Why is the private sector always under attack?

The private sector, which accounts for 81.55 percent of the total economy and contributes 85.6 percent to employment generation in the country, has repeatedly come under attack lately. Despite being the driving force for the economy through job creation and contribution to the national coffer as tax revenue, the private sector has been increasingly targeted – sometimes by republicans, other times by monarchists, and at times by independent groups – leaving it demoralised.
Gen Z started their protest on September 8 against corruption. The silent and disciplined march that started from Maitighar Mandala for the Parliament House at New Baneshwar turned violent – as it was hijacked by the infiltrations before they reached Baneshwar. The situation escalated – due to infiltrations – and went beyond control, forcing the police to open fire, which took the lives of 19 school children.
The grieved and angry people – after the death of school children – asked for resignation of Home Minister Ramesh Lekhak and Prime Minister KP Sharma Oli terming the death of 19 school children as a murder by the government. That evening, in the Cabinet, Home Minister Ramesh Lekhak resigned but the Prime Minister Oli took the issues very lightly and tried to put the blame on infiltrators for the death of school children.
As a result, the next day, on September 9, the protestors – where not only the Gen Z involved – not only arson and vandalized sensitive government structures like the Parliament building, Singha Durbar, the Supreme Court, the Prime Minister’s residence, and the President’s Office but also industries, businesses, and even private residences belonging to business groups.

Corporate houses targeted
The private residence of Nepal’s only Forbes listed dollar billionaire, Binod Chaudhary, in Ravi Bhawan was vandalised and put on fire. Further, properties under the Chaudhary Group, from the CG factory in Satungal to the CG Motors showroom in Thapathali, where vehicles were set on fire and vandalized. Similarly, residences and businesses belonging to his brothers Basant Chaudhary and Arun Chaudhary were also attacked, vandalized and looted. The Suzuki showroom in Thapathali was also destroyed, and looted. While exact figures are yet to come, employees suggest damages worth billions.
“Those miscreants may burn our buildings, but they cannot burn our dreams. They may loot our showrooms, but they cannot loot our values,” wrote CG’s Managing Director Nirvana Chaudhary, on his social media, expressing resilience despite the devastation.
The IME Group also faced severe damages. Its Chandragiri Cable Car base station in Kathmandu, the Maulakalika Cable Car in Nawalparasi, several Global IME Bank branches, and other business units were attacked. It not only destroyed infrastructure worth billions but also harmed investors since Global IME Bank and the cable car companies are listed on the Nepal Stock Exchange (Nepse). While these listed companies distribute dividends when they make profit, losses now mean investors will not receive returns.
Together, CG and IME Group provide at least 20,000 jobs and contribute billions annually in tax revenue to the state coffer. The attacks will inevitably reduce employment and government revenue.
Likewise, Bhat-Bhateni Supermarket, employing thousands across the country, has also been burned down to ashes. According to Chief Operating Officer (COO) Panu Paudel, September 9 alone, some 12 stores were completely burned, and nine others vandalized or looted.
Bhat-Bhateni operates 27 outlets nationwide. Initial estimates suggest damages worth about Rs 50 billion, much of which was financed by bank loans. More than 8,000 employees across branches have now lost their livelihoods.
When the Bhat-Bhateni headquarters in Naxal and 21 outlets across Nepal were damaged, the livelihoods of thousands of employees, their families, regular customers, and the lifetime investments of founder Min Bahadur Gurung have also been shattered.
It is clear these attacks were not by Gen Z protesters but by infiltrators. The Gen Z protest’s agenda was corruption control. However, other political actors, mostly opposition – including Rastriya Swatantra Party (RSP), infamous medical entrepreneur Durga Prasai, Maoist Centre and Rastriya Prajatantra Party (RPP) – hijacked the protests, as it can be seen in various photos and videos circulating on social media. Consequently, Kantipur Publications was targeted by arson and vandalism at its offices in the Thapathali Business Park, and Tinkune.
Other businesses like Captain Rameshwar Thapa’s Annapurna Tower, Simrik Air’s building, and the residence of Federation of Nepalese Chambers of Commerce and Industry’s (FNCCI) immediate past president Shekhar Golchha, were also attacked.
“We wish for positive change in the country and for the youth’s vision of a new Nepal to be realized. The attack touched our family too, but we stand firm. May democracy be strengthened. We remain committed to job creation and investment. May light bring unity after darkness,” wrote Golchha on social media.
Even the private residences of senior political leaders and the Governor of Nepal Rastra Bank, Dr Bishwo Paudel, were attacked. However, Gen Z leaders have clarified that such acts did not represent the spirit of their protest, and they are not involved in such attacks. Videos on social media also show Gen Z activists stating that the release of RSP Rabi Lamichhane was also not their agenda, accusing RSP and Lamichhane of misusing and discrediting their movement. It also validates the involvement of RSP, Durga Prasain and RPP in the name of Gen Z protest.
The FNCCI called the attacks, where a dozen individuals and business houses were selectively targeted. In its emergency online meeting on Wednesday, FNCCI raised serious concerns about the safety of entrepreneurs’ lives and properties and the means of protecting industries.

Multinational also affected
The protestors did not spear foreign investment also. The Hilton Hotel in Kathmandu was burned down, while telecommunication service provider Ncell and showrooms of Tata Motors, Hyundai, Suzuki, and Mahindra were attacked, vandalized and set on fire. Ncell alone suffered damages exceeding Rs 1 billion from arson and looting, with rebuilding of physical infrastructure expected to take six to seven months.
Industrial hubs like Biratnagar, Birgunj, Itahari, Pokhara, Dhangadhi, Dang, and Surkhet also witnessed widespread destruction.
According to initial estimates from business associations, the private sector alone has suffered losses exceeding Rs 240 billion. Considering Nepal’s economy in the fiscal year 2024-25 is valued at Rs 6.1 trillion at consumer prices, these losses amount to around 4 percent of the economy.

Financial sector hit hard
According to the Nepal Bankers’ Association, over 65 branches of banks and financial institutions were looted or burned nationwide, with numerous ATMs destroyed. This poses the risk of a liquidity crisis and shakes investor confidence, the association said.
While many businesses were insured, the volume of claims is expected to overwhelm insurers. The 2015 earthquake led to insurance claims worth Rs 17 billion, but this crisis could generate more than ten times that amount, the insurance companies estimate.

Entrepreneurs and FNCCI caution
Business leaders warn that the current situation threatens not just enterprises but overall livelihoods. Former FNCCI presidents and executives, in separate online meetings on Wednesday, stressed that such attacks not only destroy physical infrastructure but also wipe out jobs and weaken investors' confidence. The umbrella organizations like FNCCI, Confederation of Nepalese Industries (CNI), Nepal Chamber of Commerce (NCC), Federation of Contractors Association-Nepal (FCAN), issued statements condemning the attacks, urging the government to take immediate steps to safeguard the business environment.

Hits on morale
Repeated attacks from different groups undermine the morale and squeeze the investment capacity of the private sector. They create a perception that assets and investments are unsafe, which will discourage job creation. Continuous blame and violence widen the gap between businesses and society, feeding the misconception that entrepreneurs only chase profit, reducing social acceptance of the private sector.
Moreover, fears that ‘the next protest will burn down this structure too’ discourage new investment. Huge damages make it difficult to repay loans, complicating future access to credit. Foreign investors may also withdraw, perceiving Nepal as lacking legal protection.

Long-term risks
With continuous attacks on the private sector, foreign investments may gradually flee, and new investors will lose trust in Nepal. Experts warn that unless the government, administration, and protesters collectively cultivate a culture of protecting private property, Nepal’s economy risks becoming ‘irrecoverable.’
Still, Nepali private sector is resilient as it has survived a decade-long Maoist conflict and longer transitional periods. “Nepal’s private sector is resilient. It has the strength and willpower to rise again. However, the government must support us, and criminal-minded individuals must be punished,” said an entrepreneur, who wanted to remain anonymous.
As Nirvana Chaudhary and Shekhar Golchha said, such criminal activities can only burn infrastructure but they cannot burn the dreams, 'the dreams to rise and touch the sky.'

(Originally published at NepalKhabar: https://en.nepalkhabar.com/news/detail/15366/)

जेन-जीको आवरणमा विध्वंस: छानीछानी निसानामा निजी क्षेत्र, दुइ दिनमै दुई खर्ब ४० अर्ब क्षति

देशको कुल अर्थतन्त्रको ८१.५५ प्रतिशतभन्दा बढी हिस्सा ओगटेको तथा रोजगारी सिर्जनामा ८५.६ प्रतिशत योगदान दिँदै आएको निजी क्षेत्र पछिल्ला वर्षहरूमा लगातार निसानामा पर्न थालेको छ। रोजगारी सिर्जना र कर संकलनमार्फत अर्थतन्त्रलाई चलायमान बनाइरहेको निजी क्षेत्र पछिल्लो समयमा पटकपटक कहिले गणतन्त्रवादी, कहिले राजावादी र कहिले स्वतन्त्र समूहको आक्रमणमा पर्दा आत्मबल गुमाउने स्थितिमा पुगेको छ।
भदौ २४ गते (सेप्टेम्बर ८) भएको युवा (जेन-जी) को भ्रष्टाचारविरुद्धको आन्दोलनमा घुसपैठ भएपछि स्थिति नियन्त्रणबाहिर जाँदा संसद् भवन, सिंहदरबार, सर्वोच्च अदालत, प्रधानमन्त्री निवास र राष्ट्रपति कार्यालयलगायत देशभरका धेरै संवेदनशील सरकारी संरचना मात्र नभई निजी व्यावसायिक समूहहरूका उद्योग, व्यवसाय र निजी निवासमासमेत व्यापक क्षति पुगेको छ।

