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The government is to allocate Rs 567 billion to the provincial and local governments (PLGs) in the coming fiscal year 2024/25.

This will be made through fiscal transfer and revenue sharing from the federal budget.

 According to the budget statement read out by Finance Minister Barshman Pun in the Parliament today, the government has allocated Rs 60 billion for the provinces and Rs 88 billion for the local level towards the fiscal equalization grants on the recommendation of the National Natural Resources and Fiscal Commission (NNFRC).

Likewise, a conditional grant worth Rs25.84 billion has been earmarked for the provinces and Rs.28.88 billion for the local level.

The government has allocated Rs 6.2 billion to the province and Rs 7 billion to the local level towards supplementary grants. In addition, 4.4 billion rupees have been allocated for the province and 8.5 billion rupees for the local level as a special grant.

Finance Minister Pun noted that arrangements will be made to transfer conditional, supplementary and special grants based on performance.

The government estimates that 159 billion rupees will be transferred to the provincial and local levels as part of revenue sharing.

The government has announced that it would allocate Rs 590 million for the information technology sector.

 Finance Minister Barshaman Pun announced the allocation of Rs 590 million for the information technology sector while presenting the annual budget for the fiscal year 2024/25 in the federal Parliament on Tuesday.

He said that an action plan will be made to provide employment to 500,000 people directly and one million indirectly in the information technology sector.

Minister Pun said that a high-speed internet will be provided to the people.

The government has set five strategies and five priorities of the budget and outlined five strategies for economic reforms in the upcoming fiscal years.

Presenting the budget for the upcoming fiscal year 2024/25 in the federal Parliament on Tuesday, Finance Minister Barshaman Pun said that increasing production, productivity, and employment, securing investment and growth and accelerating economic activities by boosting the morale of the private sector, achieving the human resource development, alleviating economic disparities and poverty through the balanced and just mobilization of resources and increasing the effectiveness of the public service delivery have been presented as the five objectives of the budget for the new fiscal year. 

Similarly, economic reforms and the encouragement of the private sector, construction of industrial infrastructure such as agricultural energy information technology, development of education, health-like social sector, promotion of inclusion, social security, and good governance, and the enhancement of public service system are cited as the five priorities of the government for the upcoming fiscal year.

Structural reforms, improvement in the business environment, reforms in the public finance system, financial sector reforms, and reforms in public administration are mentioned as the five strategies for economic reforms.

He said that a high-level task force will be formed to provide submissions to the government for structural reforms of the economy.

Likewise, the government pledged to enact favorable policies, complete country rating, and eliminate dual taxation to promote an environment conducive for business in the country.

The government is to allow the commercial cultivation of marijuana for medicinal purposes.

Presenting the annual budget for the fiscal year 2024/25 in the joint meeting of the federal Parliament on Tuesday afternoon, Finance Minister Barshaman Pun announced that a law would be formulated to allow the commercial cultivation of marijuana for medicinal purposes.

It was announced in the previous budget also that a law would be formulated for marijuana farming.

Earlier, lawmaker Sher Bahadur Tamang had registered a bill related to marijuana farming.

The government has taken a new strategy to promote religious places.

Presenting the annual budget for the upcoming fiscal year 2024/25 in the federal Parliament on Tuesday, Finance Minister Barshaman Pun said that the government is to operate transport services from the Nepal-India border to visit Pashupatinath, Swargadwari, and Muktinath temple.

He said that the budget has been arranged to promote tourism.  

The government is to encourage foreign tourists to get married in Nepal.

Finance Minister Barshaman Pun made such an announcement while presenting the annual budget for upcoming fiscal year 2024/25 in the federal Parliament on Tuesday.

He said that Janakpur will be developed as a wedding hub and Lumbini as a birthing hub.

The  Cabinet meeting on Tuesday endorsed the annual budget for the fiscal year 2081/82 (2024/25).

The budget is being presented by Finance Minister Barshaman Pun at the joint meeting of the Federal Parliament.

Minister of Communications and Information Technology and Government Spokesperson Rekha Sharma shared that the meeting of the Council of Ministers held at Singha Durbar has decided to endorse the budget.

The laws related to the budget will also be presented in the Parliament.

The task force formed for the formation of a parliamentary probe committee submitted its report to Prime Minister Pushpa Kamal Dahal on Tuesday.

After an agreement was reached in the meeting of the task force held at the Law Ministry this morning, the task force member submitted the report to Prime Minister Dahal in Singha Durbar. After that, the report was made public.

The Prime Minister’s Secretariat said that a four-point agreement was signed in the task force to end the long-standing dispute between the ruling and opposition parties and House deadlock.

According to the agreement, the tenure of the parliamentary probe committee formed to investigate the misuse of cooperative funds will be of three months. There will be seven members in the committee.

Minister for Law, Justice and Parliamentary Affairs Padam Giri, lawmakers Jeevan Pariyar, Mahesh Kumar Bartaula, Shishir Khanal, Hit Raj Pandey and Gyanendra Bahadur Karki signed the agreement.