"We take the commitment of all political parties on the economic agenda"

Even though interest rates have fallen to single digits, there is no demand for loans. Industrial businesses are operating at half capacity, production productivity has decreased. Confidence in the private sector has eroded. Reforming the economy has not been a priority for the government. Revenue collection and capital expenditure are low.

In this situation, the umbrella organization of the private sector, the Nepal Industry and Commerce Association, on the occasion of its anniversary, is going to get a common commitment from all the political parties on the economy reform agenda on the occasion of its anniversary. Krishna Acharya of Kantipur and Yagya Banjade talk with President of Federation of Nepal Industry and Commerce Chandra Prasad Dhakal about the state of the economy, sentiment of the private sector

Because of this, you became the president of the Federation of Nepal Chamber of Commerce and Industry when there was economic transition everywhere. What did you do within one year of taking over the leadership?

While taking over the leadership of the federation, not only the private sector but the entire economy was in crisis. Keeping in view the situation at that time, the federation put forward five main themes - how to get rid of the economy from the economic crisis at that time, how to create an investment-friendly environment, how to create a harmonious relationship between the government and the private sector instead of accusations and accusations, how to produce skilled manpower in the country and the government that looks at the private sector. How to improve the approach or how to create a decent private sector.

Chandra Prasad Dhakal, President of Federation of Nepal Industry and Commerce. Photos: Deepak KC/Kantipur

At the time of the swearing in of the President, the government passed a bill in the National Assembly to enable the Commission to Investigate the Abuse of Authority to look into the workings of the private sector. The federation lobbied various agencies saying that there are separate regulatory agencies for private sector regulation, and that there is no need for more and the private sector cannot work independently if there is too much control. Even though the said provision of the bill has not been removed, it has been stopped. Even now, we are adamant that the private sector should not be brought under the authority.

In the budget and monetary policy of the current financial year, all the three organizations of the private sector (Confederation, CNI and Chamber) stood together and made a joint suggestion. With the aim that the views and suggestions of the entire private sector should be shared, all the organizations have started to stand together. In the past, when I was the chairman of the Federation of Employers' Council, I had initiated it. Now, the state has started to include many suggestions from the private sector when making policies. For example, now there is a different interest rate arrangement for the loans flowing in the production (manufacturing) and trade (trading) sectors, while the manufacturing sector is given more priority.

In order to move the economy which has been shrinking for a long time, in the presence of all the stakeholders, different initiatives have been continuously taken regarding how the private sector can be boosted by increasing the morale of the private sector in the presence of the private sector. This is the reason why the view of the private sector has improved. During the Prime Minister's visit to India, China and Dubai, businessmen's conferences were held in those countries at the initiative of the federation.

There were no conferences of this level before in the respective countries. It has also sent a good message outside the country. At the same time, an agreement has been reached for India to purchase 10,000 megawatts of electricity in the next decade. This is a huge achievement. The federation is constantly discussing with the ambassadors of the West Asian countries. The ambassadors of those countries have been suggesting that the government should enter into a bilateral agreement to bring investment into Nepal. I strongly put that suggestion before the Prime Minister, Finance Minister, Chief Secretary, Governor and other policy makers. Although Bilateral Investment Agreement (BIA) is not a new topic for Nepal, it was not a priority of the state. Now this matter has come to the Cabinet. This policy will be passed before the investment conference to be held in Baisakh, which I consider a big 'break through'.

It has been seen that a dozen existing laws need to be amended to create an investment-friendly environment. By revising those policies before the investment conference, the government has started work on the 'fast track'. Federation of Commerce and Industry is a non-profit organization. However, due to various reasons, the government started imposing taxes. On my own initiative, it has now come back as a non-taxable organization.

In the meantime, there was a dispute over the trunk line. In order to solve this problem, we have asked to form a quasi-judicial commission to recover from those who have to pay and not to give unnecessary trouble to those who do not have to pay. A judicial commission has also been formed at the initiative of the federation. The federation has never looked only at its own interests, it has been raising its voice strongly on legitimate issues.

