Economic growth of 7% for current fiscal year is likely, Finance Minister says

Minister for Finance Janardan Sharma has said that the government set the economic growth rate of 7 percent for the current fiscal year, hoping that economy would remain active thanks to increasing economic activities after the slowdown of COVID-19.    

At a news conference on Sunday after tabling the replacement bill on the budget earlier unveiled through the ordinance by the erstwhile government, Minister Sharma hoped that the economic growth rate of 7 percent was easily achievable. "For this, the environment is gradually created," he added. 

He was of the view that impacts of COVID-19 have gradually slowed, economic activities have gained pace and a clear roadmap was drawn to increase capital expenditure while policy-level reforms were also ensured to meet the set target of economic growth in the current fiscal year.

"We have set the achievable target. Some could not believe the government announcement but we achieve it. We are confident of meeting the target," he argued.     

The Finance Minister said the economy will take momentum after expediting activities of development, widened tax ambit, and subsidies are given to the raw material-based industries.

Similarly, he said that massive reforms would be ensured in market monitoring, test, and investigation while the payment system would be further simplified and the problem of low billing would be resolved to further expand the country's economy.

On the occasion, Sharma said that the government would unveil concrete programs for poverty reduction soon.

On trade deficit, he said that the government was focused on a self-reliant economy and import replacement was the top priority.

Saying that budget has accorded top priority on the industrial sector, Sharma said that crop insurance is increased to 80 percent to make the country independent in agriculture.

On the occasion, Finance Secretary Madhu Kumar Marasini said that only slight changes were made in the budget unveiled by the erstwhile government. A mechanism would be developed to access the progress details of the projects every month, Secretary Marasini said.