Prime Minister Sher Bahadur Deuba has said the development could not be realized unless the small and cottage industries were promoted and developed in the country.

PM Deuba stressed the need for federal, provincial and local levels to forge collaboration to create employment for hundreds of thousands of Nepalis within the country and contribute to gross domestic product. He said it while inaugurating the 22nd National General Convention of Nepal Federation of Small and Cottage Industries here Thursday.

According to PM Deuba, the national economy was undergoing stress due to the high demand for foreign currency. The goods and services produced abroad and imported in Nepal have gone up, he added. There is no option but to augment national production to reduce the trade deficit, he said, adding for this to happen, the government is committed to promoting private sectors.

He further vowed the government would take initiative to elevate the status of the small and cottage industries in the country which received severe dent by the COVID-19. Sustainable development and prosperity are the government’s priority, PM Deuba reminded.

Mayor of Birgunj Metropolitan City, Bijay Sarabagi, viewed the banks were meeting out bias against small entrepreneurs, which needs to be addressed on time.