Let's be tough to increase production and employment

From writing to reading this article, everyone can easily feel that the economy is in dire straits right now. What about the citizens, the situation is definitely not easy for those who run the government. Although the crisis of big businessmen is discussed, little is heard about the problems of small and medium businessmen.

The government will not be happy that the foreign exchange reserve has reached 18 trillion 16 billion rupees and it is able to cover 12 months of commodity imports. In 6 months, 7 trillion 33 billion remittances are not enough to be happy. It is serious to try to create a commentary that the Nepalese economy is on the road to improvement by showing the improvement in the external index when the government is not collecting enough revenue to meet its current expenses. Nepalis are sending twice the 40 billion annually brought by tourists to travel abroad and educate their children. 10 billion per month is going out for studies. When the construction sector is at a standstill, the related businesses including transportation are also in extreme crisis. There is no sector of the economy that is not in crisis. Therefore, the state had to accept that the economy was in crisis. Economists, administrators and stakeholders also did not distort the reality and give misleading interpretations.

If we spend a day in the Kathmandu Valley or outside the main cities, we can easily feel the crisis of the economy. There is less traffic on the main road, while shutters of small and medium businessmen on the inner roads are increasing. More than one-third of micro, domestic and small industries have been closed. The government, the private sector and the general public are all three sectors in trouble. Demand continues to shrink. The entire generation of consumers has gone abroad.

This is why there seems to be extreme disappointment in the common entrepreneur. It is unfortunate that businessmen have to plan for an escape rather than an investment. The power of the external sphere has not touched the citizens in any way other than to make sure that Nepal is not in the way of Sri Lanka. The improvement seen in the external indicators of the economy cannot negate the expected economic growth, on the contrary, the increase in foreign exchange reserves has clearly indicated that employment creation, internal consumption and other sectors are shrinking in the country. It seems that if we could have taken the risk of being tough to increase domestic production and employment in the same way that we took drastic decisions in the past to increase foreign exchange reserves, we would have reached a normal situation today. But those who made such a fatal decision as the import ban have no regrets, nor have they been reviewed. Be it in the interest of donor agencies or their own whims, there was no end to the fate of the responsible officials making one wrong decision after another and the private sector and the general public also falling victim to it. Which is the misfortune of our country's governance system.

The pages of newspapers are filled with notices of auctions of businesses and real estate due to default on bank loans. More than half of micro, domestic and small industries are not registered and run informally, so they are also deprived of various facilities and concessions announced by the government. Now, even though banks have accumulated funds, there is a lack of liquidity in the market. Some manufacturers and suppliers have run into problems with money stuck in the supply chain. The problems of domestic, small and medium entrepreneurs are also connected with the problems of cooperatives. The problems of people who invest in business by taking loans at high interest rates from meter banks and cooperatives have not yet reached the responsible agencies of the state. It is ironic that those receiving regular salaries and pensions from the state continue to be misled by light-hearted comments about the state of the economy. Instead, even if the country is declared a period of economic crisis, it should not be delayed to take steps to improve the economy by conducting a ruthless review. Because the situation is getting out of our control and if this crisis deepens, the state may have to pay a huge price for treatment.

Good governance for economic reform The rule of

method is the basic or minimum condition for any state. A state operating without law has no legitimacy, but it loses credibility even if it is only used politically or strategically. The method should not be targeted towards any individual or group. The rule of law guarantees good governance in the economic sector and investors can be sure that even if the ruler changes, the policy will not change. Fair competition is also the essence of the rule of law in the economic sector. The minimum requirement of the rule of law is that the administrator should not exercise discretionary power but should act clearly according to the law. In Nepal, when the administration mechanism is given unlimited powers, the private sector is always targeted.

Not all businessmen in Nepal are good and not all are bad. No one objects when a bad person is punished by proving his fault and weakness, but when a businessperson commits a bad business, all businessmen should not be lumped together. General psychology is negative towards the private sector, which contributes 81 percent to the country's economy. The state also has a big hand in it. Instead of accepting the private sector as the backbone of the economy, the state is giving strength to those who make everyone look bad by showing the mistakes and weaknesses of a few businessmen. Because of this, the environment and morale for investment in Nepal has become even weaker. The state should strengthen the rule of law to create an investment environment in Nepal. If the state itself follows the law, it is easy to include the private sector and the general public.

Promotion of small and medium industries

Promotion of small and medium industries is indispensable for the sustainable development of the economy. It is necessary to emphasize on the production of goods that are consumed in the domestic market by using indigenous labor, skills, and capital. Also, among the contribution of the industrial sector in the country's gross domestic product, the contribution of micro, domestic and small industries is more than 90 percent.

The government will not be happy that the foreign exchange reserve has reached 18 trillion 16 billion rupees and it is able to cover 12 months of commodity imports. In 6 months, 7 trillion 33 billion remittances are not enough to be happy. It is serious to try to create a commentary that the Nepalese economy is on the road to improvement by showing the improvement in the external index when the government is not collecting enough revenue to meet its current expenses. Nepalis are sending twice the 40 billion annually brought by tourists to travel abroad and educate their children. 10 billion per month is going out for studies. When the construction sector is at a standstill, the related businesses including transportation are also in extreme crisis. There is no sector of the economy that is not in crisis. Therefore, the state had to accept that the economy was in crisis. Economists, administrators and stakeholders also did not distort the reality and give misleading interpretations. 0

