First Business News Portal in English from Nepal
The spread of Covid-19 pandemic in the country has affected business activities since almost six months. While businesses are still shut owing to the fear of the coronavirus, the government has not been able to come up with concrete medium-term and long-term plans and policies to sustain growth and upscale the economy. Though the government failed to bring out anything concrete to support private businesses through the budget for the current fiscal year, the Monetary Policy for 2020-21 has boosted the morality of private businesses to some extent. Against these backdrops, Kishore Pradhan, vice president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) talked to Fiscal Nepal on details of the current business scenario in the country.
How do you evaluate the current business scenario in Nepal?
As we all know that the spread of COVID-19 has affected everything, including people’s lives and the business sector cannot remain untouched. Though the government immediately imposed lockdown to contain the spread of the pandemic. However, it could not take private sector in confidence. Had the government taken the private sector into confidence from the very first day, the pandemic would not have transmitted to this level. However, of late the government has allowed private hospitals to test COVID-19 and we are optimistic that the spread of the pandemic will be controlled soon. Regarding support to businesses from the government, it is inadequate. Though the budget could not incorporate suggestions of the private sector, the monetary policy has addressed much. Effective implementation of the monetary policy will heal private sector’s plight to some extent.
What should be the government’s economic survival policy?
We all know that economic survival will take time. So, we should attempt economic revival gradually and in a planned way. Agriculture and hydropower sector are the two sectors with extreme potentials in Nepal. Thus, it is high time for the government to encourage investments in these sectors and bring in policies and programmes accordingly. The private sector will always support the government for business growth, development and the growth of the economy.
You are also vying for the post of senior vice-president in FNCCI. How is the preparation going?
Yes. I am vying. However, we have not been able to fix a date for the organization’s AGM and the election due to the pandemic. However, we have formed a committee to finalize the modality of the election amid the COVID-19 crisis. As soon as the committee submits the report, we will reach a conclusion on the election date. I have decades of experience in the business sector and served in different positions in FNCCI. I will take into confidence the entire business community and work for the betterment of the private sector once I reach to the leadership position. Also, I will generously support the next executive committee of FNCCI which will be led by Shekhar Golchha.
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