Focus on protection of domestic industry

By Ajay Chhetri, Kathmandu, May 24: The policy and programme for the fiscal year 2022/23 has focused specifically on the protection of domestic industry and boosting the private sector to trigger economic growth.

Unveiling the government policy and programme for the upcoming fiscal year, President Bidya Devi Bhandari said that priority will be given to the green economy while promoting industry.

Nepali Industry, Nepali Market campaign will be initiated, she said.

Some highlights:

Prime Minister Productivity enhancement and consumption Programme will be initiated.

As in the past years, Make in Nepal Made in Nepal will be promoted with the support of the private sector.

Autonomy and authority of the Unified one door facility will be provided to attract more foreign investment.

Antidumping and safeguarding laws will be implemented effectively to protect the domestic industry.

Foreign investment will be promoted to enhance the tourism industry.   

Cooperation and coordination with the Private sector will be ensured for the commercial generation and distribution of electricity.

Emphasis is to be given to the maximum utilization of internal resources.

Project implementation will be delegated to provincial and local levels except for National Pride Project and strategic project.

Specific rules and regulations will be formulated to effectively enhance capital expenditure.

Agriculture will be slated as a top priority for economic growth. A New Agriculture policy will be implemented. Organic agriculture farming will be promoted. Prime Minister Agriculture Modernization program will be restructured. Rubber farming will be promoted. Due Subsidy will be provided to sugarcane farmers.

The government will play a necessary role to facilitate land for the development projects.

The government will increase public expenditure for the construction of megaprojects and create a conducive business environment.

A unified programme from the farm to the industry will be established.