Jun 01, Kathmandu - Finance Minister Swarnim Wagle announced that the projected Gross Domestic Product (GDP) for the upcoming fiscal year is Rs. 7.458 trillion, with a target of approximately Rs 1.6 trillion in revenue collection. Speaking at the Nepal Economic Journalists Association’s post-budget interaction program, Wagle emphasized that the budget was crafted with a five-year vision in mind.

He expressed confidence that based on the projected GDP, the country can achieve a 7% economic growth. Wagle also assured that the country's debt will not exceed 43% of the GDP, maintaining fiscal stability.

Discussing tax reforms, the Minister highlighted that the government will not backtrack on the Value Added Tax (VAT) imposed on electricity. Instead, discussions are ongoing to ensure that final consumers are not adversely affected. He underscored that consumption-based taxes are more effective than income-based taxes and are instrumental in achieving economic goals.

Governor Guru Poudel of Nepal Rastra Bank emphasized the importance of remittances, noting that they form the backbone of foreign currency reserves. He called for boosting domestic production and exports to make remittance sources sustainable.

Industry leaders, including Kamlesh Agrawal, President of Nepal Chamber of Commerce; Birendra Pandey, President of Nepal Industries Confederation; Naresh Lal Shrestha, Vice President of Nepal Industries and Commerce Federation; and Menuka Karki, Federation President, welcomed the budget and stressed the importance of its successful implementation.