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Finance Minister Barshaman Pun has said the budget is a booster to the national economy, as it was brought in line with the Constitution, 16th periodic plan, review of the republic, and principles and priorities of the appropriation bill.

Constructive feedback from the lawmakers, government policies and programs and commitments made in the international forums were also paid heed while bringing the budget. Minister Pun argued that the economy was getting dynamic with a morale boost of the private sector.

The minister was speaking in response to the lawmakers' multiple queries about whether the budget would prop up the national economy.

During the meeting of the federal Parliament on Wednesday, he believed the financial sector would mobilize investable money to spur economic activities and projects.

"I assure you that we achieve a six percent economic growth with effective enforcement of policies and programs incorporated in the budget. Resources were guaranteed, capital spending upped and projects ensured with budget allocation," Pun claimed.

The government had unveiled the budget of Rs 1. 86 trillion budget for the fiscal year 2024/25.

According to the minister, the budget is not ambitious but balanced as compared to the past. It is not distributional but productive, he added. 

The finance minister further assured the lawmakers that the national pride projects would not see budget crunch. Climate change has been kept in priority as per principles of climate justice.

He shared that the tax system would be implemented as per the report of the tax reforms high level committee. Revenue administration will have better capacity and professionalism.

Uniformity was maintained in the excise duty by evaluating it with other countries.

Prime Minister Narendra Modi on Wednesday chaired the last meeting of the outgoing Union cabinet which recommended dissolution of the 17th Lok Sabha, setting in motion the process of formation of the next government after the Bharatiya Janata Party-led National Democratic Alliance (NDA) won a narrow majority in the Lok Sabha.

PM Modi drove down to Rashtrapati Bhavan to call on President Droupadi Murmu soon after.

“The Prime Minister, Shri Narendra Modi, met the President today and tendered his resignation along with the Council of Ministers. The President has accepted the resignation and requested Shri Narendra Modi and the Council of Ministers to continue till the new Government assumes office,” a Rashtrapati Bhavan communique said.

People familiar with the matter said the cabinet meeting to recommend dissolution of the Lok Sabha was held at the prime minister’s residence at about 11:30am.

The term of the current 17th Lok Sabha ends on June 16.

At 293 seats, the NDA is comfortably above the majority mark of 272 in the 543-member Lok Sabha. The BJP, which secured 240 seats, had fallen short of the halfway mark for the first time since 2014, and is dependent on its allies for government formation.

Bihar chief minister and Janata Dal (United) or JD(U) leader Nitish Kumar, Maharashtra CM and Shiv Sena chief Eknath Shinde and N Chandrababu Naidu, the head of the Telugu Desam Party (TDP), have already reached New Delhi to attend the meeting of the NDA later in the day.

The three are key to the BJP’s numbers to form the government. The TDP won 16 Lok Sabha seats (its partner the Jana Sena won two; so it should be counted as 18); the JD(U), 12; and the Shiv Sena, 7. The 37 seats, added to the BJP’s 240, will take the party safely beyond the majority mark of 272.

The NDA meeting will coincide with that of the Opposition’s INDIA’s bloc, which won 233 seats despite being written off in the exit polls.

Deputy Prime Minister and Home Minister, Rabi Lamichhane said that the government has been trying to solve the difficulties seen in obtaining citizenship.

Inaugurating a program ' Discussion on citizenship and citizenship related issues' organized by the Home Ministry today, Deputy Prime Minister Lamichhane shared that the government was effortful to ensure citizen's constitutional rights of acquiring citizenship certificates.

"Citizens should not be deprived of constitutional rights of obtaining citizenship. Efforts are underway to remove complexities related to acquiring citizenship by formulating procedures. It is the duty and responsibility of the government to prepare laws related to citizenship addressing the complexities related to obtaining citizenship", he underlined.

Stating that the ministry has started discussions with stakeholders regarding the various issues of citizenship acquiring keeping its duty and responsibility towards the citizens in mind, the Home Minister expressed the belief that problems related to citizenship could be resolved if conclusions of the discussions with stakeholders could be included in the procedure.

The Home Ministry has been facilitating the protection of the rights of citizens, who can get citizenship by the Constitution, existing laws and rules  apart from those prohibited by laws, explained DPM Lamichhane.

He recalled that he, not only from the position of Deputy Prime Minister and Home Minister, had been raising voices about the problems facing the citizens to acquire citizenship when he was working as a media person.

