Nepal Chamber of Commerce (NCC) emphasised how the budget brought by the government for the fiscal year of 2022/23 is positive, but challenging for implementation.
Issuing a press release, the NCC talked about the positive points in the budget Finance Minister Janardan Sharma presented in the federal parliament on Sunday. However, NCC further argued that making budget huge on the one hand but lacking capacity to spend is worrying.
The spending capacity was slow because structural reform has not been made for it. It will be difficult to achieve the target of 8 percent economic growth rate.
Liquidity problem was not solved and capital spending meagre. It however said the utilization of barren land and operation of agriculture ambulance are important priorities to boost agriculture. The plan to establish agriculture micro finance fund of Rs 500 billion to promote agriculture was a positive step, NCC added.
Similarly, creation of industry-friendly atmosphere within the country and concession for industrial operation are other positive moves, NCC stated in the press release.
It was challenging for the government to collect the revenue of Rs 1,240 billion, according to NCC.
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