Call for implementation of policies to make country’s economy self-reliant

KATHMANDU: Authorities concerned have stressed the need for making and implementing practical policies to make the country's economy self-reliant. Replacing imports is equally important priority, they added. Blaming increasing imports for the declining foreign exchange reserves, they suggested that domestic production be increased to control the imports. They were participating in an interaction with the theme 'Nepal's current economic situation: an overview' organised by the Centre for Professional Journalism Studies in Kathmandu on Friday. On the occasion, former Governor of the Nepal Rastra Bank Dipendra Bahadur Chhetri emphasized an increase in domestic production to evade possible economic crisis. He suggested a ban on the import of goods except for most essential ones. The policy of discouraging imports had been adopted following a drop in the foreign exchange reserves, and the government was aware of well managing the reserves, said Dr Surendra Upreti, Advisor to the Ministry of Finance. In the past six months of the current fiscal year, 2021/22, there has been an end to the further depletion of the reserves, thanks to the policy, he claimed. Similarly, Vice-Chairman of National Planning Commission, Dr Biswo Nath Poudel said the government has a plan to increase domestic production even by taking in foreign investments and by carrying out reforms in the expansion of the transmission line and the distribution of electricity in line with the demands for power. Industrialist Paban Golyan stated that even the industries have reached a situation of closure due to a liquidity crunch. The country's economy will not be strengthened until domestic production was increased, he warned. Similarly, economist Dr Gobinda Nepal and Dr Raghubir Bista urged political parties to work for the economic development of the country beyond partisan and personal interests. They also suggested that the government made and implemented a clear policy on domestic production. READ ALSO:

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