Saying suggestions received from discussions with experts and stakeholders would be crucial for the government, the Home Minister expected that improvements to be made in the implementation system would be a guideline for the government.

"Laws and procedures related to citizenship should be revised by including suggestions received from discussions", he explained, adding discussion related to citizenship would be held in four sessions in the program.

The National Disaster Risk Reduction and Management Authority has introduced the 'Monsoon Preparedness and Response Plan 2081 BS'.

At a press conference held on Wednesday, the Authority announced that the implementation of the Plan will commence with the onset of the monsoon and continue until it ends.

The 23rd executive committee meeting of the Authority presided over by Deputy Prime Minister and Minister for Home Affairs Lamichhane on June 3 endorsed the Plan. 

According to the Plan, it is estimated that 181,000 people and over 400,000 households will be affected by monsoon-related activities this year.

Anil Pokhrel, the Executive Chief of the Authority, shared that during the execution of the Plan, meteorological forecasts will be obtained for the upcoming week, three days, and the day prior, and preparedness and response measures will be carried out accordingly.

Furthermore, the cooperation of various ministries and organizations will be sought to ensure the effective implementation of preparedness and response efforts.

The Nepal Stock Exchange (NEPSE) plunged by 5. 58 points to close at 2,079.71 points on Wednesday.

Similarly, the sensitive index dropped by 0. 41 points to close at 371. 61 points.

A total of 8,042,767-shares of 306 companies were traded for Rs 3. 99 billion.

Meanwhile, Bhagawati Hydropower Development Company Limited (BGWT) was the top gainer today with its price surging by 10. 00 percent. Likewise, Upper Lohore Khola Hydropower Company Limited (ULHC) was the top loser with its price dropped by 5. 51 percent.

At the end of the day, the total market capitalization stood at Rs 3. 29 trillion.

In southwest London, a new juice bar named Squeezed has opened, aiming to offer a fresh and unique culinary experience. Founded by brothers Samir and Sabin Sharma, along with Samir’s wife, Anjali Phuyal, Squeezed combines their diverse backgrounds in business, hospitality, and art to create a distinctive food and drink destination.

Squeezed focuses on healthy pressed juices and blended smoothies made from locally sourced fresh ingredients, the owners say. “The menu also features a variety of Asian fusion dishes, including sushi, steamed dumplings, and sizzling noodles, providing a flavorful twist that appeals to a wide range of customers.”

The Sharma brothers, who manage front-of-house operations, are supported by their parents in the kitchen, making Squeezed a true family endeavor. The founders’ commitment to health, flavors, and community is central to the ethos of their new venture.

Looking beyond London, the team has plans to expand Squeezed internationally. They envision opening locations in Spain, India, Dubai, and other destinations, adapting their menu to incorporate popular local flavors while maintaining the essence of their brand.

Key to our growth strategy are esteemed board members Amir Hossain and Partha Panda, whose business experience and vision have been instrumental in supporting our global aspirations, they say.

The Indian Embassy in Kathmandu in collaboration with the Lalitpur Metropolitan Municipality City organized a tree plantation program to celebrate World Environment Day on Wednesday.

Minister for Forest and Environment Nawal Kishor Sah Sudi, Lalitpur Metropolitan City Mayor Chribabu Maharjan and Indian Ambassador to Nepal Naveen Srivastava participated in the tree plantation program near Chardham Temple, Sankata Bridge, Ward No 1, Lalitpur, Nepal.

Several political representatives, government officials, social workers and environment enthusiasts participated in the event, highlighting the shared commitment for the protection and preservation of the environment. 

The Ambassador of India to Nepal, in his address, highlighted that the special event had been organized especially on the occasion of the World Environment Day to raise awareness about the importance of protecting the environment and to encourage individual and collective efforts to safeguard it for future generations, reads a statement issued by the Indian Embassy in Kathmandu today.

The Minister for Forest and Environment, and the Mayor of Lalitpur Metropolitan City, in their remarks, emphasized the importance of cooperation and partnerships in protecting the planet for future generations.

150 trees were planted by the participants during the event.

The price of gold has dropped by Rs 500 per tola in the domestic market on Wednesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 142, 200 per tola today. It was traded at Rs 142, 700 per tola on Tuesday.

Similarly, tejabi gold is being traded at Rs 141, 500 per tola. It was traded at Rs 142, 000 per tola.

Similarly, the silver is being traded at Rs 1,825 per tola today.