Ministry of Finance accelerating for Startup Loan Program

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The Ministry of Finance has formed a task force to prepare for the implementation of programs related to the private sector in the budget of the coming Fiscal Year 2078-79 BS.

After discussions with private sector organizations on Sunday, the ministry formed a task force to do homework on startup business and workplace-based training and employment programs.

Joint Secretary of the Ministry of Finance Mahesh Bhattarai is the coordinator of the task force.

Coordinator Bhattarai said that the task force will formulate necessary procedures and action plans by mid-July to implement the program as soon as the fiscal year 2078-79 begins.

In the budget of the Fiscal Year 2078/79 BS, it has been mentioned that seed capital loan of up to Rs.2.5 Million for the startup. The budget also mentions the establishment of a challenge fund of Rs 1 billion for this.

In the budget, Rs. 1 billion has been allocated for conducting workplace based training by providing a grant equal to three months minimum wage to the trainee workers in manufacturing and service oriented industries in partnership with the private sector to develop skilled manpower as per the needs of indigenous industries.

Arrangements have been made in the budget to provide basic training to the trainee workers and ensure employment for at least two years in the same industry.