Kathmandu. Finance Minister Dr. Swarnim Wagle has said that he will bring a budget that gives hope.

Inaugurating the 60th annual general meeting of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) here today, he pledged to bring a hopeful budget for the coming fiscal year and to make the private sector the catalyst of development.

He said that the role of private sector is important for economic growth, job creation and expansion of investment. According to Minister Wagle, a strategic proposal on protection and promotion of private sector has been presented in the Council of Ministers. He said that the support of the private sector will be essential to achieve the long-term goal of building an economy of about $100 billion. “The government’s resources are limited, but it is the investment from the private sector that expands the economy,” he said.

According to him, the government’s expenditure is only 25 to 30 per cent of the GDP and the rest of the economic activities are carried out by the private sector. “A plan has been forwarded to repeal around two dozens of Acts that have hindered economic progress,” Minister Wagle said, adding that the tax system would be made entrepreneur-friendly and investment-friendly by reforming revenue administration. ”

Minister Wagle said that the government will forward the policies as per the concept of social market economy. Equitable distribution of income would be ensured through education, health, transportation and social security while encouraging innovation and dynamism of the private sector.