December 29: A delegation of Confederation of Nepalese Industry (CNI) recently met the newly appointed Prime Minister Pushpa Kamal Dahal and urged the government to take necessary measures to revive the economy. The CNI delegation led by its President Vishnu Kumar Agarwal stressed that reforming the economy in a challenging situation and should be the first priority of the new government.

The CNI submitted a memo to the prime minister along with suggestions for the reforms.

CNI suggested measures that can be taken immediately by giving priority to the financial sector, industrial promotion, infrastructure, tourism and energy, and information technology sector to revive the economy again.

Agarwal said that he is confident that the government will give top priority to CNI’s suggestions and implement them as the morale of industrialists has dropped significantly due to high contraction in demand, high interest rates, lack of investable capital etc.

In the meeting, he said, “In order to boost the morale of industrialists, the interest rate should be reduced immediately and the current working capital loan guidelines should be postponed for 2 years.”

Agrawal said that the government should work to give a positive message immediately and to encourage industrialists. Agarwal also suggested that to encourage import-substituting industries, the six existing industrial zones should be operated as soon as possible on the model of India's Rudrapur Industrial Zone in public-private-partnership.

Prime Minister Dahal responded saying that he is looking for clear suggestions from the private sector like CNI to improve the economy.

“I expected the same from the private sector. CNI has clearly given a plan for reform. Thanks to CNI for this,” said Dahal.

Similarly, the CNI team also submitted a memo to the Finance Minister Bishnu Prasad Paudel with suggestions including clear steps to be taken immediately to speed up the economy which is in crisis. Governor of NRB Maha Prasad Adhikari, Revenue Secretary Rameshwar Dangal, and Deputy Governor of NRB Bam Bahadur Mishra were also present during the meeting with the finance minister.