Remittance accounts 22 pc to GDP

KATHMANDU, June 6: Remittance that accounts for 22 per cent of the Gross Domestic Product (GDP) of the nation has exceeded the annual budget of the country.



Information about this was shared at a program organised on the occasion of the eighth anniversary of the TV programme entitled "Employment" hosted by the Star World Media on Monday.[break]



According to the latest government data, over 300,000 Nepali people go for foreign employment every year.



Addressing the programme, Finance Minister Bharat Mohan Adhikari urged the stakeholders concerned to pay attention towards the safe entry of remittance and its proper utilization. The Finance Minister underlined the need of investing remittance in the productive sector.



Former Minister for Labor and Transport Management, Lekhraj Bhatta said the contribution of remittance was high to preventing the nation´s economy from facing recession during the insurgency in the country.



Nepal Rastra Bank (NRB) Governor Dr Yubaraj Khatiwada said, "Though foreign employment is somehow necessary for supporting the nation´s economy, the state should provide employment opportunity to its people in the country itself".



The NRB Governor drew the attention of the stakeholders concerned towards the proper utilization of remittance.



Secretary at the Ministry of Labour and Transport Management, Dinesh Hari Adhikari stressed on the need to revise the Act related to foreign employment as per the demand of time.



"Foreign employment is not free from problems and challenges", he added.



Economist Dr Chiranjivi Nepal suggested bringing remittance under government bond as it has 53 percent contribution to the foreign currency income.



Also speaking at the programme, Nepali Congress leader Gagan Thapa, CPN ( UML) leader Yogesh Bhattarai, Nepal Foreign Employment Entrepreneurs´ Association Chairman Somlal Bataju, Nepal Remittance Association Chairman Chandra Prasad Dhakal stressed on the need to revise the existing Act related to foreign employment and make Nepali Embassies abroad strong in terms of resources.



On the occasion, journalist Devendra Bhattarai associated with the Kantipur Daily was awarded with the Journalism Award instituted by the Star World Media.



Bhattarai is the first person bagging the award that carries a purse of Rs. 11,111.

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