Government to Table Hope-Driven Budget, Private Sector to Play Key Role: Finance Minister Wagle

Finance Minister Dr. Swarnim Wagle has said that the upcoming budget will be designed to “inspire hope” and strengthen economic confidence.

Speaking at the inauguration of the 60th Annual General Meeting of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), he expressed the government’s commitment to fostering optimism in the next fiscal year while positioning the private sector as a central engine of national development.

He highlighted the importance of the private sector in driving economic growth, creating employment opportunities, and expanding investment flows. Minister Wagle also informed that a strategic proposal aimed at protecting and promoting the private sector has already been submitted to the Cabinet for consideration.

Stating the long-term vision of building a roughly 100-billion-dollar economy, he stressed that private investment will be indispensable in achieving this goal. “Government resources are limited, but private sector investment is essential for economic expansion,” he said.

He further noted that government expenditure currently accounts for only about 25 to 30 percent of the country’s GDP, while the majority of economic activity is driven by the private sector.

Minister Wagle also shared that the government is moving forward with plans to repeal around two dozen laws that have been hindering economic progress. He added that the tax system will be restructured to make it more business- and investment-friendly through improved revenue administration.

Reaffirming the government’s policy direction, he said Nepal will follow the principles of a social market economy. According to him, equitable income distribution will be promoted through improvements in education, health, transport, and social security systems, while also encouraging innovation and greater mobility within the private sector.