Govt announces to encourage NRN investments in hydro and real eector; ensure entry of NRNs in capital market
ByPublished: 07:04 pm May 29, 2023
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 that in the upcoming budget announced today, the government will ensure the entry of Non-Residential Nepalis (NRNs) living abroad investments in the capital market. The Finance Minister further asserted that government will make sure that the entering funds from NRNs are diverted in the hydro and real sector.
He further mentioned that license to new commodity exchange will also be provided. Earlier, the government had halted procedure to provide license for commodity exchange market in Nepal.
The same will encourage the small and medium scale enterprises in the best interest of the investors.
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.