Budget draws mixed reactions, private sector positive

By Pallav Bhusal,Kathmandu, May 29: Lawmakers have expressed their mixed reactions to the new budget unveiled by Finance Minister Barsaman Pun in the joint session of the Federal Parliament on Tuesday. 

Minister Pun unveiled a new budget of Rs. 1860 billion for the upcoming fiscal year 2024/25.  

The lawmakers from the main opposition party, the Nepali Congress, voiced dissatisfaction towards the government's budget. They said the budget failed to instil hope among the people. 

 Nepali Congress spokesperson and former finance minister Dr. Prakash Sharan Mahat criticised the budget, asserting scepticism regarding its fulfilment and citing the absence of prioritised issues and a tangible plan to rectify longstanding distortions.

Nepali Congress lawmaker Arjun Narasingh KC echoed similar sentiments, characterising the budget as distributive rather than focusing on essential areas. KC expressed doubt regarding the feasibility of the populist programme promising employment for 500,000 individuals.

Likewise, NC leader and lawmaker Dr. Shekhar Koirala said the budget looked moderate. 

"The budget is moderate and akin to previous years. The real challenge lies in ensuring the proper implementation of the budget for the nation's development," said Koirala.

CPN (Maoist Centre) lawmaker Devendra Paudel adopted a more conciliatory tone, describing the budget as simple, balanced, and practical. "I don't believe this budget is distributive.  It emphasises more on the implementation of industrial, tourism, and agricultural development for a prosperous economy," he said.

Likewise, Rastriya Swatantra Party’s Vice President Dr. Swarnim Wagle highlighted the need for expeditious action for budget implementation, particularly emphasising job creation in key sectors. 

"I express optimism regarding the budget's allocations for irrigation, agriculture, and tourism, foreseeing positive developments in these sectors. I also emphasise that the budget should focus on generating revenue and meeting the revenue threshold by increasing foreign investment, minimising loans, and fostering new technology, as presented in the budget," he said.

Rastriya Prajatantra Party chairman Rajendra Lingden criticised the budget stating that it was a continuity of traditions and failed to instil hope or introduce innovative programmes. "There is nothing new and exciting since the new budget is based on grant programmes. The budget does not look beneficial and progressive at all," he said.

Lingden said that the budget primarily aims to appease various factions without introducing substantive change.

Economist Dr. Chandra Mani Adhikary termed the budget as a balanced one. He said the objectives, priorities and strategies adopted in the budget are good. It would have been better had the Minister reduced the recurrent expenditure, he said. 

“The economy will be vibrant if the policies included in the budget are implemented,” he said.  

Likewise, President of the Federation of Nepalese Chamber of Commerce Chandra Dhakal said that the budget has included the concerns of the private sector. “It has built up the confidence and morale of private sectors,” he said.