Budget Gets Downsized

As Nepal's economic indicators have still remained not so encouraging owing to various challenges posed by internal factors as well as global economic slump, the federal government has been making all-out efforts to bring the national economy back on track. With revenue collection target unlikely to meet due to import restrictions in the past and other reasons, the government has adjusted the size of budget of the current fiscal year 2022/23 by slashing the total expenditure by 14 per cent to Rs. 1549.99 billion from Rs. 1793.8 billion. The estimates for the recurrent budget have also been brought down to Rs. 1021.9 billion from Rs. 1183.2 billion. The government has focussed on enhancing business confidence of the private sector, making relations between the public and the private sector credible and helpful, ending anomalies and divergences in revenue mobilisation, and resolving problems seen in the financial sector and the implementation of the budget.