KATHMANDU — The government is presenting the country’s first federal budget in the Parliament on Tuesday.
According to the Ministry source, Finance Minister Yubaraj Khatiwada will present the annual budget on joint session of parliament today which will transfer around Rs 400 billion to sub-national governments.
While the National Planning Commission (NPC) has set a ceiling of around Rs1.2 trillion, Finance Ministry sources said the budget will be as big as Rs1.45 trillion.
Provinces and local bodies will get around Rs 53.82 billion in revenue each from revenue-sharing fund, as 30 per cent of value added tax and domestic excise go to sub-national governments.
The federal budget of 2018-19 has set a target of revenue growth of 30 per cent for next fiscal compared to 19.8 per cent growth in this fiscal.
The government will mobilise around Rs 350 billion from foreign loan and grant, raise around Rs 160 billion in domestic debt based on forecast of seven per cent economic growth in next fiscal, according to Ministry officials.
Sources said that Finance Minister Khatiwada has changed the tax rates in the budget and would encourage maximum value addition from the imports in Nepali economy.
Finance Minister Khatiwada is aslo set to introduce Madan Bhandari Highway as a new priority project of the federal government and will allocate needful resources to complete the priority projects announced through the government’s policies and programs.
Finance Minister Khatiwada,while presenting the principles and priorities of the budget, had said that small projects that fall under the jurisdiction of the sub-national governments will be transferred and the piecemeal programmes being run by the centre will be scrapped.Follow @gorkhapost
KATHMANDU- The Nepal Stock Exchange (Nepse) index has stabilised to some extent as compared to the first trading day on Sunday when it suffered a sharp dip.
The NEPSE index increased 0.9 points to close at 1131.73. Likewise, the sensitive index, which measures the performance of group ‘A’ stocks has also risen 0.06 points.
Over 2 million shares of a total of 156 companies were traded at more than Rs 637 million. Of the total 11 subgroups, four made gains, and the rest seven declined.
Development bank surged 4.7 points, while non-life insurance 92.1 points, life-insurance 13.57 points and others 0.43 points.
But, banking dipped 0.27 points, while trade 1.18 points, hotel 2.04 points, hydropower 2.17 points, finance 1.82 points, production 9.21 points and microfinance 8.31 points.Follow @gorkhapost