President of Confederation of Nepalese Industry (CNI) Binod Chaudhary has charged the government with showing more interest to increase the revenues. Addressing the 34th general assembly of Rupandehi Industries Association, Chaudhary said that instead of creating an investment friendly environment, the government is making efforts to set the record in collection of revenues.
In the last few years, all the governments have been trying to increase the annual revenues and they have not cared about making an investment friendly environment. Because of the government’s policy focusing on revenue generation, entrepreneurs are directly and indirectly in trouble. Due to political instability and frequent changes in the government, less than 25 percent development budget is spent. Despite announcement of the Investment Year, there is no environment for Investment.
Due to failure to promulgate the new constitution and political uncertainty, it is almost certain that the Investment Year is just turning into a mere slogan. As long as the government does not give priority to the economic sector, no transformation can materialize.
Due to the government policy, Nepal failed to achieve economic progress, he said, urging the government to bring Industrial Act through ordinance to implement the special economic zone program. In the one year time, the prices of Solar and Hydro Power is going to be similar, the government has to give priority to the solar power to end the prolonged load-shedding in the country. The private sector is ready to work with the government.
Since over Rs. 500 billion remittances entering in Nepal is spent on unproductive sector, the government needs to bring program to take such money into the agriculture, industrial and small industrial sectors.