When you came to the leadership, out of the five issues that were put forward for reform, did not work on how to produce skilled manpower in the country progressed?

We have started the basic work to prepare skilled manpower in the country. At the same time, the process for cooperation and cooperation with the development partners has already started. However, the results seem to take some time. We will gradually expand this process.

On the initiative of the federation, the process of establishing an investment public limited company with the participation of all private sectors has progressed. What is its concept, purpose and rationale?

In spite of sufficient liquidity and low interest rates in the bank, when the credit flow is not increasing, an investment company is about to be established on the initiative of the private sector to increase enthusiasm for investment expansion. Although the company, which has an authorized capital of 10 billion, is going to be established at the initiative of the federation, there will be participation of industrialists and businessmen who are affiliated to all organizations and those who are not affiliated to any organization. Even if the Federation takes the initiative, that company will not be ours alone. Industrialists and non-resident investors from all over the country can invest in the company. That company will be run by a professional board of directors and management. The main company to be established in the

center will be Public Limited and one subsidiary company will be established in each province as its subsidiary company. The investment of this company will be only in productive sectors including agricultural production and processing, hydropower, tourism, information technology, infrastructure. This company can also invest in government institutions that are not functioning well due to lack of capital and efficient management. But this company does not invest in areas such as the stock market and real estate.

The credit demand has not increased because the private sector as a whole could not muster the courage to expand investment. It is planned to establish an investment company to break this situation and encourage industrialists to instill hope in the economy and expand investment. Since the company is not under the federation, work is being done to include citizens from all regions and geographies of the country, including the Confederation of Nepal Industry, Nepal Chamber of Commerce. To ensure that no one dominates the company, investment limits will be set and such limits will vary from union to state. We will start the registration process of the company in the near future.

The federation is going to hold its annual general meeting on Chait 28 and 29. On the same occasion, political commitment is being taken from the government and parties in the country's economic agenda. Tell me about it?

Common citizens have experienced that the agenda of economic development has not been prioritized by the state. Although the parties and policy makers have been saying that economic agenda is their priority in theory, it has not been implemented in practice. This confirms that the economic agenda is not really the priority of the state. Therefore, on the occasion of the anniversary of the federation, on March 28, we are bringing all the presidents of political parties and former prime ministers together in one place to express their commitment to the economic agenda. Opinions may differ between the parties, but we are trying to get their commitment that we are united on the economic agenda. We will take the common opinion and commitment of all parties on the five points of the economic agenda.

Now the confidence of the general public has decreased. There is confusion about what will happen tomorrow. The federation is also taking various initiatives to increase their confidence. The economy is on the road to improvement, it shows hope to the general public that all issues that have left the rhythm can be slowly returned to the rhythm if everyone is positive.

There is no uniformity in speech and behavior of political parties. Are you optimistic that the economic development agenda will get priority and economic development will speed up if the parties make a commitment?

is no longer just about commitment. The result must be given. We are clear on this. We have sought commitment from the political parties along with implementation and expected results within the stipulated time. The Federation does not commit and leave. The federation also does continuous follow-up on whether the work has been done according to the commitment. Because there is no exemption for political parties to reach only if they make a commitment but do not have to work. Everyone has increased negativity. Profits earned by businessmen are viewed incorrectly. This commentary needs to be improved. Doing business for profit. One should be able to earn profit within the limits of the laws of the state.

The government is holding the third investment conference in Baisakh. What is the role of the private sector in this?

In recent years, foreign investment has not been able to come to Nepal as expected, and domestic investment has not been able to expand much. In order to increase domestic and foreign investment, the federation is doing things like lobbying for policy reforms by the private sector, spreading propaganda at home and abroad, urging and facilitating the government to remove policy and practical complications for creating an investment-friendly environment. The private sector will leave no stone unturned to make the conference effective and successful.

