Govt plans to boost industrial sector

HIMALAYAN NEWS SERVICE

KATHMANDU: The government has projected to bring an overall trade and export promotion package in its full budget for fiscal year 2012–13.

While announcing the an interim public expenditure arrangement of Rs 161.24 billion, the government also announced its wish to develop necessary infrastructure for industries under public private partnership.

It has also planned for industrial security management, subsidy for export-oriented industries, construction of infrastructure development bank and to start the Prime Minister Industrialist Award for industrialists making investments of more than Rs one billion.

“The government has plans to bring a new Industrial Act, direct the formation of a Certification Board, promote employment, prepare source profile, award the most excellent women entrepreneurs, and provide facility for sick industries,” said finance minister Barshaman Pun while announcing the budget.

According to the minister, the government also has plans to start programmes concerned with products identified by Nepal Trade Integration Strategy 2010, register a collective trademark for tea and coffee, promote carpet and pashmina products, facilitate chyangra farming, and simplify export facility procedures.

Meanwhile, president of Federation of Nepal Cottage and Small Scale Industries Lata Pyakurel said that the announcement of one–third budget will slow down major economic activities in the country. “We are not sure if the government will bring a full budget even after four months,” she said.

According to president of Federation of Handicraft Associations of Nepal Bikash Ratna Dhakwa, exporters were hopeful about an export promotion package but since the government has failed to bring a full budget, it will definitely hit the export sector hard.