CNI asks govt to make legal reforms to improve economy

KATHMANDU: Confederation of Nepalese Industries (CNI) has submitted a detailed report along with recommendations to be carried out in the legal framework for the country's economic development.

CNI President Rajesh Kumar Agrawal on Monday submitted the report to Prime Minister Pushpa Kamal Dahal. The report was also shared with Speaker Devraj Ghimire and Chief Secretary of the government, Baikuntha Aryal.

The CNI has recommended amendment to 28 Acts and Regulations, scrapping of five Acts and introducing three new ones.

The CNI has stated that reforms in the law were inevitable for making the economy robust.

According to Agrawal, the research report was prepared following intensive consultations with legal experts, industrialists, stakeholders, thematic experts and others. Comparative study was also conducted by taking references from different countries. 

CNI President Agrawal shared that the recommendations are related to Industrial Business Act, 2076; Industrial Business Regulations, 2078; Income Tax Act, 2058; Company Act, 2063; Forest Act, 2076; Foreign Investment and Technology Transfer Act, 2075 and others.