Finance Minister Urges Private Sector Not to Be Afraid, Pledges Policy Reforms

Kathmandu. Finance Minister Dr. Swarnim Wagle has urged the private sector, which is the backbone of the country's economy, not to be afraid. He made this appeal while addressing the 60th general meeting of the Nepal Chamber of Commerce and Industry in Kathmandu on Monday. He informed that the government will end kleptocracy, syndicate, and license raj.

Finance Minister Wagle pledged to dismantle the old policy structures that intimidate and exploit the private sector. He informed that the government passed a proposal today to formulate a strategy to protect and promote the private sector. He clarified that the government is fully committed to boosting the morale of the private sector.

'Economy of $100 Billion Not Possible Without Private Sector'

Finance Minister Dr. Wagle said that the goal of making Nepal's economy $100 billion (approximately Rs 130 kharba) within the next seven years is impossible without the support of the private sector.

'The government brings a budget of 19-20 kharba, and even then, capital expenditure is very low. However, we are envisioning an economy of 74-75 kharba next year,' he said, 'Who will make up this remaining contribution?' This entire contribution is from the private sector. Therefore, the private sector plays a leading role in creating employment and increasing the size of the economy.'

'Exploitation in the Name of Revenue to Stop'

He stated that he abolished 15 laws that were hindering the economy within the first 10 minutes of assuming office. Finance Minister Wagle said that policy reform work is moving forward rapidly.

He said that the tendency to unnecessarily trouble and exploit businessmen in the name of revenue investigation and tribunals in the past will be abolished and reformed. 'We are creating a politically independent, transparent, and powerful regulatory body to control rent-seeking, unhealthy competition, and policy exploitation,' he said, 'We are not giving impunity to the private sector, but welcoming them with a red carpet.'

'No List for Arrest, Don't Follow Rumors'

Connecting to the recent fear of arrest among businessmen, Finance Minister Wagle urged them not to follow such rumors.

'There is no need to be unnecessarily agitated by the rumor that the Finance Minister, Prime Minister, or Home Minister has a long list of businessmen to arrest in their pockets,' he assured, 'Scaring and extorting money by making phone calls like in the past will not happen now. There is no reason for honest entrepreneurs to be afraid. However, those involved in criminal activities will not be exempt.'

He emphasized the need to bring in the private sector and foreign investment for large infrastructure construction, as the government's treasury has limited resources and a large amount is spent on mandatory liabilities. 'Our desire is for every 1 rupee spent by the government to bring in 7 rupees from the private sector (crowd in),' Wagle said.

Informing that the upcoming budget is under construction, he said that the tax system will be made equitable through the budget. He clarified that policies will be introduced to remove unnecessary hassles and encourage productive sectors. 'We are moving forward with a social market economy model, where there will be a balance between market dynamics and the state's social responsibility,' said Finance Minister Wagle.

He also called for expanding investment in new areas of possibility by moving beyond old mindsets and practices.