The Finance Minister of the Nepal government Bishnu Prasad Poudel unveiled a budget of Rs. 1,647.57 billion for the fiscal year of 2021-22. Since the country is facing the deadly second wave of the Covid-19 pandemic priority has been given to battling the virus. The annual economic growth of the country has been set at an optimistic 6.5 percent for the next fiscal year.
The budget has brought many new hopes for the youths and entrepreneurs in the country. As announced yesterday, the Nepal government will be providing seed capital loans up to Rs. 25 lakhs at one percent interest rate for startup business. The announcement is expected to increase the entrepreneurship and startup trend in Nepal. Similarly, the ‘Made in Nepal, Make in Nepal’ campaign is to be launched by the government for promoting Nepali brands and products. This is expected to assist in the growth and development of many small businesses manufacturing and selling Nepali products.
Likewise, another announcement supporting youths specially focused on students was made of providing a loan up to Rs. 25 lakhs by depositing their educational certificates at a maximum interest rate of 5 percent. This student loan will only be provided for getting a degree above Bachelor’s level.
Find the full budget for the fiscal year 2021/22 here.