High taxes will deter investors: CongressThe main opposition Nepali Congress (NC) on Wednesday said the government missed the opportunity to take the nation towards economic development and prosperity.
The main opposition Nepali Congress (NC) on Wednesday said the government missed the opportunity to take the nation towards economic development and prosperity.
After the Nepali Congress Parliamentary Party meeting on Wednesday leaders said the Rs1.31 trillion budget, presented by Finance Minister Yubaraj Khatiwada on Tuesday, increases the burden of tax and loan on citizens and would deter local and foreign investors from the production sector.
NC Chief Whip Bal Krishna Khand said key budgetary allocations would deter national and international investors. The ruling party presented a budget that has no vigour, the NC said.
The budget has failed to deliver the promises made by the communist parties during their election campaigns. They criticised economic policies of successive Nepali Congress governments in the past, the NC said. The budget, presented by the KP Oli government that aims eight percent growth, proves their criticism of the NC government in its white paper is baseless.
“The proposal for creating employment is good, but the budget has neglected the private sector which remains a major source of job creation. It has failed to encourage the private sector,” said Khand and added that investment in agriculture and productive sectors was insufficient to realise the government’s target of 100 percent growth in the agro and production sectors within five years.
The NC also accused the Oli government of setting an ambitious revenue target without bringing in any new initiatives.
“Though the budget claims agricultural inputs would double, there is no significant allocation of funds for four key irrigation projects,” the opposition party said. “It has failed to allocate 20 percent of the total budget to education as promised by all major political parties. There are no concrete proposals for policy, structural and institutional reforms in educational sector.”
Some of Prime Minister KP Oli’s popular slogans such as ‘sailing in ship’, ‘gasoline pipeline in every household’, ‘doubling elderly allowances’ which were part of the communist party’s election manifesto are missing in the budget, the NC said.
The NC also expressed its reservations over the removal of Rs5,000 monthly allowances for cancer, kidney patients and those suffering from spinal injuries. The NC government led by Sher Bahadur Deuba had introduced the allowance.
“Only a fourth of the budget has been allocated to development expenditure which could have serious ramifications. This will put paid to the dream of turning Nepal into a prosperous nation,” the NC meeting concluded. Pointing out that the budget contradicts the ruling party’s policies, programmes and manifesto, the NC urged the government to take steps to check the rising inflation.