Nepal Chamber of Commerce provides suggestions for upcoming budget

Nepal Chamber of Commerce (NCC) has urged the government to prepare the upcoming budget for fiscal year 2078/79 by giving importance to the country’s economic recovery.

Rajendra Malla, President of NCC along with other members of the chamber presented the recommendations to Finance Minister Bishnu Prasad Poudel on Monday.

During an interaction at the Finance Ministry today, Malla urged the government to focus more on bringing a budget that can be effectively implemented instead of just increasing the size of the budget. “Since the country’s economy has been devastated by the coronavirus pandemic the government should prioritise on economic recovery when preparing the forthcoming budget,” he said. Malla added that all the incentives provided by Nepal Rastra Bank through its Monetary Policy to help the COVID-hit economy recover should be given continuity.

During the meeting, Minister Poudel mentioned that he would study the recommendations submitted by Nepal Chamber of Commerce and try to include them in the budget. He added that the government is always ready to cooperate with the private sector for the economic development of the country. “Since NCC is among the oldest private sector organisations in Nepal the suggestions provided by the chamber will be very important while preparing the budget,” stated Poudel.

NCC has recommended the government to lay emphasis on bringing programmes that will encourage entrepreneurship in Nepal. It has stated that the education, construction, health and tourism industries along with other businesses have been badly hit by the COVID-19 pandemic, so the government should focus on developing entrepreneurship and generating more employment opportunities.

The chamber has also urged the government to mobilise necessary health services and facilities on a war-footing so that the economy is again not battered by the second wave of the virus which has been infecting people at a faster pace. It has also urged the government to allow the private sector to import coronavirus vaccines.

NCC also apprised Finance Minister Poudel that the Rs 50 billion stimulus package that the government had introduced has not been fully implemented. It further urged the government to introduce a relief package that is equivalent to five per cent of the GDP in the upcoming fiscal budget. NCC members have suggested Minister Poudel to make loans through this relief package available at three per cent interest.

Among other recommendations, NCC has also urged the government to include programmes that will foster start-ups being opened by the youths in the budget. The NCC has also recommended the government to further develop the IT industry and expand its use to the rural areas.

Along with Malla, Immediate Past President of NCC Rajesh Kazi Shrestha; Senior Vice-President Kamalesh Kumar Agrawal; Vice Presidents Deepak Malhotra, Deepak Shrestha and Surendra Kumar Shrestha and Chairperson of NCC’s Tax Committee Parshuram Dahal were present while submitting the recommendations to Minister Poudel. Secretary of the Finance Ministry Sishir Kumar Dhungana along with other officials of the ministry were also present during the event.