Self-made Nepalese billionaire Binod Chaudhary brings in criticisms to concerned authorities for the undeveloped industrial economy of the country

Mr. Binod Chaudhary; the self-made Nepalese billionaire is yet again in news because of his recent speech in the parliamentary. His honest remarks on economy and ministry during his speech have touched hearts of Nepalese.

Chaudhary in his speech first highlighted the industrial sector of the country. He contrasted the currently undeveloped industries with the cement industry of Nepal. Chaudhary believe the major reason behind the development of cement industry is the infrastructural development in the sites of the industry.  The proportion of production to GDP is constantly declining. He points out the reason behind this as the inability of industrial ministry to progress. He claimed that ministry of industry is unable to resolve the problems of industrialists and unable to find out the reason for lack of motivation to industrialists. Despite proposing several economic zones, industrial zones, industrialists do not visit these places nor would they visit until and unless a proper infrastructure has been developed. If government really wants industrialists to visit Bhairawa; special economic zone of Nepal, and explore opportunities, government should find out the reason behind why these industrialists are demotivated to visit these places and address these problems.

The figure of trade deficit is rather disturbing. Chaudhary asserted that we have only two options either to decrease imports or increase export. In order to increase export, the competitive exporting items such as fruits, horticultures, handicrafts should be motivated. We should find out the reason as why we failed to compete ourselves in the international export markets. The export simply would not increase by providing subsidies but rather by facilities to compete with international markets.

Chaudhary also provided his brutal yet honest opinion on the monopoly of Nepal Oil Corporation. He said we have been debating over Nepal Oil Corporation’s monopoly in the diesel market. However, every time policies are made to break this monopoly, the interest of bureaucrats overlaps the interest of the general public. The greatest failure of an economy is to stop private companies from competing in the market and giving monopoly to a single company. We should motivate healthy competitions making customers the core importance.

Chaudhary also pointed out the ineffectiveness of embassies and international ambassadors of the country. Our embassies and ambassadors can be effective in terms of economic promotion. The provision of mandatory policy to bring in at least one new venture, one new exporting product and a joint venture should be maintained.

Finally, Chaudhary concluded that both the private companies and board of investment should come together for the development of industrial economy of the country.