Nepal’s Finance Minister pledges budget to projects of national pride

KATHMANDU: Finance Minister Shankar Prasad Koirala has said that the full budget was unveiled by giving due priority to the projects of national importance.

Speaking at an interaction program at the Reporters Club on Thursday, Minister Koirala said Rs 6 billion was allocated for the upcoming CA elections.

Club’s Chairman Rishi Dhamala presided over the interaction program.

Likewise, over Rs 15 billion was allocated for the energy sector considering the impact of the power outage on the industries of the country. For the time being power would be purchased from neighbouring India and will be provided in existing price with subsidy from the government if it costs higher than usual, he added.

Stating that the government has adopted a policy of increasing investment on industries that displace imports, the Finance Minister also disclosed that a revenue advisory committee has been formed to carry out necessary home work for the new fiscal year budget.

President of Nepal Chamber of Commerce Suresh Kumar Basnet and Officiating President of Federation of Nepalese Chambers of Commerce and Industries Bhaskar Raj Rajkarnikar said despite being an election government the budget it has tabled is likely to show goods signs for economic progress of the country.

Likewise, FNCCI Vice-president Pradip Raj Pandey and industrialist Diwakar Golcha said the appropriation of Rs. 300 million for promoting export-based industries was a good beginning for minimizing the trade deficit.