September 4: Finance Minister Janardan Sharma said that the economy is gradually returning back to normalcy. Finance Minister Sharma made such remark at the opening session of the 24th Annual General Meeting of the Society of Economic Journalists of Nepal (SEJON).

He said that the economy has started to improve because the policies adopted by the government on time.  Finance Minister Sharma said that the remittance inflow has increased as the festive season approaches and the country's economy is getting stronger as a result. 

He believes that the increase in remittance inflow will relieve the pressure on foreign exchange reserves and it will make the economy stronger. 

Sharma said that the government will pay attention to the budget expenditure to prevent liquidity crisis and informed that all the ministries have been instructed to make the budget expenditure effective in the current fiscal year.

Minister Sharma also urged the private sector to increase investment in the productive sector.

Meanwhile, Vice Chairman of National Planning Commission Dr  Bishwanath Paudel said that due to the right decisions and policies of the government and Nepal Rastra Bank, the economy has moved in  the right direction.  He said that the practice of taking bribes while granting licenses in Nepal has increased and such trend should come to an end. 

“There are various kinds of rumors while giving license in Nepal.  There are syndicates in every sector.  Many types of monopolies have flourished, so the license rule must end,” said Paudel.

Paudel added that the habit of saving money has gradually started to develop in Nepal and that will also help to take the economy to the path of prosperity.  According to him, the tendency to save money is increasing. He argued that the foreign exchange reserves will increase due to the increase in remittance inflow, and the economy will become stronger.  In the next five years, the construction of some road projects will be completed and it will further improve the economy, said Paudel. 

He suggested increasing investment in the manufacturing and service sectors to boost the economy. 

Similarly, Chandra Prasad Dhakal, senior vice president of the Federation of Nepalese Chamber of Commerce and Industries, pointed out that Nepal's economy is moving in the positive direction. He added that the central bank needs to be cautious, saying that Nepal should not follow the footsteps of Sri Lanka, as it is being rumored in the market.