May 23: Minister for Industry, Commerce and Supplies Dilendra Prasad Badu informed that the government is doing its homework to keep the ailing industries in operation. The government plans to work on public-private partnership and other modalities to keep such industries afloat. He urged the private sector to make preparations in this regard, saying that they should move towards self-reliance by increasing production and employment by operating such industries.

He made such remarks at a program organized by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) in Kathmandu on Sunday. "We will bring in the budget and programmes to implement this policy," Badu said.

He said that the government has announced industrial zones and has allocated land for opening industries, but the government does not have the budget to invest in infrastructure development. He said that the private sector should come up with plans for establishing chemical fertilizer factories, that are urgently required in the country.  

Badu said that the fuel prices have spiked drastically, and the monopoly of Nepal Oil Corporation should be broken to make the price competitive.

"The private sector should be allowed to supply petroleum products. This will create competition and will make the price cheaper for consumers. However, the price of cooking gas cannot be subsidized any further, he said. 

Minister Badu said that it was necessary to move towards self-reliance by reducing imports and increasing production.

Likewise, he added that the recent ban on wheat exports by India will impact the production of flour in a few months.

Speaking at the same programme, Governor of Nepal Rastra Bank, Maha Prasad Adhikari, said that this year has seen high growth in import and inflation has also remained high.

"However high the prices may be, we as consumers are ready to pay. If we become cautious and consume little less, the economy will return back on track,” said Adhikari.

"Right now, the private sector needs to focus on the economy as a whole rather than profit," the NRB governor said.

On the occasion, Dr Rajendra Prasad Mishra, joint secretary at the Ministry of Agriculture and Livestock Development, said that farmers and industries should be involved in the production of raw materials within the country. He emphasized the need to strengthen the supply chain at the local level.

Likewise, FNCCI President Shekhar Golchha said that an imminent food crisis in Nepal cannot not be ignored as other countries have imposed a ban of export of food products. He urged the minister to form a task force representing officials from the Ministry of Energy, Industry, Agriculture Development and the private sector, as well as Nepal Rastra Bank, to solve the current problem. He said that reducing fuel consumption and improving the agricultural ecosystem was the need of the hour.