Kathmandu: The government has set an ambitious target to achieve an economic growth rate of 6% in the upcoming fiscal year 2024/25, with an estimated inflation rate of 5.5%.

Finance Minister Barshaman Pun announced this goal while presenting the new budget in a joint meeting of the Federal Parliament on Tuesday.

Key Budget Highlights
Economic Growth and Inflation Targets
Economic Growth: The government aims for a 6% growth rate in the next fiscal year.
Inflation: An inflation rate of 5.5% is projected, indicating a focus on maintaining price stability.
Strategies for Achieving Growth
Monetary Policy: The Nepal Rastra Bank (NRB) will formulate a supportive monetary policy to align with the government's economic strategies outlined in the budget.
Economic Activities: The budget is designed to expedite economic activities, fostering production growth and employment generation.
Sustainable Growth: Emphasis is placed on achieving sustainable, wide-ranging, and inclusive economic growth.
Current Fiscal Year Performance:
Growth Rate for Current Year
Expected Growth: The economic growth rate for the current fiscal year is expected to be 3.9%, falling short of the targeted 6% growth rate.
Challenges: The slower growth is attributed to the inability to expand economic activities as anticipated.

Economic Outlook:
Finance Minister Pun expressed optimism that the implementation of the new budget will lead to an accelerated pace of economic activities. This, in turn, is expected to boost production and generate employment, thereby contributing to the desired economic growth. The government's strategies and policies aim to create a conducive environment for sustainable and inclusive economic development.

Conclusion:
The government's budget for the fiscal year 2024/25 sets a clear target of achieving a 6% economic growth rate. By aligning monetary policies with economic strategies and focusing on expediting economic activities, the government aims to foster a robust and inclusive economic environment. Despite challenges in the current fiscal year, the government remains committed to its growth objectives for the upcoming year.