Confederation of Industries Chairman Pandey: Budget to Give New Direction to Nepal's Economy

Kathmandu. Chairman of the Confederation of Industries, Birendra Raj Pandey, said that the budget has come to give a new direction to Nepal's economy. He said this at a post-budget interaction organized by the Nepal Economic Journalists Association (NAFEJ), stating that the budget has come to boost the morale of the private sector. 

Chairman Pandey said that at a time when the demand for consumer goods in Nepal has decreased in recent years, the budget has come to make the economy dynamic. “It has come to boost the morale of the private sector and make the economy dynamic,” he said, “The budget programs seem to address the current lack of demand in the market.”

Pandey said that the removal of excise duty on 260 goods by the government will reduce the cost of business. He welcomed the amendment to Section 57 of the Income Tax Act, which the Confederation of Industries has been demanding. “Resolution of tax disputes and amendment of dozens of laws related to investment will encourage the private sector,” he said, “The issue of handing over industrial areas like Motipur and Mayuradham for construction to the private sector has come up. These are the very issues we have been asking for.” 

Pandey expressed confidence that the government's policy to increase forest, mining, and nature-based industries through the budget will help boost manufacturing industries. 

He said that although the budget has addressed many issues of the private sector, some demands have not been met. He said that the demand to implement quality standards on imported goods from countries like India was not mentioned in the budget. 

The private sector had been demanding for a long time that there should be no limit on manufacturing industries. This issue has not been addressed. 

He said that the issue of technology industries, including data mining, is still unclear. He also said that the Confederation expects more programs related to cold storage and chain building for marketing for the development of the agricultural sector. 

He said that the private sector will cooperate in the effective implementation of the budget.