Nepal"s Economy: Plan for the fiscal year 2022/23

 Nepal has announced its goals and objectives for the 2022 fiscal year, stating that it will use a combination of fiscal and monetary policies to promote economic growth and sustainability. In a joint meeting of both chambers on Tuesday, the President read out the plans and goals for the fiscal year 2022-23, saying that the government would focus on agriculture, transportation, ICT, industry, and other areas. Through the coordination of all three levels of government, the government has prioritized the issue of natural resource conservation, utilization, and beneficial distribution. The government wants to boost local output by promoting clean industrialisation and a green economy based on renewable resources. According to the president, the administration would design a specific plan to prepare Nepal for its UN-mandated graduation as a developing country. While focused on economic growth, President Bhandari also stated that the government will keep inflation under control to a certain extent. For fiscal year 2022/23, the government has proposed a budget of Rs 1.793 trillion. Recurrent expenditure accounts for Rs 753.40 billion (42 percent) of the total budget, while capital expenditure accounts for Rs 380 billion (21.2 percent).

Finance Minister Janardan Sharma presented the budget for FY 2022/23, stating that the budget's key goals are inclusive development, inflation management, enough resources for subnational governments, and a self-reliant economy. He stated that the priorities of Budget 2022/23 include agriculture sector transformation, increased production in collaboration with the private sector and government, job creation, human resource development, infrastructure development, hydroelectricity production, transmission line expansion, rural electrification, industrial development, investment promotion, tourism revival, and climate preservation, among others. Nepal intends to create a development plan to address issues that arise during development and capital expenditure spending. Similarly, the government will make necessary changes to public procurement regulations to ensure a smooth development process.
Although the budget for Fiscal Year 2022/23 is expected to be successful. Will the Nepalese economy recover and expand despite the fact that the COVID has severely harmed the country's economy? 

-Simrika Basnet