The Lumbini Chamber of Commerce has welcomed the annual budget for fiscal year 2082/83, announced yesterday, giving it a positive response.
In a statement, the Chamber expressed satisfaction that the budget focuses on production-oriented programs, infrastructure development, employment generation, and investment promotion.
In his welcome address, Chamber President Tanka Prasad Pokharel said this is the first time the budget has incorporated most of the suggestions provided by key sectors. He thanked the government for encouraging the private sector, which had recently been discouraged.
Pokharel noted that the government, through the budget, has recognized the private sector as a partner in development. He expressed hope that the budget would help revive the economy and steer it out of recession.
According to a release issued by President Pokharel, the budget places emphasis on agriculture, tourism, energy, and the information technology (IT) sector. It has also adopted measures to attract both foreign and domestic investment. Such initiatives, he said, are expected to boost production, promote import substitution, and increase exports.
He further added that while the budget is expected to support long-term economic growth and domestic production, its effective implementation remains a concern. He pointed out that some of the revenue collection targets seem ambitious and may pose challenges.
Pokharel also expressed satisfaction over youth-oriented startup programs, a historically large budget allocation for infrastructure in the education and health sectors, and the government’s move to discourage investments in unproductive sectors.
Additionally, he thanked the government for removing VAT on digital services and for keeping tax rates unchanged on electric vehicles.