Kathmandu, Aug. 12
Finance Minister, Dr. Prakash Sharan Mahat has
said that he has allocated a significant amount of budget for the development
of youth entrepreneurship, startup, information technology and research.
Speaking at a programme organised by the
Association of Youth Organisations Nepal (AYON) on the occasion of the International
Youth Day on Saturday, he urged the youth to take the necessary information
from the relevant agencies and exploit the opportunities.
"Because a large number of the
country's manpower has gone abroad, a shortage of skilled human resource has been
created here. There are many opportunities in the country so even if you are
pursuing your higher education abroad, I request you to return to Nepal
immediately," Minister Dr. Mahat said, adding that there is a lot of
potential here.
"It is our basic right to choose, no
one can restrict our competence, ability, creativity and potential in what we
do and where we go and work," he further stated.
FM Dr. Mahat, in his budget for the current
Fiscal Year 2023/24, has announced that this would be celebrated as the Youth
Entrepreneurship Promotion Year.
Mentioning that great potential is seen in
information technology sector recently, the
Finance Minister said that a large amount of money is being brought into Nepal
exporting software. This is the sector which does not require a huge investment
but dedication and efficiency, according to him.
If someone wants to invest in information
technology, the government has decided to give 50 per cent income tax discount.
The government will also provide the foreign currency needed to spread the IT
business in the world market by staying in Nepal.
“There was an error in our system and the
trend of non-functioning was growing. We are trying to fix that challenge. Due
to the lack of resources, we could not do many things even if we wanted to,"
FM Dr. Mahat said. "Now our economy is moving on the right path."
In the budget of the current fiscal year
2022/23, he has allocated Rs. 1.25 billion to develop start-up businesses and
has announced that a start-up eco-system would be created to promote innovation
and entrepreneurship.
An incubation centre would also be
established and operated in Kathmandu to support the realisation of
entrepreneurial concepts.
Published in The Rising Nepal daily on 13 August 2023.
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