Nepal National Business Federation Urges Finance Minister to Address Economic Stagnation

Kathmandu. The Nepal National Business Federation has drawn the attention of Finance Minister Dr. Swarnim Wagle to the country's current economic stagnation and the challenges faced by small and medium-sized enterprises. A delegation from the federation met with Minister Wagle at the Ministry of Finance for an hour-long discussion, urging him to remain sensitive to the issues faced by industrialists and business owners.

According to the federation's founding president, Naresh Katuwal, the current business climate is fragile, but there is a glimmer of hope among entrepreneurs following the formation of the new government. During the discussion, the federation prioritized issues such as the management of Maximum Retail Price (MRP), scientific house rent policies, and concessional loans.

The federation suggested a practical approach to MRP management for existing stock and manufactured goods to ensure consumer convenience. Furthermore, citing the lack of a clear house rent policy, they demanded that the government implement a scientific rent system based on 'square feet' by categorizing urban and rural areas. The federation noted that leaving house rent regulation solely to local governments has exacerbated the problem.

The federation also urged the Finance Minister to facilitate the flow of liquidity from the banking sector to small businesses by providing collateral-free loans at a 3 percent interest rate. Additionally, business owners demanded the simplification of import-export processes by resolving cumbersome procedures and tariff issues at customs points.

Founding President Katuwal expressed frustration that previous governments had consistently ignored the issues of small, domestic, and shop-based businesses, but noted that he received positive assurances from the Finance Minister this time.

Finance Minister Wagle committed to addressing the problems of small and medium-sized industries through the upcoming budget and creating a conducive working environment. The federation also demanded that small business organizations be included in policy-making, noting that economic advisory committees have historically been dominated by a limited number of organizations since the Panchayat era. The Finance Minister responded positively, stating that he would move forward by including all stakeholders.