Industrialists seek efficient guardianship

By Our Correspondent,Biratnagar, Dec. 17: Industrialists of Biratnagar, the capital city of Koshi Province, have said that an efficient guardianship could create a conducive environment for the revival of the declining industrial sector.

Speaking at an interaction on the current economic scenario held in Biratnagar, they suggested that the government should not delay in taking initiatives to promote industrial development since there is a possibility for creating a turning point for Nepali industries. 

Rakesh Surana, Chairman of the Chamber of Industry Morang (CIM), said that the industries and businesses could be led on a path of growth and development with small initiatives of the government to change some policies and implement them.

He suggested that the government should not delay in making decisions on policy reforms as the Nepali industrial sector is going through many problems and some industries are on the verge of collapse. 

Industrialists are facing problems like load-shedding, low-quality electricity, declining demand for goods and services in the market, and high bank interest rates. These challenges have discouraged investment, said Surana. 

Recalling that the industrialists in the region had submitted the keys of the industries to the government after a prolonged load-shedding that disturbed the entire production process, he said that the fundamental problems of the businesses and industries have remained the same even now. 

Former President of CIM, Suyash Pyakurel, alleged that the troubles faced by industrialists have not been reduced even after taking various services to the online system. 

Member of the House of Representatives of the federal parliament, Sumana Shrestha, pointed out the need for policy reforms to develop Nepal's economic sector. "We have been looking only at the macro-economic indicators, and no one has thought about the course for the future," she said. 

It is necessary to change the current top-to-bottom model of policy making and policies should be formulated following a thorough consultation with the stakeholders, said Shrestha. 

Due to the lack of creative and enthusiastic bureaucracy, the country's economy has not picked up the right pace, said Shrestha. 

Secretary of the Ministry of Industry, Commerce and Supplies, Mukunda Prasad Niraula said that the government is ready to support the development of the industrial sector. He informed about the policies taken by the government to develop the industrial sector through the budget of the current fiscal year 2023/24. 

Bam Bahadur Mishra, Deputy Governor of the Nepal Rastra Bank, while giving information about Nepal's economic indices, said that Nepal should work to export electricity, information technology products and cement  

He said that the government should make a plan to export goods and services to the international markets by investing in trade infrastructure.