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२७.१२°C काठमाडौं
काठमाडौंमा वायुको गुणस्तर: १४४

Error in the economic policy of the country

Anything can happen here after the leader says it. The problem of microfinance was seen due to the mentality that we do not have to pay the loan when our close people come. And, it is seen somewhere in the policies of the government.
सीके राउत

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We believe that the root cause of the current economic problems is political instability. Political instability is considered as the root cause of economic problems as the political problems are also reflected economically. In plain language, our Prime Minister, Finance Minister or the federal and state governments can't do any economic activity when they are not sure how long they will last.

Error in the economic policy of the country

Investors discuss with one, by the time the investment comes in, the finance minister and the prime minister can change. Newcomers say 'I don't know what happened to the first one'. Therefore, an investment-friendly and trusting environment cannot be created after political instability.

The second problem facing the financial sector is corruption. Here it is easy for anyone who goes, knows or can influence, anything can be done. It does not matter whether the rules or procedures are met. Based on the settings, the task becomes instant. But it is difficult for those who do not have access. I will give my own example, a person like the chairman of a national party, I have stood in line for three hours at three banks for 2/300 dollars.

He waited for me saying that the day would come after coming from above. Later, I found out that 500 dollars can be exchanged at the airport. Being a new person, I did not know at first. This problem occurs in everything from taking a small loan. There is a barrier that makes it difficult to lend money only to people you know and sometimes even withdraw your own money. I also consider it as corruption. The

is the third problem, economic policy and chaos. In our constitution, it is written in at least three places that socialism, socialism-oriented, committed to socialism. Article 17 (2) 6 states that if the government wants to, it can make a law prohibiting the private sector at any time. Thus, after the country's economic policy was said to be socialist oriented, the private sector was always surrounded by fear and panic. There is a fear that one day my investment will be privatized, the state will take everything away, and it has happened. The Maoist-led government tried to bring a provision to convert private sector schools into Guthi. That was stopped but private investors were shocked.

When the socialist forces were in power, such efforts were made in education, health and business sectors. Due to socialist policies, many nursing campuses were flooded, creating an atmosphere of discouraging, incarceration, fear, and intimidation of the private sector. It was not all baseless, it was based on socialist principles. Therefore, we believe that there is a flaw in the economic policy itself. At least let's adopt a policy of social democracy in the country and let the private sector invest in the means of production, let's protect it. Let the government intervene only in basic matters like education and health.

Another episode, of financial chaos. Anything can happen here after the leader says it. The problem of microfinance was seen due to the mentality that we do not have to pay the loan when our close people come. And, it is seen somewhere in the policies of the government. Such economic chaos will get us nowhere. Not only in small investments but also in big investments, there were movements that brought economic chaos.

Among all these problems, solutions should also be found. First of all, unless the economic policy of the country is right, no matter how deep we talk about it, nothing will happen. We are taking it superficially to see what happens when we write that it is socialist oriented in the constitution, but the world does not think that way. When any investor invests in another country, he finds out what the economic system is like there. When we have a policy of command economy or socialist economy, no one will come to invest. Even its own non-resident citizens do not show the desire to invest because if the state will take it away tomorrow, why invest? Therefore, we should start economic reforms by creating an investment-friendly environment by amending the constitution. Only after the

political philosophy is correct are other policies determined. We have advanced that the concept of social democracy should be implemented. We don't want instability and anarchy, let this parliament and constitution remain, but wherever amendments are required, let's make investment-friendly laws. The current crisis can be solved with the Keynesian theory.

We should embrace the policy of open market and liberalism in the means of production. The private sector should be encouraged. To create employment, investment should come and for that, economic policy should be adopted accordingly. Attention should be paid to building national capital. We now have an import oriented economy. The import export ratio is 90:10 percent. We want a productive economy, not a broker economy. Socialism can be brought only after the creation of national capital.

Agriculture and industry are declining. The service area is endless. We are victims of the Dutch disease. To balance this, the industry must invest. There is a dire situation in the construction sector. The sector where 1.5 million are employed is seen to be decreasing. We cannot continue depending on remittances. Let's bring directly elected Executive Prime Minister and Chief Minister to solve the instability. After it comes, it is guaranteed for at least five years.

The bureaucracy in Nepal revolves so much. He doesn't want to take the risk now. The authority moves the file around. Why can't we do the same thing in the government sector if the private banks are happy to hire employees? Unless the bureaucracy is reformed, there will also be no reform unless the hire and fire system is reformed. There is no account of how many ministries and secretaries to open an industry.

The comment that the private sector is about to be looted has been made in the media. If an industry is nationalized, the media should stop commenting that it is nationalism. If the government and the army run it, it is nationalism, even if it is a loss. Nationalization is not nationalism, it is nationalism if it is run for profit. Such illusions should be broken and move forward.

- Edited excerpt of Janmat Party Chairman Raut's opinion in the session 'Basic Needs of Economy: Collective Commitment of Political Leadership' under the 'Kantipur Economic Summit-2024' organized by Kantipur Media Group in Kathmandu on Sunday.

प्रकाशित : जेष्ठ ४, २०८१ ०७:३९
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