Industry Minister Cites Loss of Private Sector Confidence as Major Challenge Post-Unrest

Kathmandu. Anil Kumar Sinha, the interim government's Minister for Industry, Commerce, and Supplies, stated that the decline in the private sector's confidence and morale following the events of Bhadra 24 is the biggest challenge facing the government. Speaking at a program organized by Clickmandu titled 'Investor Morale After the Gen-Z Movement,' Minister Sinha clarified that the nation cannot move toward prosperity until the private sector feels secure.

Minister Sinha noted that it is unfortunate that the private sector, which contributes 81 percent to Nepal's Gross Domestic Product and generates 85 percent of employment, is insecure. Highlighting the fact that the private sector suffered direct physical damage of NPR 34 billion and indirect economic damage of approximately NPR 81 billion during the incidents of Bhadra 23 and 24, he stated that the fear and mental trauma generated among investors are more alarming than the economic losses.

Admitting that the state government was somewhat absent for a few days following the Gen-Z movement, he claimed that the security situation has now improved and the government is vigilant to prevent a recurrence of the incidents. Minister Sinha also expressed dissatisfaction with obstacles to policy reforms and the maneuvering of vested interest groups.

Describing the anomaly in tariffs imposed on the import of raw materials and finished goods as 'a mouse chewing wires,' he hinted that various groups obstruct efforts to correct this. He acknowledged that while some policy decisions have been made, many issues remain stalled.

Minister Sinha also expressed concern over the state of the judiciary and the weak mechanism for resolving business disputes. He stated that the government's investment in the judiciary is low, and investors suffer losses because commercial disputes are not resolved in a timely manner.

He emphasized the necessity of an environment for immediate dispute resolution to realize the concept that 'time is money' in the business sector.