Finance Minister Yuba Raj Khatiwada has presented a budget of Rs 1.315 trillion for the fiscal year 2075/76.
He has allocated Rs 845.74 billion for recurrent expenditure, Rs 313.99 billion for capital expenditure, and Rs 155.71 billion for debt financing.
It plans to generate Rs 831.31 billion through revenues, Rs 58 billion through foreign grant and generate the remaining amount through foreign loans and domestic borrowing.
It aims to achieve an ambitious economic growth rate of eight percent in the upcoming fiscal year.
This year's economic growth rate is amended to 5.9 per cent against the target of 7.2 per cent made while announcing the budget last year. It has also targeted to limit inflation to five percent.
The government has set a target to develop tourism-friendly infrastructure with an objective of attracting two million tourists within 2020. It also aims to attract domestic tourists adopting the policy, 'Visit country first, then abroad'.
The budget has also made necessary arrangement to run tourism business round the year, attracting the tourists from neighboring countries India and China.
Nepal Academy of Tourists and Hotel Management would be developed as Tourism University and necessary process in this regard forwarded for the same.
The budget also set a target to make mountaineering safer and systematic and the government has allocated Rs 5.20 billion for the development and promotion of tourism sector.
Similarly, the government has allocated Rs 19.35 billion for the development of aviation sector. Initiating construction of Nijgadh Airport, starting the service after concluding the construction works of under construction Gautam Buddha Airport and Pokhara Regional Airport are other priorities.
Likewise, the budget has aimed at upgrading Tribhuvan International Airport and domestic airports.
