Private sector presses hard for full budget

The private sector has asked the government to bring a full-fledged budget for the next fiscal year 2013-14.

Federation of Nepalese Chambers of Commerce and Industries (FNCCI) today even warned to take to street, if the government fails to bring full budget with plans and programmes

Some quarters of the society os still lobbying against the full budget, claiming that the incumbent government is election government with limited responsibility, but the umbrella organisation of domestic private sector said that the government should ensure full-fledged budget and free and fair election.

“We urge the government, political parties, and other stakeholders to be serious about the budget,” FNCCI vice-president Bhaskar Raj Rajkarnikar said here today.

The FNCCI has also sought tax reform, especially revision to the current threshold in value added tax (VAT). “The threshold should be increased to Rs 10 million from the current Rs 2 million,” he said, adding that the minimum threshold is too low as even a small vendor can have annual transaction worth Rs 2 million at present.

Asking to solve the mismatch problem, the FNCCI has also urged the government to give national recognition to industries that use 60 per cent to 70 per cent local raw materials.

Rajkarnikar also defended the recent market distorting incidents of cooking gas dealers, gold traders, water bottlers and dairies. However, he forgot that the free market and liberal economy also ensures consumers rights and their right to quality products for the price they pay.

Strong regulator can not only ensure consumers rights but also protect the liberal market economy and create competitive business environment.