The finance minister, Wangdi Norbu, while presenting the annual budget at the National Assembly today, said the total resources for the financial year 2012-13 is projected at over Nu. 31,000 million. The total resources include domestic revenue of over Nu. 21,000 million and the external grants of over Nu 10,000 million.
From the total budget, 35% percent is allocated for economic and public services of which 12 % is for the agriculture sector. 25 % from the total budget will be kept aside for social sector, and 7% for health. Budget allocation for the education sector is at 18%.
“I submit that our budget have been always prepared, fully keeping in mind, the resources available and keeping the fiscal deficit within reasonable limits. In terms of actual results, they have been even better. This budget too has been prepared along those sound principles,” said Lyonpo Wangdi Norbu.
He said the government has taken care to ensure that the deficit are in fact even lower than in the past, keeping in mind, the shortage of Indian Rupee the economy has been facing. “The budget deficit has been accordingly brought down to 1.56% of GDP. We sincerely hope that the agencies can complete the programs and activities within the budget limits set,” said Lyonpo Wangdi Norbu.
The deliberation on the national budget will be held on Monday.
In the meantime, the economy is projected to grow by 12.5% for the financial year 2012-13. The growth is expected to be driven by the hydropower sector, projected to grow by 9.9% in the current financial year, with the completion of the Dagachu hydro project
