A thought before the budget day!
Its surprising news for me and quite exciting for everyone following the interview of Finance Minister Dr. Yuba Raj Khatiwoda, who has recently declared that about 50 percent of the national budget for fiscal year 2077/78 will be allocated for the agriculture sector of Nepal. Unlikely of the trend, the interview has aired just a day before the announcement of the budget for fiscal year 2077/78. Amid the expectation of relief and consolation packages for the recovery of economic damages made by COVID-19, he has dragged the policy to reduce unwanted and extravagant government expenses harshly and settle down its equivalence through attractive bank loans subsidies for every financial sector, corporates, and industries, only if they ensure no employees are cutoff and services compromised. He added, the income taxes will be exempted for individuals and companies, if they show the proof of any proportion of their investment in the agriculture sector. He also declared no taxes for the next 5 years for the industries manufacturing agricultural tools, pesticides, and fertilizers, which he believes to appeal foreign investment, but hinted the heavy taxes in imports of agricultural foods and products that Nepal is independent of. Dr. Swarnim Wagle, economist and former deputy chief of the National Planning Commission, tweets, this economic strategy will be the cornerstone for the revolution in the agriculture sector of the nation.
Answering the question of Tikaram Yatri in an interview, Khatiwoda cleared that no national pride projects and undeniable development works will be affected, but the fiscal year of 2077/78 will be set as a national priority in the agriculture sector, cutting-off scattered development projects for now. According to him, the government will now focus on large irrigation projects, water supply projects, and direct markets for farmers. The Prime Minister Employment Program will be regulated in close coordination of the Agriculture and Livestock Ministry, and the unemployed human resources will be deployed in agriculture, which will be run by local governments.
“Our GDP growth is likely to fall below 3% for this year” Dr. Khatiwoda added “but we are excited…………” The big sound of a thunderstorm awakened me. It was raining outside, and the weather was cool, but I got dismayed the moment I knew, everything was happening in my sweet dream.