Nepal's Budget 2080-81 Aims for Inclusive Growth and Sustainable Development, Prioritizing Prosperity and Equity

Nepal's fiscal year 2080-81 budget was unveiled by Finance Minister Dr. Prakash Sharan Mahat in a significant parliamentary session, highlighting the government's commitment to promoting prosperity, reducing disparity, and emphasizing sustainability.

In a bid to create a more equitable society, the budget places a strong emphasis on narrowing the gap between the rich and the poor. To streamline operations and enhance efficiency, the government plans to abandon 20 government institutes and merge similar bodies with overlapping functions.

A major step towards digitization will be the implementation of e-Bidding in all government offices, ensuring transparency and efficiency in public procurement processes. Additionally, the government aims to optimize resources by auctioning off scrapped government vehicles within six months and halting the acquisition of new vehicles, furniture, and buildings. Instead, government employees using official vehicles will receive cash allowances rather than fuel facilities.

Sustainable development takes center stage in the budget, with initiatives such as exploring the cultivation of cannabis for medical purposes and promoting briquette industries to reduce reliance on coal. Moreover, the government aims to promote the use of cement in road construction to decrease bitumen imports and enhance environmental sustainability.

In a move to attract foreign investment and stimulate economic growth, the establishment of an Infrastructure Fund with the participation of international investors is planned. Science, technology, innovation, and research will receive a boost with 1% of the total budget allocated to a dedicated fund in these areas.

Agricultural development and entrepreneurship are key priorities, as the budget includes incentives and awards to support farmers and significantly reduces barriers to establishing companies. Companies can now register with just Rs. 100 in issued paid-up capital, and there are no fees for registration or capital increment.

Addressing social and environmental concerns, the government aims to regulate real estate land prices through scientific evaluation and expedite approvals for Environmental Impact Analysis (EIA) proposals. The integration of Napi and Malpot offices will be gradually implemented, while landless individuals will receive Lalpurja (land certificates).

Recognizing the importance of tourism, the government has declared the years 2023-2033 as the Tourism Decade, focusing on promoting Nepal as a premier tourist destination. Legislation will be enacted to facilitate the sale of Nepali goods and services through e-commerce platforms, further supporting economic growth.

The budget places a strong emphasis on environmental sustainability, with measures to discourage the use of plastic bags and junk food in government schools. Initiatives such as operating a Milk Bank for newborn babies and implementing the "Now Life at Home" policy to prevent youth migration abroad underline the government's commitment to social welfare.

Investments in sports infrastructure, including the construction of an international standard cricket ground in Kritipur and the Girija Prasad Koirala Cricket Stadium in Biratnagar, demonstrate the government's dedication to promoting sports and recreation.

The budget also addresses crucial aspects such as improving the country's credit rating, constructing the Federal Parliament house, tackling unauthorized settlements along the banks of the Bagmati and Bishnumati rivers, and expanding charging points for electric vehicles to support sustainable transportation.

Continuation of the old age allowance, accessibility to electricity for the entire population within two years, and restructuring the Digital Nepal Framework to enhance connectivity and digital services are additional noteworthy measures.

To encourage economic growth, the budget permits Non-Residential Nepalis (NRNs) to invest in selected sectors of Nepal's share market. Exploring divestiture strategies for government-owned companies like NTC aims to foster private sector participation.

These budgetary measures reflect the government's comprehensive vision for inclusive growth, sustainability, and addressing the pressing challenges faced by Nepal. By prioritizing social welfare, environmental stewardship, and economic development, the government is determined to lead the nation towards a prosperous future.

According to constitutional requirements, the government is obligated to reveal the budget on Jestha 15 each year. The budget formulation process is based on the government's outlined policies and programs, serving as a blueprint for its planned course of action.