Govt shall promote job-creating cottage, small industries: Minister Paudel

Kathmandu, July 31

Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel has said that the government has a clear policy to promote cottage and small industries as an important means of creating a large number of jobs and self-employment.

Speaking to the delegation of the Federation of Nepalese Cottage and Small Industry (FNCSI) at the Ministry of Finance, he expressed his commitment to pay attention to the reforms in the laws, rules and guidelines, and said that the government would do the needful to support its growth.

The FNCSI delegation was led by its President, Umesh Prasad Singh.

Stating that the government was working with the aim of increasing the confidence and morale of the private sector, DPM Paudel said, "Our effort is to create a situation where you can engage in your profession, business and production."

Minister Paudel also asked the members of the delegation to suggest the reforms in the laws, especially the Industrial Enterprise Act. He also said that the government was positive to organise international exhibitions and operate export house to facilitate the export of the products of cottage and small entrepreneurs.

Singh said that its impact on micro, cottage and small industries would affect the entire economy of the country, create challenges in job creation, reduce the country's revenue and directly affect the repayment of the loan and interest by the businesspeople.

Since the small entrepreneurs are still facing problems in repayment of the loans, Singh urged the DPM Paudel to continue the provisions of the subsidised loan and refinancing that the government offered to the small and women entrepreneurs.

He drew attention of the DPM to the need for the promotion programmes of micro, cottage, small and women entrepreneurs. "Their morale has eroded due to multiple crises like COVID-19 pandemic, so there is a need to finalise the Industrial and Investment Promotion Fund and operate it," said Singh while also pointing to the need to establish the export house at the earliest.

According to him, there is a need to change the trend to purchase the foreign goods even though the same product is produced in Nepal. 

Published in The Rising Nepal daily on 1 August 2024.