Upcoming budget will reshape economy: Minister Sharma

KATHMANDU: Finance Minister Janardan Sharma has said the budget for the coming Fiscal Year 2022/23 will be prepared in such a way that everyone will feel relating to it. The budget will be prepared by prioritising the issues of increasing agricultural production, import substitution, job creation, proper management of labour skills, improvement in development expenditure, improved investment environment, private sector friendly environment among other issues. Speaking at Interaction Programme on Current Economic Status and Forthcoming Budget FY 2022/23 jointly organised by Nepal Economic Association, Confederation of Banks and Financial Institutions Nepal (CBFIN) and the Ministry of Finance today, Minister Sharma claimed that the budget would reshape the economy. He said the country has huge potential for production to increase exports. He informed, "The export in the total foreign trade has exceeded 10% in the first eight months of the current fiscal year. The export has set a new record of Rs 147.74 billion which is 82.90% more compared to the same period in the previous Fiscal Year." Minister Sharma asked for suggestions on reducing the trade deficit. He sought a way for building capital by making maximum use of our own resources. The Finance Minister claimed, "The economic growth rate in the current fiscal year has been targeted to be 7% through Public Replacement Bill tabled in the Parliament on September 9, last year and if the situation is normal, the economic growth rate will be higher than the target." However, he also argued that shortly after the budget was announced, unseasonal rains in the third week of October caused severe damage to the paddy crop. Further, he said, the Ukraine-Russia war has affected globally as well as Nepal's economy. Minister Sharma said that the government has been managing the economy to the extent it can regulate. "There is no need to panic as there are enough foreign currencies to import goods and services for six to seven months," he assured. Speaking on the occasion, Finance Secretary Madhu Kumar Marasini said the economy was under pressure due to the influence of external factors. He emphasized that production and employment should be increased within the country. "Despite suggestions from various quarters to ban imports and control imports, the government has a policy of keeping the economy as open as possible," he asserted. President of the Nepal Economic Association and senior economist Bishwambher Pyakuryal suggested expanding the economy hinting that double-digit economic growth was possible. He suggested the government take strong steps for regulation as capital flight has been taking place through cryptocurrency and hyper funds. Economists Gobinda Nepal, Poshraj Pandey, Keshav Acharya and businessman Pawan Golyan among others made suggestions during the programme. READ ALSO:

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