Kathmandu, May 29: Finance Minister Barsha Man Pun said the government has through the budget for the upcoming fiscal year, initiated efforts for economic reforms of a new phase.     

In his address to a discussion on the budget for the fiscal year 2081-82 BS (2024-25) organized by the Finance Ministry today, the Minister claimed that the budget is capable of finding a path for economic reforms by assessing the real economic picture of the country.     

The government in the budget announced to form a high-level task force to provide submissions to the government regarding measures required to be taken for economic reforms, according to the Minister who claimed that the new budget is “civic-friendly”.     

As he said, the private sector and the party in the major opposition have also said the budget is capable of raising hopes among the mass people. It has been also expected to encourage the private sector, he added.     

He took time to say that changes in tax rates were made on a need basis, considering their relevancy. According to him, the government is untouched by personal interests, prejudices, and sentiments when deciding to change the tax rates. ” The budget has pursued a policy of promoting domestic production with an emphasis on agriculture, energy, and IT sectors instead of adopting scattered priorities and objectives.”     

It has floated an ambitious plan of making exports of worth Rs 3,000 billion in the next ten years. It has a policy of promoting domestic industries, and production and implementing a two-tier tariff rate system in the imports of readymade products and raw materials, the Finance Minister said.(RSS)