Issuing a concept paper on Monday, Nepal Chamber of Commerce (NCC) said country's economy has been pushed back by a decade due to the blockade. Similarly, economic growth rate is expected to languish below 2 percent.
NCC's concept paper says the blockade has turned people's life miserable and harshly affected all sectors of economy including industry, health, education, energy, agriculture and transportation. "The blockade has become a curse for industrialists as their goods are lying idle at border points, leading to rise in demurrage and detention charges," it said.
Criticizing the white paper issued recently by the government, NCC said the white paper has failed to deliver short-term and long-term solution to bail the country out of the crisis. "It also failed to announce immediate relief packages to people who have been suffering because of the blockade," it added.
Stating that federal system wouldn't be effective unless the country is economically sound, NCC suggested to the government to give equal priority to economic agendas like political agendas.
Meanwhile, NCC has forwarded a 15-point recommendation to improve country's economy. Among others, it has suggested forming a task force, comprising of secretaries of different ministries, Nepal Rastra Bank (NRB) officials and representatives of private sector, to identify, analyze and address problems being faced by the economic sector. Similarly, it has urged the government to adjust all charges on detention and demurrage charges as well as go-down rent while collecting VAT. NCC has also demanded interest waiver of bank loans.
Likewise, NCC has also urged the government to waive off demand cost on electricity until load-shedding is withdrawn completely. It has also asked the government to allow private sector to import and supply petroleum products. NCC has also urged the government to waive off excise duty and VAT on petroleum products in this crisis period of crisis.
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