Private sector’s mixed reactions on budget

KATHMANDU: The private sector has given a mixed reaction about the adjusted budget announced by the government. The business leaders have expressed concerns over government’s failure to brining any new policies and programs.

It was unfortunate for the nation that it witnessed the budget announcements in three phases in a fiscal year, they said.

President of Nepal Chamber of Commerce Suresh Basnet said the private sector has not expected much from this budget brought with a focus on the upcoming Constituent Assembly (CA) elections but added that some projects incorporated in it for the development of economic sector are positive.

Projects related to the construction of a new hall for industrial exhibition inside Kathmandu Valley and development and expansion of a special economic zone in Bhairahawa are positive, he said.

He said sluggish development projects resulted from limited paid-up capital and merely collection of revenue were the negative indicators seen in the country’s economic sector.

Similarly, President of Confederation of Nepalese Industries Narendra Kumar Basnyat said although the budget brought by the government is private sector-oriented in view of policy, its implementation is awaited.

The announcement to make the country self-dependent in cement production within the next two years is praiseworthy, he said.

Likewise, President of Federation of Small and Medium Entrepreneurs, Janga Bahadur Shrestha, said the Nepali people did not have much expectations from the budget announced focusing on the election. However, stress on some economic issues are positive aspect of the budget, he said.

Similarly, Vice President of Federation of Nepalese Chambers of Commerce and Industry, Pashupati Murarka, said the program related to an increment of paid-up capital was positive. The budget would be supportive in addressing the problem of liquidity seen in the Nepali market, Murarka added.