Budget falls short of expectations, says FNCCI

KATHMANDU, NOV 22 -

The Federation of Nepalese Chambers of Commerce and Industry ( FNCCI ) said on Wednesday that though the two-third budget would help to stir up the stagnant economy, it would not ensure overall economic development and fulfil the expectations of the private sector.

The government brought out the second part of its annual financial plan on Tuesday amid strong protests by the opposition parties.

Expressing concern over the budget , the FNCCI said that there was no reason for excitement as it had not introduced new policies nor addressed inflation properly. “The budget does not contain new policies and programmes for the development of the economic sector and implementation of national pride projects,” said the FNCCI in a press release. “The budget will actually make it harder to implement last year’s programmes.”

According to the FNCCI , the partial budget will result in a decline in the flow of investment and add to the woes of the economic sector. “If a full-fledged budget is not introduced, it will result in prolonged load-shedding hours, discourage commercialization of agriculture and halt further development of infrastructure,” added the FNCCI .

The apex business body said that the budget would even discourage the donor agencies that have been supporting the country with development funds.

Source: The Kathmandu Post