व्यावसायिक घरानामाथि आक्रमण
नेपालका एक मात्र डलर अर्बपति विनोद चौधरीको निजी निवास रविभवनमा लुटपाट मात्र भएन, चौधरी समूहअन्तर्गत सतुंगलको सीजीको फ्याक्ट्रीदेखि थापाथलीस्थित सीजी मोटर्सको सोरुम तथा गाडी अनि अन्य व्यावसायिक प्रतिष्ठानमा आगजनी र तोडफोड भयो।
विनोद चौधरीका भाइ वसन्त चौधरी तथा अरुण चौधरीको पनि निवास एवं प्रतिष्ठानमा आक्रमण भए। थापाथलीको सुजुकी गाडीको सोरुममा तोडफोड भयो। क्षतिको यकिन तथ्यांक आउन केही समय लाग्ने भए पनि यी सबै निजी निवास तथा प्रतिष्ठानमा भएका क्षति अर्ब नाघ्ने ती प्रतिष्ठानमा कार्यरत कर्मचारी बताउँछन्।
तर, यति हुँदा हुँदै पनि चौधरी समूहका प्रबन्ध निर्देशक निर्वाण चौधरीले सामाजिक सञ्जालमा ‘घर जलाउन सकिने तर सपना जलाउन नसकिने’ भन्दै आफ्नो मनोबल नटुटेको लेखेका छन्।
त्यस्तै, आईएमई समूहले सञ्चालन गर्दै आएको काठमाडौँको चन्द्रागिरि केबलकारको बेस स्टेसन अनि नवलपरासीको मौलाकालिका केबलकारसहितका ग्लोबल आईएमई बैंकका केही शाखा र व्यावसायिक इकाईमा आक्रमण हुँदा करोडौँ रूपैयाँ बराबरको संरचनामात्र नष्ट भएको छैन, यसबाट सर्वसाधारण लगानीकर्तालाई पनि क्षति भएको छ। किनकि यो समूहका केबलकार तथा ग्लोबल आईएमई बैंक नेपाल स्टक एक्सचेन्जमा सूचीकृत भई कारोबार गरिरहेका कम्पनी हुन्। नाफा हुँदा यिनले सर्वसाधारण लगानीकर्तालाई प्रतिफल पनि बाँड्ने गरेको थियो। र अब घाटा भए सर्वसाधारण लगानीकर्ताले प्रतिफल पाउन सक्दैनन्।
त्यसबाहेक पनि सीजी समूह र आईएमई समूहले मात्र कम्तीमा २० हजारलाई रोजगारी दिएका थिए र वार्षिक अर्बौँ रूपैयाँ राजस्व राज्य कोषमा बुझाउँदै आएका थिए। यी दुई कम्पनीमा भएको आक्रमण तथा क्षतिले रोजगारी पनि घट्ने तथा सरकारको राजस्व आम्दानी पनि घट्ने निश्चित छ।
यस्तै, देशभरका हजारौँलाई रोजगारी दिइरहेको भाटभटेनी सुपरस्टोर पनि आन्दोलनका कारण क्षतिग्रस्त बन्यो। भाटभटेनीका प्रमुख सञ्चालन अधिकृत पानु पौडेलका अनुसार भदौ २४ गते एकै दिन देशभरका १२ वटा स्टोर जलेर पूर्ण नष्ट भएका छन् भने ९ वटामा तोडफोड र लुटपाट समेत भएका छन्। देशभर भाटभटेनीका २७ वटा सुपरस्टोर सञ्चालनमा छन्।
प्रारम्भिक अनुमानअनुसार भाटभटेनीले मात्रै करिब ५० अर्ब रूपैयाँबराबरको क्षति बेहोरेको छ, जसको ठूलो हिस्सा बैंक तथा वित्तीय संस्थाबाट लिइएको ऋण हो। त्यति मात्र नभएर भाटभटेनी सुपरस्टोरका हरेक स्टोरमा ३ सयदेखि ५ सयसम्म र समग्रमा ८ हजार बढी कर्मचारीले रोजगारी पाउँदै आएका थिए।
नक्सालस्थित भाटभटेनीको मुख्यालयदेखि देशभरका २१ स्टोरमा क्षति पुग्दा नियमित हजारौँ ग्राहक, काम गरेर रोजीरोटी चलाइरहेका युवा कर्मचारी, ती कर्मचारीका लाखौँ परिवार र आफ्नो जीवनभरको कमाइ लगाएका मीनबहादुर गुरुङको आत्मबल अब कसरी कायम राख्ने, यो महत्त्वपूर्ण प्रश्न हो।
यी प्रतिष्ठान तथा उद्योगी व्यवसायीका निजी आवासमा आक्रमण आन्दोलनकारी युवा जेन जीले गरेको नभई आन्दोलनकारीको भीडमा घुसपैठका कारण भएको हो। किनकि जेन जीको आन्दोलनको स्पष्ट मुद्दा भ्रष्टाचार नियन्त्रण थियो र हो। तर, यही बहानामा नयाँ खुलेको राजनीतिक दल राष्ट्रिय स्वतन्त्र पार्टी, दुर्गा प्रसाईंको समूह तथा राप्रपा अनि माओवादी केन्द्रका युवाहरू पनि सडकमा उत्रेको विभिन्न फोटो तथा भिडिओ फुटेजमा देख्न सकिन्छ। जसका कारण सञ्चार प्रतिष्ठान कान्तिपुर पब्लिकेसनमा नियोजितरूपमा तोडफोड र आगजनी भयो। थापाथलीको बिजनेस पार्कमा रहेका कान्तिपुर मिडिया ग्रुपलगायत धेरै कार्यालय आन्दोलनकारीले लगाएका आगोले पूर्णरूपमा क्षतिग्रस्त भएका छन्।
यस्तै, क्याप्टेन रामेश्वर थापाको अन्नपूर्ण टावर अनि सिम्रिक एयरको भवनलगायत क्षतिग्रस्त भएका छन् भने नेपाल उद्योग वाणिज्य महासंघका निवर्तमान अध्यक्ष तथा गोल्छा अर्गनाइजेसनका प्रबन्धक शेखर गोल्छाको सीतापाइलास्थित निवासमा पनि घुसपैठ गरेका आन्दोलनकारीहरूले आक्रमण गरेका छन्।
गोल्छाले सामाजिक सञ्जालमा लेखेका छन्, 'देशमा सकारात्मक परिवर्तन होस्, नयाँ पुस्ताको नयाँ नेपालको सपना पूरा होस्। आक्रमणले हाम्रो परिवारलाई पनि छोयो तर हामी अडिग छौँ। लोकतन्त्र सुदृढ होस् भन्ने कामनासहित रोजगारी सिर्जना र लगानीमा अझ प्रतिबद्ध छौँ। अन्धकारपछि उज्यालोले सबैलाई एकता देओस्।'
देशभर नै प्रमुख राजनीतिक दलका नेताहरूका निवासमा आक्रमण गरेका आन्दोलनकारीले नेपाल राष्ट बैंकका गभर्नर डा विश्व पौडेलको भैँसेपाटीस्थित निवासमा आगजनी तथा चितवनको घरमा तोडफोड गर्नु आन्दोलनको स्पिरिट नभएको जेनजीका नेताहरू बताउँछन्।
सामाजिक सञ्जालमा जेनजीका विभिन्न युवाहरूले पोस्ट गरेको भिडिओमा राष्ट्रिय स्वतन्त्र पार्टी (रास्वपा)का अध्यक्ष रवि लामिछानेको रिहाइ आफ्नो एजेन्डा नभएको तर रास्वपा तथा लामिछानेले आफ्नो आन्दोलनलाई दुरूपयोग र बदनाम गरेको बताएका छन्।
आन्दोलनको नाममा यसरी व्यक्ति तथा संस्था छानीछानी आक्रमण हुनु दुखद भएको नेपाल उद्योग वाणिज्य महासंघले जनाएको छ। बुधबार भएको महासंघको अनलाइन बैठकमा उद्योगीको जीवन रक्षा तथा उद्योग प्रतिष्ठानको सुरक्षाको प्रश्न गम्भिररूपमा उठेको थियो।

बहुराष्ट्रिय कम्पनीहरू प्रभावित
आन्दोलनको आगोले विदेशी लगानीका कम्पनीहरू पनि जलेका छन्। काठमाडौंस्थित हिल्टन होटल पूर्ण क्षतिग्रस्त भयो भने एनसेल, टाटा मोटर्स, हुन्डाई, सुजुकी र महिन्द्राका सोरुममा तोडफोड गरिएको छ।
एनसेलमा मात्र आगजनी, कार्यालयका सामान लुटपाटलगायतका कारण १ अर्बभन्दा बढीको क्षति भएको अनुमान छ। आगजनी भएको एनसेलको भवनको पुननिर्माण मात्र करिब ६/७ महिना लाग्ने अनुमान छ।
यस्तै, विराटनगर, वीरगन्ज, इटहरी, विराटनगर, पोखरा, धनगढी, दाङ, सुर्खेतलगायतका औद्योगिक नगरीका उद्योगहरू निसानामा परेका छन्।
उद्योग व्यवसायका संघ तथा संगठनहरूको प्रारम्भिक आकडाअनुसार निजी क्षेत्रले मात्रै २ खर्ब रूपैयाँभन्दा बढीको क्षति बेहोरेको छ। आर्थिक वर्ष २०८१/८२ मा अर्थतन्त्रको आकार उपभोक्ता मूल्यमा ६१ खर्ब ७ अर्ब रूपैयाँ पुगेको राष्ट्रिय तथ्यांक कार्यालयको अनुमान छ। यसअनुसार भदौ २४ मा अक्रमणबाट भएको क्षति कुल अर्थतन्त्रको झण्डै ४ प्रतिशत हुन आउँछ।

संकटमा वित्तीय क्षेत्र
नेपाल बैंकर्स संघका अनुसार नेपालभरका ६० भन्दा बढी बैंक तथा वित्तीय संस्थाका शाखामा लुटपाट र आगजनी भएको छ, धेरै ठाउँको एटीएम फुटाइएको छ। यसले वित्तीय क्षेत्रमै तरलता संकट र लगानीकर्ताको मनोबलमा ठूलो धक्का पर्ने खतरा देखिन्छ।
निजी क्षेत्रका उद्योग प्रतिष्ठानले बीमा गरेका हुन्छन्। आक्रमणमा परेर क्षति भएका यी सबै उद्योग प्रतिष्ठानले पनि अब बीमा कम्पनीमा आआफ्नो बीमा दाबी गर्नेछन्। बीमा कम्पनीहरूमा अब धेरै दाबी आउने अनुमान गरिएको छ।
विसं २०७२ सालको भूकम्पमा कुल १७ अर्ब रूपैयाँ बराबरको दाबी परेको थियो भने यस आन्दोलनका कारण १० गुणाभन्दा बढी दाबी आउन सक्ने प्रारम्भिक अनुमान छ।

महासंघले नयाँ सरकारसँग छलफल गर्ने 
उद्यमी व्यवसायीले हालको परिस्थितिले व्यवसाय मात्र होइन, समग्र जनजीवनलाई पनि असर गरेको बताउँदै तत्काल अर्थतन्त्र जोगाउन सरकार गम्भीर हुनुपर्ने माग गरेका छन्।
बुधबार बसेको नेपाल उद्योग वाणिज्य महासंघको पूर्वअध्यक्षहरू तथा कार्यकारिणिको छुट्टाछुट्टै अनलाइन बैठकले यसप्रकारका आक्रमणले भौतिक संरचना मात्र भत्किने वा पसल जल्ने मात्र कुरा नभएर लाखौँ रोजगारी गुम्ने र लगानीकर्ताको आत्मविश्वास पनि ढल्ने भएकाले यसबारे सरकारसँग सुरक्षाका लागि छलफल गर्ने निर्णय गरेको थियो।
यस्तै, नेपाल उद्योग वाणिज्य महासंघ, नेपाल उद्योग परिसंघ, नेपाल चेम्बर अफ कमर्स, निर्माण व्यवसायी महासंघलगायतका छाता संगठनहरूले आआफ्नो तर्फबाट विज्ञप्ति निकालेर निजी क्षेत्रमाथिको आक्रमणलाई अस्वीकार्य भन्दै व्यावसायिक वातावरण बनाउन तथा जोगाउन सरकारलाई तत्काल कदम चाल्न आग्रह पनि गरेका छन्।

