CNI delegation meets Finance Minister Wagle, discusses economy and reforms

KATHMANDU: A delegation from Confederation of Nepalese Industries (CNI) met Finance Minister Dr Swarnim Wagle on Monday to discuss the state of the national economy and possible policy responses.

The delegation, led by CNI President Birendra Raj Pandey, congratulated the minister and outlined immediate, medium-term and long-term priorities to achieve the 'good governance and high economic growth' the public expects. Pandey welcomed Minister Wagle’s pledge to pursue a second phase of economic reforms and to repeal 'irrelevant and outdated acts,' and expressed confidence that reform work would begin with the upcoming budget.

CNI President Pandey urged the government to adopt policies that encourage manufacturing, create employment, deliver high-digit economic growth and substitute imports. He called for a change in public perception, mentioning that the state should 'dismantle the narrative that earning money is a crime' and should promote the idea that 'legally acquiring property and earning money is not a crime.' He added that policies are needed to boost overall demand in a market where consumption remains weak.

Pandey said CNI is studying how to raise Nepal’s current economy of approximately $45 billion to $100 billion within the next 10 years and that the confederation will submit its report to the government soon.

Finance Minister Wagle said he had taken charge of the Ministry of Finance to 'steer the declining economy in the right direction.' He stressed the link between a vibrant private sector and foreign investment, and stated, “foreign investment will only arrive once Nepal's private sector is energised,” and that the government will view import-substitution manufacturing through a different lens.

Minister Wagle said the government would work to eliminate petty corruption and bureaucratic delays, mentioning people should not 'have to stand in queues or pay bribes.' He added that political stability sought by the private sector has been achieved, and pledged to maintain policy stability to pursue economic prosperity. On the role of the state, he said a liberal economy will be encouraged, and 'a private sector-friendly environment will be created,' but cautioned that 'unrestrained behaviour will not be permitted under the pretext of liberalism.' He also urged CNI to help attract large multinational companies and their investments.

On the occasion, Finance Secretary Ghanshyam Upadhyaya asked industry representatives to point out legal provisions that hinder investment facilitation and to recommend necessary arrangements.

Present at the meeting were CNI immediate past president Rajesh Kumar Agrawal, past presidents Hari Bhakta Sharma and Vishnu Kumar Agarwal, governing council members Shiv Ratan Sharda and Shashi Kant Agrawal, vice presidents Hem Raj Dhakal, Bhim Ghimire and Gokul Bhandari, permanent invitees Vidushi Rana and Sandeep Kumar Sharda, CNI Young Entrepreneurs Forum President Manish Shrestha, and CNI Director General Ghanashyam Ojha, among others. They offered suggestions on priorities for economic reform and high-digit economic growth.