The Federation of Nepali Small and Cottage Industries (FNSCI) has welcomed the budget announced by the Finance Minister for the upcoming fiscal year stating that it was focused on taking nation towards economic prosperity by creating employment through small and college industries.
Issuing a press statement on Saturday, FNSCI’s Acting President Umesh Prasad Singh extended gratitude to the government for taking policy to promote cottage and small industries from returnee youths from foreign countries by providing loans through the cooperatives.
“The budget for the fiscal year 2020/021 is welcoming. This budget has tried to incorporate the FNSCI’s initiative for the promotion and development of small and cottage industries,” read the statement.
Furthermore, income tax exemption to small scale enterprises for seven years and three more years to the women-run such enterprises is a welcome step, Singh said.
Likewise, other announcements of the budget for promotion of the internal products including the garments and production of thread from silks are the better aspects of the budget, the FNSCI said.
Source: National News Agency Nepal