CNI requests DPM Shrestha to increase development expenditure

By A Staff Reporter,Kathmandu, Jan. 4:The Confederation of Nepalese Industries (CNI) on Tuesday met Deputy Prime Minister and Minister of Physical Infrastructure and Transport Narayan Kaji Shrestha and urged him to facilitate the increase of capital expenditure.

 A team of the CNI led by its president Vishnu Kumar Agrawal congratulated and wished for the successful tenure of Deputy Prime Minister (DPM) Shrestha and asked him to increase the development expenditure.

Agrawal emphasised the need for investment in the infrastructure sector and urged him to increase the development expenditure.

Infrastructure is the foundation of overall economic development, he said.

He said that the overall development of infrastructure sector is sluggish due to less investment and low development expenditure.

He added that with the slowdown in the infrastructure sector, there has been a slowdown in all sectors related to construction, including contractors and construction workers.

President Agrawal suggested that the Minister and Ministry of Physical Infrastructure and Transport pay attention to the coordination with the Ministry of Finance to pay the due amount of contractors quickly, to increase the development expenditure and to allocate the budget and complete the development project without delay.

During the meeting, the delegation presented the DPM Shrestha with a concept of ‘Rebooting Nepalese Economy’ with clear steps to be taken immediately to expedite the country’s economy which is in crisis.

The CNI has also suggested measures that can be taken immediately by prioritising the financial sector (liquidity crisis and high interest rates), industrial promotion, infrastructure, tourism, energy and information technology sectors to give the economy a new momentum.

DPM Shrestha said that he would move forward with suggestions received from the CNI to solve the existing problem seen in the economy.

He said that CNI’s suggestions are important for improving the economy.

"Where there are problems, solve them. We will take forward the process to correct weaknesses and make necessary interventions where required,” he said.