Former Finance Minister Raises Concerns Over Declining Revenue Growth Rate

Former Finance Minister Dr. Prakash Saran Mahat, also the spokesperson for the Nepali Congress, has voiced apprehensions regarding Nepal’s economic trajectory, highlighting a significant decline in the revenue growth rate. Speaking at the 58th Annual General Meeting of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Dr. Mahat emphasized the challenges in sustaining progress amidst changing political alliances.

Dr. Mahat expressed concerns over the recent drop in revenue growth rate from 10 percent to 7 percent, stating that it could impede the momentum achieved through diligent efforts. Quoting the Prime Minister, Dr. Mahat underscored the need for a steadfast approach towards economic advancement, irrespective of political shifts.

Acknowledging the pivotal role of the private sector in driving economic growth and fostering prosperity, Dr. Mahat emphasized the Nepali Congress’s commitment to promoting active private sector participation. He outlined the party’s policy initiatives aimed at expanding private sector engagement beyond conventional import and export activities.

Reflecting on his tenure as Finance Minister and the initiation of reforms post-2046 BS, Dr. Mahat highlighted the significance of soliciting private sector input in policymaking. He underscored the importance of transparent and disciplined budgetary systems in facilitating effective governance and sustainable economic development.

Dr. Mahat emphasized the need for continuity in reform efforts to ensure sustained economic growth post-2046 BS. He cautioned against adopting distribution-centric approaches that may undermine the progress achieved, emphasizing the importance of genuine cooperation with the private sector.

In conclusion, Dr. Mahat urged for a concerted effort towards advancing the second phase of reforms, emphasizing the imperative of aligning policies with the needs and aspirations of the private sector to foster a conducive environment for investment and economic growth.