The general public is under the impression that nothing has happened in the economic sector. Therefore, the Federation said that it is going to take the commitment of political parties on the economic agenda. What is the current problem of the economy?

is much improved now compared to almost two years ago. Foreign exchange reserves have been setting new records every month. Current account status and current account are in savings. Remittances are continuously increasing. Tourism has steadily improved. Inflation is on the decline. The bank has sufficient liquidity. Interest rates have fallen to single digits. These indicators have shown positive signs in the economy. However, the expected improvement in government finances has not taken place. Therefore, the economy has not become viable. The confidence of citizens has fallen. Increasing the confidence of citizens is the main challenge now.

After passing ten plus two, the trend of young people going abroad has increased. This has reduced the overall market demand. It has reduced the demand for consumer goods. The demand for consumer goods such as motorcycles, laptops, mobiles etc. has also decreased. Much work needs to be done to prevent youth migration. There are enough opportunities to work in Nepal now. Along with the necessary capital for business, skills, technology, ideas etc. can also be easily found. There are also organizations that raise capital ideas for good projects and innovative ideas. Therefore, the need of the moment is to convey the message that if you work with positive thinking and hard work, the sluggish economy can be made operational quickly and show it by working accordingly. I have seen opportunity after opportunity in many areas of Nepal. It is important to show that to others.

The external sector of the economy is strong, banks have enough liquidity, interest rates are continuously falling. Banks are looking for people to take loans. In the last one year, you have also launched some projects. Many industrialists have been saying that there is no investment environment. Why did some industrialists see opportunities as opportunities and others as problems?

Now the confidence of the society has fallen. An industrialist running one manufacturing unit needs strong confidence to add another unit. Only then capital and other things are required. Now that confidence is lacking. Rather, there are not many industrial business friends with the intention of reducing the size of the business but expanding the investment. Therefore, it is necessary for the state to increase the confidence of industrialists. Only if the private sector expands its investment, jobs will be created in the society and the government will get revenue.

If the government or the regulatory body does what can be done to improve the morale of the private sector immediately?

is not found by businessmen even the payment of the work completed. The government viewing the private sector also looks negative. Not forgetting the government and society that the private sector becoming the economy, the income of the government and the economic cycle, would continue to continue. He did not view the legal sector negatively. Some existing laws have not also been able to invest in confidence by the private sector. It is necessary to improve immediately for the construction of investment environment. & Nbsp; Strength in

Bank, even if the capital cell pressure has increased, the capital cell pressure have not been able to flow to the flow of capital cells. As the capacity, some of the businessmen and some businessmen are in trouble if they cannot afford to make relief. What is your opinion in it?

Banks are financial arbitrator. People who need a necessary person or organization by collecting money in society is to flow credit. This is 5 or 10 percent money of the operation of the operating. Therefore no one has the right to do the money in the money of others. The profit of interest rates from debtors and the difference between deposits is the profit. Therefore, the most important responsibility of the bank is to protect the citizens. Now that some chaotic activity has increased in society, the expression that do not have to pay a loan taken from banks.

's advocacy debtors also seemed to be reproverted by some of the capacity. This is very wrong. Today, a indebted by a debtor has not been able to overcome debts more than the depths. Some indebted for some skepticals to pay a loan as needed when they want. We need to facilitate government, national banks and banks on behalf of the parts of the banks. May he now be able to repay the loan of the bank after he can last and after his future business comes. FNJ has been urging the concerned body to take necessary action against banks. & Nbsp;

is more than in the private sector to arrest the entrepreneurial and giving an reason to improving the industrialists. Some practitioners have taken control that the private sector opposition. Are you an opinion that the state should not touch the private sector? The unknowingly working in

is also a result. But now it has increased the practice of taking many entrepreneuries and research to many industrialists. Instead, our request is demand that sheded enough research and was guilty. Any entrepreneur look for a ten-year-old year and worked at one level. Leaving all that does not mean running away.

therefore, 'first, and listen' first, called 'first listen first. Should the trend have fallen even the morale of the industrialist businessman as they do not have enough opportunities to keep their talk. The tendency to flee from business has also increased. However, it does not mean that the private sector is well to take action. Suppose a businessman gained 40 percent less than he has to take a 20 percent profit margin. In such a case, he can be worn great monetary fines (Financial Costs). It is not just a few. & Nbsp;

is currently the revised bill of the bank and financial institutions that have produced in parliament is not unable to be banker and businessmen. Should this law seem to tarnish the businessmeliors? Spells of separations to

