Nepal to take import substitute measures to protect domestic industry

12:20, July 04, 2010      

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Nepali government will take import substitute measures to protect the domestic industry in the areas of meat, vegetables and fruits, cements and dairy.

According to Sunday's The Kathmandu Post daily, with the trade deficit as high as 52 percent and Balance of Payment deficit at 17. 36 billion Nepali rupees (some 234.5 million U.S. dollars), the government is seeking to reduce imports.

Finance Secretary Rameshwor Khanal on Saturday said that the government would also take some tough measures on petroleum products (PoL) and hike electricity tariff in the upcoming budget.

"We have to take these measures keeping in mind the increasing demand for PoL products as the government will not be able to subsidize the products," Khanal said.

The upcoming budget has also adopted measures to substitute some import based industrial and agro products by prioritising their production and encouraging them in the home country.

Among the industrial products, import of cement and dairy products would be substituted by domestic production.

Source: Xinhua

(Editor:燕勐)

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