Kathmandu: The government has announced a comprehensive budget for the fiscal year 2024/25, outlining strategic economic reforms and initiatives aimed at boosting the economy. Finance Minister Barshaman Pun presented the budget before a joint sitting of the Federal Parliament, detailing five key strategies and priorities to address long-standing economic challenges.

Key Strategies and Priorities
Five Objectives of the Budget
Increase Production, Productivity, and Employment: Fostering economic growth through enhanced production and job creation.
Secure Investment and Growth: Stimulating economic activities by encouraging private sector investment.
Human Resource Development: Investing in education and training to build a skilled workforce.
Alleviate Economic Disparities and Poverty: Promoting balanced and equitable resource mobilization.
Enhance Public Service Delivery: Improving the effectiveness of government services to better meet public needs.
Five Priorities of the Government
Economic Reforms and Private Sector Encouragement: Creating a favorable business environment through policy reforms.
Construction of Industrial Infrastructure: Focusing on sectors like agriculture, energy, and information technology.
Development of Social Sectors: Investing in education, health, and social services.
Promotion of Inclusion and Social Security: Enhancing social security systems and ensuring inclusive growth.
Good Governance and Public Service Enhancement: Strengthening governance and improving the public service framework.
 

Five Strategies for Economic Reforms
Structural Reforms: Overhauling economic structures to boost efficiency and growth.
Business Environment Improvement: Reforming the regulatory environment to facilitate business operations.
Public Finance System Reforms: Enhancing financial management and accountability.
Financial Sector Reforms: Strengthening the financial sector to support sustainable economic growth.
Public Administration Reforms: Modernizing administrative systems to improve service delivery and governance.
 

High-Level Taskforce for Economic Reforms
A high-level taskforce will be established to guide the government on structural economic reforms. This taskforce will provide recommendations to enhance the overall economic framework and address systemic issues.

Legalization of Marijuana for Medicinal Use
In a significant move, the government has announced plans to legalize the cultivation and consumption of marijuana for medicinal purposes. Necessary legal frameworks will be developed to regulate and promote commercial production of marijuana, positioning it as a potential economic booster.

Addressing Economic Challenges
The budget aims to tackle various economic issues, including public finance imbalances, rising public debt, limited capital expenditures, and shortfalls in revenue collection. The proposed reforms and initiatives are designed to stabilize and strengthen the economy, ensuring sustainable development and growth.

Conclusion
The government's budget for FY 2024/25 sets forth a comprehensive plan to drive economic reforms and development. By focusing on strategic objectives and priorities, and implementing a high-level taskforce, the government aims to create a robust and resilient economic environment that promotes growth, inclusion, and sustainabilit