December 22: Industrialists and businessmen of eastern Nepal have been protesting against the government’s decision ever since it announced the budget for the current fiscal year. The business community is dissatisfied with the high interest rates on loan approved by the budget.  

In a press conference held in Biratnagar on Wednesday, the industrialists announced that they will take to the streets from Thursday as the government failed to address their demands. They have said that they will close the Biratnagar market on Thursday and picket the provincial office of Nepal Rastra Bank at Hatkhola from 10 am to 4 pm.

The agitating industrialists informed during the press conference that they have decided to hold protest programmes including market closure and sit-ins with the participation of 44 business organizations of eastern Nepal under the leadership of Morang Merchants’ Association, Province 1 chapter of CNI and Chamber of Industries Morang.

The industrialists argued that they had to hit the street because the NRB ignored the issue of high interest rates of banks.

Nand Kishore Rathi, vice president of Chamber of Industries Morang, said that NRB kept silent even when the interest rates were raised arbitrarily. We condemn it and that's why we are on strike, he added.

Naveen Rijal, president of Morang Merchants’ Association, said that they submitted the letters to the Finance Minister, Finance Secretary and the Governor of Nepal Rastra Bank before starting the street protest. He said that they were compelled to resume the protest as there was no alternative left other than to hit the streets. 

Rijal said that they decided to resume street protest to press the government to fulfil the five-point demand of businessmen. According to him, the movement had to be done not because of their desire but due to compulsion.

The businessmen have demanded that working capital loan guidelines should be removed, interest rate should be reduced to a single digit, and the spread rate be kept at 2 percent. Likewise, they have demanded the institutional interest rate should be maintained at 2 percent. 

Businessmen have taken to the streets twice this year against government policies. The movement that started about two months ago was stopped at the request of the Federation of Nepalese Chamber of Commerce and Industry in view of the general elections on November 20.