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२१.१२°C काठमाडौं
काठमाडौंमा वायुको गुणस्तर: ९८

"Protection of entrepreneurs is the need of the moment"

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Now there is slack in the economy. The state is seeing that this situation has come about due to the discouragement of the private sector. On the other hand, there are those who say that this situation is caused by foreign events. This situation is due to the regulatory policy of the regulatory agencies. It has been almost 8 and a half years since the constitution was promulgated. When the constitution was promulgated, the economy had a very large negative impact due to the earthquake.

But at that time the private sector was excited. Our regulatory policies were also designed to promote an investment-friendly environment. In that case, we have achieved a growth rate of 7.5 percent consecutively in 073/74, 074/75 and 075/76. Therefore, if the private sector is made an investment-friendly environment, the country's economy will move towards prosperity. In 076/77, due to the impact of the Covid-19 epidemic, there was a lot of relaxation in the economy.

The Russia-Ukraine war also affected the supply chain. At that time, our gross domestic product was -2.09 percent. It was not only our country. It belonged to many countries of the world. There was also an environment where the 6/6 month lockdown and the subsequent slack economy made it impossible to work. But at that time, the monetary and financial policies provided concessions, so the private sector moved forward enthusiastically. We have achieved an economic growth rate of 3.9 percent against the negative GDP growth in 077/78. Even in 078/79, we achieved an economic growth rate of 5.8 percent. From this, we returned to the old rhythm. Whether it is the effect of the covid epidemic, whether it is the effect of global change. Suddenly austerity policies started. As a result of the policies that came in 078/79, our economic growth rate in 079/80 was only 1.86 percent. What has been seen from this is that if the state agencies bring investment-friendly policies, investment-promoting policies and narrow policies, our economy will not be able to move forward. A GDP growth of 3.3 percent has been projected for 080/081.

Why is this good? Tourism business is good. The hydropower sector is doing well. It is important to think at the micro level in the growth of the gross domestic product. There was no contraction in the economy. Expansionist policies came to us. Whether it is Nepal Rastra Bank, whether it is financial policy. After the contractionary monetary policy, there was a contraction in the expansion of economic activity. Let's look at the state of the real estate business, the state of the stock market. In such a situation, how to remove the laxity of the economy. The first priority of the government's policies and programs and the budget is to end economic laxity and to protect the private sector through policy. The government has said that the private sector is sitting in the driving seat of the economy. Yes, we are driving sitting in the driving seat. But they are only looking up. But did not look at the engine, which is already damaged. You are not looking at what needs to be repaired.

The private sector is the source of the economy. The dam which is damaged, if we don't repair and protect it, it can have an even bigger negative impact. Therefore, what to do in the future for the private sector, now we need a revenue policy before Covid. Currently, customs and tax rates have been increased to increase revenue. Due to this, on the one hand, our business has decreased, on the other hand, it has promoted theft. Entrepreneurs have not been able to do business. The private sector has also suffered the pain of revenue shortfall. How can the private sector be excited in this situation?

Stealing is not something that traders are aware of. We are open borders. There is an open border between India and Nepal. If our cost becomes high, who will stop the consumer from bringing goods from India? There is a difference of up to 30/40 percent in price. Therefore, customs rates must be made competitive to prevent smuggling. Tax rates should be made competitive. Smuggling cannot be stopped in countries with open borders by any other means. The government should reduce the tax rates. Instead of reducing the customs rates, the work is done to increase them. So how is this a competitive field? Therefore, we cannot blame traders, government, consumers without creating a competitive environment.

We have to follow the right policy in this. Entrepreneurs invested at low interest rates when starting the industry. As much as the interest rates of banks have increased recently, that responsibility is on their heads. In the past, the banks themselves introduced a policy that they would not give loans without securing real estate. Then businessmen started buying real estate. On the one hand, when you buy real estate, you get a loan by putting it as a mortgage, on the other hand, when you do business in this way, the price will also increase and if there is a loss in the future business, you will make up for it with the real estate.

There is such a huge real estate transaction due to the policies of the state. Banks are not only loan providers, but also advisors. But which of our banks has advised industrialists that you should proceed in this way and invest in the enterprise in this way? How can they go for new investment unless they protect the industrialists who have been in trouble so far. Today, on an average, 150 entrepreneurs are being blacklisted every day.

Entrepreneurs who want to invest in Nepal are excited when entrepreneurs are blacklisted like this? The current need is how to control it and how to protect the entrepreneurs. Only then will new investments be made. The state should have courage to improve the current economy. You have to dare. Even now, if the state does not dare, I do not think that the economy will improve in the future.
We are always optimistic. We have already suggested many finance ministers from the private sector to end the economic laxity. If you work with courage, you can put an end to economic stagnation.

प्रकाशित : जेष्ठ ३, २०८१ २१:१२
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