New budget’s five objectives, 10 priorities

KATHMANDU, MAY 30: The new annual budget tabled for the fiscal year 2022/23has fixed five objectives and 10 priorities. Releasing it yesterday in the Federal Parliament, Finance Minister Janardan Sharma said stability, growth in productivity and employment, inclusive development, self-sufficiency and economic prosperity are stated as the goals of the budget. Gaining high and sustainable economic growth by preparing a production-based economy, and employment creation and poverty alleviation through the integrated mobilization of available natural resources, labour force, capital and technology are the objectives of the budget.

Likewise, building a balanced, inclusive, self-sufficient and socialism-oriented economy through economic and social transformation is also an objective of the new budget. According to the Finance Minister, the first priority of the budget is the transformation of the agriculture sector. Growth in production and productivity in government, private and cooperative sectors’ partnership, employment creation and poverty alleviation, innovation-based local economic development and human resource development is also emphasized in the budget as its priority.

Similarly, infrastructure development and capital formation, hydropower development, expansion of transmission grid and rural electrification, industrial development, investment promotion, recovery of the tourism sector and environmental conservation, disaster management and climate change risk reduction are also other priorities of the annual budget. Finance Minister Sharma stated that public service delivery, promotion of good governance, and periodic elections are also included as the priorities of the budget. The other priority of the budget includes scientific research and development. 

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