KATHMANDU: Narrow vision of businessmen and traders is ruining the economy, Finance Minister Surendra Pandey said today. The business community is more focused on trading than establishing industries, he said in the 58th International Customs Day programme here.

It is the time to think of economic prosperity and this is not possible without industrial revolution, he said adding that the growing import has become a headache for the government.

“We can’t rest on our laurels just achieving the revenue target,” he said, “The problem is caused by to much import.” The government collected Rs 38.80 revenue from customs which is Rs 7 billion more than the target of Rs 31.80 billion.

He urged businessmen to open large projects in infrastructure development.

“Hydropower and cement can be good sectors for initiating rapid industrialization,” he said. Without economic transformation the country will not be stable, he added.

FM Pandey promised to modernize and harmonize customs as per need. “It will be done in consultation with the private sector,” he said. “We want an active and transparent customs.”

Finance Secretary Rameshwor Khanal asked the private sector to support the government in the current financial crisis. “We want to reduce import and the private sector should support this step,” he said. Finance Secretary (Revenue) Krishna Hari Baskota said the harmonization of codes and customs rates are two big problems. The government is working to reduce the rates and is revising codes to promote trade in future, he said.

Nepalese Chambers of Commerce and Industry (FNCCI) president Kush Kumar Joshi asked the government to broaden the tax net by applying income tax as primary tax.

“Customs should not be the major source of revenue,” he said. He also demanded adopting a multi-rate value added tax (VAT). Customs dpeartment director general Bodh raj Niraula promised to modernize customs and transparency. “We will focus on it in the coming days,” he promised.