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Annual Budget for fiscal year 2016/17 unveiled

30 May,2016
Annual Budget for fiscal year 2016/17 unveiled
An annual budget of nearly US $10 billion for the fiscal year 2016/17 was presented by the government of Nepal on 29 May 2016. The principal objectives of the budget are to implement the constitution, to reduce poverty and to expedite development works.
 
This is the first budget to be announced after the promulgation of constitution last year. The bugdet envisions better economic policies and projects, equitable use of national resources and sustainable development to build prosperous and sustainable Nepal. 
 
Its broad objectives are to to revive the economic growth imperiled by the earthquake of April 2015, to achieve economic gowth through increase in national productivity, promote internal and foreign investment and reduce poverty, increase economic activities, income and employment.
 
The major areas of priority are reconstruction, rehabilitation and building following the earthquake, production of hydroelectricity and expansion of transmission lines, infrastructure development such as roads, airports and irrigation and promotion of agriculture, industry, tourism and forestry among others. 
 
The government has announced the ambitious plan to end load shedding within two years and generate 10,000 megawatt hydropower within 10 years.
 
Similarly the government ha s allocated Rs.1.1 billion for development of tourism. National Tourism Strategic Action Plan will be implemented for  development of tourism sector as one of the strong bases of economy.