PM reaffirms govt commitment to policy and legal reforms for development

Prime Minister KP Sharma Oli has reaffirmed the commitment of the incumbent government for policy and legal reforms to ensure development in the country.

Talking to the business community at the Prime Minister’s official residence in Baluwatar on Friday evening, PM Oli assured the entrepreneurs that he was ready to reform the policy and laws to let the industrial sector boom.

Oli said, “You establish export-based industries. You set up factories that generate employment. I am prepared to reform the laws and policies accordingly.”

Urging the industrialists to only import the essential raw materials from abroad, the PM ruled out the possibility of Nepal ever remaining a poor country.

Stating that his government was willing to change the economic status of the country, PM Oli recalled that Nepal was recommended for graduation from the status of the least developed country to a developing country.

According to him, incredible milestones were achieved in the sector of constructing basic infrastructures in three years of the incumbent government. “The old Nepal is moving towards New Nepal,” PM Oli argued.

Urging the business leaders to open companies to produce vehicles within the country, PM Oli announced the government's subsidies in this regard. He said the government was committed to the campaign of 'Prosperous Nepal, Happy Nepalis' and to work for the welfare of industrialists.

Similarly, FNCCI President Shekhar Golchha asserted that programmes in the budget and monetary policies for the current fiscal year, 2020/21 has eased the revival of business affected by COVID-19.

Stating that country's economy witnessed a negative growth rate in the last fiscal year, 2019/20 and in the first three months of the current FY due to lockdown imposed to combat the infection, Golchha said there was a correction in the economy from the second quarter.

Saying 58 per cent revenue has been collected as of Thursday, he also expressed the hope that revenue collection would hit the target in the current FY.

The demand for the loan was high in the banks which is adding pressure to the liquidity, Golchha added.

He added that domestic production has gone up and was contribution to the reduction in trade deficit.

Also present on the occasion were, Deputy Prime Minister Ishwar Pokhrel, Finance Minister Bishnu Poudel, Chief Economic Advisor to PM Motilal Dugad among others.