Finance Minister Prakash Sharan Mahat has unveiled the budget estimates for Nepal’s fiscal year 2023-24, outlining significant allocations and priorities across sectors. This article provides a comprehensive overview of the budget, highlighting key sectors such as agriculture, education, infrastructure, and social welfare. Read on to discover the key highlights of Nepal’s budget for the upcoming year.
Agriculture and Livestock Development:
The Ministry of Agriculture and Livestock Development has received a budget allocation of Rs58.98 billion, reflecting a notable increase of Rs3.01 billion compared to the previous fiscal year. Emphasizing the importance of local production, the government has allocated Rs30 billion for subsidizing chemical fertilizers to farmers.
Information Technology and Foreign Investment:
In a bid to attract foreign investment, the government has eliminated the limit on foreign investment in the information technology industry. Minister Mahat announced plans to create a favorable environment for foreign investment in this sector, fostering growth and innovation.
Education and Infrastructure:
The budget for the Ministry of Education, Science, and Technology has been increased to Rs197 billion, demonstrating the government’s commitment to enhancing the education sector. Additionally, the government plans to construct one model residential community school in Dhankuta, Bardibas, Tansen, Surkhet, and Dadeldhura, adopting the successful operational modality of renowned schools in Kathmandu and Pokhara.
Infrastructure Development and Sports:
The Local Infrastructure Development Partnership Programme, also known as the Constituency Development Fund, has been allocated a budget of Rs8.25 billion. Moreover, the government has announced plans to develop the Tribhuvan University Cricket Ground into an international-level cricket facility. Furthermore, four additional stadiums will be constructed in different regions of the country.
The government intends to continue the midday meal program in public schools, ensuring nutritious meals for students while eliminating junk food options. The budget includes Rs8.45 billion for midday meals, benefiting approximately 3.2 million students. Additionally, Rs1.42 billion has been allocated for providing free sanitary pads to girl students.
The Ministry of Health and Population has received a significant budget increase of Rs14 billion, with a total allocation of Rs83.99 billion for the fiscal year 2023-24. This increased funding aims to improve healthcare services and meet the growing demands of the population.
Nepal’s budget for the fiscal year 2023-24 emphasizes key sectors such as agriculture, education, infrastructure, and social welfare. The government’s focus on promoting local production, attracting foreign investment, and enhancing educational opportunities showcases its commitment to overall development. With increased allocations in vital sectors, Nepal aims to address societal needs, drive economic growth, and uplift the quality of life for its citizens.