The government has brought a budget of Rupees. 1,647.57 billion for the upcoming fiscal year 2078/79. This is Rupees 172.93 billion more than last year. The government had brought a budget of Rupees 1,474.64 billion for the current fiscal year. As it includes various programs even in the midst of the growing pandemic, the budget size seems to have gone up.
Announcing the budget on Saturday, Finance Minister Bishnu Poudel had said that Rs 678 billion has been allocated for the current expenditure of the federal government. Further, the budget includes Rupees 347 billion for development expenditure. Similarly, Rs. 277.97 billion for financial management. The government gave more priority to development of urban infrastructure in this budget.
3.31 billion Budget allocation for development of 27 new cities
Furthermore, the government has allocated Rs 3.31 billion to develop new cities at 27 places along the Pushpalal (Mid-Hills) Highway and Postal Highway. The government has already started construction of 12 well-equipped modern cities at various places along the Pushlal Highway. Similarly, the government plans to build a modern city with sophisticated facilities along the postal highway.
The Mid-Hills Highway covers a distance of 1,776 meters across 24 districts. As an alternative to the Mahendra Highway, the Mid-Hill Highway will facilitate transportation in the hilly areas. The development of this modern city is to stop the rapid migration from the hills to the Terai and the city area.
The new city will have wide roads, drinking water, sports grounds, amusement parks, bus parks and modern settlements. It also includes hospitals, schools, colleges, markets, industrial areas, tourist spots and other infrastructures.
Decrease in prices of household electrical appliances
The price of household electrical equipment will be reduced on upcoming fiscal year. As the government reduced customs duty on electronic devices and abolished excise duty, the price of electronic will soon be decreased.
The customs duty rate on induction cookers has been reduced to 1 percent. Similarly, the excise duty on refrigerators, grinders, rice cookers, fans and other electrical appliances has been abolished. The whole plan of this is to increase the internal consumption of electricity. Not only this, this will also encourage the use of environment friendly equipment.
The construction of ‘Central Park’ from Narayanhiti Durbar to the Rangashala stadium
The government has announced to develop the area from Narayanhiti Durbar Museum in Kathmandu to Dasharath Stadium in a sophisticated ‘Central Park’.
As the Finance Minister announced the construction of a huge park in the center of Kathmandu city. The budget includes the plan for the development of modern infrastructure including Khulla Manch with underground parking and beautiful garden. The central park area also includes Bhrikuti Mandap with exhibition space, Ranipokhari, Ratna Park, Tundikhel, Sundhara, Bhadrakali and Dasharath Stadium.
In addition to this, the government has given special priority to the pandemic as well. The purchase of vaccine against Covid-19 tops the chart. Similarly, the old age allowance has increased by Rupees 1,000 to Rupees 4,000. Other social security allowance have increased by 33 percent. The salary of the employees has increased by Rupees 2,000. Police ration allowance also has increased by 15 percent.
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