Country Couldn't Progress in Industrial Development Amidst Unstable Policies: FNCCI Senior Vice President Dhakal

Senior Vice President of the Federation of Nepalese Chambers of Commerce and Industry Chandra Prasad Dhakal has said that the country has not been able to move forward towards industrial development due to a lack of sustainable and stable policy.

"Sustainable and stable policy is necessary for industrial development and creation of internal employment in the country. While our policies are changing in a short period of time, it seems that instead of sustainable industrial development, entrepreneurs are turning to short-term profitable trading businesses. It has not benefited both the state and the business community,” he said.

Addressing the inaugural session of the 63rd Annual General Meeting of the Shidartha Chamber of Commerce and Industry on Saturday, Senior Vice President Dhakal said that the government needs to have in-depth discussions with the concerned stakeholders while formulating new policies and laws.

"At first glance, there seems to be a lack of policy stability in any business. This also seems to have terrorized many business friends. Some time ago, the Federation of Nepalese Chambers of Commerce and Industry held a discussion program with economists which concluded that there were various problems in the economy due to this volatile policy,” he said.

The current lack of liquidity in the market, or the slowdown in economic activity, has all been linked to volatile policies, he said, adding that it has created an atmosphere of fear and panic for ordinary business people.

Stating that the private sector has a big role in government revenue collection, Senior Vice President Dhakal said that discussions should be held with the private sector and concerned stakeholders in the policy-making for the effective implementation of new policies.

"The contribution of the private sector to government revenue is more than 70 percent. It covers the development and general expenditure of the government. Some of the policies come without any discussion with the concerned stakeholders, so it does not seem to benefit the general public, the businessmen do not feel a sense of belongingness, thus the government has not been able to implement the policies as effectively as it wants," he said.