BIRATNAGAR: Industrialists and businessmen from the east region have stressed on revising the Industrial Enterprises Act to make it conducive for increasing investment and promoting industry and business.
Speaking in an interaction organised by the Ministry of Industry, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Industry Association, Morang here on Wednesday, they suggested making timely amendments to the Industrial Enterprises Act.
The interaction is organised to hold discussions and collect suggestions from the stakeholders on the bill on revising the Act prepared by the government.
The participants underscored that the Act should aim at sustainable economic development, set the minimum threshold of the capital for micro enterprises at Rs 500,000 for classification of industries based on the capital, provide incentives and waiver on electrical appliances, promote the development of modern technology and the industry/business sector should be prioritized in national planning.
They also stressed on the need of making the Industries Promotion Board effective and efficient.
The entrepreneurs of the region also called for guaranteeing services and facilities to the industries, regular power supply, lift the different types of tax imposed on industries except the income tax and minimising the labour-related problems.
They have pointed out the need of incorporating the 'no work no pay' and 'hire and fire' policy in the Act.
Joint Secretary at the Ministry of Industry, Anil Kumar Thakur said the laws governing industrial enterprises needs to be updated to make provisions for contributing to the national economy through industrialisation.
President of the Industry Association, Morang Dinesh Golchha presided over the interaction programme. Executive secretary of the Association, Som Adhikari presented a concept paper and a memorandum of demands on behalf the business sector of the region.