लगातार आत्मबलमा प्रहार
यसरी निजी क्षेत्रमाथि विभिन्न समूहद्वारा भइरहेका लगातार आक्रमणले उनीहरूको आत्मबल तथा लगानी विस्तार गर्ने क्षमता दुवैमा गम्भीर असर पर्दछ। साथै, विश्वासको संकट हुँदा व्यवसायीलाई आफ्नै देशमा आफ्नो सम्पत्ति र लगानी सुरक्षित छैन भन्ने भावना आउँछ। जसले गर्दा रोजगारी दिने क्षमतामा पनि ह्रास आउँछ। किनकि उनीहरूले सिर्जना गरेका हजारौँ रोजगार एकैछिनमा ध्वस्त हुँदा, उद्यमीलाई 'हामीलाई अपराधीझैँ देखाइन्छ' भन्ने पीडा हुन्छ।
यसबाट निजी क्षेत्र तथा समाजको बीचमा दूरी बढ्दै जान्छ। निरन्तर दोषारोपण तथा आक्रमणले व्यवसायी र सर्वसाधारणबीच यिनीहरू त केवल नाफा कमाउने हुन् भन्ने गलत भाष्य निर्माण हुन्छ र निजी क्षेत्रको सामाजिक स्वीकार्यता घट्छ।
यसका साथै, निजी क्षेत्रले नयाँ उद्योग वा परियोजनामा लगानी गर्दा 'यो संरचना अर्को आन्दोलनमा जल्ने हो कि?' भन्ने डरले सजिलै पुँजी लगाउन हच्किन्छन्। अनि ठूलो क्षति हुँदा ऋण तिर्न समस्या आउँछ, जसले भविष्यमा ऋण पाउन पनि गाह्रो बनाउँछ। यसैगरी, अन्तर्राष्ट्रिय लगानीकर्ताले पनि 'नेपालमा कानुनी सुरक्षा छैन' भनेर हात झिक्ने सम्भावना बढ्छ।

दीर्घकालीन जोखिम
निजी क्षेत्र निरन्तर आन्दोलनको निसानामा पर्न थालेपछि वैदेशिक लगानी विस्तारै पलायन हुन थाल्छ। अनि नयाँ लगानीकर्ताले पनि नेपालप्रति विश्वास गुमाउने जोखिम बढेको छ।
विज्ञहरूका अनुसार, सरकार, प्रशासन र आन्दोलनकारी सबै मिलेर निजी सम्पत्ति जोगाउने संस्कार नबनाएसम्म नेपालको अर्थतन्त्र ‘पुनःस्थापित गर्न कठिन’ हुने अवस्थामा पुग्ने खतरा छ।
यति भन्दाभन्दै पनि नेपालको निजी क्षेत्रले एक दशक लामो माओवादी द्वन्द्व तथा विविध संक्रमणकाल पार गर्दै आएकोले मनोबल बलियो नै छ।
यस्तै मनोबल दर्शाउँदै एक उद्योगी भन्छन्, ‘नेपालको निजी क्षेत्रमा फेरि उठ्ने ताकत र इच्छाशक्ति छ, मात्र सरकारले साथ दिनु पर्‍यो र आपराधिक मानसिकताका केही व्यक्तिको व्यक्तिकेन्द्रित अपराध नियन्त्रण गनुपर्‍यो, हामी फेरि उठ्छौँ।’

(Originally published in Nepalkhabar: https://nepalkhabar.com/opinion/250146-2025-9-14-9-40-19)

Fast-Track IPO for Santosh Narayan’s Bungel Hydro while 11 other companies wait in queue

‘Thermal Gun Gang’ leads the way, private sector trails behind

Nepal’s economy today has taken a bizarre turn, much like the plot of the once-famous Bollywood psychological suspense thriller Karthik Calling Karthik.

Despite contributing 81.55% to the country’s GDP and nearly 86% to employment generation, Nepal’s private sector now faces a severe institutional and moral crisis. Instead of focusing on merit, capacity, competition, and economic contribution, the private sector is increasingly aligning itself with vested interest groups like the so-called ‘Thermal Gun Gang’.

Like the protagonist in Karthik Calling Karthik, Nepal's private sector seems to be going through a psychological breakdown. This 2010 Hindi psychological suspense thriller that follows the story of Karthik Narayan, a shy and introverted man constantly undermined by his boss and haunted by a troubled past – like Nepal’s private sector –struggles with low self-esteem and a sense of worthlessness, until one day he begins receiving mysterious phone calls from someone claiming to be, himself. These calls, which come every morning at 5 am, guide him on how to take charge of his life. These calls and advice transform Karthik’s life. Like Karthik Nepal’s private sector suffers from a severe psychological condition – schizophrenia with dissociative identity disorder.

As a result, Nepal’s private sector that once stood as the backbone of the economy is now, due to illusion, forced to follow middlemen. The 'middleman economy,’ a term frequently used by communists to discredit market forces, seems to be a reality, and ironically thanks to communists themselves. Having said that, the Nepali Congress cannot be absolved either for its role in nurturing this middleman economy, in recent years.

On one side are hardworking entrepreneurs operating with limited resources, taking risks, and creating jobs. And on the other side are vested interest groups like the ‘Thermal Gun Gang,’ who use their access to politicians to hack the policy, and institutionalize policy corruption.

These groups aren’t interested in industrial innovation or promoting entrepreneurship, rather, aim to control licensed and quota-based trades by capturing the financial sector through their henchmen in the regulatory institutions, like Securities Board of Nepal (SEBON), and Nepal Insurance Authority (NIA). Tragically, the government itself has become a partner to these vested interest groups.

This trend became increasingly visible during the political transition following 2006/07, and particularly after 2015/16. Vested interested groups like the ‘Thermal Gun Gang’ began infiltrating policymaking processes and hacked the policies, due to their unrestricted access to bedrooms from Baluwatar to Balkot to Budhanilkantha, and Khumaltar. As a result, laws and regulations are being changed overnight. No one knows when laws governing a particular industry might suddenly shift. And ironically, everyone knows who is behind these changes—but fear and psychological intimidation prevent anyone from speaking out.

Due to this fear, some once-respected industrialists and entrepreneurs have now begun collaborating with such vested interested groups, becoming agents of ‘middleman economy’.

For vested interested groups like ‘Thermal Gun Gang’, Nepal landing on the Financial Action Task Force’s (FATF) grey or black list is of little concern, and obviously the nation is secondary; their only goal is to capture the financial sector and paralyze the economy. But history tells that such ‘middlemen’, including those with access to the Prime Minister’s bedroom, have existed in the past too, and today, they are nowhere to be found. Likewise, today’s powerbrokers will also vanish in thin air tomorrow. But strong, vibrant, free, fair, and competitive private sector is the need of a country – to propel through prosperity and development – yesterday, today and tomorrow as well.

Despite the fact, when news reports are published exposing the ‘Thermal Gun Gang’ and their allies, court orders are misused to threaten, censor, and suppress the media, creating an environment of fear. This is not only an attack on press freedom but also on public accountability. Even more alarming is that courts have started issuing orders to prevent reporting on the activities of public figures – something that directly contradicts the fundamental principles of Federal Democratic Republic of Nepal’s Constitution. This environment is more dangerous than the Panchayat regime, during which even the monarchy faced media scrutiny and courts often defended free speech.

On Sunday, Santosh Narayan Shrestha, the incumbent chair of the SEBON approved an Initial Public Offerings (IPO) for Bungel Hydro – a company in which he himself holds shares. Approving the public issuance of one’s own company’s stock, while serving the office, as the head of the regulatory institution is, thus, a clear case of conflict of interest and moral issue.

Bungel Hydro has constructed a 10.70 MW hydropower project in Bungel municipality of Bajhang district in western Nepal. The hydropower company has investment from Jalajyoti Investment Pvt Ltd (28%), Varun Investment (14%), Jay Ganesh Investment (13%), Shiv Shankar Investment (12%), Bungel Hydro Investment Ltd (12%), and some 21% is held by individual investors. According to a Himal Khabar report detailing shareholdings, the SEBON approved the IPO of Bungel Hydro on Asar 15 (June 29) to issue shares worth Rs 290.5 million. The same report reveals that SEBON chair Shrestha and his family members are among the primary shareholders.

Shareholder records, as published by the Himal Khabar, show that SEBON chair Shrestha himself holds 33,000 shares in Bungel Hydro. His father, Chop Narayan Shrestha, holds 100,000; family members Laxmi Shrestha (33,000), Sanju Shrestha (16,000), and Sunil Narayan Shrestha (33,000) also hold substantial shares. Additionally, a relative, Rajkumar Shrestha, owns 33,000 shares, bringing the family’s total to 545,000 shares. Strangely, while IPO approvals for 11 other companies remain pending, the 12th – SEBON chair Shrestha’s own company – in the pipeline, was fast-tracked and approved. This is deeply suspicious, especially considering that Bungel Hydro has been rated a weak ‘Single B’ with a high risk of defaulting on financial obligations. According to the report, construction of the Bungel Hydro began in 2018 and was targeted for commercial operation by late 2021.

However, delays pushed the operation date to August 2023, with the cost ballooning to over Rs 3.04 billion – resulting in a per-MW cost of Rs 284 million. Generally, per-MW cost of a hydropower project is considered to be at around Rs 200 million.

While there’s no legal provision barring SEBON board members of chair from holding shares in companies issuing IPOs, the ethical conflict, lack of institutional governance, and conflict of interest are undeniable, and also the Securities Act of 2006 and the Code of Conduct for Board Members of 2017 speak on these issues. Thus, this precedent could promote similar unethical behavior in the future, regardless of the amount involved or legal technicalities. The fast-tracked approval for Bungel Hydro’s IPO is a blatant violation of institutional ethics, moral standards, and regulatory impartiality. The SEBON has been, currently, approving one or two IPOs per month. At this pace, clearing all the current IPO in pipeline would take around four years. Yet, SEBON chair Shrestha’s urgency in pushing through a second stock exchange license and fast-tracking his own company’s IPO clearly shows questionable intent.

Many hydropower companies with IPOs worth billions have been left waiting for approval. The fact that Bungel Hydro, 12th in line, got approval while others wait – and no one dares to question it – indicates the Panchayat-era hangover in today’s federal democratic system.

A well-known saying from the Panchayat era was: “The powerful get comfort, while the weak get the law.” Today, even in a democratic republic, laws seem to serve only a privileged few. No wonder the disgraced figures of the Panchayat-era are emboldened to return to the streets, and threaten to throw away the democratic republic and wishes to bring the monarchy back.

Because of the influence of vested interest groups like the ‘Thermal Gun Gang’ across the legislative, the executive and the judiciary, creating an environment of uncertainty, fear, and increased risk has created illusion in the private sector. Like the protagonist in Karthik calling Karthik, Nepal’s private sector, today, suffers from a severe psychological condition – schizophrenia with dissociative identity disorder. And thousands of young people, who might have become entrepreneurs, now see emigration as their best option. Public officials are paid with taxpayers' money and must remain fully accountable to the people. The heads of regulatory institutions must embody high moral standards, transparency, and impartiality. Yet, under Shrestha’s leadership, the SEBON has seriously undermined all these values. The behavior of the board under Santosh Narayan Shrestha suggests that networks of power, not the rule of law, are now dominating regulatory institutions to hack policies and create monopoly businesses, against free, fair, competitive market norms.

If regulatory institutions like SEBON and Nepal Insurance Authority continue to serve as tools for vested interest groups, doing business in Nepal will not just be risky – it will become impossible. But history is very cruel, and it will not forgive those who wreck Nepal’s economy through fear and judicial intimidation. After all, there are countless examples of people who siphoned off wealth by hollowing out the nation, only to find that their money isn’t even safe abroad.

