Establishment of industries emphasized to substitute import-oriented economy

File – Nepali Congress lawmaker Gagan Kumar Thapa speaks at the meeting of the House of Representatives at the Federal Parliament building in New Baneshwor, Kathmandu, on Friday, May 20, 2022. Photo: HoR Parliament youtube videograb

KATHMANDU: Deliberations on the principles and priorities of the Appropriation Bill for the fiscal year 2022/23 continued in today’s meeting of the House of Representatives.

Participating in the discussion, lawmakers of the ruling parties argued that the principles and priorities of the Appropriation Bill are practical and scientific. However, lawmakers of the opposition party said the principles and priorities have no course and aim.

Lawmakers stressed the need for taking initiatives for making the economy export-oriented, increasing domestic production and increasing export by displacing imports. They said initiatives should be taken immediately to resolve it at a time when a foreign exchange reserve is declining and the balance of payment (BoP) deficit is increasing.

Lawmakers of the opposition party criticised the government for lifting the ban on importing goods like dates, betel nuts and black pepper.

CPN (UML) lawmaker Rajendra Gautam said that the principles and priorities of the Appropriation Bill presented by the government are not matching principally.

Similarly, Gagan Kumar Thapa of the Nepali Congress drew the attention of the government to establish industries by creating an industrial environment.

Stating that urbanisation and income had increased and so was the scope of employment, he spoke of the need to formulate policies, programmes and plans to attract foreign investment and expand domestic investment within a decade.

He was of the view that workers’ participation could be increased and the value chain could be grown since the shoe, textile and garment industries’ bases were increased.

Similarly, CPN (Maoist Centre)’s parliamentarian Barshaman Pun called for reforms at policy level and structural level to increase employment and give newness to agriculture sector.

The former Minister for Finance also urged to accord special priority to reservoir-based hydropower projects and increase investment in energy security.

He opined that since a large number of Nepali students were leaving abroad annually for further studies taking a huge chunk of Nepali currency abroad thereby affecting the foreign exchange reserve.

Parliamentarians Gopal Bom and Nirudevi Pal expressed their views on theoretical issues of Appropriation Bill and pressed for effective implementation of policy, programmes and plans.


Share This Post


Business 360 is a magazine that delivers on quality business news content, profiles of entrepreneurs and leaders, features on issues that matter, articles that assess and analyze policy and delivery mechanisms in the world of trade and commerce

Related Post