Kathmandu: The government has allocated a budget of Rs 1.474 trillion for the coming year.

Out of this, Rs. 148.94 billion has been allocated for current expenditure, Rs. 352.91 billion for capital expenditure and Rs. 172.79 billion for financial management.

Health sector budget  Rs. 90.69 billion 

Compared to last year, the budget for the health sector has increased by Rs 22 billion this year. This year, the government has allocated Rs. 90.69 billion for the health sector. Of this, Rs 6 billion has been allocated for corona infection control alone. In the last fiscal year, the government had allocated Rs 68.78 billion for the health sector.

171.71 billion in education

The government has increased the budget for education this year. Finance Minister Dr. Yubaraj Khatiwada informed that Rs. 171.71 billion has been allocated for education for the coming fiscal year. This is Rs 8.71 billion more than Pohorko. The Pohor government had allocated Rs 163 billion for education. Similarly, this year also, the old program of providing free sanitary pads and lunch to the students has been continued. Similarly, the government has allocated Rs 2.76 billion to distribute textbooks to students at the beginning of the academic session.

20 percent discount on income tax for tourism entrepreneurs

The government has decided to give 20 percent exemption in income tax to tourism entrepreneurs. In his budget speech, Finance Minister Dr Yubaraj Khatiwada said that 20 percent exemption in income tax for the current fiscal year would be given to the tourism sector affected by the Corona. Khatiwada said that 20 percent exemption will be given to the air service, hotel, transport, travel and trekking businessmen in the income tax as per the income statement of the fiscal year 2076/77.

The media

The government has decided to give royalty discounts on radio and public welfare advertisements online. Announcing the budget for the Fiscal Year 2077/78, Finance Minister Yubaraj Khatiwada has announced to make public interest and public welfare advertisements available to online media as well.

Similarly, the government has announced to expand the capacity of Nepal Television to the international level. Similarly, a feasibility center will be set up for the establishment of cyber security center. The government is going to arrange its own satellite.

Meanwhile, the government is planning to manage information technology based industries. The government has also announced to provide reliable internet facility in all the municipalities within the coming fiscal year through digital framework. Similarly, the government has announced to set up communication villages in all the states.

Economic growth is projected at 7 percent

The government has projected 7 percent economic growth in the coming fiscal year 2077/78. Although all sectors will be affected by Corona, the government has projected a 7 percent economic growth rate for the coming fiscal year through the budget.

In the current Fiscal Year, the growth target of 8.5 percent has been reduced to 2.3 percent. In the three years since the quake, the government has consistently achieved an economic growth rate of about 7 percent. But next fiscal year, growth is projected to be negative due to the corona virus. But the economic survey presented by the finance minister in the parliament states that the economic growth rate will be 2.3 percent.

8 billion 89 billion revenue will be raised

The government has set a target of raising Rs. 889.62 billion to mobilize resources of Rs. 1.474 trillion for the coming fiscal year. It is mentioned in the budget presented for the coming fiscal year that foreign aid and loans will be raised for insufficient amount from the revenue.

The government has estimated foreign aid of Rs 60.52 billion. Out of the Rs 524 crore that is not enough to implement the budget, Rs 299 billion will be raised from foreign loans and Rs 225 billion from domestic loans.

Deduction of additional allowances for employees

The government plans to cut spending on corona control. Finance Minister Dr. Khatiwada informed that the budget has been cut for office operation, fuel, maintenance, foreign trips, purchase of vehicles and maintenance.

He said that incentives, risks, extra time allowance, food, food allowance and other allowances given to doctors, health workers and other civil servants besides those working for the treatment and prevention of corona would be revoked. New appointments have been blocked in all the vacant posts except the office providing essential services.

Incentive allowance for employees who work during the day

The government has agreed to provide incentive allowances to front line employees at risk of corona. Finance Minister Dr. Yubaraj Khatiwada informed that the budget has been allocated for this in the new fiscal year.

He also informed that concessional loans have been provided for the construction of private houses and for the education of children. He also informed that the government will make arrangements to provide free insurance of up to Rs 1 lakh to the employees in the coming fiscal year.

Rs 55 billion to complete post-earthquake reconstruction work

The government has allocated Rs 55 billion to complete the remaining post-earthquake reconstruction work. Presenting the budget at a joint sitting of the federal parliament, Finance Minister Dr Yubaraj Khatiwada said work on government buildings including houses, schools and other infrastructures would be completed within the next fiscal year.