(Published at Nepalkhabar on July 3-- https://en.nepalkhabar.com/news/detail/14468/)

निजी क्षेत्रसँग संवाद गर्न उद्योग वाणिज्य प्रवर्द्धन संवाद परिषदलाई पुनर्जीवित गर्ने प्रधानमन्त्रीको वाचा

प्रधानमन्त्री पुष्पकमल दाहाल ‘प्रचण्ड’ले सरकारले आजैबाट अर्थतन्त्र सुधारका काम थाल्ने प्रतिबद्धता जनाएका छन् । सिंहदरबारमा राजनीतिक दल, निजी क्षेत्र र सरोकारवाला निकायसँग वर्तमान अर्थतन्त्रका समस्या समाधानबारे मंगलबारको छलफलपछि स्थायी संरचनामार्फत निजी क्षेत्रका समस्या सुन्ने र निराकरण गर्ने पनि उनले वाचा गरे ।

छलफलपछि प्रधानमन्त्री दाहालले निजी क्षेत्रका गुनासा सम्बोधन गर्न सरकारको स्थायी संयन्त्रलाई परिचालन गरिने बताए । यसअघि उच्चस्तरीय संयन्त्र भन्दै आएका प्रधानमन्त्रीले स्थायी सरकारी संयन्त्रमार्फत नै निजी क्षेत्रका गुनासा सम्बोधन हुने बताएका हुन् ।

प्रधानमन्त्रीको अध्यक्षतामा रहेको उद्योग वाणिज्य प्रवर्द्धन संवाद परिषदलाई पुनर्जीवित गरि नियमित बैठक बस्ने र त्यसैलाई क्रियाशील बनाइ निजी क्षेत्रसँगको सम्बाद नियमित बनाउने उनको प्रतिबद्धता थियो ।

साथै, अर्थतन्त्रका समस्या समाधान, ब्याजदर घटाउन अध्ययन, ऋण तिर्न नसक्नेको हकमा पुन:संरचना र सहकारी तथा लघुवित्तका समस्या समाधानका लागि पहल गर्ने तथा सहकारीको नियमनका लागी नियामक निकाय बनाउने,पनि उनले प्रतिबद्धता जनाए ।

कर प्रणाली सुधार आयोगले दिएको सुझावका आधारमा निजी क्षेत्रसँग छलफल गरी कर प्रणालीमा सुधार गर्न पनि प्रधानमन्त्री तयार देखिएका छन् । राष्ट्रिय प्राथमिकताप्राप्त आयोजनाहरु बूढीगण्डकी, कर्णाली-चिसापानी, माथिल्लो अरुण, निजगढ विमानस्थल निर्माणको कार्यलाई तीव्रता दिनुका साथै क्रिकेट रंगशालालाई पनि गौरवको आयोजनाका रुपमा अघि बढाइने प्रधानमन्त्रीले बताएको छलफलमा सहभागिले बताए ।

निर्माण व्यवसायीको बक्यौता भुक्तानीका लागि पहल गर्ने, पुँजीगत खर्च बढाउन सबै मन्त्रालयले सक्रियतापूर्वक कार्य गर्ने, जनताको मनोबल बढाउने कार्य गर्ने र वित्तीय अनुशासन कायम राख्न पहल गर्नेजस्ता विषय प्रधानमन्त्रीले निजी क्षेत्रसमझ राखेका थिए ।

प्रदेशमा अधिकार हस्तान्तरण तथा प्रदेशलाई प्रभावकारी बनाउन ऐन नियम संशोधन कार्य अघि बढाउने पनि प्रधानमन्त्रीले जानकारी गराए । निजी क्षेत्रका सुझावलाई मध्यनजर गरी नीतिगत रुपमै खुकुलोपना अपनाउने प्रधानमन्त्री दाहालले बाचा गरे ।

प्रमुख प्रतिपक्षी दल नेकपा एमाले अनुपस्थित भएको छलफलमा सहभागी अन्य राजनीतिक दलका नेताले सरकारलाई अर्थतन्त्रलाई चलायमान बनाउन निजी क्षेत्रको साथ लिन सुझाव दिए ।

सरकारले निजी क्षेत्रको उपसिथ्तीमा अर्थतन्त्रको बारेमा पहिलो पटक यति लामो अर्थात् चार घन्टा लामो छलफल गरेको भन्दै निजी क्षेत्र खुसि भए पनि सधैं झैं प्रतिबद्धतामात्र आएकोमा खुसि हुने कि नहुने द्धिबिधा रहेको पनि केहि सहभागीले बताए ।

तर, छलफलपछि सञ्चारकर्मीहरुसँगको कुराकानी गर्दै निजी क्षेत्रका अगुवाले निजी क्षेत्रसँग सरकारले थालेको अर्थतन्त्र चलायमान बनाउन छलफल सकारात्मक भएको बताए ।

नेपाल उद्योग वाणिज्य महासंघका अध्यक्ष चन्द्रप्रसाद ढकालले सरकारले अर्थतन्त्रलाई चलायमान बनाएर गति दिने विषयमा निजी क्षेत्रसहित सरकारका विभिन्न निकायहरुसँगको छलफलले अर्थतन्त्रमा सुधार ल्याउने संकेत देखिको बताए । नेपाल उद्योग वाणिज्य महासंघकै अग्ुवाइमा छलफल भएको भन्दै ढकालले सरकारका सबै निकायमा रहेको नीतिगत कमजोरीहरु समन्वयात्मक हिसावले समाधान गरी अर्थतन्त्र चलायमान बनाउने विषयमा सकारात्मक भएको जानकारी दिए ।

उनले सरकारसँगको छलफलले आगामी दिन आम नागरिक र निजी क्षेत्रको मनोबल बढाउने काम गर्ने विश्वास ब्यक्त गरे ।

अहिले अर्थतन्त्रमा देखिएको समस्याले आम नागरिकको मनोबल कमजोर भएको, साना तथा मझौला उद्योग र साना पसलहरु पलायन भएर गएको, अनि नेपालमा व्यवसाय गर्ने भन्दा पनि विदेश जाने योजना बढी बन्न लागेको अवस्था रोक्नु सरकारको प्रमुख दायित्व रहेको भन्दै ढकालले अर्थतन्त्र चलायमान बनाउन पुँजीगत खर्च वृद्धि र निर्माण सम्पन्न भएका आयोजनाको भुक्तानी दिनृे वाचा गर्नु सकारात्मक भएको बताए ।

यस्तै, राष्ट्र बैंकले कर्जाका सहुलियतको व्यवस्था गर्ने विषयमा सरकार सकारात्मक भएको तथा सरकारले बैंकको कर्जा लिएर कर्जाको किस्ता तिर्न अफ्ठ्यारो भएको भए सहुलियत दिने विश्वास रहेको पनि उनले जनाए ।

यसैगरि, सरकारले नीतिगत स्थिरता ल्याउनसके अर्थतन्त्र चलायमान हुने पनि निजी क्षेत्रको विचार छ । सरकारको अस्थिर आर्थिक नीतिको कारण अर्थतन्त्र चलायमान बन्न नसकेको भन्दै निजी क्षेत्रले अन्तर सरकारी समन्वय बढ्दा अर्थतन्त्र चलायमान हुने विश्वास ब्यक्त गरे ।

निजी क्षेत्रको आत्मविश्वास बढाउने कसरतमा सरकार, प्रधानमन्त्रीले प्रतिस्पर्धी बजार बनाउने आँट गर्लान् ?

लामो समयको रस्साकस्सीपछि सरकार अर्थतन्त्रको विषयमा संवेदनशील हुन थालेको देखिन्छ । एकातिर प्रतिपक्षी नेकपा एमाले सरकार गिराउन विवादास्पद व्यवसायि दुर्गा प्रसाईसँग भिड्ने दाउ खोजिरहेको छ भने अर्कोतिर आम जनतामा विशेषतः युवामा सरकारप्रति चरम निराशा छ ।

सरकारमा रहेका राजनीतिक दलको असफलतालाई जोडेर गणतन्त्र तथा संघीयता नै खराब भन्ने भाष्य बनाउन केहि दक्षिणपन्थी पनि दुर्गा प्रसाईंलाई अगाडि धकेल्दै छन् । विभिन्न कोणबाट आएका लगातारको दृष्य तथा अदृष्य दबाबले प्रधानमन्त्री पुष्पकमल दाहाल आफैं पनि आत्मविश्वास गुमाउँदै छन् ।

शुक्रबार तनहुँको आँबुखैरेनी गाउँपालिकाद्वारा सञ्चालित आँबुखैरेनी अस्पतालको समुद्घाटन गर्दै प्रधानमन्त्री दाहालले गठबन्धनको एकता धेरै बलियो भएको बताउँदै आफूलाई एक महिना पनि जाँदैन भन्नेहरू रहेको तर, राम्रो काम गर्दा ११ महिनासम्म सहजै आएको बताए । उनकै भनाइबाट पनि स्पष्ट हुन्छ, प्रधानमन्त्रीको अन्तर्मनमा अझै पनि आफू सत्तामा टिकेकोमा गर्व छ ।

हुनत नेपाली राजनीतिमा सत्तामा टिक्न कस्ता कस्ता सम्झौता भए भनेर सोच्ने हो भने लामै फेहरिस्त बन्छ । राजनीतिमात्र होइन, नेपालका सबै राजनीतिज्ञ प्रतिको आजको चरम विकर्षण त्यसैको कारण हो । त्यतातिर नजाउँ ।

तर, सत्तामा टिक्न सम्झौता गर्दै गर्दा, आम जनताका दैनिन्दिनका समस्यामा ध्यान दिन चुकेको अझ थप समस्या निम्त्याइएका धेरै उदाहरण छन् । सरकारले नीतिगत भ्रष्टाचार गरेका कारण बजारमा अनुचित महँगी बढ्दा सरकारले कारवाहि गर्न नसकेको अथवा गर्न नचाहेको मात्र होइन, सरकारले लिएको प्रिपेड घुसको पैसा जनताको खल्तीबाट तिराएका कारण पनि राजनीतिज्ञ अनि राजनीतिक व्यवस्था नै बदनामा भएको कुरामा कुनै शंका छैन ।

यसैबीच, अर्थतन्त्र चलायमान बनाएर आर्थिक कृयाकलापमा जनताहरुलाई विशेषत युवालाई ब्यस्त बनाउन सके नियन्त्रित प्रजातन्त्र तथा नियन्त्रित अर्थ ब्यवस्था लाद्न सकिन्छ कि भन्ने उत्तरी छिमेकीको पदचिन्ह पछ्याउने सरकारी तयारी हो कि भन्ने निजी क्षेत्रको त्रास छ ।

त्यसको लागी नियन्त्रित निजी क्षेत्र पनि अनिवार्य शर्त हो । निजी क्षेत्रको नियन्त्रणबाट प्रजातन्त्र पनि नियन्त्रितरुपमा चलाउन सकिन्छ भन्ने दक्षिणी छिमेकीको उदाहरण पनि भएका कारण सरकार उदार र प्रतिस्पर्धी अर्थतन्त्रभन्दा नियन्त्रित अर्थतन्त्रतर्फ अगाडि बढेको निजी क्षेत्रको आशंका छ ।

तर, सोमबार अर्थ, गृह, भौतिक पूर्वाधार, सहरी विकास, उर्जा, जलस्रोत तथा सिंचाई मन्त्रालयका मन्त्री तथा सचिव र नेपाल राष्ट्र बैंक, राष्ट्रिय योजना आयोग, धितोपत्र बोर्डका नेतृत्वहरुसँग प्रधानमन्त्रीले बालुवाटारमा तीनघन्टा लामो छलफल गरेपछि मंगलबार प्रधानमन्त्री कार्यालय सिंहदरबारमा निजी क्षेत्रको गुनासा सुन्ने भएका छन् ।

आफनो सरकारले अर्थतन्त्रलाई क्रमशः सुधार गरेको दाबी गर्ने प्रधानमन्त्रीले के प्रतिस्पर्धी निजी क्षेत्र बनाउन सघाउलान् कि सरकार नियन्त्रित निजी क्षेत्रको परिकल्पनालाई साकार रुप दिने गृहकार्य गर्लान् हेर्न बाँकि नै छ ।

