Kathmandu: Finance Minister Janardan Sharma has clarified that some of the programs put forward by the previous government have been stopped as they are unnecessary. Speaking at a press conference on the budget on Sunday, Finance Minister Sharma clarified that unnecessary programs have been stopped to reduce the size of the budget and fulfill the obligations of the state.
He said that the old budget program was continued except for some necessary programs and some tax rates were changed to protect the indigenous industries. Rejecting the allegation that the budget was distribution-oriented, Finance Minister Sharma argued that the state was only trying to help the chronically ill and the warriors of the political movement by fulfilling its obligations. He said that he would now spend 10 percent of his capital every month and would set up a mechanism to monitor capital expenditure.
Minister Sharma was of the view that the government was trying to attract foreign investment by giving tax exemption in such projects as semi-reservoir and reservoir projects are needed today for load management. He said, “We will give concessions to the raw material based industries to increase the economic growth rate to 7 percent, expand the tax range, run productive industries in the country.”
Finance Minister Sharma said that the government has now given priority to electric vehicles and now an industry to produce electric vehicles should be set up in the country. On the issue of stock market, he said that there is a need to protect the investment of 4.2 million people and they are serious about this issue. Finance Minister Sharma had presented the revised budget of Rs 1.632 trillion in the House of Representatives on Friday.