FNSCI welcomes new budget

May 31 : The Federation of Nepali Small and Cottage Industries (FNSCI) has welcomed the national budget presented recently for the upcoming fiscal year 2020/21. Issuing a press statement on Saturday (May 30), the FNSCI said,”It has announced several measures to promote the country’s cottage and small industries hit hard by the COVID-19 pandemic and the subsequent national lockdown . And, this is really praiseworthy.”

The new budget has prioritised creating employment opportunities through the small and college industries for those Nepali youths returning back home by losing jobs in foreign countries due to pandemic. Similarly, it has announced to provide loans to new investors related to the said industries at two per cent interest rate. Moreover, the  income tax exemption is offered by the government to the affected entrepreneurs.

“The budget has also brought programmes to promote local products of the country that can go a long way in helping the small industries to grow, adds the statement.

The FNCSI, nevertheless, has cautioned that the budget will be meaningful only if the government effectively implements all the announced measures.

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