KATHMANDU — Finance Minister Yubaraj Khatiwada has presented the first full-fledged budget of around Rs 1.31 trillion, which is Rs 37 billion more than the current fiscal year’s Rs 1.27 trillion, at the joint session of Federal Parliament and National Assembly on Tuesday.
Presenting the budget at the Federal Parliament today, Finance Minister Khatiwada said that the 56.41 billion has been allocated for the health sector while Rs 83.89 billion has been allotted for energy sector and Rs 24.05 billion for drinking water.
Likewise, the government has allocated Rs 1.34 billion for education, science and technology. The government has also allocated Rs 5.203 billion for tourism sectors whereas Rs 19.35 billion for aviation sector and Rs 16.58 billion has been allocated for the preservation of forest and environment.
Likewise, Rs 2.04 billion has been allocated for youth and sports while Rs 1.88 billion has been allocated for women, children and senior citizens.
Finance Minister Yubaraj Khatiwada said that the dearness allowance for the government staffers has been increased by Rs 2,000, however, there is no increment on salary for this time.
Minister Khatiwada said that a high level commission will formed to study and recommend the salary of the government staffers.
The government has increased the tax for the motorbikes having 150 CC and those four-wheeler with 1,000 CC and above.
Business community demands slash in interest rate
BIRATNAGAR— The industrialists and traders in Biratnagar have asked the government to immediately reduce the high interest rate charged by the bank and financial institutions (BFIs) from the borrowers.
They argued that the interest rate should be around seven percent for the production-based industries and up to nine percent for the trading firms.
At a programme jointly organised by Industry Association Morang and Trade Association Morang on Thursday, the business leaders drew attention of the government to that end adding that job creation for the labour force of 500,000 was not likely only from the industry and trade sectors.
Stressing the need for slashing the interest rate, they also argued the central bank should realise the reality that no bank was running out of loss. The industrialists and businesspersons said that industries and business should flourish to reduce the trade deficit, strengthen the economy and create more job opportunities.
Industrialists Bhim Ghimire, Pawan Kumar Sharda, Sushen Pyakurel, Moti Dugad and others said that bank’s interest rate should be low to increase the domestic investment and lure the foreign investment.