January 4: The Confederation of Nepalese Industry (CNI) has said that there has been a slump in the construction sector due to the inability to increase expenditure for the development of infrastructure.

CNI President Vishnu Kumar Agarwal, during a meeting with Deputy Prime Minister and Minister for Physical Infrastructure and Transport Narayankaji Shrestha on Tuesday, informed that all the sectors related to construction business, are facing recession due to the slowdown in the infrastructure development.

CNI also requested Deputy Prime Minister to increase the development expenditure. The team led by the CNI president Agarwal emphasized the need to increase the development expenditure and start revitalizing the economic sector.

Agarwal also pointed out the need to promote investment in the infrastructure sector. Adding that there is less investment in the construction sector, he said that the overall infrastructure industry has slowed down due to low capital expenditure.

He said that when the infrastructure sector faces a slowdown, all the other related sectors also face a slowdown. 

Agarwal also urged the Deputy Prime Minister to coordinate with the Ministry of Finance to speed up the payments due to the builders. He added that the development projects should be completed quickly by allocating the required budget.

He also presented a concept with clear steps to be taken immediately to restore momentum to the country's economy, which is in crisis.

During the meeting, CNI suggested measures to be taken immediately by prioritizing the financial sector, industry, infrastructure, tourism, energy and information technology sectors to speed up the economy again.

In response, Deputy Prime Minister Shrestha said that the suggestions are important for the improvement of the economy. He said that the government will move forward by addressing such problems.