HoR endorses the revised budget

KATHMANDU, September 20: The government on Monday passed the revised budget from the House of Representatives (HoR) amid the lawmakers chanting slogans to disrupt the regular meeting of parliament.

With a provision of making the substitution bill as a part of the budget, it has been endorsed by the lower house. After the HoR approved budget will be passed from the National Assembly, it will end a four day financial shutdown and will open the gateway for the government to fully utilize the budget.

In its revised form, the government has downsized the budget amount to Rs 1.63 trillion from Rs 1.64 trillion announced by the KP Oli-led government. The recurrent expenditure has been reduced by Rs 620 million to Rs 677.99 billion. Similarly, Rs 387.30 billion has been allocated in fiscal grants for the provincial and local governments.

The government has raised the size of the capital expenditure by Rs 3.84 billion to Rs 378.10 billion. To speed up the rate of capital expenses this year, the government has claimed to spend at least 10 percent of the allocated budget under the heading every month.

Under its new programs, the government will be providing 500,000 households (deprived groups) that have been depending on informal sector jobs and those who have lost their jobs during the pandemic, with a grant of Rs 10,000 per household by mid October. Similarly, a person with transplanted kidneys, cancer patients and spinal injury patients will be provided with a subsidy of Rs 5,000 on their medical treatment.

Through the budget, the government has increased the target of economic growth from 6.5 percent to seven percent for the fiscal year 2021/22.

– Republica

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