The Policy that the Ministry of Industry, Commerce and Supply (MOICS) has recently formulated to ease the problems faced by micro industries have received green signal from the National Planning Commission.
“The Commission has already okayed the micro industry policy, now we will seek approval from Finance Ministry and then send it to the Cabinet for final approval,” said Joint Secretary Niranjan Baral who is also the spokesperson of MOICS.
Newly formulated policy has a comprehensive definition of micro enterprises and provides for waiver of customs duty, excise duty and Value Added Tax on the products of SMEs that are used as inputs in export products of big industries. However, such facility will be available only when there is a contract signed between the big and micro industrial units concerned. Likewise, the Ministry has also proposed to promote the participation of micro industries in national and international trade fairs. Since micro industries are based in the villages and the local people are the main beneficiaries of such schemes, the Ministry has proposed that registration and renewal of such industries should be done by the VDCs or Ward Committees of the municipalities concerned. The newly formulated policy also tries to propagate the ambitious plan of enabling all the villages to have at least one micro industry so that the slogan of ‘One Village One Product’ can be a reality.
An industry that employs less than nine workers and does the annual transaction of not more than two million rupees will be given the status of micro industry, according to the draft policy
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