India Will Invest In Infrastructure

India Will Invest In Infrastructure

Aug. 17, 2014, 5:45 p.m. Published in Magazine Issue: Vol: 08 No. -5 August. 15- 2014 (Sharawan 30, 2071

Indian Prime Minister Narendra Modi agreed to support Nepal in infrastructure development. In a meeting with Nepali business people, Modi expressed the hope that the Constituent Assembly (CA) will become successful in promulgating the new constitution within the specified timeframe.

Binod Chaudhary, president of Chaudhary Group, said Modi's visit encouraged Indian investors to invest in Nepal. Chaudhary proposed Modi to help Nepal develop industrial corridor in Nepal like the Delhi-Maharastra Industrial Corridor project. Chaudhary also requested India to waive the countervailing duty levied by the Indian government on Nepali readymade garments (RMG), yarn, and vegetable ghee, among others. Chaudhary also said Indian investors would come to Nepal if duties on Nepali exports are removed by the Indian government.

Narendra Kumar Basnyat, president of the Confederation of Nepalese Industries (CNI), expressed hope that the Indian government´s goodwill for Nepal will bring political stability and economic opportunities in Nepal.

President of the Nepal Chamber of Commerce (NCC) Rajesh Kaji Shrestha said the Nepali business community was mesmerized with Modi´s vision for development.

"Modi told us that the Indian government has raised line of credit to support Nepal in infrastructure development," Suraj Vaidya, immediate past president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI). "The visiting dignitary also reiterated that India wanted to see stability and economic prosperity in Nepal."

Nepali business leaders also emphasized the need to build transmission lines at the earliest to facilitate energy trading between the two countries. The private sector representatives also requested Modi to include private sector in joint mechanisms between the two countries. Pashupati Murarka, senior vice president of FNCCI, said that Nepal should reap benefits from the close ties with India.

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