KATHMANDU, MAY 12
The government has decided to implement policies to discourage the import of fuel-powered vehicles.
The decision has come in the wake of government efforts to reduce trade deficit. Earlier, for the purpose of reduction in trade deficit the government had prepared an action plan to mitigate the trade deficit, which has now been approved by the Council of Ministers.
In accordance with the action plan, the government will adopt policies intended at discouraging the import of fossil fuel vehicles, aiming to acheive the desired results in six months.
The action plan calls for a review of interest rates on auto loans and for the same to be addressed by Nepal Rastra Bank (NRB), which has now been sanctioned by the Cabinet.
On the other hand, the action plan also mentions to bring-in policies to ease the purchase of electronic vehicles (EV) alongside providing financial flexibilities for owning EVs.
The government claims that with the potential increase in usage of electronic vehicles, the outgoing amount while importing petroleum too will decrease which will further strengthen the national economy.
