Prime Minister Balen Shah Discusses Economy with Private Sector

Kathmandu. Prime Minister Balen Shah has held discussions with the private sector to make the economy dynamic.

Prime Minister Shah held discussions on Tuesday at the Prime Minister's Office, Singh Durbar, with the presidents and representatives of private sector organizations Federation of Nepalese Chambers of Commerce and Industry, Nepal Chamber of Commerce, and Confederation of Nepalese Industries.

The Prime Minister held detailed discussions with the private sector on improving the investment environment and boosting the morale of the private sector. Talking to reporters after the meeting with the Prime Minister, Nepal Chamber of Commerce President Kamlesh Kumar Agarwal informed that there was a wide-ranging discussion on the reasons for the sluggish economy, expansion of productive industries, job creation, utilization of natural resources, and practical problems of the private sector.

According to him, Prime Minister Shah assured that the private sector's suggestions would be implemented positively. Prime Minister Shah mentioned that the government's main objective is to achieve economic prosperity and urged the private sector to openly present the problems they see to the government.

Agarwal informed that the issue of arrest and crackdown on entrepreneurs-businessmen was also raised in the discussion. Entrepreneurs and businessmen have demanded that if they are accused of any financial offense, provision should be made for anticipatory bail for entrepreneurs until guilt is proven. They stated that such a provision would create an environment where business can continue even during the investigation. In response, Prime Minister Shah clarified that the government has no intention, policy, or motive to unnecessarily arrest entrepreneurs, and assured that the government is positive about making necessary legal amendments, Agarwal said.

Informing about the meeting, he said, 'We presented everything openly. The government has no intention of cracking down on entrepreneurs and businessmen, and the honorable Prime Minister himself has said that the economy cannot move forward by cracking down on entrepreneurs and businessmen.'

Clarifying the demand for anticipatory bail, he added, 'We have demanded anticipatory bail; if any economic crimes are seen, we have demanded that anticipatory bail be provided until it is proven. If anticipatory bail is provided, entrepreneurs and businessmen can work in a dignified environment.'

Speaking about the Prime Minister's commitment, Agarwal said, 'The honorable Prime Minister presented himself positively. It is not our intention, policy, or motive to arrest entrepreneurs and businessmen or to behave disrespectfully towards them. However, for this, necessary amendments need to be made to the legal provisions, for which we are positive.'

According to President Agarwal, the government appears committed to creating an investment-friendly environment by removing obstacles in industry establishment, land ceiling, budget, and policy implementation. The Prime Minister has also pledged to quickly resolve obstacles created by past legal complexities. It has been stated that the proposal to establish a separate mechanism (cell) in the Prime Minister's Office for regular hearing of private sector problems and to interact within a certain period was also put forward in the discussion, and the Prime Minister is positive about it.

The private sector has also emphasized the need to accelerate capital expenditure to make the economy dynamic. President Agarwal mentioned that when one trillion rupees of capital expenditure occurs, it creates economic activity worth approximately four trillion rupees, and urged the government to advance development expenditure by making an action plan from the beginning of the fiscal year. He stated that the private sector has become enthusiastic after the discussion with the Prime Minister.