Kathmandu, May 4:
Finance Minister Dr. Swarnim Wagle has stated that the government intends to present a budget that inspires hope.
During his speech at the opening ceremony of the 60th Annual General Meeting of the FNCCI, Minister Wagle committed to fostering hope for the forthcoming fiscal year and positioning the private sector as a key driver of development.
He emphasized the significance of the private sector in promoting economic growth, generating employment, and expanding investments.
Minister Wagle disclosed that a strategic proposal aimed at safeguarding and enhancing the private sector has been submitted to the Cabinet.
He noted that to realize the long-term objective of establishing an economy valued at approximately 100 billion dollars, the private sector will be essential.
"The resources of the government are limited, yet private sector investment is crucial for economic expansion," he remarked.
He pointed out that government spending constitutes only about 25 to 30 percent of the GDP, indicating that the remaining economic activities are predominantly managed by the private sector.
"The initiative to repeal around two dozen laws that have obstructed economic advancement is underway," Minister Wagle stated, adding, "Furthermore, the tax system will be reformed to be more favorable to enterprises and investments by enhancing revenue administration."
Minister Wagle affirmed that the government will implement policies aligned with the principles of a social market economy.
He clarified that equitable income distribution will be achieved through education, healthcare, transportation, and social security, while simultaneously promoting innovation and mobility within the private sector. (RSS)
