The Confederation of Nepalese Industries (CNI) has urged the newly appointed Finance Minister Dr. Prakash Sharan Mahat to improve the national economy. The CNI delegation met Minister Mahat and discussed pressing issues of the economy on Sunday.
Minister Mahat was also handed over a 10-point memorandum on how the economy could be propped up and normalized.
CNI Chairman Bishnu Kumar Agrawal stressed the need for reducing the interest rate, normalizing liquidity, and encouraging investment for immediate improvement of the economy. "These three issues must be prioritized at present. High morale is required to revive economic activities," Agrawal stressed.
Moreover, he argued cash reserve ratio (CRR) needs to be reduced to three percent to decrease interest rates and manage liquidity; the bank rate also needs to be downed.
In the memorandum, the CNI further suggested the government fix the interest gap of fixed and saving accounts at a five percent maximum.
In response, Finance Minister Mahat viewed the government as in need of assistance from the private sector to resolve the problems relating to the economy. He, however, said the government would devote itself to creating a positive atmosphere for economic reform.
"Government is ready to identify the problems and find solutions. For this, cooperation from the private sector is a must," Minister Mahat underlined.
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