Kathmandu, May 29

The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) — the largest private sector umbrella body — has hailed the budget for fiscal 2016-17 citing it has incorporated a wide range of suggestions provided by the private sector umbrella body.

Issuing a press statement today, FNCCI has said that the government’s aim to attain high growth rate, retain 400,000 labourers in domestic labour market, programmes to boost agriculture productivity and establishing industrial estates and preventing strikes and protests in industrial areas, highways and development projects are crucial steps.

Similarly, as per FNCCI, the budget for fiscal 2016-17 will encourage private sector investment as it has pledged to provide sufficient energy to industries within two years.

FNCCI has also lauded the government for giving continuity to the existing tax rates, increasing the income tax threshold, and reducing transaction tax rates, among others.