June 16, 2022 | Investopaper
The government of Province No. 1 has unveiled the budget of Rs. 39.73 billion for the coming fiscal year 2078-079. Minister for Economic Affairs and Planning Indra Bahadur Angbo presented the budget in the state assembly on Wednesday.
In the budget speech, it is mentioned that Rs. 35.96 billion will be borne from revenue and financial transfer and Rs. 3.51 billion cash reserve and Rs. 256.8 million from foreign grant.
For the source, the state government has estimated to receive Rs. 4.98 billion from internal revenue, Rs. 11.88 billion from revenue sharing, Rs. 9.01 billion as financial equalization grant from federal government, Rs. 8.69 billion from conditional grant, Rs. 920 million from supplementary grant and Rs. 470 million from special grant.
The budget emphasizes education, health, drinking water, agriculture, infrastructure, tourism development, poverty reduction, youth self-employment, income generation program for farmers etc. Similarly, the budget has also included programs such as providing electricity to the homes of all the citizens of the state within the next two years, construction of more than 100 suspension bridges, welfare of workers and increasing investment in the private sector.
For the current fiscal year 2077/78, the state government had allocated a budget of Rs 32.46 billion. For the next fiscal year, the amount of budget has reduced by almost 20 percent.