‘Budget inks challenges for private sector’

KATHMANDU: The Federation of Chambers of Commerce and Industry (FNCCI) while analyzing the ordinance budget for fiscal year 2005-06 has hoped that if the government could restore peace and maintain law and order, it would help boost the economy, maintain financial discipline, develop Nepal as a transit point for India and advance public-private partnership. The budget 2005-06 has tried to give a lead role to the private sector, recognising its importance to the national economy which is a good step but in reality it should work, businessmen said in the statement. Steps like establishing an export promotion zone, special economic zones, one-village one-product concept, make excise collection effective, avoid increasing tax rates and revenue collection in commercial banks are some positive steps. However, what is worrisome is that the budget has not spelt out any rescue measures for arresting decreasing carpet and exports and removing them from the list of small scale industries category, said the statement. This move will negatively affect the export sector as these items are main exportable items. The ordinance budget’s step to keep the cottage industries away from the tax net will ultimately help to advance entrepreneurship. The budget has reduced income taxes on export earnings; IT related technologies and industries, that will be established in the special economic zones. That move will encourage exporters and boost export industry, said the statement.

BP Memorial Day marked

POKHARA: Nepali Congress and Nepali Congress (Democratic), Kaski district executive committees, today marked the 23rd BP Memorial Day here by organising various programmes. District secretary of the NC, Posh Raj Sharma, said party workers planted 150 saplings on a land opposite to the Pokhara industrial zone and belonging to district member of the NC Bishwo Ghimire. In the programme, also participated by leaders of other agitating political parties, Yagya Bahadur Thapa, district chairman of the NC, Som Nath Adhikari Pyasi, district secretary of the NCP (UML), Khem Raj Poudel, district chairmanof NC (D) and Santa Bahadur Ghising, district president of Jana Morcha Nepal, spoke on the late Koirala’s contributions. The Lekhnath town committee also marked the day by planting100 saplings at Bhandaridhik Okhareledanda. The unit committee of the Nepal Students’ Union, Western Engineering Campus, also observed the day by organising various programmes. The NC(D) commemorated the day by organising a workshop in Pokhara. Local political leaders expressed their views on democratic socialism and the current political situation in the country.