Private sector demands policy stability, investment promotion through new budget

Kathmandu, May 22: The private sector has emphasised that the budget for the upcoming fiscal year 2082-83 BS (2025-26) should open avenues for policy stability and investment.     

In a meeting of the Finance Committee, House of the Representatives (HoR) today, the representatives from the private sector called for announcing the upcoming decade (2082-2092 BS) as an 'investment decade' and promoting the private sector.     

The meeting was focused on the upcoming budget and its potential priorities.     

Senior Vice-Chair of Federation of Nepali Journalists (FNJ) Anjan Shrestha said the private sector expects the new budget to incorporate strategies for expanding the open economy along with social justice and for economic improvements in a new phase.     

The budget should be focused on increasing development expenditures against the general expenditures and increasing people's purchasing capacity, and industrial production and productivity, Shrestha said, adding that "investment-friendly atmosphere with policy stability is the need of the hour."     

He urged the government to prioritise industries capable of replacing imports, demanding a 40 per cent income tax discount for production-based, tourism and service-based industries providing jobs for over 100 individuals.     

National Council member of the Confederation of Nepalese Industries, Laxmi Prasad Subedi, called for promoting the private sector by reducing the income tax rates for production-based industries. He echoed the need to increase the capital expenditures     

Nepal Chamber of Commerce Acting Chair Deepak Malhotra stressed the need for ensuring policy stability through the upcoming budget, with the promotion of the use of electric devices, including electric motor vehicles.     

Lawmakers Purna Bahadur Tamang urged the government to bring an inclusive and balanced budget, bearing in mind the development status of the country, while Narayani Sharma stressed the need for cooperation with the private sector for the development of the national economy.     

Surya Bahadur Thapa Chhetri called for considering the size of the national economy and average life expectancy while determining the social security allowance. "The state is not supposed to take back or cut the social security being given to the citizens," he said, adding, however, that the situation permitting a citizen to get double benefits should be ended. (RSS)