Kathmandu. Finance Minister Swarnim Wagle has said that the Gross Domestic Product (GDP) of Rs 74.58 trillion has been projected to be achieved during the implementation of the budget for the coming fiscal year.

Speaking at a post-budget interaction program organized by the Association of Economic Journalists (NEA) here today, Finance Minister Wagle said that the budget was brought keeping in mind the five-year period, adding that the target has been set to collect revenue of around Rs 16 trillion in the coming fiscal year.

He was of the view that the economic growth of 7 per cent could be achieved on the basis of the projected GDP of Rs 74 trillion.

Stating that the debt would not be 43 per cent more than the GDP, Finance Minister Wagle said that the government would continue the responsibility of the old programs in the budget for the coming fiscal year.

Finance Minister Wagle said the government would not backtrack from the Value Added Tax (VAT) levied on electricity and that discussions were underway on various options so that the end consumers are not affected.

On the occasion, Minister Wagle clarified that the tax based on consumption would be more effective than income-based tax.

Executive Director of Nepal Rastra Bank, Guru Poudel, said remittance was the basis of foreign currency reserve and stressed on production and export of domestic goods to make it sustainable.

Nepal Chamber of Commerce President Kamalesh Agrawal, Confederation of Nepalese Industries (CNI) President Birendra Pandey, Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Vice-President Naresh Lal Shrestha and Association President Menuka Karki welcomed the budget and stressed on its successful implementation.