Startups becoming popular govt programme: Industry Minister Bhandari
KATHMANDU: Minister for Industry, Commerce and Supplies, Damodar Bhandari, has announced that the government is promoting the 'Startup' programme as a popular initiative for young entrepreneurs and innovators.
Speaking at a programme organised by the Ministry of Industry, Commerce and Supplies (MoICS) in Kathmandu today, on the occasion of the 10th National Industry Day with the slogan 'Entrepreneurial Culture: Nation's Prosperity', Minister Bhandari emphasised the need for cooperation between the private sector and the banking and financial sector to popularise the 'Startup' programme in the country.
The Industry Minister urged banks and financial institutions (BFIs) to connect with 'startups' to make stagnant capital operational. He highlighted the need for collaboration between the government and the private sector to address the challenges faced by the industrial sector. He also stated that the government is ready to work with the private sector after easing legal complications.
MoICS Secretary Krishna Bahadur Raut, Commerce Secretary Govinda Bahadur Karki, former President of FNCCI Kush Kumar Joshi, FNCCI Vice President (Industry Commerce) Sur Krishna Vaidya, and Investment Board Nepal (IBN) CEO Sushil Gyawali, among others, stressed the importance of effective collaboration between the government and private sectors to boost startup businesses.
Expressing concern over the limited consumption of Nepali products, they noted that products manufactured in Nepal are often confined to fairs, festivals, and exhibitions. They emphasised the need to increase the consumption of Nepali products at the government level, stating that the market cannot thrive until the consumption of Nepali products increases.
The speakers also highlighted the issue of import substitution and expressed grievances that Nepali industries are suffering because the customs tariff on raw materials imported by domestic industries is higher than that on imported goods.
By RSS
