Kathmandu, April 2

A delegation of the Federation of Nepalese Chamber of Commerce and Industry (FNCCI) met with newly appointed Minister for Finance Prakash Sharan Mahat today and extended their best wishes on behalf of the entire private sector.

On the occasion, Shekhar Golchha, president of FNCCI, briefed the minister of the present economic situation and suggested injecting money into the market and reducing the interest rate through the joint initiative of Nepal Rastra Bank (NRB) and the government.

The delegation also emphasised on increasing liquidity in cooperatives and microfinance institutions. Moreover, FNCCI President Golchha stressed on expanding the capital expenditure which is merely around 25 per cent at present.

'Revenue collection is low and it is difficult to cope with the current expenditure.

Expenditure should be in-creased even by raising external loans for this,' he said, adding that the loan mobilised in this manner should be used only for development expenditure.

He also stressed on raising the morale of the private sector by spreading a positive message instead of terrorising it in the pretext of raising revenue and urged Minister Mahat to create a business- and investment-friendly environment. The delegation also suggested that the minister stop illegal imports, which will also help in revenue growth.

In the meeting, Minister Mahat said that improving the economic situation is his first priority and expressed his belief that he will move forward with the suggestions and cooperation of the private sector.

'The suggestions and collaboration of the private sector is crucial for improvement in the country's economy.

I will not let down the confidence of the private sector and expect full cooperation in fulfilling our resolve to improve the economy,' he said.

A version of this article appears in the print on April 3, 2023, of The Himalayan Times.