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Government Targets Economic Growth of 8.5 Percent

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Government Targets Economic Growth of 8.5 Percent
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May 30: The government has targeted an economic growth of 8.5 percent in the upcoming fiscal year. Finance Minister Yuba Raj Khatiwada made the announcement while unveiling Rs 1.53 trillion budget for the FY 2019/20 at the parliament building on Wednesday, May 29.

According to the finance minister, the government has given high priority to uplift the backward regions, groups and communities. The government has also focused on increasing productivity.

Likewise, the government has announced Public Private Partnership for creating job opportunities and increasing income-generating opportunities.

The budget has also given priority to health and education sectors as well as infrastructure development for drinking water facility, industries, tourism and agriculture.

The finance minister also said that the government will ensure that the stalled projects will be resumed in the upcoming fiscal year.

Budget for Province and Local Levels

The government has allocated equalization grants of Rs 55.30 billion for the provincial governments and Rs 89.95 for the local governments across the country.

Likewise, the federal government will be providing conditional grants of Rs 44.55 billion to the provinces and Rs 123.87 billion to the local levels. Likewise, the supplementary grant for the provincial and local levels is Rs 10 billion.

Sector-wise Budget

The government has allocated Rs 163.76 billion for the education, science and technology sector. The budget for developing roadways, railways and waterways is Rs 163.52 billion. Likewise, the health and population sector will get Rs 68.78 billion.

The budget allocated for drinking water and sanitation is Rs 43.46 billion.

The Ministry of Agriculture and Livestock will get Rs 34.80 billion in the upcoming fiscal year. Likewise, the government has allocated Rs 7.69 billion for the Ministry of Land Management and Cooperatives,Rs 2.68 billion for the Ministry of Tourism, Rs 11.74 billion for the Ministry of Commerce, Industry and Supplies, and Rs 83.49 billion for the Ministry of Energy.

Likewise, the each of the parliamentarian elected through the first-past-the-post category will get Rs 60 million under the constituency development fund.

 

 

 

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