Tuesday, June 26, 2012

Caretaker finance minister Pun seeks private sector's help to bring full-fledged budget

Caretaker finance minister Barshaman Pun has sought the private sector's help in convincing other political parties who have been opposing a full-fledged budget by the caretaker government.
"I am ready to bring a budget based on a minimum economic agenda of the private sector," he said, addressing an interaction organised by Federation of Nepalese Chambers of Commerce and Industry (FNCCI) here today.
But the private sector should help the government convince other political parties — especially Nepali Congress and CPN-UML — for a minimum economic agenda and pave the way for a full-fledged budget, he said, adding that the government is trying hard to sell the idea of a timely budget and its effect on the economy.
The private sector has already prepared a common minimum economic agenda and is ready to share it with the government, if it is serious on economic development of the country, according to FNCCI president Suraj Vaidya. "The umbrella organisation of the private sector has identified six areas as priority sectors."
"We have identified energy, employment generation/entrepreneurship development, infrastructure, commercialisation of agriculture, export promotion, and tourism promotion and expansion as priority areas," the entrepreneurs said, asking the government to implement earlier budget's key policies and programmes like allowing Non Resident Nepalis (NRNs) to purchase flats to give lease of life to the real estate business; bringing a new Industrial Act to support domestic and foreign investment; studing the total hydropower generation capacity, construction of transmission lines at Koshi, Kali Gandaki, Marshyangdi and Kabeli corridor; smooth supply of petroleum products to tackle the energy crisis that has been pulling industrial production down and increasing cost of production making domestic products less competitive; and taking action against cartel to ensure correct prices for consumers.
The country has witnessed an exodus of some 480,990 Nepalis in the first 11 months of the current fiscal year due to lack of employment back home, they said, adding that the government must support entrepreneurship to create employment to stop the massive brain and muscle drain.
"The government should allocate a minimum of 10 per cent of the education budget for technical education, apart from establishing a trade school to create employment, they said, adding that employee-friendly laws, 'one institution one union' and 'No Work No Pay' provisions coupled with Foreign Investment Act, and Special Economic Zones Act could attract investors that would generate employment.
The private sector has also asked the government to organise a meeting of the Investment Forum to attract foreign investment.
They also sought budget for the 'One Village One Product' campaign and encouragement for technology-based commercial agriculture too to promote exports and increase agricultural productivity from the current traditional agriculture.
Similarly, they suggested an increase in the tax bracket for single and married people, VAT thresh hold and large taxpayers limit to Rs 500 million.
The private sector due to a regular tug-of-war between political parties has also sought a fixed date for the budget.


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