Budget cannot reinstate industries hit by COVID-19: FNCCI

KATHMANDU: Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has concluded that the budget brought by the government for the fiscal year 2020/21 is not encouraging to the private sector.

Issuing a press statement on Sunday, FNCCI stated that the government did not include the suggestions in the budget given by the private sector.

Despite concession offers made by the government are appreciative, the budget did not contain any programs to revive and reinstate the economy badly hit by the Coronavirus pandemic, said the press statement.

In the statement, FNCCI said the relief package introduced by the government will not bring positive impact on the private sector. The private sector will not benefit from it, the FNCCI concluded.

The organization, however, has welcomed the concession in the income tax in the small-scale industries, electricity bill, and subsidized loan, among others.

But the budget, as a whole, cannot revive and reinstate the industries badly damaged by the COVID-19, claims FNCCI.