Nepal | August 08, 2020

COVID-19 battered industry wishes for tax and interest payment waivers, sops in Nepal’s Budget

Economic Survey suggests Khatiwada has little wiggle room

Sujan Dhungana
Share Now:

KATHMANDU: Finance Minister Yuba Raj Khatiwada is scheduled to present Nepal’s annual budge for fiscal 2020-21 at 4 pm on Thursday.

The Economic Survey presented by the finance minister in the federal parliament on Wednesday paints a very grim picture of the economy. The COVID-19 crisis has pulled down Nepal’s macro economic indicators drastically.

GDP growth for the current fiscal is poised to dip to 2.3%. The government had estimated the economy would grow at 8.5%.

The crisis has hit the economy hard, with all major industries in a tailspin with job losses and payment defaults.

We spoke with a cross section of Industry to understand what they expected from Khatiwada’s budget.

Bhawani Rana, president, Federation of Nepalese Chambers of Commerce and Industry says the Budget should focus on protecting citizens from the Corona virus pandemic and reviving industry from the “COVID-19 shock.”

Shreejana Rana, president, Hotel Association of Nepal says tax concessions and Tourism Development Fund are urgently needed for the bleeding hospitality industry.

Umesh Prasad Singh, acting president of Federation of Nepal Cottage and Small Industries counts subsidised electricity and rent as a major expectations from the budget.

Madan Lamsal, General Secretary of Media Society says the budget must announce subsidised loans and ensure sustainability of media houses and the staff they employ.

Film Director Dipendra Lama wants a special package of Financial sops for the film industry and more funding through the Film Development Board.

Given the state of the country’s finances, most industry insiders concede they are not very optimistic about the budget granting them their wish list. Most are looking at a challenging fiscal year ahead.

Follow The Himalayan Times on Twitter and Facebook

Recommended Stories:

More from The Himalayan Times:

District administration offices agree on 16-day restrictions in valley

KATHMANDU, AUGUST 7 All three district administration offices of Kathmandu valley have decided to allow only emergency services for 16 days — August 9 to August 24 — and suspend the rest to break the chain of COVID transmission, as people had been venturing out of their homes in droves of lat Read More...

Locals of Nayagaun face double insecurity at Nepal-India border

RANJHA: People in Nayagaun in Raptisonari Rural Municipality-4 of Banke district have been compelled to live with double insecurity due to border encroachment by the Indian side and because of timber and river-based aggregates smugglers. Locals complained about their problems as they interacted w Read More...

Two persons succumb to COVID-19 at Patan Hospital

KATHMANDU: Two COVID-19 patients undergoing treatment at Patan Hospital have succumbed to the contagion on Friday morning. A 45-year-old man from Sarlahi died at around 9:00 am today during the course of treatment for coronavirus infection at the isolation ward, Patan Hospital's Director Bishnu P Read More...

Nepal COVID-19 Update: 464 new cases, 425 recoveries, five deaths recorded today

KATHMANDU: Nepal’s Health Ministry, in its regular press briefing, shared the latest updates on coronavirus contagion from across the country, and government’s response to the health crisis. As of today, 427,501 tests through Polymerase Chain Reaction (PCR) method have been carried out, w Read More...

Five days after ward chair's demise, four of his family members test COVID-19 positive

RAUTAHAT: Four family members of ward chair of Ishanath Municipality-5 in Rautahat district have tested positive for the coronavirus infection. Ward chair Devendra Thakur, who died at the age of 55 on Monday, had asthma, diabetes and high blood pressure. After having respiratory problems, he was Read More...

Nationwide COVID-19 tally crosses 22k with 464 new cases detected on Friday

KATHMANDU: The Ministry of Health and Population has recorded 464 new cases of the coronavirus infection on Friday, taking the nationwide count to 22,214. The new infections were confirmed after testing 7,926 specimens through PCR method across the nation in the last 24 hours. Among the new ca Read More...

PM Oli extends best wishes to his Sri Lankan counterpart

KATHMANDU: Prime Minister KP Sharma Oli congratulated Sri Lankan Prime Minister Mahinda Rajapaksa, on his landslide victory in the Sri Lankan People's Party parliamentary election and conveyed best wishes for his successful tenure of office. The press release published by the Ministry of Foreign Read More...

Health Ministry reports five COVID-19 fatalities on Friday; death-toll reaches 70

KATHMANDU: Five persons including three from Birgunj in Parsa district have succumbed to the coronavirus infection, confirmed the Ministry of Health and Population (MoHP), at its regular media briefing, on Friday. A 45-year-old male of Birgunj Metropolitan City-9 admitted at the Lalitpur-based Pa Read More...