one of the key features of the budget is tax relief for low-income earners and young professionals.

He noted that income tax provisions have been adjusted in a way that eases compliance burdens for individuals earning up to Rs 100,000, reducing administrative hassles and allowing more young people to focus on productive economic activities.

The minister also pointed to provisions designed to give businesses a fresh start by offering concessions and settlement opportunities to entrepreneurs and firms facing tax-related complications.

He urged business owners and entrepreneurs to take advantage of the relief measures announced in the budget to regularize their operations and expand investment.

Digital Governance and Economic Reform

Dr. Wagle emphasized that the government’s broader economic agenda includes accelerating digital transformation across public institutions, improving governance standards, and enhancing service delivery.

He argued that digitization of government services would reduce bureaucracy, improve transparency, lower transaction costs, and create a more investment-friendly environment for both domestic and foreign investors.

The finance minister said these reforms, combined with entrepreneurship-focused programs, are intended to create a new pathway for economic growth and job creation.

Addressing Youth Outmigration

Youth migration remains one of Nepal’s most pressing economic and social challenges. Every year, hundreds of thousands of young Nepalis leave for foreign employment and higher education opportunities, contributing significantly to remittance inflows but also raising concerns about brain drain and labor shortages in key sectors.

Dr. Wagle said the government’s long-term objective is to transform Nepal into a country where talented youth can build careers and businesses without feeling compelled to seek opportunities abroad.

The government believes that improved access to finance, startup-friendly policies, digital infrastructure, skills development, and private-sector expansion can help generate quality employment and encourage young people to invest their future in Nepal.

The remarks come as the government seeks to position entrepreneurship, innovation, technology, and private-sector development at the center of Nepal’s economic transformation strategy.