Kathmandu. The government has announced to allocate at least one percent of its capital expenditure for science, technology, research and innovation. Presenting the annual budget estimates of revenue and expenditure for the coming fiscal year 2083/84 in the joint meeting of the Federal Parliament today, Finance Minister Dr Swarnim Wagle made such announcement.
The budget has stated that new enterprises, start-ups, innovation and entrepreneurship would be made the basis for economic transformation. Finance Minister Wagle said that new enterprises would be linked with identification, skills, market and financial access, concession in profit-linked tax, primary access to public procurement, digital registration and regulatory facilitation.
The budget has not limited the venture financing to a loan-based model but has also made arrangements for grants in the initial phase, concessional loans for feasibility certified enterprises and incremental capital in the expansion phase. The budget also mentions that the co-investment of private sector and Non-Resident Nepalis (NRNs) would be encouraged.
