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Government to Provide 5 Percent Subsidy on Export of Industrial Products

  1 min 11 sec to read

May 30: The government has announced to provide 5 percent subsidy on the export of industrial products to minimise trade deficit and promote export. The government made such announcement while presenting the budget for the fiscal year 2018/19 in the federal parliament on Tuesday, May 29.

The government has allocated Rs 10 billion for the development of industry, commerce and supply in the upcoming FY. Creating employment opportunities and promoting agriculture, forest and mining industries are mentioned in the budget statement.

The government's decision to announce subsidy for export is aimed at identifying, developing and promoting the products in the foreign market.

Provisions in the field of Commerce and Supply

  • Establishment of handicraft selling and exhibition class in all seven provinces.
  • Establishment of quarantine laboratory in border points.
  • Establishment of freight stations.
  • Expansion of areas to acquire certification mark.
  • Operation of fair price market through cooperatives in every local level.
  • Arrangement of subsidy in food to the citizens having state security identity cards.
  • Making supply system competitive and breaking the syndicate in goods and services and  pricing.
  • Increasing the capacity of petroleum products’ storage and make it last for at least three months.
  • Reviewing Nepal Oil Corporation’s system of supply, cost structure and price determination.

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