Nepal plans economic shift with IT focus in fiscal year 2083/84

The government has unveiled plans to chart a new path for economic development in the upcoming fiscal year 2083/84 by maximizing the use of information technology. Finance Minister Dr. Swarnim Wagle, presenting the budget priorities in both houses of the Federal Parliament on Thursday, emphasized the use of digital systems and legal reforms as the foundation for service delivery.

The government aims to implement the principle of “one-time information for all services” by creating an integrated database based on national identity cards and facilitating all public services through a citizen app. The budget focuses on transitioning from a traditional import-based economy to a competitive economy driven by production and exports.

Agriculture, energy, tourism, and information technology have been identified as the main drivers of economic growth. The government plans to develop Nepal as a “weightless high-value economy” by promoting software exports, cloud services, AI computation, and establishing Nepal as a regional “tech hub” for digital nomads.

Minister Wagle mentioned that integrated programs will be launched to encourage startups and innovation. The government is committed to implementing a modern system that provides “more services with fewer resources” in the administrative sector, eliminating the need for long queues for public services.

Processes from business registration to tax administration will be digitized, and large projects will be expedited in “mission mode” to avoid delays. The budget prioritizes strict regulation against conflicts of interest and cartelization, ensuring transparency in the asset and expenditure systems of public office holders to build public trust in the state.

Comprehensive reforms have also been proposed in the education and health sectors. A “National Research and Innovation Fund” will be established to connect education with the labor market, free from political interference. In health, “minimum standards” will be implemented to strengthen basic hospitals and make health insurance more citizen-friendly. Social security will include “earning while learning” programs and create entrepreneurial opportunities for those returning from foreign employment.

In infrastructure development, the government plans to quickly complete unfinished projects and collaborate with the private sector in constructing strategic roads and tunnels. Investment will be encouraged in reservoir-based projects and green hydrogen in the energy sector.

The budget’s main goal is to address economic challenges and bring qualitative improvements to citizens’ living standards by leveraging the capital and skills of Nepalis abroad through a balanced foreign policy and “diaspora partnership”.