Kathmandu : Nepal government has unveiled its budget for the upcoming financial year, amounting to a staggering Rs 17 trillion 51 billion 310 million. The allocation breakdown reveals that 65.20 percent, equivalent to 11 trillion 41 billion 780 million rupees, is designated for current expenses, while 17.25 percent, or 3.2 trillion 7 billion rupees, is earmarked for capital investments. Financial management is allotted 17.55 percent, which translates to 3.7 tillion 45 billion rupees.

This budget projection represents a decrease of 2.37 percent compared to the current financial year's allocation but reflects a significant increase of 16.37 percent when compared to the revised estimate.

Of the total allocation, Rs. 4.4 trillion has been allocated for financial transfers to provincial and local levels, aiming to enhance decentralization and empower local governance.

Foreign loans are expected to contribute Rs. Two trillion 12 billion 75 crore rupees to cover any shortfalls, with the remaining deficit in revenue and foreign aid mobilization being addressed through internal debt amounting to Rs. 240 billion.

The National Planning Commission initially set a budget ceiling of Rs 16 trillion 88 billion for the upcoming financial year. However, Finance Minister Dr. Mahat has surpassed this limit, presenting a budget that is Rs 63 billion higher.

For the current financial year, the former finance minister, Janardan Sharma, presented a budget worth Rs 17 trillion 93 billion 83 crore. This included 42 percent, or 7 trillion 53 billion 40 million, for current expenses, 21.2 percent, or 3 trillion 80 billion 38 million, for capital investments, 12.8 percent, or 2 trillion 30 billion 22 million, for financial management, and 24 percent, equivalent to Rs. Trillion 29 billion 83 million, for financial transfers to state and local levels.

Additionally, during the mid-term review of the budget, the former Deputy Prime Minister and Finance Minister, Bishnu Paudel, had set a budget limit of Rs 15 trillion 49 billion 99 crores. This budget aims to foster broad economic growth.

The newly presented budget emphasizes the establishment of a digital and green economy to ensure sustainable prosperity. Finance Minister Dr. Mahat has considered the priorities outlined in the allocation bill to maximize the effective utilization of resources. He expressed that this budget addresses the suggestions and public expectations from the private sector, providing a sense of hope.

The government has crafted the budget for the 2080-81 financial year under the theme of the second phase of economic reform and structural change within the economy.