Damage during Gen-Z protests costs nearly 5 pc of GDP: CNI

KATHMANDU: Confederation of Nepalese Industries (CNI) President Birendra Raj Pandey has said the damage caused by vandalism and arson during the Gen-Z protests amounts to nearly 5% of the gross domestic product (GDP).

At a programme organised today to welcome the new working committee of the Society of Economic Journalists – Nepal (SEJON), Pandey described any attack on the private sector during an agitation as unfortunate.

“There is massive destruction in the private sector during the recent agitation. The continuous attacks on private sector have not ceased despite its remarkable contribution to the country’s economy. According to preliminary estimates, they account for a 5% loss in GDP during the recent Gen-Z protests,” he said.

“We have not been able to convey the private sector’s contribution to civil society, politicians and the general public,” he added.

“Problems will persist until people’s perception of private sector changes. Our attention should be focused on encouraging entrepreneurship and guiding young people towards it,” he said.

Stating that the protests have sown doubt among investors, Pandey emphasised that the government should focus on creating an investment-friendly environment.

Similarly, the immediate past president of the CNI, Rajesh Kumar Agrawal, said it is necessary to move VAT to a multi-rate system.

CNI Koshi Province President Pawan Kumar Sharda said the government should incorporate all sectors when formulating policies and take their circumstances into account when making laws.

Sharda underlined that the Gen-Z protests have created a new opportunity to steer the country towards good governance.