Government prepared for constructive economic intervention: DPM Paudel

Bishnu Paudel, the Finance Minister and Deputy Prime Minister, has stated that the government is prepared to make concrete changes to support the growth of the economy.

The government is working to strengthen the economy through operational and policy interventions, according to Finance Minister Paudel, who made this statement at the 26th annual general meeting (AGM) of the Society of Economic Journalists-Nepal (SEJON), which was held here on Sunday. He added that in order to strengthen the country's economy, the administration was looking for suggestions from all sectors.

"The confidence of consumers and general investors has not improved in line with the gradual advancement of economic and financial indicators to positive trends.

According to Finance Minister Paudel, there is pressure on the economy, and the private sector needs to take the initiative to help achieve the country's development and prosperity goals.

He said that the government was always willing to listen to the sincere requests of the private sector.

Governor of Nepal Rastra Bank (NRB), Maha Prasad Adhikari, noted the occasion by stating that the country's economy is strengthening and that financial and monetary indicators are becoming more convenient. "The outside world is relaxed. There has been less inflation. There is now more liquidity in banks and other financial institutions. He assured that the current fiscal year will bring about new levels of economic liveliness, pointing out that the car and capital markets sectors were growing more active.

As he stated, the NRB will identify problems with the economy and take appropriate policy action.

The Banks and Financial Institutions Act's proposed amendment, according to Chandra Prasad Dhakal, President of the Federation of Nepalese Chamber of Commerce and Industry, contains aspects that are unfavorable to the private sector.

"Besides, the provisions allowing the Commission for the Investigation of Abuse of Authority and the National Vigilance Center to monitor the private sector may create issues," he stated.

He asked for supervision over cross-border imports and transactions occurring through unlawful channels, quick payment of government debts to construction companies, and more latitude in the rules governing the amount of cash that Indian visitors are permitted to carry in Nepal.

Despite economic progress, local output and demand remain static, according to Rajesh Kumar Agrawal, President of the Confederation of Nepalese Industries (CNI).