Country's economy in a shambles, UML leader Poudel claims

CPN (UML) Vice-Chairperson and former Finance Minister Bishnu Prasad Poudel has asserted that the country's economy was crisis-stricken.

Inaugurating the 45th annual general assembly and 23rd convention of Rupandehi Chamber of Commerce in Butwal on Monday, leader Poudel ranted that the government could not accept that fact that the country's economy was in recession and blamed the government for beign indifferent towards resolving the problems of country and country people.

According to him, the current situation of the country was unusual from the economic point of view and lamented over the lack of initiatives and decisions on the part of the government accordingly.

The former Finance Minister opined that such economic situation unfolded since the government failed to take all political parties, economic experts and private sector into confidence to take a serious step in addressing the problems seen in economic sector.

According to him, none of the industrialists and entrepreneurs was satisfied with the government's policies and working style. "The government has been playing a hardball with the businesspersons and entrepreneurs. It is unable to resolve their problems," he blamed.

Poudel expressed his concern that a huge chunk of capital was going out of the country due to economic crisis leading to closure of many industries.

He argued that the existing factories in the country are currently producing only half of their capacity. "The production in the industries has decreased along with the demand and supply," he worried.

He assured that the construction of Motipur Industrial Area and Tinau Danab Corridor would be materialized.

Similarly, UML lawmaker Basudev Ghimire opined that the country's economy has weakened due to internal reasons. He argued that the entrepreneurs and industrialists were on the brink of collapse due to higher interest rate.

Likewise Rupandehi Chamber and Industry's Chairperson Madhav Poudel said that the entrepreneurs were worried that a dire state would create in terms of expansion and handing over the business to new generation due to increasing exodus of country's youth force to foreign land.

On the occasion, Poudel feted journalist Sher Bahadur KC with the Best Economic Journalism Award 2078 BS. The Award carries a purse of Rs 45,555 and a letter of honour.

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