Government Discusses Budget Implementation With Pvt Sector

The Ministry of Finance Sunday held discussions with the private sector to prepare for the implementation of the new budget programmes relating to the private sector.
A task force has been formed to do homework related to startup business and workplace based training and employment programme through a discussion held among the officials of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI), Nepal Chamber of Commerce (NCC) and Nepal Bankers Association (NBA).
The task force coordinated by joint Secretary of the Ministry of Finance Mahesh Bhattarai has representatives from the Ministry of Industry, Commerce and Supplies, National Planning Commission, FNCCI and CNI, according to the Ministry of Finance.
Coordinator Bhattarai said that the task force would formulate necessary procedures and action plan for the implementation of the programmes by mid-July as soon as the fiscal year 2021/22 begins.
The budget of the fiscal year 2021/22 has mentioned that a seed capital loan of up to Rs. 2.5 million will be provided at 1 per cent interest rate to encourage youth entrepreneurs in start-up business by establishing a fund of Rs.1 billion.
Similarly, in order to develop skilled manpower as per the needs of the domestic industries, Rs. 1 billion has been allocated for conducting workplace-based training by providing grant equal to three months’ minimum wage to the trainee workers in manufacturing and service industries in partnership with the private sector.
The budget has maintained that arrangements would be made to ensure employment for at least two years in the same industry after imparting basic training to the trainee workers.