तर, निजी क्षेत्र आफैं पनि यतिखेर नीतिगत अलमलमा छ । निजी क्षेत्रको पहिलो गुनासो चर्को ब्याजदर हो । तर चर्को ब्याजदरको बिरोध गरिरहँदा निजी क्षेत्रले उद्योग ब्यवसायमा ब्याजदरको भार कति हो र कसरी ब्याजदरका कारण उद्योग ब्यवसाय पीडित भए भन्ने स्पष्ट पार्न प्रधानमन्त्री समक्ष तथ्य तथा तथ्यांक पनि प्रस्तुत गर्लान् नै ।

चर्को ब्याजदरभन्दा पनि खतरनाक समस्या प्रतिस्पर्धाबिहीन बजार हो भन्ने कुरामा निजी क्षेत्रले प्रधानमन्त्रीलाई कति बुझाउन सक्छ, त्यसैले नेपालको निजी क्षेत्रमात्र होइन अर्थतन्त्र कता जान्छ र कसरी अगाडि बढ्छ निर्क्यौल हुने देखिन्छ ।

माने पनि नमाने पनि नेपाली अर्थतन्त्र आजका मितिसम्म कोल्याप्स नहुनुका पछाडि खुला बजार र त्यसले सिर्जना गरेको प्रतिस्पर्धा नै हो । प्रतिस्पर्धाका कारण बजारमा वस्तु तथा सेवाको मूल्य घट्ने तथा गुणस्तरमा सुधार आउँछ । तर, नेपालमा विभिन्न वादका सरकारहरु बन्दै गर्दा ठिमाहा प्रकृतीको खुला बजार प्रबद्र्धन गरिएका कारण सरकार तथा आमजनता दुबै ठगिएका छन् ।

सरकारले बजारमा प्रतिस्पर्धा गर्ने तथा आमजनता अनि सरकार आफै पनि राजश्व नठगिने वातावरण बनाउन प्रधानमन्त्रीले कसरी सहजीकरण गर्न सक्छन्, त्यसैमा सरकारको सफलता अथवा असफलता निर्भर रहन्छ । एकातिर सरकारले लक्ष्य अनुरुपको रावश्व उठाउन सकिरहेको छैन भने अर्कोतिर सरकार खर्च गर्न पनि असमर्थ छ । अझ स्पष्टरुपमा भन्ने हो प्रतिस्पर्धी बजार नबनाएका कारण सरकार लगातार राजश्वमा ठगिएको छ । राजश्व चुवाहट बढेका कारण राजश्वको लक्ष्य भेट्न मुश्किल परेको छ । अनि पैसा नभएका कारण विकासका काममा खर्च गर्न सरकारलारई हम्मे परेको छ ।

त्यसैले अर्थतन्त्र संकुचनमा गइरहेको निजी क्षेत्रको आरोप छ । तर, अर्थ मन्त्रालयका अनुसार भने गत आर्थिक वर्षको पहिलो त्रैमासको तुलनामा चालू आवको पहिलो त्रैमासमा पुँजीगत खर्च २२ प्रतिशतले बढेको छ ।

यसैगरि, लक्ष्य नभेटेपनि राजश्व बृद्धिदर पनि सन्तोषजनक रहेको अर्थमन्त्रालयको दाबी छ ।

विदेशी लगानी पनि गत आवको पहिलो त्रैमासभन्दा चालू आवमा बढि आएको अर्थमन्त्रालयको तथ्यांक छ । गत आवको पहिलो त्रैमासमा १ अर्बभन्दा कम वैदेसिक लगानी नेपाल भित्रिएकोमा चालू आवको पहिलो त्रैमासमा ३ अर्ब हाराहारी भित्रिएको छ ।

यसैगरि, गत आवको पहिलो तीन महिनामाभन्दा निजी क्षेत्रमा गएको बर्जा पनि दोब्बर भएको छ । यसरी सरकारले अर्थतन्त्र चलायमान हुन लागेको दाबी गरेको छ ।

अर्थतन्त्रमा आज देखिएको समस्या रातारात आएका होइनन् । तर, पछिल्लो एक दशकको आर्थिक बृद्धीदरको औसत् ४ प्रतिशत हाराहारीमात्र रहेको कारण पनि वर्तमान सरकार दबाबमा छ । अर्थतन्त्र चलायमान नहुनु, रोजगारीको अभावमा युवा विदेश पलायन बढ्नु तथा सरकारको खर्च गर्ने क्षमतामा वृद्धि नहुनुका कारण पनि निजी क्षेत्रले सरकारलाई अर्थतन्त्र सुधारमा दबाब दिन थालेका छन् ।

त्यसमाथि पछिल्लो समय आन्तरिक तथा बाह्य कारणले बढ्दो महंगीका कारण सर्वसाधारणको जीवनयापनमा समस्याग्रस्त बन्दै गइरहेको छ ।

निजी क्षेत्रले सामूहिक लगानी कोष ल्याउँदै, अर्थतन्त्र चलायमान बनाउन मद्दत गर्ला ?

अर्थतन्त्रमा निराशा छाएको बेला नेपाल उद्योग वाणिज्य महासंघका अध्यक्षको अगुवाइमा नेपालभरका उद्योगी व्यापारीको सामूहिक लगानी कोष बन्ने भएको छ ।

महासंघका अध्यक्ष चन्द्रप्रसाद ढकालले ७७ वटै जिल्लाका उद्योगी व्यापारीहरुको लगानी हुने गरि सामूहिक लगानी कोष ल्याउन लागेको बताए ।

महासंघका अनुसार देशका ७७ वटा जिल्लामा १२० हाराहारी जिल्ला तथा नगर उद्योग वाणिज्य संघ छन् । प्रतिफलयुक्त आयोजनामा लगानी गर्ने उद्देश्यसहित ती सबै जिल्ला तथा नगर उद्योग वाणिज्य संघमा आबद्ध रहेका उद्योगी व्यापारीको सामूहिक लगानी कोष बनाउने ढकालले बताए ।

‘सामूहिक लगानी कोषको मोडालिटी बन्दै छ’, ढकालले भने, ‘७७ वटै जिल्लाका जिल्ला नगर उद्योग वाणिज्य संघमा आबद्ध उद्योगी व्यवसायीको संलग्नतामा सामूहिक लगानी कोष बनाएर प्रतिफलयुक्त आयोजनामा लगानी गर्ने हाम्रो योजना हो ।’

ढकाल २०७९ चैत ३० गते महासंघमा अध्यक्ष भएका हुन् । तर, उनी अध्यक्ष हुँदा नेपालको अर्थतन्त्रमा समस्या देखिइसकेको थियो । निवर्तमान अध्यक्ष शेखर गोल्छाको कार्यकालको करिब सुरुवातदेखि नै विश्वव्यापी महामारी कोरोनालगायत विविध समस्याका कारण नेपालको अर्थतन्त्रले लय गुमाउँदै गइरहेको थियो ।

जसका कारण निजी क्षेत्रको मनोबल इतिहासकै न्यून बिन्दुमा रहेका बेला महासंघको सामूहिक लगानी कोषले उद्यमी व्यवासायीको मनोबल बढाउने तथा निजी क्षेत्रको योगदान पनि देखिने ढकालको विचार छ ।

कोरोना महामारीपछि नेपालको अर्थतन्त्र उठ्न सकेन । वैश्विक महामारी कोरोनाका कारण नेपालमा २०७६ साल चैत ११ गतेदेखि बन्दाबन्दी गरिएको थियो । पटक पटकको बन्दाबन्दीका करण अर्थतन्त्र झन् झन् शिथिल बन्न पुगेको हो ।

कोरोना महामारीका कारण आर्थिक वर्ष २०७६/७७ मा नेपालको अर्थतन्त्र २.३७ प्रतिशतले नकारात्मक भएको थियो भने त्यसपछिको आव २०७७/७८ मा पनि ४.२५ प्रतिशत आर्थिक वृद्धिमात्र भएको थियो । जसका कारण आव २०७६/७७ को कोरोना महामारीपछि गत आव सम्ममा औसत् आर्थिक वृद्धिदर २.४७ प्रतिशतमात्र देखिन्छ ।

चालु आर्थिक वर्षको आर्थिक वृद्धिदर पनि विश्व बैकको प्रक्षेपणअनुसार ३.९ प्रतिशत हुने आशा छ भने एसियाली विकास बैंकले भने ४.३ प्रतिशत आर्थिक वृद्धि हुने प्रक्षेपण गरेको छ । तर, चालू आर्थिक वर्षमा बाह्य क्षेत्रमा सुधार भए पनि आन्तरिक क्षेत्र चलायमान नहुँदा अर्थतन्त्र ४ प्रतिशतको हराहारीमा मात्र वृद्धि हुने देखिन्छ । जसका कारण निजी क्षेत्रको मनोबल इतिहासकै सबैभन्दा न्यून रहेको हो ।

यसरी अर्थतन्त्रमा ८१.५५ प्रतिशत योगदान दिएको निजी क्षेत्र, जसले रोजगारी सिर्जनामा पनि ८६.६७ प्रतिशत योगदान गरेको छ, पछिल्ला वर्षहरुमा आफनो कमजोर मनोबलका कारण लगानी एवं उद्योग व्यापार विस्तारमा उदासिन रहेको छ । नेपाल उद्योग परिसंघको तथ्यांकअनुसार पनि उद्योगहरु आफनो पूर्ण क्षमतामा संचालन हुन सकिहेका छैनन् ।

उद्योगहरु कोरोनापूर्वको अवस्था अझै संचालन हुन नसक्नुमा बजारमा माग बढ्न नसक्नु प्रमुख कारण हो । तर, बजारमा माग बढाउन तथा कारोबारमा सहजीकरण गर्न सरकार अससफल भएको छ ।

त्यसैले पनि सामूहिक लगानी कोषले उदासिन तथा कमजोर मनोबल भएको निजी क्षेत्रलाई उत्साहित बनाउन मद्दत गर्ने ढकालको आशा छ ।

मुलुक संघीय गणतन्त्रमा रुपान्तरित भएपछि राजनीतिक स्थिरता आएको मानिए पनि सरकारका नीतिगत अस्थिरता तथा दीशाहिनताका कारण निजी क्षेत्रको मनोबल उठ्न सकेको छैन ।

जसका कारण उद्योगको संचालन क्षमतामा न्यूनीकरण एवं स्वदेशी तथा विदेशी लगानी पनि खासै उत्साहप्रद अवस्था नभएका कारण निजी क्षेत्रमा निराशा ब्याप्त छ । १० मध्ये ९ रोजगारी प्रदान गर्ने निजी क्षेत्रमा आएको संकुचनले मुलुकमा रोजगारी नपाएर युवा पलायन बढ्दो छ ।

सरकारले निजी क्षेत्रको कुरा नसुन्ने तर राजनीतिक फाइदामात्र हेर्ने गरेको कारण पनि अर्थतन्त्रमा इतिहासकै निराशा छाएको अर्थविद्हरु बताउँछन् । त्यसैले महासंघले निजी क्षेत्रको मनोबल बढाउन सामूहिक लगानी कोषको अवधारणा ल्याएको पनि ढकालको दाबी छ । (https://clickmandu.com/2023/10/270408.html)

Private sector booms with over 30-fold growth in 30 years, contributing over 80 per cent to GDP and employment: Report

The private sector contributes significantly to the country's gross domestic product (GDP), with the service and agriculture sectors playing a dominant role, according to a new report by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the International Finance Corporation (IFC).