Bankar and businessmen are very good. In this, NRB has been taking the initiative for many. However, the investment of businessmen increased by the banks of the bank in 072. Now the state should be given the option of adequate time, proper path and investment to take the control from that capital financial institution and investment. The arrangement has been proposed that the share of the bank's paid capital in the bill is not allowing to reap loans from any organization. In the same way, if it is not allowed by industrialist businessmen, the economy can be shrink of the economy. Most of the time businessmen is invested in the bank of most industrialists. When you talk to myself, more than one percentage bank is invest in. I have brought a dozens of the company operation. If my company could not take credit, I had to give investment opportunities. & Nbsp;

is currently for a karitage of the banks and financial institutions about Rs 70,000. Most of the most industrialists are businessmen. The businessman has to sell the shares of the bank, as he has proposed. Can the non-scholable investor get buying so large? & NBSP;

is the most important part of it. Nepal has just been taken to economic development, such as many industrialist entrepreneurs have invested everywhere. Once selling shares at once, it may not be investors. That is why it should be brought to the implementation of the constitution only by providing the proper time and alternatives for sale for sale. & NBSP;

do you understand that the nation bank efforts will try to separate banker and businessmen? & nbsp;

regulatory bodies should not be planted or on the work that is being done. There is also such a practice abroad. It is good to follow the same practice in Nepal. However, the transportation of sharers and more than one percentage investment for more than one percent investment to more invested by business larger lack of capital. & Nbsp;

Federation has also been conventing and intestination with the Indighter of the country, including India, Dubai, Khilond, Kata. How much are the foreign investor to invest in Nepal's financial sector? If you are getting out of the bank, it is likely to sell foreign investors? & NBSP; Isn't foreign investment for

now Banker and Advari? Who has now stopped in abroad injecting foreign investment? Therefore, only foreign investors will come only when business business activities in the bank is selling. Even today, the government has given priority to foreign investment.

past narat Bank brought a strategy to reduce the number of banks. The government said that the government would give tax exemption on the occasion. Banks were merged accordingly. The government raised a demon-complational taxes. Karbuli Bank Banks and Financial Instituments submitted about 13 billion to Rs 13 billion. That amount is not so much. But there has been its negative message abroad against the country / foreign country. It may seem common to read, but it is a very scary issue. Policy maker of policy making is essential to these issues. & Nbsp;

the same person got both interests confined by both banks and business, the idea of ​​insanely and businessmen is the opinion of the government?

may have been some such activities in the past. As a regulator, the nation bank has been so active and impressive that some businessmen want him to do financial transactions to self-interest. That is why Nepal's banks and financial institutions are excel in South Asia. Experts and higher management are made so responsible that they cannot work in a way that disrupt selfishness.

You have an interaction with Labyang, native investor for the improvement of the federation, and improve the financial sector after the federation. What will work for the Federation carrying you a year after coming to visit you a year? & NBSP; The agenda we have raised now has started listening to the agenda. Lowed a little less in the past. In the next year, our suggestions are plan to work for the implementation of. & Nbsp;

you a successful businessman. What are the upcoming plans?

I am a man who believes in a family. Nepal is a country with a lot of possibilities. That is why I have been investing in the possibility. The last year is focused on the establishment of my investment infrastructure and importing industries. There is a good potential of tourism sector in the coming year. Investment in this area also benefits the nation in the future. I have to do on time after starting the work. I work in three principles, first, and the work I have done may benefit the second and third, let the investment also receive the right reward. & Nbsp;

s we started enrichment remittances through formal means. The state and the general public had the business wanted business. Similarly, the Nepal Rastra Bank took the policy of making a huge and total institution to take banks and financial institutions to me. As a result, we made 21 banks and financial institutions one. Similarly, the government entered the construction of the destination to spend the tourists and stay. Then we made the destination like Chandragir Hills. Now it is planned to make a similar tourist destination in all the states. The project has arrived in the operation of three states, while the other four is being constructed. & Nbsp;