KATHMANDU: Finance Minister Janardan Sharma has said the budget for the coming fiscal year 2022/23 has been made public after holding discussions with stakeholders so as to maintain the independence of all.
He also requested to help the country in building a self-reliant and socialist-oriented economy by assisting in the implementation of the budget.
Speaking at a programme organised by the Nepal Economic Association and Confederation of Banks and Financial Institutions Nepal (CBFIN) in collaboration with the Ministry of Finance, Sharma said the budget was prepared by directly asking stakeholders in various areas including remote citizens by telephone and minority families of Rautahat and people in Karnali.
He expressed confidence that the budget will be implemented in a way that the general public could take ownership of and said the objectives set by the budget will be achieved. "The parliament is holding deliberations on budget now and I hope this will help in budget implementation,” he said. He informed that agriculture has been given priority in the budget as it is an area of production, employment and export.
He informed that an initiative has been taken for structural reform in agriculture and the theme of agri-ambulance for transportation and collection centre for the market. He said farmers' pension scheme has been put forward to encourage them, distribute identity cards and increase their attraction towards the agricultural profession. He claimed that the budget for education has been increased and students who have passed grade 12 will come to the labour market after learning some skills.
Import replacement Finance Minister Sharma said the target is to replace the import of major food crops, vegetables and flowers up to 30% as there is huge potential for agricultural production in the country. "We aim to produce as much as we can and to export independently. So it's not impossible," he said. "We will double exports. I think it is possible to increase production through proper implementation of the budget. ' He informed that the budget has given maximum space for the export of goods and services produced within the country.
Goal of capital market reform Minister Sharma informed that important issues for capital market reform have been included in the budget. He urged to read point 332 of the budget and form an opinion on the issue of the capital market. As per point 332, a provision will be made for the companies with a capital of Rs 1 billion or above or companies that do transactions of more than Rs 5 billion, or the public limited companies that use natural resources and receive grants, concessions or tax exemptions from the state, to be listed with public issue of securities. He said that such an arrangement was important for the capital market. Minister Sharma expressed his belief that creating an environment for non-resident Nepalis to invest in the secondary market and allocating 10% share in the initial public offering(IPO) to Nepalis who are in foreign employment will convey a positive message. READ ALSO:
Import replacement Finance Minister Sharma said the target is to replace the import of major food crops, vegetables and flowers up to 30% as there is huge potential for agricultural production in the country. "We aim to produce as much as we can and to export independently. So it's not impossible," he said. "We will double exports. I think it is possible to increase production through proper implementation of the budget. ' He informed that the budget has given maximum space for the export of goods and services produced within the country.
Goal of capital market reform Minister Sharma informed that important issues for capital market reform have been included in the budget. He urged to read point 332 of the budget and form an opinion on the issue of the capital market. As per point 332, a provision will be made for the companies with a capital of Rs 1 billion or above or companies that do transactions of more than Rs 5 billion, or the public limited companies that use natural resources and receive grants, concessions or tax exemptions from the state, to be listed with public issue of securities. He said that such an arrangement was important for the capital market. Minister Sharma expressed his belief that creating an environment for non-resident Nepalis to invest in the secondary market and allocating 10% share in the initial public offering(IPO) to Nepalis who are in foreign employment will convey a positive message. READ ALSO:
Published Date: June 2, 2022, 12:00 am
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