In the budget presented by the federal government for the financial year 2082/083, the private sector of Koshi has complained that the major demands related to the long-term development of Biratnagar and Koshi province have been neglected.
The budget has expressed appreciation to the private sector for addressing issues such as promotion of agriculture, increase in rice production, information technology, startups, tourism, export promotion and urban infrastructure development. However, industrialists and businessmen have not been satisfied with the neglect of the federal government in the development of the province as a whole. Rajendra Raut, Chairman of Federation of Nepal Chamber of Commerce and Industry, said that the provisions such as increasing rice production and becoming self-sufficient in rice with the aim of bringing self-reliance in the agricultural sector, loans at 3 percent interest to promote youth entrepreneurship, five-year income tax exemption for large startups, cancellation of bank bonds under EXIM code, provision for removal of advance income tax levied on food at customs points, exemptions from electricity tariffs and tax exemptions in the information technology and hotel sector are business-friendly.
"If the potential of Viratnagar was understood and a favorable plan was introduced in the budget, there could have been a qualitative improvement in the economic activity of the eastern region", President Raut said, "But, the budget seems to have ignored the needs of this region again". Measures like the facility to import gold in foreign currency have also been positive for export-oriented industries.
'However, the long-term demand of Biratnagar has been overshadowed again', Sah said, 'the new provision allowing Nepali industrialists to invest abroad is a positive thing.' Pawan Kumar Sharda, president of the Nepal Industry Confederation, Koshi, said that although the budget is silent on proposals such as the construction of an exhibition hall, the construction of a special economic zone (SEZ) and the upgrading of the regional airport, which have been raised for the past several years, it is positive that subsidies are given in the fields of agriculture and IT.
He said, "This time the government has tried to come up with a good budget with honesty". Rakesh Surana, chairman of industry organization Morang, asserted that although the budget this time is positive, it is not multifaceted. He commented that the reduction of duty on sugar export from duty on women's EXIM code is positive. He claims that if sugar duty is increased to 15%, smuggling will decrease. He said, 'However, the budget was silent on the issue of building an industrial village in the Sunsari-Morang industrial area.'
The representatives of the private sector, who were worried about not being able to cover the demands related to the structure and infrastructure development of Biratnagar, the major economic center of the east, became enthusiastic that some business-friendly and long-term improvement programs were included in the budget.
