Call to introduce budget based on ground realities

Economists and political leaders have suggested the government to bring the budget estimates for the new fiscal year 2077/78 based on ground realities. Many have pointed out the need to lay emphasis in the agriculture sector, as economic activities have been affected due to the nationwide lockdown imposed to stem the spread of Coronavirus in the country.

Taking part in a virtual interaction on 'Roadmap of new fiscal year' organized by the Bharat Mohan Memorial Foundation here today, they said that the crisis resulting from COVID-19 should be converted into an opportunity including creating employment opportunity for migrant workers willing to return home from the destination countries. The road towards self-dependency should be the major priority while the coming budget should pay attention towards establishing agro-based industries.

Though the remittance inflow in the current fiscal year is expected to be around Rs 900 billion, they said that it is not likely owing to layoff of Nepali migrants in gulf countries and Malaysia. Hence, domestic production should be upped and emphasis should be laid in the establishment of small and medium-sized enterprises to retain the returnee migrants.

The government has targeted to collect Rs 1,112 billion in revenue but only 54 percent of the target is achieved so far.

National Planning Commission’s former vice-chairman Dr Swornim Wagle said that special focus should be given to reduce the expenses for resource management.He suggested that agriculture should be promoted in a new fashion by quitting the traditional way of things.

Likewise, economist Dr Ramesh Poudel viewed that skilled and semi-skilled human resources should be given employment and the budget formulation should be done accordingly.

Economist Biswa Poudel said the government should give special priority to health and education as well as big physical infrastructure projects. The coming budget should be finalized based on ground realities.

Similarly, economist Dr Govinda Thapa suggested the government to take a bold decision to come up with short, mid and long-term reform programmes to utilize this crisis as an opportunity.

National Planning Commission member Dr Ram Kumar Phunyal said special emphasis should be given to policy and programmes that make the country self-reliant in daily essentials through productive and dignified labour.

NCP member of parliament Ram Kumari Jhankri said the budget should be practical and help maintain financial transparency and fiscal discipline.

She stressed the need to pay special attention towards slashing expenses as well as fully implementing the recommendations furnished by the Public Expenditure Review Commission coordinated by Dr Dilliraj Khanal. He further underscored the urgency of enabling environment to provide jobs to the youth force which are now abroad in course of overseas employment.

NCP standing committee member Janardan Sharma recommended making and implementing indigenous development model suitable for the country. "We had to lay emphasis on institutional development and improvements. Now is the need to set a journey towards self-reliance after undertaking policy reforms".

Noting that the budget ensuring transparency and good governance should be prepared focusing on its well implementation, he highlighted the need to give priority on agro-based development model.

Former Finance Minister Dr Prakash Chandra Lohani said there is no alternative but to change the culture of taking into consideration the crisis as opportunity. "The government should show commitment to perform with a novel thinking", he added.