Kathmandu, May 29: The federal government has unveiled the budget of Rs 1.315 trillion for the fiscal year 2018/19 at the federal parliament today.
Unveiling the budget Finance Minister Dr Yuba Raj Khatiwada informed that of the total budget, Rs 845 billion would be spent under the current expenditure, while Rs 313 billion under the capital expenditure.
In order to manage the annual expense, the revenue sources would account for 831 billion, while the foreign aid to account Rs 58.81 billion.
Budget practical-PM Oli
Prime Minister KP Sharma Oli has said the Executive Budget Proposal presented at the parliament today has come in a way to support the campaign of 'Prosperous Nepal, Happy Nepali'.
Talking to journalists after a joint meeting of the parliament today, he said, "The budget has been introduced in keeping with practical measures. It would lay foundation for prosperous Nepal".
On a query on measures to attain tax targets, he said the tax net would be widened to meet revenue targets.
While responding to another query on old age allowance, PM Oli further clarified that the incumbent government did not make new populist decision.
Budget in favour of nation and people-Chair Prachanda
Communist Party of Nepal (CNP) Chairperson Pushpa Kamal Dahal 'Prachanda' said the government budget is in favour of the nation and people.
Talking to journalists following today's joint meeting of the federal parliament, Chairperson Dahal further said comprehensive comments would be rendered during the discussion on the budget.
Govt sets target to attract two million tourists within 2020
The government has set a target to develop tourism-friendly infrastructures with an objective of attracting two million tourists within 2020.
The budget for the fiscal year 2018/19 presented by Finance Minister Dr Yubraj Khatiwada at today's meeting of Federal Parliament mentioned to promote domestic tourism, adding that the government would forward development of necessary infrastructures and programmes to attract tourists adopting the policy, 'Visit country first, then abroad'.
The budget has also made necessary arrangement to run tourism business round the year, attracting the tourists from neighbouring countries India and China.
Nepal Academy of Tourists and Hotel Management would be developed as Tourism University and necessary process in this regard forwarded for the same.
The budget also set a target to make mountaineering safer and systematic and the government has allocated Rs 5.20 billion for the development and promotion of tourism sector.
Similarly, the government has allocated Rs 19.35 billion for the development of aviation sector. Initiating construction of Nijgadh Airport, starting the service after concluding the construction works of under construction Gautam Buddha Airport and Pokhara Regional Airport are other priorities.
Likewise, the budget has aimed at upgrading Tribhuvan International Airport and domestic airports
Budget sets economic growth rate of 8%
The government has targeted to achieve eight percent of economic growth rate in the upcoming fiscal year.
Announcing the budget for the new fiscal year 2075/076 BS in the joint meeting of the Federal Parliaments today, Finance Minister Dr Yubraj Khatiwada set the ambitious target of eight percent of economic growth rate.
Likewise, this year's economic growth rate is amended to 5.9 per cent against the target of 7.2 per cent made while announcing the budget last year. The nation had achieved economic growth rate of 6.9 per cent in the fiscal year 2073/074 BS.
Similarly, the government has targeted to tap the inflation in five percent.
Budget difficult to implement, Deuba says
President of the opposition Nepali Congress (NC) Sher Bahadur Deuba has claimed that the budget tabled by the government was difficult to implement.
In his initial comment on the budget unveiled by the government Tuesday, Deuba said imposing burden of tax does not ensure growth in productivity.
Likewise, NC lawmaker Dr Minendra Rijal said the budget was like a daydream for him and added that the size of the budget was large while amalgamating the portions of all level of governments. He also said that clear roadmap on revenue collection was not observed.
He also said that the foreign assistance and loan is also not likely to come as announced in the budget.
Similarly, NC lawmaker Gagan Thapa said that the budget has not created wave against the expectations of the people and nor has taken any risk.
Chocolate, cigarette and alcohol become dearer
With the rise in excise duty in chocolate, cigarette, tobacco, perfumes, dolls and refrigerators, their price is to be soared.
In the budget unveiled Tuesday, the government has increased the excise duty in those commodities.
Similarly, the excise duty on four wheelers of more than 1,000 CC and motorcycles of 150 plus CC has also increased.
Likewise, the government has announced to impose 25 paisa in each cigarette under the health risk tax in the production and import from today itself.
Similarly, Nepalis coming home from foreign countries can import 100 gram of raw gold by paying tax. ( RSS )
Beware of small expenses; a small leak will sink a great ship.Benjamin Franklin, inventor and diplomat