The report, titled 'State of Private Sector in Nepal: Contributions and Constraints,' analysed data from fiscal year 2011-12 to 2020-21, evaluating the private sector's contribution and current context in Nepal. The report is -- that is claimed to be the first such attempt to create a comprehensive baseline for the entire private sector in Nepal -- combines analysis of both published and unpublished secondary data to offer a snapshot of the private sector contributions to Nepali economy.

According to a comprehensive analysis of sectoral data published by the National Statistical Office (NSO), Finance Ministry (MoF), and various public and private enterprises, it has been estimated that the private sector, which includes households contributes, 81.55 per cent to the country's GDP, taking into account the value addition of all 18 sub-sectors that collectively drive Nepal's economy.

The number of private sector establishments has significantly increased over the past three decades, from 28,660 in 1983 to 923,356 in 2018. It is also the largest employer in Nepal, providing employment to 85.6 percent of the total labor force, the report claimes, adding that a substantial portion of the country’s labour force is employed in agriculture, forestry, and fisheries (57 per cent) and wholesale and retail trade, including vehicle repair (12.5 per cent). "Both industries are primarily driven by the private sector." In 2018, the private sector employed approximately 5.5 million people, while the public sector employed around 427,000 people.

"Based on solid evidence, this report further highlights the private sector’s vital contribution to the socio-economic development of Nepal," country representative for IFC in Nepal Babacar S Faye said, "Our hope is that it will also help better inform and encourage the dialogue between the public and private sectors in order to formulate the best policies that will unleash the full potential of Nepal’s dynamic entrepreneurs."

"The people of Nepal need jobs, products and services that can only come from a stronger and more productive private sector," she said, adding that as the first of its kind in Nepal, the report certainly does not pretend to be comprehensive,  and "we look forward to constructive feedback from all stakeholders in order to enrich the discussions and also improve future editions.”

The study revealed that the private sector has played a critical role in Nepal's growth since the restoration of democracy in the 1990s and the implementation of liberalisation, privatisation, and globalisation policies by the government. This has triggered remarkable progress in several industries, including finance, hospitality, tourism, education, and health.

However, the report highlighted certain areas that require improvement, such as simplifying bureaucratic processes, promoting transparency and accountability, improving the reliability and cost of transportation services, and reducing tariffs on crucial imported inputs.

"Nepal is currently going through a period of major social and economic changes and is having to deal with the challenges brought on by the Covid-19 pandemic," president of the FNCCI Chandra Dhakal said,  on the occasion. "To progress economically, it is vital that stakeholders come together for consultations and discussions," he said, adding that the report can act as a helpful aid to those looking to get the most out of the private sector's contribution to Nepal, and to foster cooperation between the public and private sectors. "We hope that future editions of this report will aggregate and analyse all private sector-related data in one place- creating a robust baseline for data-driven policy dialogue."

The report includes a survey of 517 Nepali firms to gauge the impact of Covid-19 and their awareness of sustainability and climate change. Half of the firms surveyed were in wholesale and retail trade, 13 per cent were in the hotel and accommodation sector, and 12 per cent were in manufacturing. Likewise, half of the firms had borrowed from commercial banks, and during Covid-19 restrictions, 87 per cent were affected, with 63 per cent fully closed. "Some 79 per cent experienced a loss of revenue during lockdown, but 50 per cent reported being profitable after it was lifted."

चीनको अघोषित नाकाबन्दीले व्यवसायी मर्कामा

चिनियाँ नाकामा अड्किएका अर्बौंका सामान छुटाउन राज्यका तर्फबाट पहल नभएको भन्दै नेपाल राष्ट्रिय व्यवसायी महासंघले आपत्ति जनाएको छ । उद्योगी–व्यवसायीहरुका समस्या समाधान गर्न चासो नदेखाएको भन्दै महासंघले शनिबार विज्ञप्ति जारी गर्दै सरकारको ध्यानाकर्षण गराएको हो ।  

नेपालीहरुको ठूलो चाड दसैं नजिएको तर दसैंमा बेच्नुपर्ने सामान नाकामै रोकिँदा अर्बौंका सामान सडेर बिग्रने अवस्थामा पुगेको महासंघका अध्यक्ष कुमार कार्कीले बताएका छन् । “उत्तरी नाकामा भइरहेको अघोषित नाकाबन्दीको प्रत्यक्ष मार भने व्यवसायीले भोग्नु परेको छ,” अध्यक्ष कार्कीले जारी गरेको विज्ञप्तिमा भनिएको छ, “सयांै मालवाहक कन्टेनरहरु नाकामा थन्किएर बस्दा चाडपर्व केन्द्रित अर्बौंका सामान सडिने, कुहिने र बिग्रने भई नोक्सान भएको छ भने बजारमा सामानको हाहाकार देखिन्छ ।” 

महासंघले यी समस्याहरु तत्काल समाधान गर्न पहल गरिदिन पनि अनुरोध गरेको छ । धेरै उद्योगी–व्यवसायीहरु बैंकको ब्याजदर तिर्न समेत नसक्ने अवस्थामा पुगेको महासंघले बताएको छ । बैंकले दिएको मानसिक तनावका कारण कतिपय उद्योगी–व्यवसायीहरुले आत्महत्याको बाटो रोज्न बाध्य भएको भन्दै महासंघले यसतर्फ गम्भीर बन्न समेत सरकारलाई अनुरोध गरेको छ । “व्यापार व्यवसाय गर्न सामान नाकामा थन्किएको, बैंकले ऋण चुक्ता गर्न बारम्बार ताकेता गर्दै सम्पत्ति लिलाम तथा जफत गर्ने धम्की दिन्दै मानसिक तनाव दिइरहेको अवस्था छ,” विज्ञप्तिमा भनिएको छ, “यावत् समस्याले गर्दा व्यवसायीहरु मानसिक सन्तुलन गुमाएर आत्महत्या गर्नुपरेको उदाहरणहरु छन् ।”

बैंकको ब्याजदर अत्यधिक बढेको भन्दै बैंकको ब्याजदर नियन्त्रण गर्न समेत महासंघले नेपाल राष्ट्र बैंक समक्ष अनुरोध गरेको छ । देशको अर्थतन्त्रमा सबैभन्दा महत्वपूर्ण क्षेत्र उद्योग व्यवसाय भए पनि राज्यको राजस्व असुलीको मूल क्षेत्र दिनानुदिन धरायसी बन्दै गएको छ । देशमा उद्योगी तथा व्यवसायीमैत्री वातावरण नहुनुका कारण अर्बौं लगानी गरी उद्योग–व्यवसाय सञ्चालन गर्दै आइरहेका उद्योगी–व्यवसायीहरु पलायनतर्फ उन्मुख भइरहेको प्रष्ट देखिएको नेपाल राष्ट्रिय व्यवसायी महासंघले जनाएको छ ।  कागजमा मात्रै व्यवसायमैत्री नीतिनियम हुने र कार्यान्वयन भने अति नै फितलो हुनु नै अहिलेको मुख्य समस्या देखिएको उसको भनाइ छ । 

महासंघका अनुसार व्यवसायीहरुले आफ्नो सम्पूर्ण जायजेथा बैंकलाई बुझाएर ऋण गरी उद्योग व्यापार सञ्चालन गरेका छन् । तर, विभिन्न प्राकृतिक प्रकोप र कोरोना महामारीका कारण व्यापार–व्यवसायले गति लिन नसक्दा बैंक ब्याज तथा घरभाडा समेत तिर्न नसकेको अवस्था रहेका भन्दै महासंघले फितलो राज्य संयन्त्रका कारण उत्तरी नाकामा भइरहेको अघोषित नाकाबन्दीको प्रत्यक्ष मार भने व्यवसायीले भोग्नुपरेको जनाएको छ ।

Private sector opposes government's ulilateral minimum wage fixation

The private sector has opposed the government's unilateral minimum wage hike, and asked not to hike the minimum wage at the time of pandemic.

Issuing a joint statement, the three private sector representing bodies said that the raised minimum wage to workers, which the government is implementing from new fiscal year, cannot be implemented as the second wave of the Covid-19 prolongs and continue to impact businesses and the economy further.

The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI) and Nepal Chamber of Commerce (NCC), in the joint statement, said that more than 700,000 businesses across 54 districts across the country have been affected due to the ongoing prohibitory order. As most of them are small and medium entrepreneurs (SMEs), it will be difficult for the private sector to manage their daily expenses, they said.

"As businesses are already finding it difficult to make regular payment to workers, we cannot implement the increased minimum wage, if situation further deteriorates,” the press note reads, adding that increment of wage to workers is untimely and might also impact foreign investors and investment in Nepal.

The government has increased minimum wage of labourers from Rs 13,450 per month to Rs 15,000. It has been already published in the Nepal Gazette on May 4. 

Expressing reservations against the government's recent decision of increasing minimum salary of workers, the private sector also has asked the government not to interfere in the arrangement of fixing wages by mutual consent.

At a time, when the private sector has been unable to get any respite from the government despite announcement in fiscal and monetary policy. "In the current context, the private sector is taking all possible measures to improve the supply chain and promote economic activities as far as possible," the press note reads, adding that special emphasis should be placed on measures to keep the economy afloat and save employment. "The pandemic has affected tourism and dependent industries for more than a year and has further impacted SMEs."

At present, many tourism-related enterprises have reached a mutual agreement with their staff regarding pay in the absence of work," the press note reads, adding that increasing the minimum wage will further affect these businesses and entrepreneurs. 

PM Oli pledges to raise minimum wage to Rs 15,000, Private sector says 'not possible'

 Prime Minister KP Sharma Oli today announced that the minimum wage of workers will be increased to Rs 15,000 from the nest fiscal year that starts from July 16.

The premier's pledge to hike the minimum wage from the current Rs 13,450 in the time of Covid-19 pandemic has however surprised the private sector.

"Though the prime minister announced to increase the minimum wage, we are in no condition to pay regular wage due to second wave of pandemic, let alone increasing it," said one industrialist. "There has no been discussion on minimum wage hike either," he said, adding that the announcement came to a mere surprise to the private sector. "It could be the prime minister's election propaganda."

On the occasion of the 132nd International Workers’ Day today, Oli extending his best wishes to all working-class people said that minimum wage will be increased from the beginning of the new fiscal year.

But the private sector players think the prime ministers move is election oriented. "Since he has lost confidence from every quarter for his failure in securing livelihood of the people, he announced unilaterally the wage hike to get votes in the election," one of the industry players said, adding that such uncertainty in policy will not only discourage the private sector and investment but also force the industrialists to rethink their investment plans. "We are already suffering from the high cost economy, and the increase in wage will make Nepali products not only costly but also incompetent in the market."

Another industrialist said that the cost of production has been increasing lately due to various circumstances, and the increase in minimum wage will not only hurt the industries but also government plan to create employment in the country. "The government is forcing the Nepali youths to foreign employment by pushing the Nepalis industries to the closure."

The industries that have been hit by the lockdown from last March 24 for four months, and subsequent prohibitory order for another almost half year, have just started to gain momentum, the second wave of the pandemic struck the country. The government has imposed prohibitory order restricting the movement from Thursday to break the chain of coronavirus spread. The second wave seems more dangerous as it has posted over 5,000 new cases everyday.

There is a provision to hike the minimum wage every two years. But the industries, labours and government agreed last year not to increase the minimum wage during the pandemic.

"Job security and creation of additional job opportunities will be the priority of the government,’’ the prime minister said, adding that Nepali trade union movement had brought the people’s hardship and sufferings to the limelight.

