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Private Sector Welcomes Endorsement of Industrial Enterprises Bill

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Private Sector Welcomes Endorsement of Industrial Enterprises Bill
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October 3: The private sector has welcomed the parliamentary endorsement of the Industrial Enterprises Bill. Stating that the years long endeavor has finally fruited, the private sector representative body Federation of Nepalese Chamber of Commerce (FNCCI) expressed its happiness on the house’s approval of the Bill. A meeting of Legislature-Parliament on September 29 approved the Bill. It will be enacted as law after getting stamp from the President.

According to FNCCI, the passed Bill has left no room of conflict with other Acts as the previous Industrial Enterprises Act had faced. “The stability of industries after has been assured,” mentions Pashupati Murarka, President of FNCCI.

FNCCI notes the Bill’s ‘No Work No Pay’ provision as highly positive. The private sector body believes that the inclusion of the provision will create the environment of ‘More Work More Pay’.

The bill also has made strikes punishable offence if such activities create obstacles in the operation of industries. “This provision will add more strength to the development of the industrial sector,” adds Murarka.

Speaking at the program held on the FNCCI premises, he further said the new Act has determined the important basis for the development and expansion of industries in the country.

Similarly, FNCCI has welcomed the ‘One Window Policy’ provision of the Bill. FNCCI is also delighted to have provision of full rebate of income tax for five years in hotel infrastructures with investment over Rs 50 million that are constructed outside the metropolitan and sub-metropolitan areas as well as the provision of 50 percent rebate on income tax for three years in the same sector.

The private sector body believes that the enactment of the Bill as law will help for the convenient operation of industries. The ease on Environment Impact Assessment (EIA) and Environment Effect Analysis (EEA) is next important provision that the private sector has been looking for. The Bill has eased the registration process of industries. It has provisioned that EIA and EEA of industries can be done after the establishment, operation and commencement of commercial production of the industries.

FNCCI also welcomes the provisions including mandatory CSR, special management for troubled industries, concessions on industry classification along with establishment of Industry and Investment Promotion Board.

Meanwhile, the private sector is demanding the parliament to endorse other major economic impending bills such as Foreign Investment and Technology Transfer Act (FITTA), Accreditation Act, Intellectual Property Act, Quality Standard Act and Electricity Act. 

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