Finance Minister presents Replacement Bill budget

Finance Minister Janardan Sharma tabled the bill to replace the ordinance budget brought by the erstwhile government in today's session of the House of Representatives (HoR).

In the third meeting of the Lower House, the Finance Minister presented an estimate of income and expenditures of the current fiscal year 2078-79 BS (2021-22) with revisions.

The bill incorporates the issues relating to the reduction of multi-dimensional poverty, securing a high economic growth rate, adopting and promoting the inclusive economic policy as salient features of the budget.

Likewise, the presentations of the Appropriation Bill-2078 BS and the bill to raise national debt-2078 BS in today's HoR session are on the schedule.

The bill to replace the ordinance budget announced by the previous government led by the CPN UML was presented in the third meeting of HoR amidst the protest and obstructions from the main opposition CPN UML.

Replacement bill for incentives to boost tourism sector:

The replacement bill on the budget ordinance has mentioned the concessional schemes to restore COVID-19 hardest hit tourism sector. Presenting the replacement bill in the meeting of the House of Representatives today, Finance Minister Janardan Sharma announced that the construction of infrastructures to be launched in the tourism sector would be provided financial concession.

Similarly, promotional programmes would be introduced in the tourism sector.

The airlines' companies conducting tourism-related flights and international flights would be provided special discounts. The religious museum would be set up to promote Nepal's religion, culture, and tradition.

Employments would be generated via industries and national pride projects. The use of domestic products would be promoted for raw materials.

Moreover, the Finance Minister announced to provide special incentives to the industries using more than 50 per cent raw materials produced within the country and generating employment for more than 300 persons. The areas for the investments should be national pride projects, roadway, railway, cement industry, steel industry, agricultural and tourism industries.