KATHMANDU, June 7:
The upcoming budget scheduled to be unveiled in mid-July will focus on core development agendas and not promote populist programs to appeal to certain interest groups, finance minister Shankar Koirala said on Thursday.
During a meeting with Republica and Nagarik dailies, Minister Koirala said the incumbent government does not need to embrace populist manifestos as it is made of technocrats and not politicians.
“This has paved the way for the government to focus on development and it will prioritize sectors ranging from energy and infrastructure to agriculture, tourism and exports,” the minister said.
Referring to the frequent power cuts that have crippled industrial units and the lives of the general populace, Koirala said the government would give the topmost priority to the energy sector. “This includes creation of favorable policies to bring in foreign investment for development of hydro projects,” Koirala said. “We will also focus on the laying of transmission lines and signing of power purchase agreements.”
Next in the government’s priority list is infrastructure development. “Under this, focus will be laid on expansion of the road network,” the finance minister said. “We will also lay emphasis on development of railway lines and irrigation projects.”
Another priority sector, according to the minister, is agriculture. “We intend to promote commercial agriculture and livestock farming, while easing the supply of fertilizers,” he said, adding, “The government has also laid focus on tourism development and export promotion. We will also devise ways to substitute imports.”
To finance development projects, the government intends to boost revenue collection by over 30 percent in the next fiscal year.
“I think the revenue collection target we have set is achievable as only 900,000 people, or only 3 percent of the population, are included in the tax network,” Koirala said. “We are also mulling over upward revision of tax rates in certain areas, without infringing on the commitment expressed during the signing of the South Asia Free Trade Agreement.”
The upcoming budget scheduled to be unveiled in mid-July will focus on core development agendas and not promote populist programs to appeal to certain interest groups, finance minister Shankar Koirala said on Thursday.
During a meeting with Republica and Nagarik dailies, Minister Koirala said the incumbent government does not need to embrace populist manifestos as it is made of technocrats and not politicians.
“This has paved the way for the government to focus on development and it will prioritize sectors ranging from energy and infrastructure to agriculture, tourism and exports,” the minister said.
Referring to the frequent power cuts that have crippled industrial units and the lives of the general populace, Koirala said the government would give the topmost priority to the energy sector. “This includes creation of favorable policies to bring in foreign investment for development of hydro projects,” Koirala said. “We will also focus on the laying of transmission lines and signing of power purchase agreements.”
Next in the government’s priority list is infrastructure development. “Under this, focus will be laid on expansion of the road network,” the finance minister said. “We will also lay emphasis on development of railway lines and irrigation projects.”
Another priority sector, according to the minister, is agriculture. “We intend to promote commercial agriculture and livestock farming, while easing the supply of fertilizers,” he said, adding, “The government has also laid focus on tourism development and export promotion. We will also devise ways to substitute imports.”
To finance development projects, the government intends to boost revenue collection by over 30 percent in the next fiscal year.
“I think the revenue collection target we have set is achievable as only 900,000 people, or only 3 percent of the population, are included in the tax network,” Koirala said. “We are also mulling over upward revision of tax rates in certain areas, without infringing on the commitment expressed during the signing of the South Asia Free Trade Agreement.”
Source: Republica
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