Finance Minister claims budget a booster to economy

Finance Minister Barsha Man Pun has said the budget is a booster to the national economy, as it was brought in line with the constitution, 16th periodic plan, review of the republic, and principles and priorities of the appropriation bill.

Constructive feedback from the lawmakers, government policies and programmes and commitments made in the international forums were also paid heed while bringing the budget, Minister Pun argued, adding that the economy was getting dynamic with a morale boost of the private sector.

The Minister was speaking in response to the lawmakers’ multiple queries about whether the budget would prop up the national economy. During the meeting of the federal parliament on Wednesday, he believed the financial sector would mobilize investable money to spur economic activities and projects.

“I assure you that we achieve a six percent economic growth with effective enforcement of policies and programmes incorporated in the budget. Resources were guaranteed, capital spending upped and projects ensured with budget allocation,” Pun claimed.

The government had unveiled the budget of Rs 1. 86 trillion budget for the fiscal year, 2024/25.

According to the Minister, the budget is not ambitious but balanced as compared to the past. It is not distributional but productive, he added.

The Finance Minister further assured the lawmakers that the national pride projects would not see budget crunch. Climate change has been kept in priority as per principles of climate justice.

As he shared, the tax system would be implemented as per report of tax reforms high level committee. Revenue administration will have better capacity and professionalism.

Uniformity was maintained in the excise duty by evaluating it with other countries.