The Madhesh Provincial Government, while presenting the budget for the fiscal year 2083/84 in the Provincial Assembly meeting on Monday, stated that the budget ceiling would be lower than the previous year.
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The Madhesh Province government is releasing the budget for the upcoming fiscal year 2083/84 on Monday. Finance Minister Yubaraj Bhattarai will present the budget of the Madhesh Province government in the provincial assembly meeting to be held on Monday.
According to the provincial Finance Ministry, the budget ceiling for the upcoming fiscal year will be lower compared to the previous fiscal year. Finance Minister Bhattarai, while presenting the economic survey in the provincial assembly meeting on Sunday, estimated that the gross domestic product of Madhesh Province will reach 883 billion. He said that this will contribute 13.1 percent to the country's overall economy. Similarly, he informed that the overall economic growth rate of Madhesh Province has been limited to 1.31 percent due to external and internal reasons.
'The contribution of agriculture, forestry and fisheries sectors to the economy of Madhesh Province is the highest at 34.97 percent,' said Finance Minister Bhattarai, 'which shows that Madhesh Province is dependent on the agricultural sector. The growth rate of the agricultural sector is estimated to be 1.44 percent in the current fiscal year. Informing that there has been a decline in food crop production in Madhesh Province in the current year, Finance Minister Bhattarai said that vegetable production has increased by 5.23 percent to 9.67 lakh metric tons.
Similarly, the Economic Survey mentions that among fruits and animal products in Madhesh Province, milk has increased by 11.06 percent, meat by 33.98 percent, fish by 8.03 percent and eggs by 23.46 percent. In the non-agricultural sector, a slight growth rate of 0.36 percent is estimated in mining and quarrying and 1.39 percent in the construction sector on the basis of fixed capital.
‘The budget size of the Madhesh Province government for the fiscal year 2082/83 has reached Rs 46.58 billion, the largest in the last eight years,’ Finance Minister Bhattarai said while presenting the economic survey in the Province Assembly. ‘The significant increase in the capital budget compared to the previous year reflects our commitment to infrastructure development.’ He said that while the ratio of expenditure to the provincial GDP is 3.62 percent, the ratio of internal revenue is only 1.63 percent. He said that since revenue collection compared to expenditure has reached the lowest point in the last seven years, there is a need for aggressive reforms in internal resource mobilization and fiscal discipline.
