Kathmandu, May 30: Nepal Chamber of Commerce (NCC) has commented that the budget unveiled by the government for the fiscal year 2082/83 BS is largely ‘balanced’.
Although the executive’s budget proposal has been prepared and presented in an effort to address current economic complications of the country, its implementation is full of challenge, the Chamber noted.
“It seems challenging to meet the target of raising revenue of Rs 315 billion as well as foreign loan and grants. Revenue collection appears to be tough if the economic activities are not expanded”, reads a statement issued by the Chamber.
The Chamber further stated that the budget has laid focus on facilitating trade and business, promoting industrial investment and boosting confidence of private sector. Not including the projects below Rs 30 million in the federal budget is taken positively, the statement added.
The Chamber of Commerce also appreciated the budget for laying high emphasis on the sectors such as information technology and tourism promotion. ‘It is welcoming to envision the establishment of welcome and service centre targeting tourists arriving via surface routes”.
Likewise, the Chamber took the proposal of reviewing the legal framework on land acquisition and ceiling as a positive move.
“Matters related to the implementation of economic sector recommendation commission is appreciative. Budget provisions such as formulation of credit transactions law, collective amendment to the law on division of property among creditors of bankrupt businesspersons, inflow of remittance through banking system, investment to the productive sector and integrating all payments made through public agencies in electronic system are positive”, it is stated.
The Chamber has underlined the need for introducing monetary policy accordingly to facilitate the target to keep six percent economic growth and 5.5 percent inflation within the border. #nepal #Nepal Chamber #rss
