Growing demand of foreign currency creating stress on national economy: PM Deuba

Published On: March 11, 2022 08:13 AM NPT By: Republica  | @RepublicaNepal

KATHMANDU, March 11: Prime Minister Sher Bahadur Deuba has said the aspirations to bring about development in the country cannot be realized unless small and cottage industries are promoted and developed in the country.

Inaugurating the 22nd National General Convention of Nepal Federation of Small and Cottage Industries in the capital on Thursday, Prime Minister Deuba stressed the need for federal, provincial and local levels to ensure a close collaboration to create employment to hundreds of thousands Nepalis within the country and enhance the country's domestic production. 

Prime Minister Deuba said that the national economy was undergoing stress due to high demand of foreign currency and that the import of goods and services produced abroad has gone up lately. “There is no option but to augment national production to reduce the trade deficit,” he said, adding that the government is committed to promoting the private sector.

The prime minister also vowed to take initiative to elevate the status of the small and cottage industries in the country which received severe blows due to the COVID-19 pandemic. “Sustainable development and prosperity are the government’s priority,” he further said. 

Mayor of Birgunj Metropolitan City, Bijay Sarabagi, argued that banks were showing biases against small entrepreneurs and this such tendency needs to be addressed on time.


Leave A Comment