Kathmandu, April 12

Prime Minister KP Sharma Oli has said that the fiscal budget for 2016-17 will be more focused on creating an investment-friendly environment in the country. The PM further added that this will help the country achieve its goal to graduate to the league of developing nations within a few years.

Prime Minister Oli made these remarks while addressing the 65th annual general meeting (AGM) of Nepal Chamber of Commerce (NCC) here today. He mentioned that the budget of next fiscal under his leadership will be a landmark one.

Stating the country should not lag behind in the development process, PM Oli urged the private sector to provide suggestions for the government’s policies and programmes. According to him, the government has been collecting suggestions from experts, civil society members and political parties to develop its policies and programmes, which will be the guiding principle for the budget.

“The government will address the challenges that the private sector has had to face due to the earthquakes and border blockade through the next fiscal budget. Besides that, we have been expecting suggestions from the private sector on how the government could bring rapid progress in the country.”

The budget for fiscal 2016-17 will be the first budget to be implemented based on the economic and social aspects and directive principles of the constitution. “As the government is going to implement the constitution, we need to bring better changes in people’s lives,” the PM said. “We have established political rights through the constitution, but for people to be able to exercise them we should make them financially strong.”

Speaking in the programme, Pashupati Murarka, president of Federation of Nepalese Chambers of Commerce and Industry, highlighted the need for rapid infrastructure development as well as reforms in legal and administration front, which will create the space for private sector to expand businesses. He said he expects a private-sector friendly budget in the next fiscal, which will address problems facing the sector.

In his welcome speech, Rajesh Kazi Shrestha, president of NCC, sought special treatment for small and medium enterprises, which have been hit hard due by the powerful temblors of April and May last year and border blockade. Apart from that, to enhance the production sector in the country and boost exports, the government can reconsider the current taxation provision and extend incentives on exports, he opined.

Shrestha also said NCC, in collaboration with market monitoring body, could play a proactive role to ensure supply of quality goods and services to protect consumer rights.