Finance Minister presents Rs 1.04 trillion budget (with major highlights)

Finance Minister presents Rs 1.04 trillion budget (with major highlights)

Minister for Finance, Bishu Prasad Poudel has table Rs 1.048 trillion budget for the fiscal year 2016/17 at the Legislature-Parliament on Saturday. The new budget is 27 percent bigger than for the current fiscal year. The budget for the current fiscal year is Rs 819 billion.

Major highlights of the new budget

Post-earthquake reconstruction, hydropower generation, tourism, urban development and good governance as priorities of budget
Free treatment to conflict victims at government hospitals
Reconstruction to be completed within five year
Interest free loan of Rs 300,000 to earthquake victims
Rs 140 billion for post-earthquake reconstruction and rehabilitation
6,000 Megawatts of electricity form run of the river projects and 4,000 Megawatts form storage hydel projects
Rs 5.33 billon allocated for Budhigandaki project
5 percent infrastructures tax on petroleum products
Construction of Kathmandu-Nijgahd Fast Track to start from next year. Rs 10 billion allotted for the project.
Rs 4.2 billion allocated for postal highway in Tarai
Rs 1.67 billion for tunnel road at Nagdhunga
Roads to be categorized as federal, provincial and local roads
Vehicles fitness testing centers in all provinces
Digital meters mandatory in taxis operating in Kathmandu Valley
Rs1.72 billion allocated for the construction of homes for marginalized communities and communities on the verge of extinction
Two satellite cities to be constructed in Kathmandu
Bhaktapur to be developed as cultural city
Bagmati Museum to be built in Kathmandu
Rs 5.78 billion allocated for Prime Minister Agriculture Modernization Project
50 percent subsidy will be provided to the farmers for agriculture tools
Agriculture insurance program based on production
Farmers Commission to be formed. Farmers will be classified into 4 groups
45 hill districts will be used as pocket areas for the promotion of goats-farming
Scientific forest management project will be extended from six to 11 districts
Prize for those controlling forest fires
Irrigation facility to all cultivatable land within 5 years
Rs 2.3 billion for prosperous Tarai irrigation project
Solar energy to be generated by installing solar panels over irrigational canals
Land to be categorized. Land categorized under one purpose will be not be allowed to be used for another purpose
Investment-friendly law will be formulated to attract foreign investors
Industries to be connected with dedicated feeder
Apple processing centers to be built in Jumla and Mustang
Social security fund based on contribution for labors. Informal sector workers will get accident insurance.
Rs 18 million allocated as subsidized loan for women entrepreneurs
Certificates will be provided to those migrant workers who return with skills
Trade information portal to be launched
Transportation subsidy will be continued to the remote districts
Human Resources National Strategy shall be formulated
Use of smart board to be encouraged at schools
Community schools to be gradually transformed into English medium school
Madan Bhandari Academy of Science and Technology in Hetuda
Medical colleges to be established in Surkhet, Butwal and Bardibas
Master degree students will be deployed as volunteers in the villages
Cricket grounds will be built in Mulpani, Dhangadhi and Bhairahawa
Youth self-employment programs will be made
Health Insurance to all Nepalis within 3 years
’10 youths, one enterprise’ program will be started as a modal project in each electoral constituency
Free vaccination against 11 different diseases for 700,000 children
Free dialysis to kidney patients
Melamchi drinking water project will be completed by Asoj 2074 BS
Gautama Buddha Regional International Airport to be brought into operation by Magh 2074 BS
Rs 1.50 billion allocated for international airport in Nijgadh
Nepal Airlines Corporation to be converted into a company and two wide body aircraft to be purchased
Tharu museum in Bardiya and Rana Tharu museum in Kanchanpur
2073 BS to be celebrated as Domestic Tourism Year
4G service to be started in Kathmandu Valley
High-speed internet service to 72 districts
50 percent discount to journalists for treatment at government hospitals
Grants to VDCs to be doubled. Rs 15 billion allocated
Social security allowance to be doubled
Zero balance account for every Nepalis. The central bank will be told to implement the scheme
All VDCs to be connected with motorable roads within two years
House rent allowance for lawmakers has been increased
Programs for handicapped will be launched
Adolescent skills-orientated programs will be launched to mitigate the violence caused by child marriage and dowry
Nepal Army airbases to be established in Itahari and Surkhet
Adequate budget has allocated for free, fair and independent judiciary
Online application system for passports and e-passports would be introduced
The citizenship issuance system would also be made computerized.
Nepalis working abroad would be allowed to vote in local, provincial and national elections
Infrastructure Development Bank to be established
Necessary process to transform Appellate Courts into High Courts to be initiated
Public companies will get 15 percent income tax waiver if they float shares to public
25 percent salary hike for civil servants
Inflation will be limited to 7.5 pc
Economic growth rate of 6.5 pc

Source: MyRepublica