KATHMANDU: Finance Minister Swarnim Wagle has said the government will introduce a “hopeful” budget for the upcoming fiscal year, with a strong focus on empowering the private sector as the driver of economic growth.

Speaking at the inauguration of the 60th Annual General Meeting of the Federation of Nepalese Chambers of Commerce and Industry, Wagle pledged to bring a budget that inspires confidence while positioning the private sector as a key partner in development.

He stressed that the role of the private sector will be crucial in boosting economic growth, creating jobs, and expanding investment.

Wagle informed that a strategic proposal aimed at protecting and promoting the private sector has already been presented to the Cabinet.

He said achieving the long-term goal of building a $100 billion economy would not be possible without active private sector participation.

“The government’s resources are limited, but it is private sector investment that drives economic expansion,” he said. According to him, government spending accounts for only about 25 to 30 percent of GDP, with the remaining economic activity driven largely by the private sector.

The finance minister also announced plans to repeal around two dozen laws that have been hindering economic progress. “At the same time, revenue administration will be reformed to make the tax system more business-friendly and investment-friendly,” he said.

Wagle added that the government will move forward with policies based on the concept of a social market economy.

He clarified that while encouraging innovation and dynamism in the private sector, the state will ensure equitable income distribution through investments in education, healthcare, transport, and social security.