Signs of improvement are seen in national economy: PM Prachanda

Prime Minister Pushpa Kamal Dahal ‘Prachanda’ asserted that although there were signs of improvement in the national economy, adding, there was no situation to remain confident and challenges still prevailed.

At an economic symposium organized by Baahrakhari Media at Gokarna in Kathmandu today, PM Dahal stated that the government was working with belief that economic-related issues could be resolved only through collective efforts.

Addressing the event, Dahal underscored the need to study and analyze Nepali society in a special sense and work for the greater good of the country’s people besides studying values and philosophies propounded in the international arena.

Lamenting over disappearing ideologies, principles, and political values, the PM rued that the welfare of the nation was least prioritized and the welfare of the citizens was kept at bay while Nepal exercised consumerism and immediate loss and profit.

The Head of the Government urged one and all to get rid of the mentality that foreign-made goods were standard while those made in Nepal were substandard. “Building of national economy and realizing prosperous Nepal would only be possible once we abandon this mentality,” he viewed.

Furthermore, he appealed to all Nepalis not to overly give importance to foreign experiences, education and instances and not to forget the qualities of Nepal and its uniqueness.

“We must study the world and its experiences and instances must be studied. More than that, we must study the history of Nepal. We should read economy, political character, our country’s qualities and uniqueness. While studying the model of the world and its experiences, let’s study our country and let’s formulate policies accordingly”, mentioned PM Dahal.

Stating that Nepal had its own economy, policy and own method of production which were unique to others, he commented that many people were confused about it. “Our constitution outlines the three-pillar economic model of public, private and cooperatives which does not replicate with other models in the world,” boasted the PM.

“We are practising the concept of three-tier government at present. It has a deep meaning within. We are committed to dismantling the centralized mentality and taking opportunities and development to the local level. The bureaucracy and security mechanism is not able to rise above the old thinking,” the PM ranted, calling for more work on it.

According to him, the three-tier government was established in the country to engage the general public in economic and political activities thereby ensuring their socio-economic transformation. But, he frowned that was no change in the mentality of the Singha Durbar-centric government.

The PM clarified that the constitution of Nepal was promulgated incorporating good aspects of socialism and capitalism. He remarked that there was still a lack of clarity in the thinking of common Nepalis despite talking about neoliberalism and socialism.

Presenting the facts about increasing revenue collection, foreign currency reserve and decreasing interest rates of the banks and financial institutions, he pledged some important measures for reforms in annual policies, programmes and budgets of the government in the upcoming fiscal year.

Moreover, he assured that he will not introduce any acts and laws that were against the interest and welfare of the private sector.

Prior to addressing the event, the PM inaugurated the Gulf Competition organized by Baahrakhari Media.

Similarly, Finance Minister Dr Prakash Sharan Mahat expressed a commitment to resolve the problems seen in the economy.

He said, “We have limited means and resources. There are many works to be done.” The Finance Minister opined that he was thinking of making policy-level interventions on some issues.

Clarifying that efforts have been made to make the economy dynamic and to remove obstacles, Minister Mahat added that initiatives have been taken to resolve problems seen in revenue collection.

He further said that a discussion with Nepal Rastra Bank leadership is underway to make the economy dynamic through monetary policy.

The Finance Minister mentioned, “Let’s not be disappointed. The economy can be made dynamic. Let’s have patience for some time.”

Likewise, the President of the Federation of Nepalese Chambers of Commerce and Industry, Chandra Prasad Dhakal, stressed the need of moving ahead by resolving problems seen in the country’s economy.

He opined, “We all should be united to prepare bases of economic growth. The existing problem of the economy can be resolved only from a joint initiative of the state and private sector.”

FNCCI President Dhakal expressed dissatisfaction towards the bill which puts the private sector under the scope of the Commission for Investigation of Abuse of Authority (CIAA). The bill is under consideration in Parliament.

Economist Achyut Wagle presented a working paper related to the economy as well as other four working papers were also presented on the occasion.