The Confederation of Nepalese Industries (CNI) has submitted a detailed report along with recommendations for the reforms in the legal framework to stimulate industrial growth for the country's economic development. 

The CNI said that its President Rajesh Kumar Agrawal recently submitted the report to Prime Minister Pushpa Kamal Dahal. The report was also shared with Speaker Devraj Ghimire and Chief Secretary of the government, Dr Baikuntha Aryal. The CNI has recommended amendment to 28 acts and regulations, scrapping of five acts and unveiling three new acts. The CNI has stated that it is essential to reform the laws for making economy vibrant. 

According to Agrawal, the report was prepared following intensive research and consultations with legal experts, industrialists, stakeholders, thematic experts and other stakeholders. Comparative study was also conducted by taking references from different countries, CNI stated. 

Acts and regulations requiring amendment include Foreign Investment and Technology Transfer Act-2075, Foreign Investment and Technology Trabfer Regulations-2075, Public Private Partnership and Investment Act-2075, Public Private Partnership and Investment Regulations-2075, Nepal Rastra Bank Foreign Investment and Foreign Loan Management Bylaws-2078, Industrial EnterprisesAct-2076, Industrial Enterprises Bylaws-2078, Special Economic Zone Act-2075, Value Added Tax Act-2052 and Value Added Tax Regulations-2053, among others. 

Likewise, CNI has recommended scrapping various cats and regulations including Electricity Act-2049, Mine and Mine-borne Material Regulations-2056. The CNI has recommended for the introduction of three acts including Patent, Design and Trademark Act.