Girija Prasad Koirala, the Prime Minister of the elected government after the change in 2046 BS, had appointed Dr. Ram Sharan Mahat as the Vice Chairman of the National Planning Commission. Supreme Leader Ganeshman Singh was very angry with Koirala for appointing Mahat, who had lost the parliamentary election from Nuwakot, as the Vice Chairman of the Planning Commission.

Mahesh Acharya was made the Minister of Finance in 2048. Mahat, the Vice Chairman of the Planning Commission, and Minister Acharya are still known as advocates of an open and liberal economy.

Mahat, who was the Finance Minister five times until 2072 BS, is often cited as an example of the success of some businesses that are currently operating with private sector investment due to the liberalization policy introduced by Mahat. Economists still say that Mahat laid the foundation for leading the country on the path of a market-oriented economy and economic liberalization. Mahat and Acharya's names are often associated with this.

There is also a large group of people who criticize both of them for selling industries at a pittance in the name of privatization. Some argue that government industries and factories, including Bansbari Leather Shoe Factory, Harisiddhi Brick Tile Factory, and Bhrikuti Paper Factory, were displaced due to privatization.

Mahat believed that business/business should be done by the private sector. Their principles continued for three and a half decades after the change in 2046. They were adamant that business should not be done by the government. Other political parties have not been able to reject Mahat's policy of bringing private investment in energy, banks, air transport, hospitals, colleges, schools, hotels and other sectors. Mahat used to say, 'The government does not open industries, but provides an environment.'

Mahat won his first MP from Nuwakot in the 2051 mid-term elections. After the minority UML government formed after the mid-term elections collapsed, Mahat got the opportunity to become the Finance Minister in 2052 Bhadra. In the order of merit, he was the 12th minister after the Prime Minister. The joint government of the Rastriya Prajatantra Party and Sher Bahadur Deuba, with Prime Minister Sher Bahadur Deuba, presented the first budget on 29 Asoj 2052. Mahat presented the budget for the fiscal year 2052/053 for the first time as the Finance Minister.

Mahat, who presented a total budget of 51.64 billion 7.8 million, had formulated a policy to increase the involvement of the private sector. During the budget speech, he had said, ‘A policy will be adopted to advance liberalization as the main strategy for economic sector reform and to develop the achievements obtained from liberalization by channeling them to the poor and marginalized communities and rural areas.’ He had said that the policy of liberalization would be effective only in an environment of economic stability.

Economists had questioned whether the budget presented by Mahat was a kanika or a laddu. Mahat had been criticizing the UML for scattering the budget like a kanika, and this criticism was made by saying that the budget he had prepared was also scattered. When the UML arranged for old age allowance, Mahat had responded that the country would not be able to sustain this facility for a long time.

He had abolished property and excise taxes through the budget, and had put forward slogans like village rights in the village, elderly, widows and disabled allowance at doorsteps. He had increased the size of the development budget compared to the general expenditure. He had proposed a general expenditure of Rs. 22.82 billion 15.19 million. He had proposed a development expenditure of Rs. 28.82 billion 62.86 million.

Mahat had increased the size of the budget presented by the previous government's Finance Minister Bharat Mohan Adhikari. Mahat had presented an income and expenditure estimate of Rs. 1.24 billion 67 million more than the budget presented by Bharat Mohan on 27 Asad 2052. In a joint meeting of the parliament held at the Parliament Building in the Butterfly Garden in Singha Durbar, Finance Minister Mahat had presented the budget by prioritizing the sectors of agriculture, transport, hydropower, education, health, and drinking water. The highest allocation of 16.99 percent was made to transport. Second, 15.12 percent of the budget was allocated for electricity and 13.30 percent for local development. 

The budget was presented by Mahat, who had accused the main opposition party UML of slandering his party. Mahat, who is known as a leader of economic liberalization, prepared a news report focusing on the annual budget for the fiscal year 2052/053, prepared when he was the first minister, the proposals made in the budget, and the achievements that could be achieved from the budget implementation. Kantipur Daily published the news on 2052 Asoj 30 under the title ‘Finance Minister Presents Budget of Rs. 51.64 Billion 7.8 Million’. Kantipur also published the news on the same day under the title ‘Features of the Budget’.