Private Sector Engine Of Growth

NARENDRA KUMAR BASNET, President of Confederation of Nepalese Industries

June 30, 2013, 5:45 p.m. Published in Magazine Issue: Vol: 07 No. -2 June 28- 2013 (Ashad 14, 2070)

What kind of budget do you envision?

The new budget should be a visionary document for Nepal's economy. It should increase investment, promote export and reduce import. The budget should be balanced and should be distributed based on the basic of needs of the region, especially in the far and mid western region's development and productivity.

How do you look at the role of the private sector?

The private sector wants to work with the government. The budget should address the problem faced by the private sector. The private sector is the key to economic development and engine of high growth. The new budget needs to recognize this. The budget needs to be investment friendly. The budget should not be revenue-oriented but it should encourage private investment to reduce import.

How do you see the state of the economy?

The country has already suffered from political instability. The development and economic sectors have badly suffered. Nepal's economy and development suffered because of non-seriousness of political leadership on the economic agenda. The presentation of the budget was delayed in the last few years, disrupting the development activities. The political leadership also failed to pass the acts on a timely basis. All these pushed the Nepalese economy on the brink of collapse.

What challenges has the private sector been facing?

The private sector has been facing different problems. Prolonged power cut, trade unions and unreasonable taxes. 

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