Stating that entrepreneurs should focus on facilitation rather than legal rigor, Governor Poudel said that businesses should be given the opportunity to recover instead of taking strict action for minor mistakes.
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Governor Bishwaraj Poudel has said that Nepal Rastra Bank is positive towards the demand of the private sector. He said this while addressing the 50th annual general meeting of the Birgunj Chamber of Commerce and Industry on Thursday.
He said that banks have been instructed to focus investment in productive and revenue-ensuring sectors instead of relying on collateral.
Stating that entrepreneurs should emphasize facilitation rather than legal rigor, Poudel said that businesses should be given an opportunity to recover instead of taking strict action against minor mistakes. Poudel informed that the Rastra Bank is also working on reducing the number of blacklists and adopting practical flexibility in issues such as check bounce.
Speaking about the banking situation in Madhesh Province, he presented the data of Rs 397 billion in deposits and Rs 483 billion in credit flow in the province and said that Parsa district is seen as an attractive area for investment.
The participating industrialists and businessmen have demanded that a 'loan law' be introduced to raise the borrowed money stuck in the market. Discussing the current economic situation of Nepal and policy reforms, businessmen said that the private sector is in trouble due to a large amount of loans stuck in the market.
Subodh Gupta, member of the Federation of Nepalese Chambers of Commerce and Industry, and Ganesh Lath, former president of Madhesh Province, argued that one of the main reasons for the increase in bad loans is the lack of loans in the market.
Ashok Vaidya, president of the Nepal-India Cooperation Forum and former president of the association, has also given written suggestions to Governor Poudel on various issues related to value-added tax, customs duty, income tax and the banking sector.
Hari Prasad Gautam, president of the association, said that industrialists and businessmen are facing serious problems due to the economic recession the country is experiencing. He stressed that short-term solutions alone will not improve the economy and the government should review the overall economic policy.
Stating that the condition of industries in the industrial corridor of the Terai is deteriorating day by day, he said that clear policies and laws are needed to protect domestic industries and encourage foreign investment. He said that legitimate businessmen have been hit hard by the harsh labor law, cumbersome administrative procedures and impractical legal system.
The industries that export the most and individuals and organizations that have contributed to various sectors were honored at the general assembly. Dabur Nepa Pvt. Ltd., Jagadamba Steel and Triveni Spinning Mills were honored for the industries that export the most to India.
Triveni Spinning Mills, Jagadamba Steel and Narayani Leather Manufacturing Pvt. Ltd. were honored for the industries that export to third countries. Urmila Lama, who has contributed to the education sector, and Yogendra Prasad Yadav, president of Relief Society of Commerce, were also honored for the social organizations.
