Minister for Finance Janardan Sharma has said that the government has set the economic growth rate target of 7 per cent for the current fiscal year, hoping that economy would remain active thanks to increasing economic activities after the slowdown of COVID-19.
At a news conference on Sunday after tabling the replacement bill on the budget earlier unveiled through the ordinance by the government, Minister Sharma hoped that the economic growth rate of 7 percent was easily achievable.
He shared that the impacts of COVID-19 had gradually slowed economic activities which have now gained pace and a clear roadmap was drawn to increase capital expenditure while policy-level reforms were also ensured to meet the set target of economic growth in the current fiscal year.
"We have set an achievable target. Some could not believe the government announcement but we will achieve it. We are confident of meeting the target," he argued.
The Finance Minister said the economy will take momentum after expediting activities of development, widened tax ambit, and subsidies given to the raw material-based industries.
Similarly, he said that massive reforms would be ensured in market monitoring, test, and investigation while the payment system would be further simplified and the problem of low billing would be resolved to further expand the country's economy.
On the occasion, Sharma said that the government would unveil concrete programs for poverty reduction soon.
On trade deficit, he said that the government was focused on a self-reliant economy and import replacement was the top priority.
Saying that budget has accorded top priority on the industrial sector, Sharma said that crop insurance is increased to 80 percent to make the country independent in agriculture.
On the occasion, Finance Secretary Madhu Kumar Marasini said that only slight changes were made in the budget unveiled by the erstwhile government. A mechanism would be developed to access the progress details of the projects every month, Secretary Marasini said.