Private sector calls for political stability

 The private sector called foe political stability in the country as the recent political developments have pushed the country towards the instability.

Expressing serious concern over the recent political developments in the country, they also issued a joint press note urging the political parties to take a restrained decision. “The recent developments will not benefit the country’s economy,” the three private sector associations including Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Nepal Chamber of Commerce (NCC) and the Confederation of Nepalese Industries (CNI), said in the joint press note. 

Expressing their concern over current political developments, the private sector associations reiterated that the political stability can lead to policy stability, create conducive environment to set up new industries, for new businesses to flourish, jobs to be created, new investment to be attracted and the economy as a whole to be able to move forward.

The economy that is hit hard by the coronavirus, is going to be in turmoil following the political instability, they fear, adding that the consequences of the recent political developments could be even more serious. The country that has come out of political instability – after almost three decades – deserves to push for economic development instead of political wrangling, according to an entrepreneur, who claimed that the politicians have always pushed the economic agenda to the back bench, despite promising economic revolution after the country wrote the republican constitution through the Constitutional Assembly some five years ago.

Five ways recommended to enable a data-driven approach in private sector

 With greater emphasis on a digital economy to drive recovery from the pandemic’s impacts, Nepal must ramp up efforts to strengthen the country’s data ecosystem to support business growth and overall development, according to a report.

The report ‘Use of Data in the Private Sector of Nepal: The Current State and Opportunities in Finance, Education, and the Media’, also highlights the importance of data for Nepal’s private sector to innovate, increase their customer base, and scale up. 

The financial sector is one of the most significant contributors to Nepal’s economy, while, the education sector is a pillar of human development and media’s use of data in reporting can serve as a proxy for the effective use of statistics and data in public discourse, the report prepared from the learnings from the sectoral discussions reads, adding that analysis of data use by the three sectors is a good starting point for understanding the use of data in the private sector. 

“Leveraging data can help commercial banks increase financial inclusion, support higher education institutions to better understand student’s needs and prepare them for job markets, and enable journalists to cover in-depth stories, increase accountability, and engage more readers.”

The report, however, notes that across the three sectors, the awareness of the value of data and capacity to analyze it remain low, preventing businesses from tapping the full potential of data use.

Furthermore, low awareness of data privacy policies adds to executives’ concerns about data security risks in producing, using and sharing data.

The report has also made five recommendations to enable the private sector entities in Nepal to use data more effectively. It has recommended to Increase awareness of data opportunities for businesses. “Building awareness among the finance, education and media sectors on the transformational power of data and its business benefits is an important first step,” it reads, adding that the government, business leaders and media can play an instrumental role in increasing awareness by advocating for benefits of data.

Likewise it has also recommended develop and implement a data strategy to increase the availability and usability of government data. “Across all the three sectors studied, there is a demand for government data,” it reads, adding, “Such data, however, is most often either unavailable, outdated or in a format that is not machine-readable, and to bridge this gap, the government could produce and publish timely, quality, and disaggregated data in machine-readable format, and invest in developing human capital of its citizens to use data.”

The report has also recommended to develop and implement a robust open government data programme. “Executives in Nepal note that it it’s difficult to find government data or data is not available in a usable format,” it adds. “Globally, governments have made their data freely available to citizens and businesses by launching open data initiatives,” it reports, adding that implementing such open data programmes in Nepal would allow users to find and use government data easily and freely, potentially raising productivity and improving products and services.

The report has recommended to build a data-use culture by investing in data skills and literacy within the private sector and government. “Together with low awareness, lack of technical capacity is a key constraint in promoting data use for decision making.”

A holistic approach to capacity-building can help enhance data literacy for staff at different levels of an organisation and, in turn, improve production, dissemination and use of data,” it recommending to enact policies that facilitate data sharing and privacy protection. “Data privacy is a key concern, especially for consumers of any private entity that makes extensive use of such data, and encouragingly, steps have been initiated in Nepal to address privacy concerns such as the Nepal Data Privacy Act passed in 2018.”

But the awareness of the Act is low among the executives. For effective implementation of the Act, it is important to help stakeholders understand how the Act would impact them,. It adds. “In addition, crafting a policy on data disclosure and disclosure format would increase data use, and potentially encourage private companies to engage in ‘data philanthropy’ and help fill the data gaps.

While this report was prepared before the pandemic, the findings and the recommendations are equally relevant post-pandemic, especially as more formal businesses in Nepal are found to be using digital platforms to continue operations during the pandemic, it claims. 

The report was prepared after engaging with a group of executives and practitioners from the education, finance and media sectors in Kathmandu to discuss their awareness and practices in using data to support operations and decision-making.

Finance Minister vows to boost private sector confidence

 The private sector that has been in low morale since last 2 years, got pat on the back by the incumbent finance minister Bishnu Prasad Paudel, as he said that the government will boost the confidence of the private sector.

During a meeting with a delegation – led by Nepal Chamber of Commerce (NCC) president Rajesh Kazi Shrestha, today, the newly appointed finance minister promised that the government will support and encourage the private sector. “The economy could be revived through minimising the adversity caused by Covid-19 by supporting and encouraging the private sector,” he said, adding that the government and private sector should work hand in hand to revive the economy. “The private sector should operate their business by following the health and safety protocols also to keep the economy moving.”

Assuring the private sector that the government will implement the relief and rehabilitation programmes mentioned in the budget, he said that many problems could be solved, if the government understood the problems and difficulties of the private sector and the private sector understood the limits and role of the government.

On the occasion, Shrestha urged the government to increase purchasing power of the people to keep the economy moving and also create a conducive environment for trade and industry.

Nepal Chamber of Commerce also submitted a 22-point recommendations to finance minister. The recommendation include the revival of economy by supporting the private sector.

FNCCI election nomination starts

 Postponed thrice, the Federation of Chambers of Commerce and Industry (FNCCI) election schedule has started from today. The new date for the 54th annual general meeting (AGM) of FNCCI has been fixed for November 26 and 27, whereas the election for its executive members will he held on November 27.

According to the timetable announced by FNCCI today, the election will be held at three venues in Kathmandu – FNCCI head office in Teku, Karki Banquet in Babarmahal and Nepal Academy in Kamaladi – to avoid the crowd, and follow the government health and safety protocol.

The FNCCI has stated that the programmes will be conducted by observing safety protocols enforced by the government. As the FNCCI members can file their candidacy from today, candidate of senior vice president Chandra Prasad Dhakal – representing Associate members – along with his team members filed the nominations today. Dhakal has been backed by his panel members, Ram Chandra Sanghai, Umesh Lal Shrestha and Guna Nidhi Tiwari, who also have registered their nominations at the FNCCI.

The elections will be held for the post of senior vice present, three vice presidents and executive committee members. Incumbent vice presidents Chandra Prasad Dhakal and Kishor Pradhan are contesting for the post of senior vice president. The first lists of nominees will be published on November 19, whereas the final lists of the candidates will be published on November 23.

The FNCCI AGM and elections had originally been scheduled for April 10 and 11 which was postponed until May 20 and 21, to be deferred until the second week of August. The date has again been deferred citing the government’s decision to prohibit mass meetings and assemblies as part of containment measures to combat Covid-19.

The senior vice presidential race is a high-stake affair as the winner will automatically become the FNCCI president after three years. The incumbent senior vice president Shekhar Golchha will be automatically become president after November 27.

Stakeholders seek integrated policy to regulate businesses

Complaining that the duplication of number of provisions in the laws has still been discouraging the investors, experts stressed on the need to merge concerned government institutions to effectively implement the government policy to facilitate investment via one stop service center. Likewise, they also stressed on the need for the government to formulate integrated laws governing the business sector to attract investment in the country.
Outlining that contradictions in multiple business-related laws and policies that have been discouraging potential growth of business sector, they asked the government to bring a unified policy. “Even today, Nepal has some unnecessary laws and policies that are affecting investment,” former finance secretary Ramehwor Khanal said, while addressing an interaction 'A Discourse on Integration of Economic Legislations' organised jointly by Samriddhi Foundation and Society of Economic Journalists Nepal here today. “It is high time for the government to scrap such obsolete and unnecessary policies and introduce an integrated policy to regulate the business sector,” he said, adding that multiple business- and investment-related policies formulated by different ministries are contradictory and ambiguous, thereby discouraging businesses. “For instance, tax waiver and subsidy on any good and service can be given only through the Financial Act.”
However, other policies have also been giving tax subsidy under different headings,” Khanal added. “The registration and exit process for companies are yet to be simplified as procedural hurdles are the primary factors that investors look at before injecting investment in any country.”
He also opined that there should not be any minimum threshold and capital requirement for foreign investors to invest in Nepal. The government has increased the minimum threshold for foreign investors to Rs 50 million, which has discouraged most of the foreigners to invest in Nepal. Khanal also blamed the government authorities for duplication of laws. “Nepal achieved significant improvement in the Doing Business Index this year just because of the reforms in number of laws,” he said, adding that procedural hassles are, however, still there.
The private sector participants, on the occasion, also complained that contradictory policies have been deteriorating business and investment environment in the country. They criticised the government for failing to address new types of business, including start ups, in the new laws. “The government needs to come out of the conventional mindset of implementing policies only for trading of goods and services,” director of Laxmi Group Niranjan Shrestha said, adding that it also has to consider mobility based business like venture capital in its regulatory framework.
Acknowledging the importance of bringing integrated policy to regulate businesses and investment, president of Nepal Law Commission Madhav Poudel said that the concept has to be brought to light and discussed widely among stakeholders.
“The government is facing difficulty in addressing various practical hurdles in existing policies and laws,” he said, adding that it is, however, aware of all policy hurdles and contradictions in the existing laws that are discouraging businesses. “While the government is working to gradually address such issues, various agencies are facing structural problems and difficulties in coordination.”
Paudel also accepted that there is duplication of laws as there are many laws to regulate the private sector. “The disintegrated laws have been creating problems to possible investors,” he said, giving an example of the lengthy procedures that the entrepreneurs need to fulfil for tax compliance.
The participants, on the occasion, deliberated on the possibility of integrating Foreign Investment and Technology Transfer Act with other acts related to foreign exchange and banking, insurance and securities. The laws related to forest, environment and land acquisition can also be implemented through a single legal provision as the integration of laws can also help remove inconsistency and ambiguity in several government rules. “In many cases, government officials are found to be demarcating area in their jurisdiction and delaying service delivery even after merger of two or more government offices,” the participants complained, urging the government to revisit the Foreign Investment and Technology Transfer Act (FITTA).
Ahead of the Investment Summit in March, the government had hastly revised number of laws including FITTA and Public Private Partnership and Investment Act. The laws were, though expected to simplify the procedures related to the Department of Immigration, Inland Revenue Department, Department of Land Management, Department of Customs and central bank to facilitate foreign investors, the foreign investors are still complaining that the laws are more regressive than before.
“Despite implementation of these new laws, investors still do not have access to online system and it is difficult to validate their digital signature,” Paudel said, adding that the investors still need to visit various government agencies to submit hard copies of their signed documents.
However, joint secretary at Finance Ministry Uday Raj Sapkota, on the other hand, defended the government and claimed that it is serious about addressing the issues of policy ambiguity and contradictions. “The private sector should, nevertheless, clearly communicate about the problems they are facing due to existing policies and come up with feasible recommendations,” he said.
The government is in the process of implementing a single-code system for the income tax, value added tax, and excise duty, as an effort to simplify the procedures for taxpayers, Sapkota informed, adding that the tax administration had stepped up preparations for enforcing single-code for the three tax systems. “The ministry is about to make amendment to Financial Act for enforcing the new system.”
According to him, the government has adopted the policy of reducing the number of government institutions and integrating the related laws to reduce hassles for potential investors. “The government has established one-stop service center and enacted several laws to attract foreign investment,” he added.
On the occasion, researcher at the Samriddhi Foundation Kul Prasad Pandey gave a brief introduction about the context of the discussion citing international examples, areas in which Nepal is lacking and reasons thereof with regards to its ranking in the Doing Business report, the idea of consolidation of act, harmonisation of legislations and minimising duplication of government entities and subsequent regulations.

