May 9: Dr Swarnim Wagle, a member of House of Representatives, has criticized the government's efforts to improve the economy through the principles and priorities outlined in the appropriation bill for the next fiscal year, 2023/24.

Dr Wagle stated that these efforts were not enough and that the economy needs drastic measures rather than ritualistic ones, said Dr Wagle during a meeting of the House of Representatives on Monday.

Despite accommodating many things, the principles and priorities outlined in the bill have not met the expectations of the people, according to Dr Wagle. He commented that it would be inappropriate to talk about economic growth and prosperity when the country's economy has lost its pace.

The current economic growth rate is only around 2 percent, which is much lower than the target of 8 percent for the current fiscal year. With only two months left in the fiscal year, achieving this target seems highly unlikely.

Dr Wagle also raised concerns about the increasing gap between expenditures and incomes, which is a major challenge in reducing the budget deficit.  

Dr Wagle highlighted the significant gap between loan investments and economic growth, with loan rates regularly increasing to 20 or 22 percent.  Despite this, it seems that loan investments have not significantly contributed to economic growth, he added.