Well known economist and Member of Parliament from Rastriya Swotantra Party Dr Swarnim Wagle has said that the government’s efforts for economic improvements through the principles and priorities of the appropriation bill for the next fiscal year, 2023/24 were not sufficient.
The economy needs drastic measures for improvements instead of ritualistic ones, he pointed out while expressing his view on the appropriation bill in Monday’s meeting of the House of Representatives.
The principles and priorities have not met the expectation of people despite accommodating many things, maintained Wagle. It would be inappropriate to talk about economic growths and prosperity when the country’s economy has lost its pace, he added.
“We currently are at around two percent economic growths while the economic growths target for the current fiscal year is around eight percent,” he pointed out. It remains around two months for the current FY to be over.
The issue of increasing expenditures as compared to incomes is a major concern, Wagle said. “There are major challenges in reducing the gap of budget deficit. There is a big gap between loan investments and economic growths. Loan rates are regularly increasing 20 or 22 percent. But, this seems to have, not significantly contributed to economic growths,” pointed out Wagle.