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Govt, private sector, regulatory bodies should work together to improve economy: FNCCI President Dhakal

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KATHMANDU: Federation of Nepalese Chambers of Commerce and Industry (FNCCI) President Chandra Prasad Dhakal has said that the cooperation of all sectors is necessary to solve the problems seen in the economy.

At a programme organised on Thursday on the occasion of the 100th day of the current executive committee of FNCCI, Dhakal opined that the government, private sector and regulatory bodies should work together to solve the existing problems in the national economy.

FNCCI President Dhakal said that the government should make a policy to help the businesspersons who are in trouble instead of pushing them into problems. He suggested that entrepreneurs should be encouraged by solving the problems with the help of the central bank, government and international bodies. FNCCI President Dhakal said the economy has faced problems due to shortcomings and suggested solving such weaknesses in time.

Dhakal said the discouraging of import and Working Capital Loans Guidelines caused problems in the past. He opined that although it made the external sector balanced, the country's economy went into recession." He also mentioned that suggestions given by FNCCI have not been fully incorporated in the Finance Bill and Monetary Policy presented by the government and the central bank. The recent policy seems to be positive in solving the current problem. However, it is not completely efficient in solving the problem, while the previous policy was positive in the long term.

"In the budget, our main demand was to pull the country out of recession. The long-term important issues such as land arrangements, ease of environmental assessment, extraction and export of mineral products were incorporated in the budget. However, the immediate problem could not be solved," said Dhakal.

He emphasized the need to take necessary measures to encourage businesspersons who have been in trouble recently. He suggested the private sector be given some time to manage their debt and measures be taken to encourage startups.
FNCCI President Dhakal lamented, "The voice of the entire private sector went unheard in the government policy and it is unfortunate for the country."

Addressing the programme, FNCCI Senior Vice President Anjan Shrestha suggested that the government should address the suggestions given by the private sector as per the needs of the businesspersons, demand of time and current situation.
On the occasion, Economist Sudarshan Raj Pandey briefed about the changes in the tax law after the implementation of the budget and monetary policy for the fiscal year 2023/24 and Finance Bill 2080.

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