KATHMANDU, MAY 29

In a parliamentary session on Monday, Finance Minister Dr. Prakash Sharan Mahat unveiled the budget for the forthcoming fiscal year 2080/81.

The announcement took place during a joint session of the National Assembly and House of Representatives in the federal parliament.

Addressing the joint session of the federal parliament this evening, Finance Minister Mahat stated that the government will allocate 1 per cent of the national budget in Science, Technology, Innovation and Research.

The allocation of the budget has come in the wake of Mahabir Pun's efforts. Earlier, Mahabir Pun ending his protests had inked a seven-point deal with the government. One of the demands of the agreements was to allocate budget for research and innovation related projects in the country.

This is the first time, the government has decided to allocate 1% of total Budget in Science, Technology, Innovation and Research and Development. The government has also allocated Rs. 1 billion for Science, Technology, Innovation and Research.

The constitutional requirement obliges the government to reveal the budget on Jestha 15 each year.

Earlier, on Jestha 05, President Ram Chandra Paudel, the incumbent at the time, had presented the ruling coalition government's policies and programs for the upcoming fiscal year. Typically, the government formulates the budget based on its outlined policies and programs, serving as a blueprint for its planned course of action.