The government will not be happy that the foreign exchange reserve has reached 18 trillion 16 billion rupees and it is able to cover 12 months of commodity imports. In 6 months, 7 trillion 33 billion remittances are not enough to be happy. It is serious to try to create a commentary that the Nepalese economy is on the road to improvement by showing the improvement in the external index when the government is not collecting enough revenue to meet its current expenses. Nepalis are sending twice the 40 billion annually brought by tourists to travel abroad and educate their children. 10 billion per month is going out for studies. When the construction sector is at a standstill, the related businesses including transportation are also in extreme crisis. There is no sector of the economy that is not in crisis. Therefore, the state had to accept that the economy was in crisis. Economists, administrators and stakeholders also did not distort the reality and give misleading interpretations. 1

The government will not be happy that the foreign exchange reserve has reached 18 trillion 16 billion rupees and it is able to cover 12 months of commodity imports. In 6 months, 7 trillion 33 billion remittances are not enough to be happy. It is serious to try to create a commentary that the Nepalese economy is on the road to improvement by showing the improvement in the external index when the government is not collecting enough revenue to meet its current expenses. Nepalis are sending twice the 40 billion annually brought by tourists to travel abroad and educate their children. 10 billion per month is going out for studies. When the construction sector is at a standstill, the related businesses including transportation are also in extreme crisis. There is no sector of the economy that is not in crisis. Therefore, the state had to accept that the economy was in crisis. Economists, administrators and stakeholders also did not distort the reality and give misleading interpretations. 2

The government will not be happy that the foreign exchange reserve has reached 18 trillion 16 billion rupees and it is able to cover 12 months of commodity imports. In 6 months, 7 trillion 33 billion remittances are not enough to be happy. It is serious to try to create a commentary that the Nepalese economy is on the road to improvement by showing the improvement in the external index when the government is not collecting enough revenue to meet its current expenses. Nepalis are sending twice the 40 billion annually brought by tourists to travel abroad and educate their children. 10 billion per month is going out for studies. When the construction sector is at a standstill, the related businesses including transportation are also in extreme crisis. There is no sector of the economy that is not in crisis. Therefore, the state had to accept that the economy was in crisis. Economists, administrators and stakeholders also did not distort the reality and give misleading interpretations. 3

The government will not be happy that the foreign exchange reserve has reached 18 trillion 16 billion rupees and it is able to cover 12 months of commodity imports. In 6 months, 7 trillion 33 billion remittances are not enough to be happy. It is serious to try to create a commentary that the Nepalese economy is on the road to improvement by showing the improvement in the external index when the government is not collecting enough revenue to meet its current expenses. Nepalis are sending twice the 40 billion annually brought by tourists to travel abroad and educate their children. 10 billion per month is going out for studies. When the construction sector is at a standstill, the related businesses including transportation are also in extreme crisis. There is no sector of the economy that is not in crisis. Therefore, the state had to accept that the economy was in crisis. Economists, administrators and stakeholders also did not distort the reality and give misleading interpretations. 4

The government will not be happy that the foreign exchange reserve has reached 18 trillion 16 billion rupees and it is able to cover 12 months of commodity imports. In 6 months, 7 trillion 33 billion remittances are not enough to be happy. It is serious to try to create a commentary that the Nepalese economy is on the road to improvement by showing the improvement in the external index when the government is not collecting enough revenue to meet its current expenses. Nepalis are sending twice the 40 billion annually brought by tourists to travel abroad and educate their children. 10 billion per month is going out for studies. When the construction sector is at a standstill, the related businesses including transportation are also in extreme crisis. There is no sector of the economy that is not in crisis. Therefore, the state had to accept that the economy was in crisis. Economists, administrators and stakeholders also did not distort the reality and give misleading interpretations. 5

The government will not be happy that the foreign exchange reserve has reached 18 trillion 16 billion rupees and it is able to cover 12 months of commodity imports. In 6 months, 7 trillion 33 billion remittances are not enough to be happy. It is serious to try to create a commentary that the Nepalese economy is on the road to improvement by showing the improvement in the external index when the government is not collecting enough revenue to meet its current expenses. Nepalis are sending twice the 40 billion annually brought by tourists to travel abroad and educate their children. 10 billion per month is going out for studies. When the construction sector is at a standstill, the related businesses including transportation are also in extreme crisis. There is no sector of the economy that is not in crisis. Therefore, the state had to accept that the economy was in crisis. Economists, administrators and stakeholders also did not distort the reality and give misleading interpretations. 6

The government will not be happy that the foreign exchange reserve has reached 18 trillion 16 billion rupees and it is able to cover 12 months of commodity imports. In 6 months, 7 trillion 33 billion remittances are not enough to be happy. It is serious to try to create a commentary that the Nepalese economy is on the road to improvement by showing the improvement in the external index when the government is not collecting enough revenue to meet its current expenses. Nepalis are sending twice the 40 billion annually brought by tourists to travel abroad and educate their children. 10 billion per month is going out for studies. When the construction sector is at a standstill, the related businesses including transportation are also in extreme crisis. There is no sector of the economy that is not in crisis. Therefore, the state had to accept that the economy was in crisis. Economists, administrators and stakeholders also did not distort the reality and give misleading interpretations. 7

The government will not be happy that the foreign exchange reserve has reached 18 trillion 16 billion rupees and it is able to cover 12 months of commodity imports. In 6 months, 7 trillion 33 billion remittances are not enough to be happy. It is serious to try to create a commentary that the Nepalese economy is on the road to improvement by showing the improvement in the external index when the government is not collecting enough revenue to meet its current expenses. Nepalis are sending twice the 40 billion annually brought by tourists to travel abroad and educate their children. 10 billion per month is going out for studies. When the construction sector is at a standstill, the related businesses including transportation are also in extreme crisis. There is no sector of the economy that is not in crisis. Therefore, the state had to accept that the economy was in crisis. Economists, administrators and stakeholders also did not distort the reality and give misleading interpretations. 8