Finance Minister Dr. Ram Sharan Mahat has said that the budget of the upcoming fiscal year would focus on infrastructure, rural and social sector development.

Finance Minister Dr. Ram Sharan Mahat

Finance Minister Dr. Ram Sharan Mahat (File Photo)
Speaking at a gathering of revenue experts and private sector representatives to submit a recommendation report of the Revenue Advisory Committee, Dr. Mahat said, the new budget would largely concentrate on reviewing the higher growth trend, which has been lost since 2001.

Dr Mahat also said that Nepal could achieve a seven percent GDP growth rate if business confidence and investment climate improve in the new environment.

Stating that major challenges for the government currently are reviving the business climate, he said, “The forthcoming budget would focus on the same.”

Of the total GDP, about 30 percent should go for investment to revivethe sluggish economy, he opined.

He informed that the government would take up suggestions submitted by the Revenue Advisory Committee (RAC) to him at the function held on Friday.

Dr. Mahat also said that the budget of the coming fiscal year would be realistic.

Speaking at the same programme, Chandi Raj Dhakal, President of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) said that the government through the budget should focus on creating employment opportunities and resolve the problems faced by the business sector to boost economic growth.

He also asked the government to create investment friendly environment.

Similarly, Rajendra Khetan, acting president of Confederation of Nepalese Industries, said that efforts should be made to expand the tax net without increasing tax rates.