Private sector should be responsible for boosting economy: Malla

By A Staff Reporter,Kathmandu, Jan. 7: President of Nepal Chamber of Commerce Rajendra Malla has said that the private sector should  be responsible for strengthening the country's economy.

Inaugurating the ninth general meeting of Tilottama Chamber of Commerce on Friday, Malla said that the internal part of the economy, including revenue collection, was still at risk and added that the private sector was also responsible for boosting the economy.

He said, “It is necessary for the government and the private sector to work hand in hand to increase production, promote exports and create jobs by making investment in the industrial sector.”

He said that the revenue collection has not as per the target and the government was facing difficulty to meet the recurrent expenditure due to poor collection of revenue. When the customs revenue was not encouraging, other revenues were also not  collected according to the target, he said, adding that illegal trade should be controlled by managing the open border with India.

President Malla said that taking advantage of the open border between Nepal and India, illegal business was thriving and revenue collection could increase by at least 40 per cent if the border was managed.

He also said that the NCC was ready to work hand in hand with the government to manage imports and promote exports. He emphasised that the government should make revenue system sound by expanding the scope of taxes.

 He said that cooperation from the federal to the local level governments was essential to make the tax revenue administration more effective.