Member of parliament Dr Swarnim Wagle has commented that the government's efforts for economic improvements through the principles and priorities of the appropriation bill for the next fiscal year, 2023/24 were not enough.
The economy needs drastic measures for improvements instead of ritualistic ones, he said while putting his view on the appropriation bill in today's meeting of the House of Representatives.
The principles and priorities have not met the expectation of people despite accommodating many things, he said.
It would be inappropriate to talk about economic growth and prosperity when the country's economy has lost its pace, he commented.
"We currently are at around two percent economic growth while the economic growth target for the current fiscal year is around eight percent," he said. There remains around two months for the current FY to be over.
The issue of increasing expenditures as compared to incomes is a major concern, he said. "There are major challenges in reducing the gap of the budget deficit. There is a big gap between loan investments and economic growth. Loan rates are regularly increasing 20 or 22 percent. But, this has not significantly contributed to economic growth, it seems," he said.
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