President Ramchandra Paudel on Friday presented the government policies and programmes for the upcoming fiscal year at the joint meeting of the House of Representatives and National Assembly.

The policies and programmes have claimed the economy is getting back on track.

Finance Minister Prakash Sharan Mahat will unveil the government’s fiscal budget on May 29 based on the same policies and programmes presented by the President.

“Positive results have started appearing in all sectors since the formation of the government. Economic indicators have turned positive. As the economy has started to return to normalcy, there is a positive impact on foreign aid and investment along with an increase in revenue collection,” claims the government’s document presented by the head of state.

The government is clear about the need to strictly control revenue leakage and make sure remittance is received through formal channels, reads the policies and programmes.

The government has also announced channelling foreign assistance to big projects. President Paudel said the international aid will mainly be invested in national pride and high-priority projects.

Paudel announced that the budget will be allocated by classifying the projects that will be conducted at three levels according to the project classification guidelines.

In order to effectively implement the development projects, the government plans to bring laws to facilitate land acquisition, environmental impact assessment and procurement process, reads the policies and programmes.

The policies and programmes have pledged to make structural reforms for the development and expansion of the capital market.

It also promises to open up investment opportunities in the capital market for non-resident Nepalis and encourage Nepalis abroad to invest in government bonds and IPOs of private sector projects.

President Paudel further said that collective farming will be encouraged to increase agricultural production and achieve self-reliance.

Likewise, the government has also pledged to encourage the establishment of fertilizer factories at the local level.

Paudel said that organic agricultural production will be encouraged and certification of agricultural products will also be carried out.

The government has said that it will prepare and implement a multi-year plan to produce chemical fertilizers. President Paudel said the government’s aim is to establish a fertilizer factory in the country to provide timely fertilizer to the farmers.

The government has also announced that it will adopt a policy of purchasing electric vehicles for government offices.

Necessary arrangements will be made for the operation of electric public transportation in the city and the technology to convert gas, diesel and petrol-powered vehicles into electric vehicles will be given priority with concessions, it said.

The government has announced formulating laws to regulate ride-hailing services as well.