MoPIT to see budget reduction in the next fiscal

KATHMANDU: The government has initiated the process of preparing the budget for the fiscal year 2023/24. Various ministries, including the Ministry of Finance, have started the budget formulation process within the budget ceiling set by the National Planning Commission (NPC).

Budget allocation for the Ministry of Physical Infrastructure and Transport (MoPIT) is expected to decrease by 21.8% compared to the previous fiscal year’s allocation. The ministry was allotted a budget of Rs 161.56 billion in the current fiscal year. The NPC has set a ceiling of Rs 126.29 billion for the ministry in the upcoming budget.

The ministry, which handles major infrastructure projects in the country, is one of the primary beneficiaries of the national budget, receiving around 10% of the total allocation.

(Inputs from RSS)