Wagle informed that the government's goal is to increase Nepal's economy from 700 trillion rupees to 150 trillion rupees within the next seven years.
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Finance Minister Swarnim Wagle has said that the perception that the government's budget of Rs 20 trillion alone will achieve economic growth is wrong.
At a press conference held at the Finance Ministry on Sunday, Wagle said that Nepal's economy is worth about Rs 70 trillion and that the government's focus is on expanding the overall economy rather than the Rs 20 trillion budget. According to him, the government is focused on getting the country out of the illusion that spending Rs 20 trillion will lead to 7 percent economic growth.
'We also want to get the country out of the illusion. The government's budget of Rs 20 trillion is to facilitate the economy, the economy is worth about Rs 70 trillion. During the budget preparation, we always kept the overall economy of Rs 70 trillion in focus, not the Rs 20 trillion budget,' he said. 'It is important to understand that Rs 20 trillion alone will not run the economy, but rather work to make the economy of Rs 70 trillion dynamic.'
He said that the government expects the basic infrastructure and services such as roads, electricity, peace and security and justice system to be built by the government to increase the confidence of the private sector and thereby attract private investment and expand economic activity. Wagle informed that the target is to increase Nepal's economy from 700 billion to 1000 billion to 1500 billion rupees within the next seven years.
Stating that there is a misconception among some leaders that budget expenditure is the main basis of economic growth, he claimed that this is not the reality. He said that the roads built by the government, the electricity produced, the peace and security ensured and the effective justice system will increase the confidence of the private sector and this will attract private investment and expand the activity of the private sector.
