A plan has been introduced to provide training on artificial intelligence (AI) and information technology to 5,000 youth with the aim of making them skilled in the field of information technology.
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The Koshi Provincial Government on Monday unveiled a budget of Rs 40.44 billion 98 million for the upcoming fiscal year 2083/84.
Minister for Economic Affairs and Planning Bidur Lingthep has brought a budget that is 12.74 percent more than the current fiscal year. In the current fiscal year, a budget of Rs 35.87 billion 99 million was brought.
The provincial government has not only increased the size of the budget this year, but has also made significant changes in the structure of expenditure. Last year, 52 percent of the total budget, i.e. Rs 18.67 billion 33 million, was allocated for current expenditure. In the upcoming year, current expenditure has been reduced to Rs 13.97 billion 63 million, i.e. 34.55 percent of the total budget.
In contrast, priority has been given to capital expenditure. The capital budget, which was 17.10 billion 65 million rupees last year, or 47.7 percent, has been increased to 20.75 billion 99 million rupees this year, or 51.32 percent. The allocation for financial management has also been increased from 100 million to 150 million.
The provincial government has allocated 5.56 billion rupees for financial transfer to the local level.
The target for internal revenue in the budget resource management remains at 5.5 billion. The amount received from revenue sharing is projected to increase from 12.39 billion rupees to 12.87 billion.
The financial equalization grant received from the federal government has also increased from 8.98 billion rupees to 9.12 billion. Conditional grant is estimated at 5.95 billion, complementary grant at 840 million, and special grant at 550 million.
The provincial government has also expanded the policy of using last year's cash balance to cover the budget deficit. Last year, it was planned to use Rs 3.13 billion, but this year it will use Rs 5 billion.
The budget for the fiscal year 2082/83 had set a target of achieving an economic growth rate of 5.3 percent. However, according to the revised estimate, the economic growth in the current year is expected to be limited to 3.13 percent. The provincial government has set a target of increasing the growth rate to 5 percent in the upcoming fiscal year.
The per capita income of the province is estimated to reach 1,410 US dollars, while the absolute poverty rate is 17.19 percent, according to the budget statement. Koshi Province's contribution to the national gross domestic product is 15.8 percent.
The upcoming budget has given priority to physical infrastructure. Rs 12.38 billion has been allocated for road infrastructure alone. 2.92 billion has been allocated for agriculture, industry and production growth programs.
The tourism sector has also been given continuous priority. The government, which put forward the concept of 'Koshi Province Tourism Year 2082' last year, has announced that it will run 'Koshi Province Visit Year' from Shrawan 2083 to Ashar 2085 this year. 3.49 billion rupees have been allocated for the tourism and forest sectors.
3.61 billion rupees have been allocated for the health sector and 3.10 billion rupees have been allocated for education, sports and employment promotion.
Special importance has been given to technology-friendly service delivery in this year's budget. The program includes installing 'smart CCTV' in main urban areas, making GPS systems mandatory in public vehicles, digitizing driver's license management, and starting teaching through digital boards in 100 community schools.
A plan has been introduced to provide training on artificial intelligence (AI) and information technology to 5,000 youth with the aim of making them skilled in the field of information technology. The 'Saksham Chhori' program and the school nursing program will also be expanded.
