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Kalpana Khanal, a senior researcher at the Institute of Policy Research, has said that even though there is economic slackness in the country, not all sectors have collapsed.
Speaking in the first session of the 'Economic Summit 2024' organized by Kantipur Media Group on Sunday, Khanal said that there should be an increase in gross domestic product (GDP) from the manufacturing sector.
'It is not the case that all areas have been destroyed,' she said, 'Even though some areas are showing economic laxity, some areas are doing well.' He says that although the industrial and construction sectors are not functioning now, the tourism sector is doing well. "The condition of agriculture, education and health sector is also good," she said, "if the GDP growth rate remains negative for 6 consecutive months, we will be in a recession. Now, technically, we are in a recession." Industries are also in a state of collapse.'
Researcher Khanal said that the tax rates are not based on research and there is a problem. Therefore, he says that long-term industrial strategy should be improved in the upcoming budget and monetary policy. He also said that due to the policy tightening of the government, imports have decreased. "Decreasing imports is not a bad thing," she said, "it has an impact on revenue."
Khanal also said that even though multi-year contracts have increased, there seems to be no room for new plans. According to the study conducted by the Institute of Policy Research, there is a tendency to keep plans in the budget based on small print. "Ministry of Finance, Rasht Bank, Planning Commission should have a professional role in the government that formulates policy," she said, "There is a situation where plans are made depending on what the political party says." She said that there is a big problem of river materials at the local level. 'It was found that there was a lot of politics involved. There is also a matter to be addressed regarding conditional grants. "Because of the conditional grant, the federal government has promoted some smaller projects than the local level," she said.
Researcher Khanal says that there is a lot of ambiguity about the common and single rights of the federal, state and local governments. "The federal government's policies and regulations have not yet been made, the state is waiting for the federal government, the local government is waiting for the state and the federal government," she said. She said that the federal government has political influence on the provincial government.
