Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU — President of the Federation of Nepalese Chamber of Commerce & Industries (FNCCI), Chandra Prasad Dhakal, has said that the present period is the most appropriate time for policy and economic reforms in Nepal, noting that the current political environment is more conducive to decisive action than in the past.
Speaking at a program organized in the capital on Monday to mark International Customs Day, Dhakal said that policy reforms were repeatedly delayed in previous years due to political infighting and poor coordination within governments. He added that the incumbent government now has an opportunity to move forward with much-needed structural reforms.
Dhakal pointed out that in the past, a lack of subject-matter understanding among ministers often created confusion in the policy-making process, resulting in the postponement of critical decisions.
Referring to the current leadership at the Ministry of Finance, he urged the government to accelerate reforms under the guidance of a technically sound and knowledgeable finance minister.
“This is absolutely the right time for policy reform,” Dhakal said. “In many cases in the past, even ministers were unclear about what needed to be done, and essential decisions could not move forward due to a lack of coordination. The work currently being carried out under the finance minister’s leadership is very encouraging.”
Dhakal emphasized that while the government prioritizes revenue collection through customs, such efforts should not come at the cost of entrepreneurship and private sector growth. He stressed the need for policies that promote enterprise development without undermining productive economic activities.
He also raised concerns that although the government has formally recognized hotels and tourism as industries, these sectors are still not receiving the facilities and incentives granted to other industries. Immediate implementation of such provisions, he said, would significantly boost entrepreneurship and investment.
Additionally, Dhakal drew the finance minister’s attention to what he described as unnecessary controversies being created by the Securities Board of Nepal on certain issues, urging better coordination to avoid policy uncertainty in the private sector.
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