Industrialists and economists urged the government to take immediate actions, with long and short-term objectives to address the present socio-economic challenges during an interactive programme called the ‘Current Economic Situation of the Country’, organised here on Thursday by the Society of Economic Journalists, Nepal (SEJON). Participants agreed that concrete and visionary plans are key for any industry in today’s competitive, globalised and liberalised world economy to succeed. Policy makers, politicians and management experts should be conscious of these factors. Speaking on the occasion, president of Nepal Chamber of Commerce (NCC), Rajesh Kaji Shrestha opined that a vibrant market could lead to the revival of business and economy. “Political instability, lack of security, bad governance and corruption are leading the national economy towards recession. There will be an incurable collapse in the economy if a concrete move incorporating partnership approach is delayed,” warned Ravi Bhakta Shrestha, president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI).Shrestha also suggested for a serious and in depth study of the present dismal situation by a high level committee, which he insisted should be small and smart, with a time bound framework that must recommend concrete measures. Professor Biswambhar Pyakurel argued that failure to introduce adequate alternatives resulted in the vulnerable economic situation in the country. “There is scope of economic development but political partners should bring forth alternatives to create business friendly environment,” he added. “It is time to adopt bold and crucial initiative rather than blaming time and insurgencies,” said Dr Raghav Dhoj Pant. Chartered accountant Tirtha Raj Upadhaya and president of the Nepal Bankers’ Association (NBA), Narendra Bhattarai also spoke at the programme chaired by Gajendra Bista, president of SEJON.