Private sector seeks interest rate stability

The private sector urged the central bank to ensure that the interest rates on lending remain stable as the interest rate volatility has hit the business growth. Seeking effective intervention from the central bank, the private sector has been raising the interest rate issue since long.
Addressing a programme today, senior vice-president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Shekhar Golchha said that the private sector is raising the interest rate issue since long as the rates in the banking sector are not based on the principle of open market economy. “Thus, it is time now for the central bank to regulate interest rate volatility in the banking sector as high and unpredictable interest rates discourage businesses and investors,” he said, adding that federation under his leadership will fight to make interest rate stable in the domestic market and promote business growth. “Our products can be competitive, only if interest rates are lowered as Nepali products cannot compete with foreign products in terms of price, our export base is very low.”
Golchha is set to become the president of FNCCI in a couple of months. “The stable policies of the government and predictable interest rates will help boost the export sector,” he added.
Likewise, president of the Confederation of Nepalese Industries (CNI) Satish Kumar More, on the occasion, said that the government’s policies should be encouraging to operate businesses instead of tightening them. “The government should guarantee safety and security to foreign investors in a bid to bring in mega foreign investments,” he added.
The central bank governor Dr Chiranjibi Nepal responding to them said that Nepal Rastra Bank (NRB) has been coordinating with the private sector while introducing and enforcing new policies. “The central bank is also concerned with the interest rate issue,” he said, adding that the bank interest rates cannot be brought down overnight and to the level sought by the private sector.

Industrialists to hit street against arrest of Jyoti Group members

The Nepal Inc is taking to street against the arrest of industrialist and vice chairman of Jyoti Group Dr Roop Jyoti and the arrest warrant issued against industrialist and chair of the Jyoti Group Padma Jyoti.
Issuing a press note today, various commodity associations and district chambers, said that they have started protests across the country against the highhandedness of the government machinery and assault on private sector.
The intimidation of some people backed with the government machinery is a serious threat to the development of the private sector under the two-third majority stable and strongest government in Nepal’s history, a former president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) said, adding that the Nepal Inc has lost confidence on the government as it has been misled by some crook people.
The member organisations under FNCCI – including Nepal Automobile Dealers’ Association (NADA), Federation of Contractors’ Associations of Nepal (FCAN), Kathmandu Chamber of Commerce and Industry and Dairy Association of Nepal – have launched protests against the arrest of Dr Roop Jyoti and arrest warrant against Padma Jyoti, who is not only the former president of FNCCI but also a fair businessman compared to others.
Citing that such high-handedness against entrepreneurs is creating havoc in the business community and terrorising them, the private sector representatives asked the Prime Minister to interfere and ensure the business confidence.
While police arrested Dr Roop Jyoti last week from the Tribhuvan International Airport (TIA) on charges related to housing fraud, the Kathmandu District Court issued an arrest warrant against Padma Jyoti on the same case.
“The arrest of members of Jyoti Group has terrorised the entire private sector,” senior vice-president of FNCCI Shekhar Golchha said, adding that such activities will affect the business environment and discourage investment in the long run.
Earlier, Bigendra Krishna Malla had filed a case against Dr Roop Jyoti and entire Jyoti Group complaining that he had paid Rs 27.6 million in installments since September 2014 for a house at Bansbari in Budanilkantha to Landmark Developers, in which Jyoti Group has a stake but he still has to get possession of the house.

Arrest of Dr Jyoti terrorises Nepal Inc

The arrest of Dr Roop Jyoti has terrorised the private sector.
The private sector – that has been hoping for growing economic activites due to two-third majority stable government – slammed the decision to arrest industrialist Dr Roop Jyoti stating that the move has not only eroded the confidence of the business community but also sent a chilling signal that the state machinery could be misused to intimidate the private sector.
The Kathmandu District Court had granted the police permission to arrest him on Tuesday. Dr Roop Jyoti – the vice chairman of Jyoti Group – has been arrested Thursday evening while he was returing from Singapore by Silk Air.
“The government move will certainly deteriorate the confidence of the business fraternity,” according to president of Nepal Chamber of Commerce (NCC) Dr Rajesh Kaji Shrestha. “Neither will it send a positive message,” he said, adding that the authority will have adopted an alternative measure instead of arresting a reputed industrialist like a criminal.
Dr Roop Jyoti is also a brother of Padma Jyoti, who is the former president of the Federation of Nepalese Chambers of Commerce and Industries (FNCCI). Jyoti Group is considered a business house that believes and acts on fair and ethical business.
The private sector organisations – FNCCI and NCC – denounced the arrest of Dr Roop Jyoti. Issuing a press note yesterday, the FNCCI said that its attention has been drawn toward the arrest of Dr Jyoti from the airport while returning home, and his condition under the detention.
Warning that such highhandedness against industrialists and businesspersons in the country can make an adverse impact on the environment for domestic and foreign investment, the private sector asked the state agencies to treat businesspeople with respect in line with the concept of rule of law.
Earlier, the court has permitted the arrest warrant against him on charge of cheating Rs 13.6 million in a land transaction case filed by Bigendra Krishna Malla. Malla, who claims he paid Rs 12.60 million for a house in Kathmandu-3 at Bansbari, said he was neither given a house nor refunded money.
The Metropolitan Police Range, Kathmandu, had arrested Dr Roop Jyoti and his daughter Suruchi on Thursday evening and remanded the duo on Friday to police custody for three days.
The private sector sees an ‘invisible hand’ in issuing arrest warrant against the family members. “With the political backing, somebody is playing foul to tarnish the dignity of established entrepreneurs,” the private sector said, adding that Dr Roop Jyoti has neither received the money nor promised to provide a house. Landmark Developers – where CE Construction and Jyoti Group owns stake – has sold the land, where the developer was supposed to construct the house. But the devastating earth quake in 2015 has delayed the construction.
As managing director of CE Construction Sambhu Phuyal had made the deal and received the installment money without receiving retaining right from Jyoti Group. Phuyal had received the money from Malla on April 6, 2016 to construct a residential building on a land plot developed by Landmark Developers Pvt Ltd. After failing to hand over the committed property on time, the money was returned to Malla on December 1, 2018 – three days before Malla filed cased at the Kathmandu District Court – which he refused to take. But since Malla did not accept the money back that he paid in installments, Dr Roop Jyoti deposited the money at the court. However, the power play made the case complicated as Malla went to power centres and used state machinery to out Dr Roop Jyoti behind the bars.
Phuyal had also admitted before the High Court that he had received the money without taking the authority from the concerned party. Malla claimed that Dr Roop Jyoti should provide him either a house – as promised by the Landmark Developers – or pay Rs 40 million.
Meanwhile, demanding his immediate release, a group of business people staged a silent demonstration at Maitighar Mandala in Kathmandu to protest against the arrest of Dr Roop Jyoti.

Industrialist Dr Roop Jyoti remanded for five days

The Kathmandu District Court has today further remanded industrialist Dr Roop Jyoti to five-day police custody.
Earlier on Friday, court had allowed police to investigate him by keeping him in custody for three days which ended today. Metropolitan Police Range Kathmandu had detained Jyoti on Friday, shortly after he returned from Singapore by Silk Air on charge of his alleged involvement in a housing procurement scam.
Dr Jyoti himself pleaded on his behalf during today’s hearing on whether or not to extend his remand. He claimed that he is not going to run away neither has any intention of it as he has returned the country. Denying his involvement in any wrongdoing, Dr Jyoti asked the court to let him fight the case remaining out of the police custody. Dr Jyoti, who is also a former state minister for finance and vice chairman of Jyoti Group, is primarily charged of duping people in housing business last December. The police had also issued an arrest warrant against him on complaints that he was involved in housing fraud worth millions of rupees. But Dr Jyoti had immediately filed a writ against the arrest warrant and obtained a stay order from the court. However, a double bench of Chief Justice Cholendra Sumsher Rana and Justice Prakash Dhungana had vacated the stay order on Jyoti’s case on Tuesday paving the way for police to arrest him.
But the private sector has condemned the arrest of Dr Jyoti. Arresting industrialists in such a manner will discourage the business community and negatively impact the business environment of the country,” they said, adding that such intimidation using the state mechanism is alarm bell for the private sector that is hoping to build the confidence after the formation of the two-third majority stable government.
Likewise, a group of business people also staged silent protest against Dr Jyoti’s arrest in Maitighar today. The Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Nepal Chmabers of Commerce (NCC) and Confederation of Nepalese Industries (CNI), alongwith many other business organisations issued press note expressing deep concern over Dr Jyoti’s arrest.
“Arresting an industrialist, who has a reputed history of doing business in the country and helping the entire economy by giving employment opportunities to thousands without enough investigations will certainly discourage the private sector,” the FNCCI press note reads, adding that such trend of arresting industrialists will discourage both domestic and foreign investment in the country. “The government agencies must treat the country’s private sector with dignity and respect.”

FNCCI calls special AGM on November 15 to amend its statute

The executive committee meeting of the umbrella organisation of the private sector today decided to call a special annual general meeting (AGM) on November 15 to amend its statute to elect its next president through direct election.
The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) statute was last amended three years ago – in October 2016 – just before the election of incumbent president Bhawani Ranato directly appoint the senior vice-president to president.
However, the private sector has called the special AGM to amend the same provision once again just in three years, at the end of the incumbent president. A group of members led by former president of FNCCI and senior member Chandi Raj Dhakal had tabled the proposal to call special AGM during the previous executive committee meeting.
According to vice president of FNCCI Kishor Pradhan, the proposal to host the special AGM on November 15 has been passed unanimously at today’s meeting.
The FNCCI executive committee meeting approved the proposal unanimously today, though former FNCCI president Pashupati Murarka submitted a note of dissent against FNCCI executive committee’s decision to call for special AGM, he said.
Muraraka, however, claimed that the FNCCI executive committee passed the proposal without necessary discussion with its members as required by the statute.
Chandi Raj Dhakal – who was the architect to amend the provision three years ago – has been lobbying against the same system of directly appointing the senior vice-president to FNCCI’s top post, and seeking amendment to the FNCCI statute this time. Noone knows but only can guess why Dhakal has reverted on his earlier stance and is calling for direct election of president, though directly elected president is more vibrant and able to voice the concern of the private sector, whereas the appointed president is reluctant on the issues of the entrepreneurs, the entrepreneurs say.
Dhakal, who is reportedly reeling under huge debt, has been a kingmaker in the FNCCI politics since long.
The current senior vice-president of FNCCI Shekhar Golchha will be appointed president in six months, if the FNCCI statute is not amended. But the amendment proposal, if passed by the special AGM, will change the scenario of the FNCCI as it will again go on direct voting like all the time, except the incumbent president Rana’s time in October 2016.
According to vice president Chandra Dhakal, there are some three dozen amendment proposals to the FNCCI statute, including the amendment of election or direct appointment of president, and the special AGM will discuss on all of them on November 15.