NTB plans to present budget of 1.5 billion for upcoming fiscal year

KATHMANDU, July 05:The Nepal Tourism Board is planning a budget of approximately 1.5 billion rupees for the upcoming fiscal year2023/24. The budget for the current fiscal year is 1.20 billion rupees.

The Nepal Tourism Board (NTB)'s budget for the coming fiscal year has been enhanced in comparison to the present fiscal year 2022/23. The budget for the future year has been increased by 300 million rupees over the present year.

The NTB has prepared to spend the current fiscal year's budget on promoting and publicizing Nepal's tourist sector in the worldwide market.

Dhananjay Regmi, CEO of NTB stated that 80 percent of the 1.30 billion budget will be spent on worldwide tourism promotion and publicity.

In 2025, the government plans to hold a special visit year in Nepal. "We're also looking into it and putting together a budget," he said.

He stated that the budget, which has increased from last year, will be spent mostly on India and China, which are the two most important markets for Nepal's tourism industry.

Out of 4.5 lakh tourists, 167,000 arrived from India alone in the first six months of 2023. This accounts for 35% of overall tourist arrivals.

According to data recently given by the NTB, India is Nepal's largest market for tourism. The NTB anticipates that through marketing and promoting tourism in India, more tourists will be attracted.

Similarly, CEO Regmi stated that the Nepal China Friendship Dragon Boat Race Festival, which was held in Pokhara in partnership with the Chinese Embassy Tourism Board, increased tourism activities in the Chinese market.

He believes that marketing in India and China will assist to attract more tourists. Furthermore, he stated that the budget will be targeted on boosting Nepal's tourism business in foreign nations.