Budget will address economic woes
KATHMANDU, July 1:
The finance ministry has assured the private sector representatives that the next budget will address existing economic woes and create better investment environment in the country.
“The budget for the next fiscal year will address current economic problems so that overall productivity and investment can be increased while maintaining the social justice,” said deputy prime minister and finance minister Bharat Mohan Adhikari, in an interaction with the private sector representatives of Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) here today.
He also expressed his commitment to support private sector in any way possible. “We will try to discipline the government as well through the budget as this one will direct the government spending in developmental works and infrastructures,” he said.
“The budget needs to bring in measures to solve the current economic problems and ensure industrial friendly environment by providing sufficient infrastructures,” said vice president of CNI Hari Bhakta Sharma, while forwarding the private sectors’ suggestions for the next fiscal year’s budget.
He pointed out that the overall economic situation does not seem to look good as trade deficit is widening, manufacturing sector’s contribution is contracting, capital market is headed downward, liquidity problem in financial sector, power shortage, and lack of infrastructure.
CNI also suggested to introduce provisions that will encourage small and medium enterprises by providing different incentives and execute the projects on the basis of Public-Private-Partnership (PPP).
“It is imperative for the budget to effectively address poor performance of export industries, labour unrest and lack of investment environment in industrial sector,” CNI recommended. To tackle power problems, they even suggested that hydropower projects should be exempted from any types of taxes to attract more foreign as well as domestic investment in the power sector.
Similarly, NCC president Suresh Basnet said that the new budget should not be revenue-centric but help development and promote investment and generate employment. “The budget should remove provision of source disclosure to tackle liquidity problem due to which depositors are shying away from financial institutions,” he suggested, adding that private sector has to be encouraged.
Source: THT
The finance ministry has assured the private sector representatives that the next budget will address existing economic woes and create better investment environment in the country.
“The budget for the next fiscal year will address current economic problems so that overall productivity and investment can be increased while maintaining the social justice,” said deputy prime minister and finance minister Bharat Mohan Adhikari, in an interaction with the private sector representatives of Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC) here today.
He also expressed his commitment to support private sector in any way possible. “We will try to discipline the government as well through the budget as this one will direct the government spending in developmental works and infrastructures,” he said.
“The budget needs to bring in measures to solve the current economic problems and ensure industrial friendly environment by providing sufficient infrastructures,” said vice president of CNI Hari Bhakta Sharma, while forwarding the private sectors’ suggestions for the next fiscal year’s budget.
He pointed out that the overall economic situation does not seem to look good as trade deficit is widening, manufacturing sector’s contribution is contracting, capital market is headed downward, liquidity problem in financial sector, power shortage, and lack of infrastructure.
CNI also suggested to introduce provisions that will encourage small and medium enterprises by providing different incentives and execute the projects on the basis of Public-Private-Partnership (PPP).
“It is imperative for the budget to effectively address poor performance of export industries, labour unrest and lack of investment environment in industrial sector,” CNI recommended. To tackle power problems, they even suggested that hydropower projects should be exempted from any types of taxes to attract more foreign as well as domestic investment in the power sector.
Similarly, NCC president Suresh Basnet said that the new budget should not be revenue-centric but help development and promote investment and generate employment. “The budget should remove provision of source disclosure to tackle liquidity problem due to which depositors are shying away from financial institutions,” he suggested, adding that private sector has to be encouraged.
Source: THT
