Kathmandu. The report of the High-Level Economic Reform Commission has suggested that the private sector should remove the government’s control-oriented policies.
Reacting after the report of the commission including the private sector was submitted to Deputy Prime Minister and Finance Minister Bishnu Prasad Poudel on Friday, Federation of Nepalese Chambers of Commerce and Industry President Chandra Prasad Dhakal said that the government has been suggested to create an environment in which the private sector can work autonomously by forming a commission on the initiative of the federation.
According to him, the report contains issues that can be done immediately and in the long term. He suggested that an implementation unit should be formed and it should be implemented in a phased manner.
He said, ‘The Federation of Nepal Chambers of Commerce and Industry should form a high-level economic sector reform commission on 25 Ashwin 2080. The private sector-inclusive commission had given suggestions to give overall suggestions. The private sector has experienced so far, and old laws have become obstacles to increasing the entrepreneurial activities of the private sector. The private sector had given suggestions ranging from removing them to making new laws. This report has come in the same vein. Some of the suggestions in the report can be implemented immediately, while others will take time. The conclusion of the report is that the private sector should not be controlled, it should be allowed to work freely. If the private sector can work independently, it will create jobs, increase revenue, build infrastructure, and provide services to the common citizen at affordable prices. The conclusion is that Nepal can become prosperous.’
‘When it is said that domestic production should be increased to replace imports, the first thing to do is to explore domestic products and other things, from minerals, only then can we replace imports and export them. Since some things are traditional, we are not able to develop the available goods as capital. Overall, we conveyed the message to all the members of the commission that the commission’s report will increase overall economic activity, create employment, and allow the private sector to work without hindrance. What I am proud of is that the High-Level Reform Commission was proposed by the Federation of Nepalese Chambers of Commerce and Industry,’ he said.
Nepal Chamber of Commerce President Kamlesh Agrawal said that the report of the High-Level Economic Reform Commission covers the sectors of the economy. He said that if this report is fully implemented, the country’s economic growth rate will go above 9 percent, and the Finance Minister also agreed with this. According to Agrawal, the main problem today is that even though it is called an open market economy, the controlling private sector is the one who controls it.
The policies that came after Covid have all been controlling. He said that since there is now a nominal open market economic policy, it is now necessary to make a regulatory policy.
He said, ‘It was called an open market economy, but all the policies that came after Covid have been controlling policies. Since there is now a nominal open market economic policy, it is now necessary to make a regulatory policy. We should create an environment that increases trust in the private sector, not a controlling one. We should create an environment that increases trust in the private sector, not a controlling one. If this report is fully implemented, the country’s economic growth rate will go above 9 percent, the Finance Minister also agrees with this. The main problem was said to be an open market economy, but after Covid, all the policies came in the form of control policies. Now, since there is only a nominal open market economic policy, a regulatory policy has to be made.’
‘Nepal got a double B minus when it was given a credit rating, but after being placed on the grey list, investment was discouraged. First of all, we need to get rid of this grey list. Only then can we increase foreign investment,’ he said.
Chairman of the Confederation of Nepal Industries Rajesh Kumar Agrawal said that for a long time, the Confederation has been calling for repealing old acts and bringing new acts, and the report of the high-level commission has asked for repealing such acts and bringing new ones.
According to him, if the policy is good, there will be political stability. Therefore, the government should work to make the policies good. Stating that suggestions were taken from all over Nepal for the commission’s report, he said that the report included suggestions on the problems seen in the economy and solutions in a sectoral manner.
Says that everyone agreed that the government should regulate the private sector rather than control it, he said that since the names of the old acts were used to control, they were changed to regulate and encourage them.
He said, “For a long time, the Confederation of Nepalese Industries had been asking for the repeal of the old acts and the introduction of new acts. The Confederation had even made public that it had studied the existing acts in the country. The report of the high-level commission included that such acts should be repealed and new ones should be introduced. If the policy is good, there will be political stability. Therefore, the policies should be good. Suggestions were taken from all over Nepal for the commission’s report. In the process, problems were seen in the economy. The report has made sector-specific suggestions. The report says what needs to be done sector-wise. The report includes information on allowing the private sector to operate openly. The government should regulate the private sector rather than control it. If we look at the old acts, their names are acts to control them. It has been asked to make an act to regulate and encourage them. It should be implemented.’
According to him, the share of the manufacturing sector in GDP has dropped from 15 percent to 4 percent. This cannot be said that the productive sector has not expanded. Agrawal said that the contribution of the productive sector has decreased because the service sector has expanded more. But stating that it is necessary to increase this share, he said that the government needs to come up with a policy to increase production.
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