This article is all about the Notice regarding the Addition of New Industries under the Industrial Classification of the Industrial Enterprise Act 2020.
Introduction – Notice regarding the Addition of New Industries under the Industrial Classification of the Industrial Enterprise Act
Recently, the Nepal Government, under its Department of Industry, Commerce, and Supplies, made notable adjustments to the Industrial Enterprise Act in 2020.
These changes can be found in the Nepal Gazette published on 3 August 2020, which broadened the list of industries that are officially recognized.
Specifically, they added two new categories of industries: “Cruise, Water Entertainment, and Boating” under the Tourism sector (found in Schedule 6) and “Investment Company” under the Service-oriented sector (listed in Schedule 8).
Addition to Schedule 6 – Tourism Industry
Cruise, Water Entertainment, and Boating
- This new addition, listed as the 11th item after the first 10, supports Nepal’s growing tourism sector.
- As a result of this update, enterprises engaged in organizing cruises, water-related entertainment activities, and boating operations now fall within the regulatory framework of the Tourism Industry.
Addition to Schedule 8 – Investment Company
- The “Investment Company” has been added as entry No. 65, following the initial 64 listings.
- This update formally recognizes and regulates investment firms under the service-oriented section of the act.
Implications and Importance
- These changes highlight Nepal’s intention to broaden and strengthen its industrial foundation.
- By recognizing these sectors, the country promotes economic growth and ensures standard regulation.
- Stakeholders can expect clearer guidelines and more support from the government.
- These proactive measures show the government’s dedication to creating a favorable business environment.
- The changes highlight Nepal’s aim to stay competitive in the global market.
The recent amendments to the Industrial Enterprise Act of 2020 underscore the Nepal Government’s visionary approach towards a resilient industrial future.
The Government through this Notice has shown its dedication to economic growth and practices by adding Cruise, Water Entertainment, and Boating Sectors in Industrial Enterprises.