Nepalese Finance Minister Ram Sharan Mahat delivers a budget speech of the fiscal year 2014/2015 at the parliament at Constituent Assembly building in Kathmandu, Nepal, July 13, 2014. The government unveiled its annual budget with an exclusive focus on the development of education, agriculture and physical infrastructure in the country. (Xinhua/Sunil Sharma)

The Nepal government on Sunday announced 6.18 billion U.S. dollars worth of annual budget for new Nepali fiscal year 2071-72 (2014-2015).

Announced by the Finance Minister Dr. Ram Saran Mahat in country's capital, the annual fiscal policy focuses on policy reforms, infrastructure and agriculture development. It also put high priority on sectors like hydropower development, manufacturing and service industry and tourism industry.

The annual fiscal policy has earmarked 3.53 billion U.S. dollars under current expenditure, 1.66 billion U.S. dollars under capital expenditure and 787 million U.S. dollars towards fiscal management, among others.

The budget termed by minister Mahat as "reform and investment oriented" is sized all time big in Nepal's history.

It aims at achieving 6 percent economic growth and containing inflation at 9 percent in the next fiscal year.

The budget announced on Sunday afternoon is bigger by 19.5 percent than the government- introduced budget in the last fiscal year.

This is the first budget with new policies and programs in the last three years in Nepal.

Finance Ministry, through the budget has for the first time in Nepal's history doled out 500,000 U.S. dollars to each of 601 parliamentarians, for executing development works in their respective constituencies.

In a bid to further motivate government officials, the government has hiked the salary of its employees by 10 percent through the budget.

Introducing a slogan "Brighter Nepal, Prosperous Nepal," the budget aims at eliminating the existing power crisis within three years, something that has relieved pauper citizens in the power hunger nation.

"The budget is focused on achieving higher economic growth and freeing nation from the labyrinth of poverty," Dr. Mahat said while presenting the budget which was telecast live by the state media.

Recognizing the contribution of education for the development of the country, the budget has allocated a total of 860 million U. S. dollars for the development of education in the country where literacy rate is still below the par as compared to other Asian countries.

Likewise, 335 million U.S. dollars has been allocated for the health sector aiming at making the health services easily accessible to the citizens throughout the country.