KATHMANDU, Sept 4: Vice-Chairman of the National Planning Commission (NPC) Dr Bishwonath Paudel has stressed the need for increasing investments in the production and service sector to boost the country's economy. 

Addressing the 24th Annual General Meeting (AGM) of the Society of Economic Journalists Nepal (SEJON), Paudel expressed hope that the country's economy would pursue the positive path as the government has put top priority on developing basic infrastructures and mega projects. 

"I am happy with our performance. Right decisions and policy measures taken by the Nepal Rastra Bank (NRB) have put the country's economy on the right track," he shared. 

He was in the favor of ending rampant distribution of licenses in several sectors in the country, arguing that this has led to bribery. 

"There are syndicates everywhere in the country. Monopoly has found its way everywhere. So, distribution of licenses should be put to an end," he added. 

Increasing trend of investments in agriculture and tourism would stabilize the country's economy in the long run, he noted rising propensity of savings among the Nepali people and completion of road construction in the next five years would also be helpful for the national economy to grow further. 

Similarly, NRB Governor Maha Prasad Adhikari claimed that the country's economy was pursuing the right path. Positive indications of the economy in the recent days include labor market, remittance flow and increment of inflow of foreign. 

Stating that Nepal did not remain aloof from recent impacts of global inflation, he said the government's restriction on the issuance of the Letter of Credit as well as the import of goods had eased the external economic sector. 

"Liquidity issues have rebound frequently. The business community has frequently asked when the issue of liquidity crunch will be resolved. We all know that there is a liquidity crunch. Liquidity has affected elsewhere due to problems in the external economic sector. Balance of payment has suffered a loss. Internally, we do not have money. There must be improvement in the balance of payment for ending the liquidity problem." 

Senior Vice President of the Federation of Nepalese Chambers of Commerce and Industry Chandra Prasad Dhakal echoed NRB Governor Adhikari, noting that the country's economy was on the right path. 

Brushing off the reports that Nepal's economy could face the fate of Sri Lanka, he however stressed the need for the central bank to remain cautious. 

(RSS)

 
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