They also said the 'economic earthquake' is far more devastating than the April earthquake.
Speaking at an interaction organized by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), private sector leaders said the country would become a failed state if needful intervention is not made by the government in time. Saurabh Jyoti, chairperson of Tax and Revenue Committee of FNCCI, said the country is facing an 'economic earthquake' at present as loss inflicted by the earthquake and the blockade on the economy is enormous. "The blockade running for the past five months has inflicted loss of Rs 304 billion on industries and business houses. We are facing loss of Rs 2 billion every day," he said at an interaction participated by Minister for Finance Bishnu Paudel and Governor of Nepal Rastra Bank (NRB) Chiranjibi Nepal, among others.
Jyoti also said more than 2,200 industries have been shut down, rendering around 400,000 people jobless. "The earthquake had affected only 20 percent of the population. But the blockade has victimized people throughout the country," he added.
On the occasion, private sector leaders urged the government to act responsibly and take meaningful initiative to end border disruptions at the earliest. They also requested the government to come up with a concrete plan for revival of country's economy once the blockade is ended. The private sector also urged the government to address energy crisis, promote domestic products and reduce trade deficit.
Stating that the government decision to set up Economic Rehabilitation Fund is praiseworthy, they, however, said the fund would mean nothing for the business houses and industries if it is not implemented effectively.
Speaking at the interaction, Finance Minister Paudel said that government and the private sector should work in tandem to find solution to the ongoing problems. He also said that the government will devise investment-friendly economic policies by taking suggestions from the private sector. "We know the Economic Rehabilitation Fund is not the ultimate solution. It is our attempt to tell the private sector that the government is with them in this moment of crisis," Paudel said, adding, "The government is ready to support private sector through every logical means."
Meanwhile, Paudel also said that government was doing its best to resolve the Tarai unrest and border obstructions at the political level.
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