Nepal’s government unveiled its budget for the upcoming fiscal year (FY) 2024/25, outlining significant investments in the energy sector, social welfare initiatives, job creation programs, and the Health Sector.
Energy Focus:
- The budget prioritizes adding 4,500 MW of electricity to the national grid, with 900 MW targeted for the coming year.
- Achieving an electricity surplus by FY 2081/82 is a key objective.
- Emphasis is placed on constructing reservoir-based hydropower projects for clean energy generation.
- Major projects include:
- Commencement of the 1,200 MW Budhigandaki Hydropower Project.
- Construction of Dudhkoshi (635 MW), Nalgad (417 MW), and Naumure (280 MW) projects.
- Launching Ghunsa Khola (77.5 MW) and Simbua Khola (70.3 MW) projects to attract foreign investments.
- Initiating construction under the People’s Hydropower Program: Jagdulla (100 MW), Tamakoshi V (99.9 MW), and Chainpur Seti (210 MW).
- Advancing preparatory work for the Sunkoshi Third Hydropower Project.
- Detailed study and design for the massive Karnali Chisapani Hydropower Project (10,800 MW).
- Promotion of green hydrogen production, storage, and utilization.
- Completion of committed transmission line projects, including Dhalkebar-Inaruwa, Bardibas-Kimti-Lapsiphedi, and construction of new corridors (Seti, Bheri, Budhigandaki).
- New Butwal-Gorakhpur International Transmission Line to be built.
- Land acquisition for transmission lines through public shareholding in affected areas.
Social Welfare and Job Creation:
- The Ministry of Labour, Employment, and Social Security received a budget of Rs 8.10 billion.
- Establishment of a comprehensive job bank to streamline employment information.
- Initiatives to align labor market demand and supply through automation.
- Prime Minister’s Employment Program allocated Rs 6 billion to engage 200,000 unemployed individuals in public projects for at least 100 days.
- Streamlining registration for illiterate workers seeking foreign employment, with free orientation training.
- Support for returning migrant workers:
- Expanded benefits from the welfare fund for dependent families.
- Returnee entrepreneurship program to empower 100,000 individuals.
- Easier access to unsecured loans for those with foreign employment permits.
- Gradual implementation of free pre-departure orientation training.
Other Budget Highlights:
- Reduced budget for the Ministry of Drinking Water by nearly Rs 2 billion (to Rs 26.43 billion).
- Allocation of Rs 86.24 billion for the health sector.
This budget reflects the government’s commitment to boosting Nepal’s energy infrastructure, promoting social welfare, and creating employment opportunities. The ambitious energy targets aim to achieve electricity surplus and transition towards clean energy sources. Social programs prioritize job creation, supporting migrant workers, and empowering returnees.
