Upcoming Budget Must Win the Trust of the Private Sector: Experts
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Experts have emphasized that the upcoming fiscal year 2082/83 budget must focus on regaining the trust of the private sector. This suggestion was put forward during an interaction program on "Priorities for the Upcoming Budget," organized jointly by the BP Thought Foundation and the Parliamentary Study and Development Institute in Kathmandu on Thursday.
Former Vice-Chair of the National Planning Commission, Jagadish Chandra Pokharel, stated that the government has failed to gain the trust of the private sector in the current context. “There is plenty of money sitting idle in banks, yet no one is willing to invest. This indicates that the private sector is not serious about investing,” said Pokharel. “The government must seriously look into how to build trust with the private sector.”
He also urged the government to deeply analyze why the private sector is reluctant to invest.
Dr. Govind Pokharel, former Vice-Chair of the Planning Commission and leader of the Nepali Congress, stressed that the upcoming budget should focus on capacity development. He pointed out that Nepal currently spends NPR 4.77 to generate just 1 rupee of wealth, emphasizing that the country cannot afford such expensive development. “Investing in capacity building can yield long-term returns,” he added.
Similarly, Dr. Pushpa Raj Kandel, a member of the Accounts Committee from the CPN-UML and another former Vice-Chair of the National Planning Commission, highlighted weaknesses in both the government and private sectors. He noted that both sectors lack the required resources, tools, and capabilities.
He explained that thousands of projects are stalled even after contract awards due to lack of resources and implementation capacity. “The country's revenue base is extremely low and limited. That’s an issue that needs urgent attention,” Kandel said.
Other speakers at the event also stressed the need for long-term strategic thinking in policy-making, enhancing implementation capacity, and fostering stronger collaboration with the private sector.
