Budget stands on ground realities

Finance Minister Dr Prakash Sharan Mahat said the income and expenditure estimates for the new fiscal year were presented based on ground realities of the country's current economic situation.

He further said plans and programmes have been included in the budget taking into consideration the country's greater needs.

Responding to the queries raised in the House of Representatives (HoR) on annual budget headings of the Ministry of Finance under the Appropriation Bill, 2080, Finance Minister Dr Mahat claimed that the annual budget was introduced by fully complying with existing legal arrangements and fiscal discipline as well as standing on the ground economic realities of the country.

"The Ministry of Finance has worked with a vision to reflect ground realities for advancing overall economy of the country. The budget has come in a way to identify and address past mistakes and take strides", Minister Mahat noted.

He said the Finance Ministry has been playing coordinating and facilitating roles for economic reforms through budget execution. Mahat further clarified in the parliament that the upcoming financial year budget has included crucial proposal, including budgetary process reforms and capital spending increment.

Likewise, the budget has come up with several policy measures, including austerity policy focusing recurrent expenditure, digital economy and paperless governance and information technology sector expansion.

"Efforts have been made to widen the scope of tax through upcoming year's Financial Act", Finance Minister Mahat said, accepting that there have been problems in the government income and expenditure.

In his address to the HoR meeting today, he presented the matter of developing calendar of budget formulation process. Though it was easier to call for reducing the existing size of government employees and security personnel, this is a very tough matter in practice, he added. Likewise, the budget has come up with plans and programmes to orient to the sustainable and green economy.

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