KATHMANDU: Finance Minister Yubaraj Khatiwada has said that preparations are underway to introduce socialism-oriented budget as per the spirit of the constitution.

In his replies to queries raised by National Assembly (Upper House) members regarding the principles and priorities (except tax proposal) of the Appropriation Bill for the fiscal year 2075/76 BS in NA meeting today, the Minister assured that the budget would incorporate issues of citizen's fundamental rights, and limitations on the business rights of private sector.

He was of the view that local governments should not be wholly dependent on the centre for budget and should let go of the mentality of only enjoying rights.

"Budget for the upcoming fiscal year will increase our will-power for implementation of federalism as it comes after the formation of three levels of government in the country," he said, seeking support from lawmakers to that end.

In the meeting, NA members Parshuram Meghi Gurung, Surendra Raj Pandey, Ram Lakhan Chamar, Nainkala Thapa, Sarita Prasai, Khemraj Nepal, Pramila Gurung, Durga Prasad Upadhyay, Thagendra Prasad Puri, Mahesh Kumar Mahara and Bhairab Bahadur Shrestha gave their feedback on principles and priorities of the appropriation bill.

The NA shall meet again at 11:00 am on May 17.