Businesses must Explore Avenues to Foster Growth : Opinion : 8th Newbiz Business Conclave And Awards

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Businesses must Explore Avenues to Foster Growth : Opinion : 8th Newbiz Business Conclave And Awards

The past year and a half has been marked by considerable uncertainty. However, Nepal has weathered similar periods of instability before. Some of its most robust economic performances occurred in the aftermath of the earthquake. Even amidst the pandemic, Nepal experienced a notable rebound in 2021 and 2022.

However, the current situation holds a distinctive character. Unlike previous challenges characterised by abundance, the current predicament is marked by scarcity, but in a unique manner. To elucidate, it is a situation where banks are flush with funds, yet businesses are grappling with financial constraints. Consumers appear to have disposable income, as indicated by remittance data, yet they are exhibiting reluctance to spend.

This presents a unique scenario for any economy. When examining this multifaceted issue, we must acknowledge the additional challenge posed by the allure of opportunities outside Nepal for the country's youth. Nepal has a population of around 30 million and any further decrease due to outmigration could significantly impact domestic demand. Since there is uncertainty over whether they will return, it makes the situation even more complex for Nepal.

How do we perceive opportunities during challenging times? While it may seem straightforward to identify opportunities in times of stability, it becomes more complex when facing adversity. As a paint manufacturer operating within the construction industry, we acknowledge the recent challenges the sector has encountered over the past year and a half. However, despite these difficulties, we remain optimistic about an eventual rebound. The pressing question is not when or how this rebound will occur, but rather, whether we should passively await its arrival or take proactive steps to expedite the process.

As business leaders, we serve as more than just decision-makers; we are also strategic thinkers similar to economists and government officials. It is incumbent upon us to consider the role we can play in identifying and capitalising on opportunities during tumultuous times. Rather than passively waiting for the industry to recover, we must explore avenues to foster growth and innovation. 

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