Stating that the economy demands economic reforms suitable for the new generation, Finance Minister Varshman Pun, who presented the budget on Tuesday, said that an ambitious plan like a 'Global IT Hub' has been put forward to sustain the youth in the country in the 'New Phase Reform Plan'. He said that emphasis has been placed on budget management in order to ensure that there are opportunities in the country for the general public, businessmen and entrepreneurs.

In a press conference held at the Ministry of Finance on Wednesday regarding the 081/82 budget, Minister Pun said that structures like knowledge parks, work stations, and IT hubs will be built immediately to alleviate the frustration of the youth. "Preparations will be made for an IT hub in the premises of the international conference center, while the feasibility study will be carried out in all seven provinces," he said, "Kathmandu will be promoted as a center." Minister Pun says that the government will ensure it. He said that the IT workforce will be provided free space for three years at the work station. 

Mentioning that the budget has been presented responsibly in a manner that accelerates the economy, the finance minister claimed that the budget was brought based on facts without personal impulse, pressure or influence. He said that the budget has been focused in order to be balanced in the current economic situation and to instill hope in the general public, businesses and entrepreneurs. 

"Especially the youth is trying to be inspired to stay in the country," Finance Minister Pun said. It is our understanding that we should try to instill hope that they should stay in the country.' 

Taking into consideration the sufficient manpower, the geographical location of the country and the efforts of the IT industry, the goal of exporting 30 billion worth of products in 10 years has been set, he said. "This is a claim based on facts," Pun said, "Looking at it now, it may seem ambitious, but it is possible."

After a long discussion with IT entrepreneurs and experts, the revenue secretary of the Ministry of Finance, Ramprasad Ghimire, said that incentive plans such as giving a discount on dividend tax if the information technology industry capitalizes its profits have been put forward. "They have been demanding policy stability," said Ghimire, "and arrangements have been made, including giving a discount on dividend tax." He said that the budget was brought to keep economic activities running rather than raising revenue.

Presenting the data that the government is currently spending 20 to 25 percent annually and the private sector is spending 75 to 80 percent, Finance Minister Pun said that now the government will cooperate with the private sector in building large infrastructure. He said that the country will develop only after taking the private sector along with him, and he said that he would give priority to the private sector to raise the morale for that. He said that development and construction programs are progressing at a normal pace of around 4 to 6 percent, and some programs have been presented in the budget to bring the private sector forward for rapid expansion.

'We have tried to be private sector-friendly as far as our limits and location allow,' Finance Minister Pun said, 'so much so that the government alone cannot spend on the construction of new big infrastructure like airports, roads, and signature bridges, so we have sought with the private sector through the budget.' Minister Pun clarified that cooperation with the private sector will be carried out in the special economic hubs of the province starting from the Gandaki Economic Triangle Plan which is going to be operated by connecting Bharatpur, Pokhara and Butwal. There was a repeated claim that various concessions and training programs would be provided. Not only that, he said that government industries which are sick and closed will be put into operation in collaboration with the private sector. Pointing out that although privatization, liberalization, and open economy experience have some good initiatives, their limits have been seen, Minister Pun said that now a new phase of reform plan has been launched to adopt an economic policy that suits the geographical location of the country.

After the economic bill that came with the budget increased the duty on raw materials of sponge iron, 18 smelting industries held a press conference and complained that their 36 billion investment was destroyed. They say that if one level of customs facility is not given, the melting plant cannot be run and the government's policy will sink the industry worth 36 billion. In the current financial year, the industries were in trouble even when the government decided to impose a customs duty of 1 percent and an excise duty of Rs. By increasing the customs duty from 1 percent to 2.5 percent, the government has not only violated the policy of imposing one level of customs duty on the industry, it has also destroyed the industry which is playing a major role in increasing domestic production He claimed that the tax rates on sponge iron have not been revised considering the special needs of businessmen. "Customs rate and excise duty have been fixed according to the raw materials," he said, "Tax rates have been changed with justification." Although we know that there will be disputes, we have tried to restore order to the situation that has deteriorated in the past by discussing a lot.' 

Speaking at a press conference held at the Ministry of Finance, Finance Secretary Madhukumar Marasini expressed the opinion that through the budget, the confidence of the common people is being developed. He claimed that the budget was managed in such a way as to destroy the comments that there was no enthusiasm in the economy or that there was laxity. He said that despite a lot of pressure, he brought a relatively small budget. Secretary Marasini said that only 5.2 percent of the debt ceiling given by the Finance Commission (5.5 percent of GDP) is going to be taken. He claimed that there will be no delay in the implementation of programs related to youth, information technology and startups. Similarly, Nepal Rastra Bank Governor Mahaprasad Adhikari stated that the size of the budget brought by the government is within the new ceiling given by the Resource Estimate Committee. He admitted that according to the law, the budget estimate made in January was reviewed based on the developments in the last four months.