KATHMANDU, SEPTEMBER 11

The government has down sized the budget by nearly Rs 15 billion compared to the earlier budget presented by the erstwhile Oli administration as its sketched a financial plan of Rs 1.63 billion rupees on Friday.

Finance Minister Janardan Sharma took to the rostrum amid scuffle between marshals and dissenting opposition leaders, to announce the amended budget brought in through the replacement bill which is inclusive of many new commitments while also cutting resources of many projects.

The government led by Prime Minister Sher Bahadur Deuba has envisioned an ambitious 7 per cent economic growth despite proof of the contrary with impact of the COVID-19 pandemic.

Minister Sharma hopes to achieve the ambitious target by next fiscal year with sectors including tourism, hotel industry, among others still reeling under the debacle, as the government plans to fully vaccinate all nationals by mid-April nex year, which is likely to bolster the economic activities.

The government plans to generate Rs 1.05 trillion from revenues and Rs 59.92 billion from foreign grants while the resource deficit of Rs 522 billion has been stated to be financed through foreign loans-- Rs 283.9 billion-- and domestic loans--Rs 239 billion.

Similarly, the government has failed to hike the social security allowances despite doing which, the new provision allows martyrs' families to receive Rs 3,000 a month while renal, cancer and spinal injury patients will also be provided Rs 5,000 a month from the government.

In the same manner, the Deuba administration will also make available a one time payment of Rs 10,000 each for 500,000 poor house households, following the finalisation of identification of those people severely impacted by the pandemic.