Kathmandu: President Bidhya Devi Bhandari presented the government’s policies and programmes for the fiscal 2022-23 in the Parliament on Tuesday.
Presenting the government’s policies and programmes for the fiscal year 2022-23 at a joint session of both houses of parliament on Tuesday, President Bidya Devi Bhandari said the government would ensure economic stability through coordination between fiscal and monetary policies.
“An economic policy will be adopted to help the country withstand risks from internal and external factors,” the policies and programmes state.
Currently, the country’s ability to buy foreign goods and services has been constrained due to depleting foreign exchange reserves as a result of surging imports while sources of the foreign exchange earnings such as remittances have decreased and the limited earnings from tourism and exports failed to make up for the losses of foreign exchanges in imports.
As of the first 10 months of the current fiscal year, Nepal’s import bill reached as high as Rs1604.65 billion while export earnings stood at Rs173.34 billion, according to the Department of Customs.
Nepal President Bidhya Devi Bhandari while reading out the plans and policies for the fiscal year 2022/23 in the joint meeting of both the houses on Tuesday stated that government would focus on agriculture, transport, ICT, and industry and other sectors for it.
“Through the combination of financial and monetary policy, the economic growth and stability would be enhanced. Agriculture, transport, energy, tourism and information technology are considered the portative for economic development utilizing it as means of the resurrection of the economy. The inflation would be confined into the desired limit,” the Nepali President said.
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The government has given priority to the issues of conservation, utilization and beneficial distribution of natural resources through the coordination of all three layers of government.
The government aims to increase domestic production by advancing industrialization through clean programs and a green economy through renewable resources. The president said that the government will prepare a concrete plan to prepare Nepal for its graduation into a developing country as mandated by the United Nations.
While focusing on economic growth, the president also said the government will control inflation to a certain point. Nepal’s president said that the new policy and programme are focused on implementing the spirit of federalism.
Nepal has planned to formulate a new development to address problems appearing in the development process and capital expenditure spending. Likewise, the government will make necessary amendments to the public procurement laws to make the development process smooth.
The government will develop a new agriculture policy that will focus on its modernisation, mechanisation and climate adaptation among other aspects. Efforts will be made to make local units independent for seeds while producing climate-friendly seeds. The government will make sure chemical fertilisers are available.
The president also announces that a new project named Prime Minister Nepali Production Project will kick off next fiscal year. Likewise, various other initiatives will be taken to promote made-in-Nepal products. She said the government will celebrate one whole decade as a Nepali Production and Consumption Promotion Decade.
The government will establish more high-capacity hydropower projects. The government will construct the Budhigandaki hydropower project with its own investment.
Ensuring a smooth electricity supply, the government will also promote electricity domestic consumption and foreign trade. The use of electric vehicles and electric cooking stoves will be promoted. For this, the electricity tariff will be reviewed.
President Bhandari also said the government will also involve the private sector in the electricity trade. The government will establish more high-capacity hydropower projects. The government will construct the Budhigandaki hydropower project with its own investment.
Ensuring a smooth electricity supply, the government will also promote electricity domestic consumption and foreign trade. The use of electric vehicles and electric cooking stoves will be promoted. For this, the electricity tariff will be reviewed. President Bhandari said the government will also involve the private sector in the electricity trade.
