Budget to focus on production, welfare: Finance Minister

By A Staff Reporter,Kathmandu, Mar. 31: Finance Minister Barsaman Pun has instructed officials to prepare the budget for the next fiscal year 2024/25 so that the common people and all stakeholders can take ownership.

Minister Pun has given collective instructions to Finance Secretary Dr. Krishna Hari Pushkar Revenue Secretary Dr. Ram Prasad Ghimire, Joint Secretaries of the Budget Writing Committee, Divisions Chief, Heads of Departments under the Ministry on the priorities of the budget on Saturday.

According to the Ministry of Finance, Minister Pun instructed the officials to include programmes in the budget that the common people and all stakeholders can take ownership of.

He said that he would focus on creating jobs through production growth, and reduction foreign trade deficit by substituting imports.

He said that emphasis should be placed on investment and export promotion in the growth of manufacturing industries to achieve the target of the government to increase production and employment.

The Minister of Finance asked to prepare a budget statement in coordination with the concerned ministries within the framework of common minimum programmees among the ruling partner parties while preparing the budget.

Finance Minister Pun emphasised that there should be harmony between the government's policies and programmes, budget and monetary policy.

He said that for that there should be constant dialogue between the concerned agencies in establishing inter-relations among them.

"Policies that create more employment opportunities through production and productivity enhancement and import substitution and export promotion should be incorporated in the budget," Minister Pun said. "It should touch more people and they should be able to take ownership."

Minister Pun said that programmes of linkage between agricultural produce and the market will be kept in the budget.

Similarly, he emphasised that the increase in the size of production was necessary for the stability of the market.

Minister Pun directed to include in the budget the issue of establishing new markets and financial centres in the areas around Mid-Hill Highway and Postal Highway.

He also asked to arrange that the equalisation grants going to the local levels cannot be altered in the middle of the fiscal year and to reduce the programmes of conditional grants.

Stating that his policy was to reduce the gap between revenue estimates and revenue mobilisation and to emphasise public institution reform, he said that the state should pay special attention to social security, prosperity and social justice and bring programmes focused on women, Dalits, disabled and backward areas. He expressed his belief that economic activities will expand only with a budget that encourages the private sector.

"This year's budget will be a private sector- and investment-friendly," Minister Pun said, "Since the policy of laying a 'red carpet' for genuine investors will be taken, the budget will have to be made on this ground."

Earlier on Friday, Minister Pun formed a budget writing committee under the leadership of Dhani Ram Sharma, joint secretary of the Ministry of Finance, with joint secretaries Ritesh Kumar Shakya, Mahesh Acharya, Ram Prasad Acharya, Ishwori Aryal and Parvati Sharma as members.