'Feature of Nepal's economy is gradually shifting'

Kathmandu, Nov 14: Finance Minister Rameshore Khanal has underscored the need for market-oriented liberal economy, though the feature of Nepal's economy was gradually shifting.     

At a seminar organized Friday by the Nepal Rastra Bank (NRB) on Contributions of Dr Yadav Prasad Pant on Nepal's Economy, Minister Khanal said political and policy instability were the critical challenges for Nepal.     

Likewise, Minister Khanal mentioned that external and political factors have also created pressure on Nepal's economy. "The feature of Nepal's economy is changing. The contribution of the industry sector has decreased while the contribution of the service sector and the production sector has advanced speedily," he added.     

The Finance Minister was of the view that the current situation of the economy was not disappointing and expressed confidence that expected economic growth rate could be achieved from 8 per cent of loan imbursement.     

Recalling the contributions of Dr Yadav Prasad Pant, Finance Minister Khanal stated that Pant played historic roles to connect Nepal's economy to the international mechanisms and establish coordination between the agriculture sector and the industry sector.     

On the occasion, Governor of NRB Dr Bishwo Nath Paudel said political changes could happen overnight but it takes time for economic reforms and transformation.     

The event was organized to mark the 100th birth anniversary of former governor and former finance minister Dr Pant.     

Likewise, former Finance Minister Dr Prakash Chandra Lohani argued that the country's development was slowed due to limited production but higher imports, remittance-based consumption in the country.     

Similarly, former Finance Minister Dr Yubraj Khatiwada said that the finance minister should work considering the economic sector instead of political pressure.     

Another former Finance Minister Dr Rup Joyti said entrepreneurship promotion should be prioritized in the present context.     

Dr Pant has almost two dozens of books in his credit on economics, planning and Nepal's economic diplomacy.(RSS)