Upcoming year is considered a take-off year for economic growth and job creation: Industry minister

KATHMANDU: Trial production is underway at Hetauda Textiles Industry, which is operated by a directorate of the Nepali Army (NA), Minister for Industry, Commerce and Supplies Gauri Kumari said on Tuesday. The government has presented the budget for the upcoming fiscal year as a take-off year, with targets of securing 7% annual economic growth, building a $100 billion economy within five years and creating more than 1.2 million jobs.

Speaking during deliberations on the Appropriation Bill-2083 BS in the National Assembly, Minister Kumari said the government is evaluating the assets and financial liabilities of seven sick industries and reiterated efforts to revive Hetauda Textiles and boost production and employment.

"The Ministry is further effortful production, productivity and employment growth, while boosting the private sector's morale," she said.

The Industry minister said an Investment Protection and Promotion Strategy is awaiting endorsement from the Council of Ministers and, once approved, will help protect and promote private property and support industrial establishment. At the ministry level, initiatives have been launched to systematise and operate 10 industrial corridors across the country, she added.

The minister reported that around Rs 435 million in land rent dues from Industrial Corridor Management Limited has been recovered. A taskforce formed to find a long-term solution to problems in tea exports to India is preparing its report, and resources have been arranged for the construction of warehouses to store tea and cardamom.

"Through diplomatic efforts, obstacles in the export of tea from Nepal to India have been addressed, resulting in smoother supplies," she said.

Minister Kumari said minimum support prices for rice and wheat have been fixed and that sales and supply chains have been established through the Food Management and Trade Company. Various programmes to promote employment and self-employment through entrepreneurship development and skills enhancement have been included in government policies and programmes for the coming fiscal year.

The Trade and Export Promotion Centre has implemented schemes for packing, marketisation and export promotion of Nepali organic products, the minister added.

The government has pursued an "express policy" to encourage domestic investment and attract foreign capital, she said, noting that an online system for accepting foreign investment is already in place and that related services are being digitalised through the One Stop Service Centre.

A preliminary study has indicated the presence of 112.2 cubic metres of natural gas reserves at Jaljale in Dailekh, Kumari said, adding that the resources could be used to generate 200 megawatts of electricity, produce 22 tonnes of urea fertiliser and manufacture motor fuel.

By RSS