Securing Inclusive Growth

With the endorsement of the budget for the fiscal year 2024/25 by the House of Representatives Tuesday, the government’s initiatives for the economic reforms are expected to gain momentum. The House approved the Appropriation Bill 2024, presented by Finance Minister Barshaman Pun on May 28, with a majority vote. The Rs. 1.86 trillion annual outlay that is 6.2 per cent bigger than the unrevised budget of the current fiscal year aims to achieve 6 per cent economic growth and contain inflation at 5.5 per cent. Introduced amidst the political volatility and lingering recession, the budget has sought to boost the confidence of private sector and rekindle the hopes of ordinary beings enduring various economic hardships. It has set five objectives, five priorities, and five economic reform strategies. Its five objectives include increasing production, productivity, employment and investment, and developing human capital and reducing inequality.