8% growth unlikely to be met: DPM Paudel

By TRN Online, Kathmandu, Feb 12: Deputy Prime Minister and Minister of Finance Bishnu Prasad Paudel has assessed that the target of the eight per cent growth as set in the annual budget of this year is unlikely to be achieved.

DPM and FM Paudel said so presenting half-yearly review of the current fiscal year budget to the House of Representatives (HoR) today.

He said the lack of full capacity operation of the manufacturing sector as the principal cause for hindering to achieve the target although slight improvement is witnessed in tourism.Mid-term evaluation: Budget size reduced by 244 billion

Meanwhile, RSS adds that, Making a mid-term evaluation of the budget for Fiscal Year 2022/2023, the government has reduced the size of the budget to the tune of Rs 244 billion. 

Deputy Prime Minister and Finance Minister informed about this while unveiling the Mid-term Evaluation Report of the Current Fiscal Year in the House of Representatives, the lower house of the Federal Parliament, today. 

The preliminary estimate of the total public expenditure of Rs 1 trillion 793 billion 830 million has been reduced to Rs 1 trillion 549 billion 990 million. The budget base has been decreased by 14 per cent. The primary allocation towards current expenditure was equivalent to Rs 1 trillion 183 billion 230 million. This has been reduced to Rs 1 trillion 21 billion 920 million, which is equivalent to 86.37 per cent of the primary allocation. 

Similarly, the initial allocation towards capital expenditure was Rs 3 trillion 80 billion 380 million and it has been slashed to Rs 3 trillion 13 billion 850 million. This deduction is equivalent to 82.51 per cent of the initial allocation. 

Likewise the initial allocation of Rs 2 trillion 30 billion 210 million towards fiscal management has been decreased to Rs 2 trillion 14 billion 210 million, which is equivalent to 93.05 per cent of the initial allocation.