Banking News – Mahabir Pun has said the government is preparing new programs for the science and technology sector, emphasizing that creating opportunities for innovation within Nepal would help discourage the outflow of young talent abroad.

Responding to questions raised during discussions on the Appropriation Bill, 2083 in Monday’s meeting of the National Assembly of Nepal, Pun said the establishment of a separate ministry after years of advocacy had led to increased budget allocations for the sector.

The minister said he entered politics after previous governments failed to give adequate priority to science and technology, despite his long-standing efforts to establish innovation centers across the country.

Pun said one percent of the government’s capital expenditure equivalent to around Rs. 4 billion has been allocated to the ministry. However, because he had not been appointed when the budget was presented, Rs. 3.40 billion has been kept under an unallocated budget heading.

He added that the ministry has also been encouraging provincial and local governments to allocate one percent of their capital expenditure to science and technology initiatives.

According to the minister, the ministry has begun drafting necessary laws and regulations and is conducting organizational and management surveys following the formation of its leadership. He also said proposals will soon be invited from young scientists seeking research funding.

Pun informed lawmakers that the National Forensic Science Laboratory Bill is currently under consideration and that the government plans to increase the budget of the Nepal Academy of Science and Technology.

Highlighting the country’s weak intellectual property landscape, Pun noted that only 90 patents have been registered in Nepal so far and pledged to improve the situation. He stressed that spending on science should be viewed as an investment rather than an expense.

“Developed countries have achieved prosperity by investing in science and technology,” Pun said. “If Nepal is to achieve sustainable development, budget allocations for this sector must increase. We are also working to identify and bring back talented Nepali scientists and researchers currently living abroad.”