KATHMANDU, Jan 19: The private sector has urged political parties to prioritise economic agendas in their election manifestos ahead of the general election scheduled for March 5.
Amid growing political debate ahead of the polls, the Confederation of Nepalese Industries (CNI) has called on political leaders to present clear plans and roadmaps for economic reform. “There is an urgent need for concrete strategies to revive the economy,” said CNI President Birendra Raj Pandey.
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The CNI noted that while Nepal has undergone political changes almost every decade, economic reforms have largely been neglected, preventing the country from achieving sustained economic growth. It pointed out that the contribution of the production and manufacturing sectors has declined in recent years, while the service sector has expanded.
Speaking at a press meet on Sunday, Pandey said the economy cannot be sustainable without strengthening the production sector. He cited weak capital expenditure, banks’ inability to expand lending despite a sharp drop in interest rates, and inconsistent government policies as key reasons behind the slow economic progress.
The private sector body has recommended that political parties focus on promoting entrepreneurship, ensuring good governance, completing major infrastructure projects on time, strengthening energy security and promoting tourism in their manifestos.
The CNI has also stressed the need for a common national consensus on economic development. It said appropriate government plans and policies are essential to expand Nepal’s economy to USD 100 billion from the current USD 44 billion within the next decade.
