Prime Minister Pushpa Kamal Dahal 'Prachanda' said most of the indicators of the economy have witnessed encouraging progress as a result of untiring efforts for a year.
Inaugurating the industry trade expo 2023 hosted by the Morang Trade Association on Friday, Prime Minister Pushpa Kamal Dahal said the government was taking guidelines emphasizing social justice, good governance and prosperity.
He noted the government was effortful to speed up the journey of prosperity by addressing challenges facing the economy.
"The country's economy was in the most difficult situation when I took the government leadership", he claimed, adding the economy was gradually improving due to a yearlong assiduous efforts as well as cooperation from the private sector.
This time around the country has made progress in containing inflation, he said.
The annual average inflation rate that earlier stood at 7.11 percent has decreased to 5.38 percent last month, PM Dahal shared, adding balance of payment indicator has also made gradual progress.
He claimed that the process has advanced for settling due payment to the contractors. "The economy will turn dynamic once contractors get payment. It will also help speed up the construction of new projects on the other".
The Prime Minister laid emphasis on promoting local agro products and fostering the use of domestic products to create vibes for the economy.
He expressed his confidence that such expo would help make publicity of several tourism and religious destinations of the province.
The monthly average remittance inflow has exceeded Rs 120 billion in the current fiscal, totaling Rs 477 billion in the past four months, according to the Prime Minister who said although remittance-based economy is not a permanent proper solution to the economy, it is crucial in averting immediate crisis.
He said the first four months of the current fiscal year witnessed a significant increase in forex reserves, reaching Rs 1,696 billion, signaling positive economic reforms. "Lately, the bank interest rates have been reduced and the size of bank loans is gradually improving. The average loan interest rates have dropped below 12 percent over the past 14 months, and the Rastra Bank recently lowered the policy interest rate."
On the occasion, Nepali Congress central member Dr. Shekhar Koirala advocated for building a ring road in Biratnagar. "The development of Biratnagar carrying industrial and political significance is not much on priority of the State," he said, calling for upgrading Biratnagar Airport to the international standards and operating a regular cargo rail service here.
Biratnagar metropolis mayor Nagesh Koirala was of the view of implementing a planned-wise development endeavors in the town by connecting it to tourism hub.
Morang Trade Association and Federation of Nepalese Chamber of Commerce and Industry central member Nabin Rijal demanded tax exemption for 34 products to promote domestic trade, prevent smuggling and establish a ring road and an industrial expo hall in Biratnagar.
The fair features 240 trade stalls from Nepal, India, Bangladesh, and Pakistan and will continue until January 1.
