LUMBINI, OCTOBER 16

CPN-UML Vice-chairperson and former finance minister Bishnu Prasad Poudel has asserted that the country's economy is crisis-stricken.

Inaugurating the 45th annual general assembly and 23rd convention of Rupandehi Chamber of Commerce in Butwal today, leader Poudel said that the government could not accept the fact that the country's economy was in recession and blamed the government for being in-different towards resolving the problems of the country and 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.

The former finance minister opined that such an economic situation unfolded because 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 the 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 hardball with 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 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 materialise.

Similarly, UML lawmaker Basudev Ghimire opined that the country's economy had weakened due to internal reasons. He argued that entrepreneurs and industrialists were on the brink of collapse due to high interest rate. Likewise Rupandehi Chamber and Industry's Chair Madhav Poudel said entrepreneurs were worried that a dire state would be created in terms of expansion and handing over the business to new generation due to increasing exodus of the youth force to foreign lands.

On the occasion, Poudel feted journalist Sher Bahadur KC with the Best Economic Journalism Award.

The Award carries a purse of Rs 45,555 and a letter of honour.

A version of this article appears in the print on October 17, 2023, of The Himalayan Times