Jagadish Rathi, Chairperson of the Revenue Committee of the Federation of Nepalese Chamber of Commerce and Industry (FNCCI) and proprietor of Bagmati Plastic Industry passed away on Sunday night due to cardiac arrest. He was 62.

Rathi was cremated at Singhiya Ghat on Monday. The funeral procession, which started from his residence at Tinpaini, witnessed a notable participation of industrialists, traders, officials and locals. 

Rathi is survived by his wife, two sons and a daughter. He was also the former Chairperson of Morang Trade Association. 

Rathi is among the most respected business personalities in the country and is considered as the mediator in between the government and the Madwadi community for implementing Value Added Tax (VAT). 

Dr Bimal Koirala, former chief and finance secretary, who had showed up at the funeral procession, recalled the Rathi’s contribution in implementing VAT. “AT a point when the Madwadi community was not convinced about VAT implementation, Rathi played a role of a bridge,” said Koirala. “He convinced the private sector that there isn’t an alternative of accepting VAT by setting a threshold. Only after that the problem was solved.” 

Koirala said with Rathi’s demise, both the government and the country’s business sector have lost a mediator.

Meanwhile, the FNCCI on Monday mourned Rathi’s death. Former FNCCI President Binod Bahadur Shrestha draped FNCCI flag on Rathi’s body.