May 10: The Confederation of Nepalese Industries (CNI) has urged the government to declare the next five years as the investment years. The CNI made such request while submitting its suggestions for the upcoming budget to Finance Minister Prakash Sharan Mahat.

CNI requested Finance Minister Mahat to emphasize on industrialization, export promotion, import substitution, promotion of indigenous products and market regulation.

Other suggestions include infrastructure development, promotion of small and medium industries, business, energy, tourism, information technology, agriculture and herb production.

Presenting the budget proposal on behalf of CNI, Vice President Rajesh Kumar Agarwal drew the government’s attention towards the liquidity crisis and rising interest rates, decline in the overall demand in the market, problems in cash flow, reduction in production and job cuts, declining morale of the private sector and postponement of new investment plans.

He said that the shortfall in revenue collection is a major challenge faced by the economy and it is necessary to increase investment in the infrastructure sector through the budget to resolve this problem.

CNI demanded to provide cash subsidy for the export of goods, to make Nepali products competitive in the market and to control unauthorized trade.

CNI also suggested formulating and implementing the Payment Security Act for the safe recovery of the amount in case the seller sells goods on credit.

Finance Minister Mahat said that it is necessary to create an investment-friendly environment to promote industry and business, and efforts will be made to incorporate the suggestions received from CNI in the budget.