Province 1 unveils Rs 32 billion budget

NL Today

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Biratnagar: Minister for Economic Affairs and Planning Tanka Angbuhang presented a budget of Rs. 32 billion 460 million for the Fiscal Year 2021/22 at the Provincial Assembly today.

Of the total budget allocated to implement the government’s policy and program for the new fiscal year, Rs. 14 billion 161 million i.e. 43.6 percent has been allocated for current expenditure and Rs. 15 billion 53.5 million or 46.3 percent for capital expenditure. Likewise, fiscal transfer to the local levels constitutes Rs. 3 billion 224.2 million and Rs. 30 million worth of fiscal measures.

In the budget estimates, the government plans to collect Rs. 4 billion 97.7 million through internal revenue mobilization, Rs. 9 billion 816.6 million from revenue sharing, and Rs. 8 billion 560 million to be received as equalization grants from the federation. Other sources to complement the budget are conditional grants, matching grants, special grants as well as cash reserves, and foreign grants.

The government has also projected a 3.6 growth rate for the province while allocating Rs. 3 billion 250 million for the health sector. Another Rs one billion 190 million has been appropriated for the education sector, Rs. 212.7 million for women, children, senior citizens, and inclusion, Rs. 160 million for youth, sports, labor, and employment, and Rs. 2 billion 900 million for agriculture and cooperatives.

Economic Affairs and Planning Minister Angbuhang tabled the annual estimates of income and expenditure for the fiscal year 2021/22 along with the financial bill and appropriation bill at the budget session of the provincial assembly today.