Confederation Recommends Transformative Budget to Finance Minister for Economic Overhaul

The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has proposed suggestions to make the upcoming fiscal year 2083/84 budget a catalyst for economic transformation. The Federation emphasized the need to stabilize tax policy and establish an empowered revenue board. Finance Minister Dr. Swarnim Wagley expressed commitment to introducing a transformative budget that regards the private sector as a key partner moving forward. Kathmandu, 3 Jestha.

Presenting its recommendations to Finance Minister Dr. Swarnim Wagley at the Ministry of Finance on Sunday, the FNCCI urged that the forthcoming budget should not be treated as a typical annual document but as a pivotal opportunity in Nepal’s economic history. The Federation highlighted the urgency of making fundamental changes to the current economic model through this budget.

The FNCCI recommended policy reforms within the budget to improve declining entrepreneurial confidence, stimulate market demand, attract stalled investments, and generate employment opportunities. FNCCI President Anjan Shrestha referenced the recently unveiled shared national framework, “6 Pillars, 60 Initiatives,” as a robust support to the government’s policy agenda. He noted that the current economy, heavily reliant on remittances and imports, cannot deliver sustainable long-term prosperity, and therefore, the private sector remains optimistic about the prospects of a transformative budget.

Finance Minister Dr. Swarnim Wagley committed to delivering a reform-oriented budget aimed at structural economic improvements. He affirmed the government’s determination to advance swiftly by treating the private sector as a principal partner and encouraged the FNCCI delegation to maintain optimism. The Federation highlighted that the country’s industrial production capacity currently stands limited at 40 percent, the construction sector is at a historic low point, and private sector contributions to gross domestic capital formation have declined from 28 percent to 16 percent over the past four years. Given these conditions, it stressed the importance of a transformative budget to revive the national economy.