New Business Age

MPs Stress on Establishment of Industries to Substitute Import-Oriented Economy   

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MPs Stress on Establishment of Industries to Substitute Import-Oriented Economy   

May 22: Lawmakers of the ruling parties during the deliberations on the principles and priorities of the Appropriation Bill for the Fiscal Year 2022/23 on Friday argued that the principles and priorities were practical and scientific in nature.    
However, lawmakers of the opposition party blamed that the principles and priorities have no course and aim.  Members of Parliament (MPs) stressed the need of taking initiatives for making economy export-oriented, increasing domestic production and increasing export instead of import.    
They said that initiatives should be taken immediately to resolve the current crisis that has emerged due to the declining foreign exchange reserves and rising balance of payments deficit.    
Lawmakers of the opposition party criticized the government for lifting the ban on import goods like dates, betel nuts and black pepper.    
CPN (UML) lawmaker Rajendra Gautam said that the principles and priorities of the Appropriation Bill presented by the government are not matching principally.    
Similarly, Gagan Kumar Thapa of the Nepali Congress drew the attention of the government to establish industries by creating investment-friendly environment.    
Stating that urbanization and income had increased and so was the scope of employment, he spoke of the need to formulate policies, programme and plans attracting foreign investment and expanding domestic investment within a decade.    
He was of the view that workers' participation could be increased and value chain could be grown since the bases of industries such as shoe, textile and garment industries have increased.    
Similarly, CPN (Maoist Centre)'s parliamentarian Barshaman Pun called for reforms in the policy level and structural level to increase employment and give newness in agriculture sector.  The former finance minister also urged to give special priority to reservoir-based hydropower projects and increase investment for energy security.    
He opined that the country’s foreign exchange reserves have been affected by a large number of Nepali students leaving abroad annually for further studies taking huge chunks of Nepali currency abroad.    
Parliamentarians Gopal Bom and Nirudevi Pal expressed their views on theoretical issues of Appropriation Bill and pressed for effective implementation of policy, programmes and plans. -- RSS

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