KATHMANDU: A call for declaring micro, cottage, and small industries as a priority sector akin to agriculture has gained traction, emphasizing the need for self-reliant economic growth and a reduction in trade deficits.
During a policy-level discussion hosted by the Federation of Nepali Cottage and Small Industries, stakeholders underscored the pivotal role of these industries in fostering self-sufficiency within the economy and advocated for their designation as a priority sector, echoing the status accorded to agriculture.
Federation President Umesh Prasad Singh highlighted the potential of promoting these industries through the Industrial Enterprises Act, emphasizing its role in nurturing a prosperous economy. He emphasized the necessity of a comprehensive action plan for import substitution, export promotion, employment generation, and increased production to drive economic prosperity and development.
Singh also urged support for the establishment of a commercially operated ‘Virtual Market Place’ by the private sector. Outgoing Federation President Shyam Prasad Giri called for the cessation of the imposition of a 300% fine on industries failing to renew, stressing the need for alignment between the acts, rules, and operational procedures at federal, provincial, and local levels.
Minister for Economic Affairs and Planning of Bagmati Province, Bahadur Singh Lama, advocated for the expansion of small, cottage, and micro enterprises into larger industries by focusing on their promotion and upscaling. He highlighted the import-centric nature of small industries, emphasizing the need to shift the focus towards production.
Addressing concerns about the protection of small industries, the provincial government’s minister expressed positivity towards establishing an international-standard exhibition center. Minister for Industry of Bagmati Province, Ram Krishna Chitrakar, emphasized the necessity of revising acts designed for federal implementation and indicated ongoing efforts towards formulating the Provincial Industrial Policy.
Former Finance Secretary Shishir Dhungana and former Industry Secretary Yam Kumari Khatiwada presented working papers outlining necessary inclusions and amendments to Bagmati Province’s Industrial Enterprises Act.
The discussion witnessed the participation of several officials, including Bagmati Province government ministers, joint secretaries from the Ministry of Industry, Commerce, and Supplies, the Director-General of the Department of Industries, and representatives from the Federation. The event was jointly organized by the Federation and USAID Trade and Competitiveness.
(Inputs from RSS)
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