By Rup Narayan Dhakal : Pokhara—Finance Minister Bishnu Prasad Paudel presented the budget of Rs 1.647 trillion for the upcoming fiscal year 2021/022 from Singha Durbar on Saturday.
Covid-19 control, restoration of the economy, infrastructure development, and social securities are the main focuses of the budget. The budget was presented as an ordinance from the Prime Minister and Council of Ministers Office as the House of Representatives is in the dissolved state now.
The size of budget is Rs. 173 billion bigger compared to the current fiscal year 2020/21. Then FM Dr. The size of current budget is Rs. 1,474 billion . About Rs. 678.6 billion is allocated for recurrent expenditure of the federal government, Rs. 374.2 billion for capital budget and Rs. 207.9 for financial management. Rs. 386.7 billion is to be given for the provinces and local bodies.
The budget of the FY 2021/22 has Rs. 559.3 billion deficit. Rs. 1,024.9 billion is expected to be collected from the revenue and Rs. 63.3 billion from foreign grants. According to FM Paudel, the remaining amount would be managed through international loan Rs. 309.2 billion and domestic borrowing Rs. 250 billion.
The budget has earmarked Rs 26.75 billion to manage Covid-19 related vaccines. Likewise, the government will establish infectious disease hospitals in all seven provinces. Similarly, all kinds of social security allowances saw a 33 percent increase. From the upcoming fiscal, the old-age allowance is to be provided Rs 4,000. Now, an elderly person who is 70-year-old or older has been receiving Rs 3,000 as such allowance. In this connection, a total of Rs 100 billion has been allocated for social security allowances.
Likewise, Rs 12 billion has been allocated for Prime Minister Employment Fund. In a separate program, youths will get loans up to Rs 2.5 million at the 5-percent interest rate, depositing their academic certificates as collator. Rs 7.98 billion have been allocated to increase the productivity of the agriculture sector. The agriculture and livestock sector has got Rs 45.9 billion rupees. Government staffers will get 10 days of paid holiday in a bid to promote tourism and the foreign tourists will get a free visa to Nepal for 1 month.
1629 MW electricity will be added in national grid within upcoming fiscal. 300 suspension bridges will be built in that fiscal. Government staffers see 2000 rupees salary hike. Earlier today, President Bidya Devi Bhandari issued three ordinances relating to the new budget.
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