Rajendra Malla Calls for More Productive Use of Remittances at National Development Council Meeting

Rajendra Malla, the President of the Nepal Chamber of Commerce, has advocated for the formulation of policies to make remittances more productive.

Speaking at the National Development Council meeting attended by Prime Minister Pushpa Dahal, Malla pointed out that 90% of remittance funds are currently spent on consumption.

He suggested using these funds in more productive sectors to bolster the national economy and proposed a system to tax the skills of youths returning from abroad to leverage their acquired skills domestically.

Malla emphasized the need for better coordination between the 16th five-year plan, the government's budget, and monetary policy. He noted that despite the ambitious nature of the five-year plan, it has failed to meet expectations due to poor implementation.

Malla called for a more practical and efficient approach to the upcoming budget, urging it to focus on production rather than distribution, and highlighted the importance of public-private partnerships.