The cabinet meeting held on Friday took the decision on the recommendation of Ministry of Industry (MoI). The government will confer Industrial Important Person (IIP) on top industrialists in four categories every year on Industry Day.""This is the first time that we are planning to mark Industry Day. We will honor top industrialists on the da"," Jit Bahadur Thapa, joint secretary of MoI, told Republica. "Industry Day will be a part of weeklong celebration which will see different programs organized throughout the country."
According to Thapa, the celebration is aimed at promoting domestic industrial sector, increasing contribution of the sector to GDP, and encouraging industrialists" "By organizing such programs, we hope to revitalize the industrial sector which is not growing as per its potential," he added.
Government data shows the contribution of manufacturing sector to GDP has declined by 10 percentage points over the past decade to 6 percent.
Thapa said the government will prepare modality for Industry Day celebration by holding discussion with concerned stakeholders. He said recipients of IIP award would be selected based on different criteria like jobs creation, tax payment, use of locally available raw materials, and export of products. "Our primary focus would be on honoring industrialists who focus on traditional business like production of handicraft products and their exports," added Thapa.
Private sector has welcomed the decision. They, however, said the government should also focus on bringing policies to increase confidence of investors" "Long-running political instability has dampened confidence. Industrial sector will expand only if confidence of investors is boosted," Pashupati Murarka, acting president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI).
Murarka also opined that the government should have marked Industry Day on the anniversary of FNCCI to make it more focused and effective.
FNCCI celebrates it anniversary on April 11.
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