Nepali Congress New Economic Policy to Target Accelerated Development

In a bid to improve Nepal’s economic status and increase the country’s development pace, the Nepal Congress (NC) has approved a comprehensive economic policy.

According to the Nepali Congress’ statement, members of the ongoing Central Working Committee meeting approved the ‘new economic policy’ after thorough consideration of CWC members’ feedback and suggestions.

The NC also decided to form a research committee with experts from various economic sectors to review and assess Nepal’s economy over the last 25 years.

“We have received many feedbacks and suggestions from CWC members. After incorporating them, we will present the policy at the upcoming Mahasamiti meeting which is set to convene on Saturday,” said Prakash Sharan Mahat, Panel Lead for NC’s economic policy planning.

The committee will identify best economic practices and suggest a new economic and social policy roadmap that Nepal should implement.

A NC report criticized the economic indicators identified by the KP Oli Government by saying that they were exaggerating and misleading.

NC pointed that the ruling government failed to bring about the expected growth even though it had strong central and provincial governments.

NC expressed concerns over government’s plans in the following areas:

• Felling a large number of trees for the upcoming Nijgadh International Airport
• Failure to construct transmission lines despite having several hydropower plants to produce energy
• Nepali Communist Party’s decision to hand over the Budhi Gandaki project to the controversial Gezhouba Group Company Limited
• Nepal Airlines’ procurement of two wide-body aircrafts following its financial embezzlement
• Imposing quota system during sugar procurement
• The incumbent’s government’s approach towards the gold smuggling case and expanding various taxes scope

The opposition also blamed the Oli-led government for crony capitalism. NC’s economic reports predicts that such governance cannot utilize foreign investment in Nepal.

As part of its economic policy, Nepali Congress has assured that it will work for comprehensive prosperity and equality through:

• Sustainable economic development on the basis of high productivity
• Policies and programs to create qualitative tourism
• Promotion of youth entrepreneurship for job creation
• Introduction of several social security schemes
• Promotion of electric vehicles by 2030
• Effective implementation of fiscal federalism.