Pvt sector against populist budget
The private sector has asked the government not to bring a populist budget, but the one that would intensify economic activities.
As the previous three years’ budgets were presented behind the schedule, the private sector has sought a constitutional arrangement for bringing a timely budget.
“The annual budget should be brought three months before the commencement of the new fiscal year,” said Jagadish Rathi, executive committee member, the Federation of Nepal Chambers of Commerce and Industry (FNCCI), at a pre-budget discussion organised by the Management Association of Nepal (MAN) here on Monday.
For the last three years, the budget has been presented either behind the schedule or endorsed late by the Parliament.
With the government gearing up for an early budget for next year, the private sector is seeking special incentives for industries that could help in import substitution.
“In order to promote industries such as cement, agriculture and metal, there should be exemption in income tax and interest,” said Rathi.
Installation of a thermal plant to resolve the energy crisis, value added tax exemption in hydropower project, establishment of infrastructure development banks were some of the suggestions of Rathi.
Former National Planning Commission vice-chairman Prithvi Raj Ligal stressed on the need for providing subsidies to the industrial sector to boost business confidence.
“Export subsidies are also essential,” said Ligal. Ligal also urged the government to improve the labours-entrepreneurs relationship to improve the productivity of labours.
He sought the government’s intervention to resolve the liquidity crunch in banks.
Posted on: 2011-04-26 09:23
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