Finance Minister Bishnu Poudel presented the budget of Rs 1,048,920,000,000 for fiscal year 2016/17 at the Parliament.

The size of the budget is 28 percent more than the budget of current fiscal.

The budget was endorsed by a Cabinet meet earlier and Poudel, before starting his speech, said the budget was prepared after consultation with former finance ministers and various stakeholders.

While reiterating government’s decision to hold local bodies poll by December, Minister Poudel said government has targeted to achieve an economic growth of 6.8 percent in the next fiscal and prioritized implementation of the constitution, acceleration of development works and reduction of poverty through this budget.

Government allocated Rs 140 billion for post-quake reconstruction and rehabilitation works. Earthquake-affected families will also receive an additional Rs 300k each.

 The government increased the salary of civil servants by 25 percent while social security allowance and allowances provided to disabled, single woman and endangered communities have also been doubled.

The government has announced the policy to produce electricity by levying five percent tax on petroleum products. It also announced to end load shedding in two years and produce 10,000 megawatts of hydroelectricity.

Rs 4.2 billion has been allocated for Postal Highway, Rs 5.33 billion for Budhi Gandaki Hydel project,  Rs 10 billion for fast track project, Rs 2.88 billion for mid-Hill highway and Rs 1.86 billion for Kathmandu-Nagdhunga tunnel.

Rs 26.5 billion has been allocated for the School Sector Development Programme.

Likewise, Rs 90 million will also be provided to each district headquarters and 10 cities will be developed as smart cities, the budget announced. The grant for ‘Build your own village’ programme has been doubled to Rs 15.55 billion while the grant for municipalities has also been doubled.

Government has allocated Rs 5.78 billion for the impmentationof PM Agricultural Modernisation Project while a new President Women Regeneration Programme has also been introduced.

Government also targets to take irrigation facility to all cultivable land in the next five years and Rs Rs 5.35 billion has been allotted for the completion of major irrigation projects as Sikta, Babai, among others.

Self-sufficiency in eggs has been targeted within a year while the government also targets to become self-sufficient in meat and milk in the next two and three years respectively.

Tax levied on alcohol, beer, cigarettes and other tobacco products have also been increased.

Government will also provide martyrs status to those who lost their lives during the Madhes movement and also provide compensation to their families.

Two cricket stadiums will be build in Dhangadi and Bhairahawa and Rs 200 million has been allocated for the Seventh National Sports Tournament.