FNCCI Senior VP Dhakal urges government to prioritize the private sector and economic agenda
KATHMANDU: Senior vice president of the Federation of Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, has urged the government to prioritize the private sector and economic agenda.
Senior Vice President Dhakal said at the Gandaki Industrial Trade Festival 2079 opening ceremony on Sunday at Gaidakot in Navalpur, 'Every government is heard to say that it will cooperate with the private sector and develop the private sector. In practice, however, we have not had the impression that the parties have prioritized the private sector. When approaching various government agencies about the country's industrial development and economic issues, it is discovered that this is only the private sector's agenda.
He stated that stopping private sector imports will not solve the economy's problems and will only reduce revenue.
We stated that prohibiting imports would not solve the current problem. In exchange for that, we were also advised to stop the informal business at the border. However, the government ignored this and imposed an import ban. As a result, it has a significant impact on revenue now," he explained.
He has also suggested that when developing new policies and regulations, the government and regulatory bodies consult extensively with the private sector and stakeholders.
Stating that some people are saying that they do not have to pay the interest and loans taken from the bank, he indicated that this may cause a big problem in the economy.
"When there was news in the newspaper about a certain bank a few years ago, there was a line of people waiting to withdraw their deposits. Ordinary people withdrew deposits from that bank in an unusual manner, necessitating intervention by Nepal Rastra Bank. Even now, there are voices on the streets claiming that the bank loan does not need to be repaid. This is a frightening situation. If we do not address it quickly, it could lead to a major economic crisis in the country "He stated.
He also inquired as to what he meant by not repaying the bank loan.
"I'd like to ask the leaders of the political parties in attendance, as well as the industrialists, what you mean by not repaying the bank loan?" Bank deposits are common people's money. What will happen if we say for the sake of popularity that the people's money in the bank should not be paid, and if we only speak to insult the bank?" he asked.
He asked everyone not to bring up the issue irresponsibly just to get applause from the audience.
"I also want to inform my private-sector contacts. Be practical and realistic. Don't leave it to compete for popularity in the crowd. Do not follow such irresponsible things for the sake of cheap popularity. It could lead to a crisis that we haven't anticipated," he said.
Similarly, he said, many industrial businesses have been forced to shrink due to a decrease in the number of foreign tourists and a lack of investable liquidity in banks. "However, some aspects of the economy have improved recently. The number of people seeking foreign employment has also grown. The number of tourists from abroad has also started to increase. Remittances have also increased in volume. There has also been an improvement in bank and financial institution liquidity. And I don't believe the economy will deteriorate any further in the coming days. I believe that there will be some progress "He stated.
Concerning the upcoming election of the FNCCI in Chaitra, he urged industrialists to try to elect the leadership unanimously as much as possible. "My friends told me that you would make suggestions for unanimous leadership. I'd like to make a request to the province's friends. We should not approach the election process as if we were a political party. Some provinces have also set a good example by electing unanimity to lead. You Gandaki province friends should also strive for unanimous leadership.
Similarly, I would like to encourage the center's aspiring supporters to elect the leadership as unopposed as possible. If that is not possible, I would like to request that the election be conducted in a healthy and democratic manner," he said.
Raising the issue of taking over the federation's leadership after the upcoming Chaitra, he expressed his willingness to work with the new leadership of Gandaki province to move forward.