‘Leaders now have no option but to focus on economy’

After years of uncertainty, Nepal has finally promulgated a new constitution. The statute is expected to bring peace and stability in the country. The private sector is upbeat about the development, and says the political leaders now have no more excuses for not prioritising economic prosperity. Sanjeev Giri of The Kathmandu Post spoke to a number of business people about what they think of this new constitution. Excerpts: Pashupati Murarka, President, Federation of Nepalese Chambers of Commerce and Industry The private sector is enthused by the fact that Nepal has a new constitution. We welcome this development as it marks the end of a political revolution. There are no more excuses for political leaders now for not working towards achieving economic growth. They should end political problems by bringing disgruntled parties and groups onboard. The people of Nepal are in the need for prosperity, and prosperity can come only through socio-economic development. A constitution in itself cannot expedite growth. We need supporting Acts and Polices. There is a need for a stable government. We, as an apex private sector body, are ready to work with the government to create a conducive business environment. Hari Bhakta Sharma, Senior Vice President, Confederation of Nepalese Industries This is a historic moment for all of us. More than 85 percent of directly-elected people’s representatives have endorsed the main law of the country through a democratic process. A constitution in itself is not everything. But again it can create a positive environment based on which we can start a development journey. Nepal has lost a lot of opportunities due to political debate. I hope, the political leaders now will focus on the economic agenda. Local elections at the possible earliest is a must for institutionalising all these achievements. Likewise, there is a need for establishing the rule of law and strong governance. All in all, we welcome this constitution. Rajesh Kaji Shrestha, President, Nepal Chamber of Commerce Nepal desperately needs stability and I hope the new constitution succeeds in ensuring it. Once we have stability, we can increase Foreign Direct Investment. Also, businesses in Nepal can think about exploring the new avenues. This way we can increase employment generation. For gaining sustainable stability, the political leaders should sit for talks with political forces having different opinions and sort out the differences at the possible earliest. Their ideas can be incorporated with amendments in the constitution in the days to come. I am hopeful the constitution will play an instrumental role in stimulating economic growth. Anand Bagaria, Managing Director, Nimbus The new constitution was a long-awaited document. I am happy we have finally succeeded in ending a long-standing political discourse. I hope the political establishment succeeds in fulfilling the aspirations of the people. The political leaders should be able to bring the unsatisfied political faction onboard soon to make sure the constitution is sustainable. With the constitution now in place, the country should start focusing on economic activities. I hope the new constitution will help Nepal transform on all fronts. Suraj Vaidya, Former President, Federation of Nepalese Chambers of Commerce and Industry Sooner or later, the constitution had to come in the some form. I am hopeful the new constitution will put Nepal back on track. The political parties neglected economic issues, stating their first priority was constitution. But they will not have any excuses henceforth. Secondly, we will soon move towards federalism. This will help increase the ownership of the people at the local level. If the leadership in federal provinces will be serious enough, it will help stimulate economic activities. I feel Nepal might achieve double-digit economic growth rate a decade down the line if there is stability and steady economic progress. Upendra Poudel, President, Nepal Bankers Association We are positive about the new constitution. The end to the constitution-making process will help the government focus on the reconstruction initiative. The damage caused by the April 25 earthquake has compelled the nation to invest hugely in reconstruction. And, the spending will drive the banking sector towards growth. The promulgation of the new constitution will help boost confidence of the private sector. For all of these to happen, we need political stability. I am sure the political parties will succeed in bringing stability. And hence, we welcome the new constitution. Bhawani Rana, Vice President, Federation of Nepalese Chambers of Commerce and Industry The private sector has played a constructive role in the promulgation of the new constitution. The major demands of the private sector have been addressed. I feel the country now will have more stability. This will lead towards an increase in investment and will also lure foreign investors. As a women, I am happy the new constitution has ensured women’s rights. It has also ensured reproductive rights to the women. I feel the new constitution is welcome worthy and I welcome it. Anup Bahadur Malla, President, Nepal Carpet Exporters’ Association The constitution would have been better had it succeeded in incorporating the ideas of the Tarai-based parties. However, the country was in desperate need for a new constitution, which is why I welcome its promulgation. The mainstream political parties should continue their efforts to bring the Tarai-based parties onboard. The majority of the industries of the country are located in Tarai, which is facing strikes. Therefore, bringing the Tarai-based parties onboard is a must. I hope the new constitution will help create conducive business environment. Source: The Kathmandu Post