Yubaraj khatiwada, Nepalese Politician

The Nepal government has targeted the economic growth of 7 per cent in the next fiscal year 2020-21 despite the severe impact of the COVID-19 pandemic on the economy.On Thursday, the government presented the annual budget of 1.47 trillion Nepali Rupees ($12 billion), reports Xinhua news agency.It is the reduced size of budget presented for the next fiscal year that begins in mid-July compared to size of the budget for the current fiscal 2019-20, as the government expects to cut its revenue collection in the next fiscal year due to the impact of COVID-19 on Nepali economy.In the last fiscal year, the government presented a budget of 1.53 trillion Nepali Rupees.Presenting the budget at the joint session of the House of Representatives and the National Assembly, the lower and upper house respectively, on Thursday, Finance Minister Yubaraj Khatiwada said that a 7 per cent growth target was set with conviction that the economy would achieve speedy recovery whenever the situation normalized from COVID-19 crisis.The Minister however said that growth in the current fiscal year 2019-20 is expected to remain at 2.3 per cent, still an optimistic view as COVID-19 crisis deepening in the Himalayan country as number of cases reached 1,042 on Thursday.The government has increased the budget for the health sector significantly by 32 per cent to 90.69 billion Nepali Rupees.In the next fiscal year, it aims to add 272 new hospitals with 5-15 beds in local levels.With the pandemic impacting the global economy including that of Nepal, tens of thousands of Nepalis at home and abroad have either lost jobs or on the verge of losing their employment.The Finance Minister announced the plan to create over 700,000 new employments under various employment centric programmes.The government has also announced a number of economic recovery plans including tax cuts to small enterprises and making available finances at cheaper interest rate to run enterprises and to pay to the employees.( With inputs from IANS )

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Lok Sabha Election 2024

Heatwave In India

Mumbai Water Cut

Maharashtra Lok Sabha Election

IPL 2024

Salman Khan

Yubaraj KhatiwadaFOLLOW

Yubaraj khatiwada, Latest News

International :Several injured in anti-government clash in Nepal

Several protestors were injured on Thursday in Kathmandu as resistance against the dissolution of parliament continued to intensify in the Himalayan Nation. ...

International :Nepal's Finance Minister Dr. Yubaraj Khatiwada resigns

Finance as well as Communication Minister of incumbent government in Nepal, Dr. Yubaraj Khatiwada has resigned from his post. ...

International :Nepal to resume international flights on selected destinations from September 1

Nepal has decided to resume International flights in selected destinations starting from September 1 abiding by safety measures. ...

International :COVID-19 could push one-third of Nepal's population below poverty line

Kathmandu, July 24 The ongoing COVID-19 pandemic could push nearly one third of Nepal's population below poverty line ... ...

International :Nepal govt targets 7% growth next fiscal year

The Nepal government has targeted the economic growth of 7 per cent in the next fiscal year 2020-21 despite ... ...