March 1: The private sector has expressed concern that the implementation of the budget brought by the government on May 29 for the current fiscal year has been disappointing.

The Confederation of Nepalese Industry (CNI) expressed concern that there has been zero percent progress in the first seven months of the current year in 57 percent of the economic sector-related programs included in the budget. A study conducted by the Society of Economic Journalists of Nepal (SEJON) in collaboration with CNI shows that there is no satisfactory progress in implementation of budget policies and programs that are directly related to the economic sector.

The CNI has started the 'CNI Budget Watch' program in co-ordination with SEJON and intellectual partnership with Pioneer Law Associates with the aim of helping revitalize the economy by playing a constructive role in the effective implementation of the budget. Under this initiative, CNI identified 63 points related to economic development, investment and private sector.

A report recently prepared by SEJON on the implementation status of those points has shown that there has been no satisfactory progress in most of the points included in the policies and programs of the government that are directly related to the economic sector as of mid-February this year. By this time, there has been zero progress in 36 points.

Nevertheless, the government has realized the need for cooperation with the private sector in order to achieve the goal of economic development. In this regard, the government has included 48 percent of the suggestions of CNI in the annual policies and programmnes.

According to the CNI, most of the provisions of the policies and programmes implemented by the government are related to tax policy.

Similarly, the study showed that 28.57 percent of the policies were partially implemented. A statement reads, “There has been zero progress in implementing 57.14 percent of the policy and program, which is very disappointing.”

Most of the policies and programs announced in the current year's budget related to industry, land, infrastructure, foreign direct investment (FDI), public-private partnership, etc., which are considered important for economic development, are found to have zero progress.

The confederation believes that the new government will move ahead with the implementation of the budget as a top priority.