Kathmandu. The government is presenting the budget for the fiscal year 2083/84 today. Finance Minister Dr. Swarnim Wagle will present the budget federal of both the houses of parliament at 4 pm. 

While the government of nearly two-thirds of the government is presenting the budget today, the formal budget is being presented in Nepal from 2008 BS. The first official budget of Nepal was presented in 2008 by Finance Minister Subarna Shumsher under the leadership of Matrika Prasad Ko irala. Subarna had presented a budget of Rs 5,25,25,29,000 to the parliament . 

In the first budget, the revenue was Rs 3,06,19,000. Expansion of road network, airports, assistance to farmers and other programs including were planned. Out of the budget of Rs 50 million, Rs 2 lakh was allocated for the agriculture scheme.

The government had launched a campaign to educate the people and make education accessible to them. A budget of Rs 5.36 lakh has been allocated for education. The government had taken an important step to promote small industries . Only 3 percent i. e. Rs 2 lakh was allocated in the name of domestic education. The government had also given priority to the expansion of health services, for which Rs 3 lakh was allocated. “I do not have the slightestdoubt that we will move forward on the path of progress and prosperity day by day as the country has stability. It was said in the 2008 budget.

Looking at the size of the budgets in the last two years, the government had presented a budget of Rs 1.964 trillion for the next fiscal year 2082/83.Looking at the size of the budget over the last decade, the scope of government spending seems to be expanding continuously. Looking at the last decade, the annual budget was Rs 1041 billion in the financial year 2073/74 and then gradually increased to Rs 1.278 trillion in the fiscal year 2074/75 and in 2075/76 1.315 trillion. In 2019/ 77, the size of the budget reached Rs 1.532 trillion.

Due to the impact of the COVID-19 pandemic, the budget for 2077/78 was reduced to Rs. 1474 billion, but it seems to have increased again in the following years. A budget of Rs 1.632 trillion was presented in 2078/79 and Rs 1.793 trillion in 2078/79 and Rs 1.793 trillion in 2079/80 .

In the fiscal year 2080/81, the size of the budget was reduced to Rs 1.751 trillion. After that, a budget of Rs 1.86 trillion was presented in 2081/82. The government has presented a budget of Rs 1.964 trillion for the coming fiscal year 2082/83, which is Rs 104 billion more than the previous year. The size of the current budget was Rs 923 billion in the current fiscal year as compared to 2073/74.

Although the size of the budget has expanded in recent years, the effective implementation of the budget has become challenging due to the low implementation of capital expenditure, pressure on revenue collection and increasing public debt.The government has been increasing the size of the budget with the goal of expanding economic activities, infrastructure development and increasing investment in the social sector. However, the government has been struggling with resources. 

The size of the budget for the coming fiscal year, which was prepared by taking the ‘promise letter’ released by the RSP before the election as the main roadmap, will be much bigger than the current fiscal year, according to sources involved in the budget formulation.

They said that Finance Minister Wagle is preparing to bring a big budget by adding some important and ambitious programs.Looking at the state of the government’s income and expenditure in the current fiscal year 2082/83, the financial pressure is also evident.

In the first 10 months of the current fiscal year, the government has spent Rs 1,173.52 billion and collected only Rs 1,012 billion from revenue, foreign grants and other incomes. The government has seen a deficit of around Rs one and a half billion in the account. However, the government is preparing to bring a large budget in view of the growing public aspiration for the new government. In the context of revenue not meeting the target, the government should mobilize internal debt and external loans and grants to bridge the resource gap.