KATHMANDU, June 1: Finance Minister Dr Swarnim Wagle has assured that Nepal’s gross domestic product (GDP) would climb to Rs 7.458 trillion when the budget for the upcoming fiscal year is implemented.
At an interaction organised by Nepal Association of Financial Journalists (NAFJ), the Finance Minister opined that the budget for the upcoming fiscal year was brought considering the five-year period, adding that a target has been set to collect around Rs 1.6 trillion in revenue in the year 2026/27.
Minister Wagle expressed the view that the country will achieve seven per cent of economic growth once the country's GDP reaches Rs 7.458 trillion next year.
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The Finance Minister reiterated that the government would not withdraw its decision to levy VAT on power consumption for more than 50 units per month.
He argued that consumption-based tax was an effective tool rather than income-based one and the programmes have been advanced accordingly since they were achievable.
Similarly, Executive Director of Nepal Rastra Bank, Guru Poudel, shared that remittance is the basis of foreign currency reserves, stressing the need for production of domestic goods and exports to make the foreign currency reserves sustainable.
Similarly, President of Nepal Chamber of Commerce, Kamalesh Agrawal, President of Confederation of Nepalese Industries, Birendra Pandey, Vice-President of Federation of Nepalese Chambers of Commerce and Industry, Naresh Lal Shrestha and NAFJ President Menuka Karki welcomed the budget and stressed its effective implementation.
