In a significant development, Finance Minister Dr. Prakash Sharan Mahat has emphasized the transformative power of the government’s budget in stimulating the national economy. The remarks were made during a press conference held by the Nepal Press Union in Pokhara, garnering attention and praise from experts and industry insiders alike.
During the event, Finance Minister Mahat reiterated the central objective of the budget: to create a dynamic economy that places the nation and its people at the forefront. Notably, the government has introduced a groundbreaking provision for free industry registration, facilitating the establishment of new businesses with minimal capital requirements. This bold move is expected to fuel entrepreneurship and spur economic growth across sectors.
Furthermore, the Finance Minister announced an enticing 50 percent tax discount specifically aimed at boosting the Information Technology (IT) sector. By incentivizing IT companies, the government aims to accelerate digital transformation and enhance Nepal’s competitiveness in the global market.
Acknowledging the challenges posed by limited capital expenditure, Minister Mahat remained optimistic about the budget’s popular appeal and its ability to generate favorable outcomes. He expressed confidence that the allocated resources would be effectively utilized to achieve the budget’s goals, despite the constraints.
To ensure timely implementation of the budgetary measures, Minister Mahat issued directives to the Secretaries of various ministries and the Chief Secretary, urging them to streamline procedures and expedite the contract awarding process. This proactive approach reflects the government’s commitment to efficient governance and maximizing the impact of the budgetary allocations.
As the spokesperson of the Nepali Congress, Minister Mahat underlined the party’s unwavering support for promoting the private sector as a catalyst for sustained economic growth. By fostering an enabling environment for businesses, the government aims to drive innovation, generate employment opportunities, and achieve long-term prosperity for the nation.
Finally, Minister Mahat debunked rumors regarding a potential change in the ruling alliance, emphasizing the current administration’s unwavering focus on good governance, economic progress, and building a dynamic economy. His resolute stance seeks to dispel uncertainties and maintain stability, assuring stakeholders that the government remains committed to its core objectives.
With the Finance Minister’s proactive measures and strategic vision, the government’s budget has garnered positive attention, instilling confidence in the nation’s economic trajectory and paving the way for a prosperous future.