KATHMANDU: A delegation led by Federation of Nepalese Chambers of Commerce and Industry (FNCCI) President Shekhar Golchha met with newly appointed Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel at the latter’s office in Singha Durbar, Kathmandu, on Tuesday.
During the meeting, FNCCI President Shekhar Golchha said the nation’s economy was at the most sensitive time and the new government’s attention and efforts should be on its recovery. He suggested the new government leaders come up with immediate special measures to revive the economy and demanded a reduction in bank interest rates, a solution to the liquidity crisis, and improvement in the investment climate. “Though we continue to draw the attention of State’s various bodies towards measures needed to improve the economy, we are still unheard,” he said.
The FNCCI President shared that the nation’s economy was at the most difficult period of the time and needed prompt actions for improvement. Stating that multidimensional impacts have hit the economy and it can not be addressed through the monetary policy review alone, he asserted that the business sector was facing hard times and was in the position to agitate mainly due to the entire banking system. He again urged the government to help the private sector cope up with the adversity.
During the meeting, representatives for the private sector apprised the Finance Minister of a significant fall in cement and iron rods, a fall in the consumption of daily consumer goods, a shrink in the sale of electric equipment and an overall 38 % fall in the capital market.
Responding to the delegation, Minister Paudel said the private sector has a significant presence in the national economy and the government is sensitive to the issues it faces. Minister Paudel said the country’s economy has not gone out of hand, pledging to take all possible measures to bring it back on track.
He further clarified that his priority to the delegation for the meeting was itself indicative of the government’s sensitivity towards the issues of the private sector.
“The very first meeting of the newly formed Council of Ministers decided to take various measures to improve the nation’s economy,” the newly appointed Finance Minister said, adding that combined efforts were required to find the solution.
Minister Paudel urged the private sector to work with high morale and pledged to extend all sorts of possible support to keep the private sector consolidated. “Our understanding is that any degradation in the self-esteem and performance of the private sector will lead the economy to a downfall,” the Finance Minister assessed.