Making public the comments on behalf of the private sector at a press conference on Wednesday, the apex organization of business community, has critically appreciated the budget.
“The government has undermined the role of private sector in the budget. Without winning the confidence of private sector, the government can´t implement the programs of this ambitious budget nor can it meet the revenue target,” Kush Kumar Joshi, the president of the FNCCI, told the press.
Joshi also expressed dissatisfaction saying that the budget failed to address some of the key demands of the private sector.
“Though some of our suggestions have been incorporated in the budget, some of the crucial demands such as the demand for multiple VAT rates has not been addressed in the budget,” Joshi said.
Joshi also flayed the government for going ahead with the Tarai Fast-track project on its own despite the private sector´s willingness to take up the multi-billion-rupee project.
Joshi also criticized the government for failing to create environment for investment and wider economic growth.
Joshi, however, lauded the revocation of scrap tax, ban on collecting local tax on the highways, continuation of youth and small entrepreneurs self-employment program, scrapping of syndicate system in the transport sector, banning of transport strikes, announcement of Revenue Board and lowering of capital gain tax.
“We can´t accept any new tax in place of the scrap tax and local development tax [which have been discontinued],” said Joshi.
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