15th General Convention of Nepali Congress: Considering the private sector as the backbone of the economy, emphasis on investment security and tax stability <\/strong><\/p>\n
Kathmandu. With the election of the leadership in the 15th General Convention of the Nepali Congress, the debate on the economic policy of the party has also intensified. In view of the changing world economy and the internal economic situation of Nepal, the Nepali Congress has indicated that it will make open economy, expansion of production and investment under the leadership of the private sector and social security as the basis of economic policy.<\/p>\n Debate is going on within the Nepali Congress to reinterpret the democratic socialism propounded by BP Koirala with the concept of social democracy. In this context, the role of the private sector, investment security, tax stability and the role of the state should be redefined in the economic debate of the Congress. <\/p>\n According to Umesh Shrestha, treasurer of the Nepali Congress, the party is trying to adopt the policy of promoting the private sector as a major driver of production, employment generation and revenue. He said that removing the legal and administrative hassles seen in the operation of business, formulating enterprise-friendly laws, making the tax policy stable and predictable and ensuring the safety of investment are the important bases of the economic policy. <\/p>\n “Entrepreneurs should not be seen as criminals just because they are doing business. Action should be taken if the law is violated, but an environment should be created to encourage entrepreneurship and investment,” Shrestha said. <\/p>\n State Regulator, Private Sector The main partner of production<\/p>\n The Congress has given priority to the issue of clarifying the role of the state and the private sector in the economic debate of the Congress. The concept of giving the private sector a leading role in production and investment and focusing on the role of the state in ensuring regulation, equal opportunity and equitable distribution has been put forward. <\/p>\n The Congress has been claiming that the open and liberal economic policy adopted after 2048 BS has brought the private sector to the leading role of investment and production. The party has been interpreting the expansion of private investment in sectors such as banking, industry, energy, tourism, services and capital markets as a result of that policy. <\/p>\n The Congress is of the view that it will revise the same economic policy as per the time and establish the private sector as the main partner of economic development and not as an area of control. <\/p>\n From Investment Security to Tax Stability<\/p>\n Policy stability has been made a major topic for investors in the Congress’s economic debate. Priority has been given to reducing the administrative hassle involved in starting and operating a business, making tax rates and policies predictable, ensuring the security of investment, and reducing unnecessary interference from government agencies. <\/p>\n The economic concept of the Congress also includes the issue of providing policy assurance to the investors by keeping the tax rates and conditions stable for a long time. In the economic plan unveiled earlier, the Congress has set a target of mobilizing investment of Rs 137.5 trillion in the next five years. The party has proposed to raise about 80 percent of this investment from the private sector. <\/p>\n The Congress plans to mobilize a large amount of capital from the private sector by focusing the role of the state on facilitator and impartial regulators. It also includes the concept of making the economy private sector friendly, highly economic growth oriented and based on social justice. <\/p>\n This shows the Congress’s priority of making private investment, production and job expansion the main basis of future economic growth rather than government spending. <\/p>\n Target to increase investment in productive sector <\/p>\n The Congress has also given priority to ensuring easy access to financial resources to increase private sector investment. In particular, a policy has been put forward to provide easy loans to productive and labor-intensive industries and to divert financial resources to productive sectors. <\/p>\n Shrestha said that private investment should be expanded in the areas of energy, agriculture, industry, tourism, infrastructure, information technology and new economy.<\/p>\n “Nepal’s economy cannot be moved forward by relying only on imports and remittances,” he said, adding, “Investment environment should be created in such a way as to increase production, expand exports and create employment and entrepreneurship opportunities for the youths in the country.” The Nepali Congress has prioritized the issues of creating employment opportunities in the country by increasing investment in agricultural modernization, industry expansion, energy production, tourism, information technology, infrastructure and new technology. <\/p>\n Entrepreneurs should be viewed from the perspective of partners, not criminals<\/p>\n Congress has also proposed that the law should be reviewed to criminalize business activities unnecessarily. <\/p>\n Although there is a need for regulation and investigation on the private sector, the Congress said that entrepreneurs should not be frightened because of the operation of business. The party stressed that an environment should be created to take action against those who violate the law but not to view entrepreneurship as a crime. <\/p>\n For this, priority has been given to simplify and clarify the laws related to business, remove dual regulation from government agencies, and reduce unnecessary administrative hassles. <\/p>\n Policy stability in foreign investment <\/p>\n Along with the concept of open economy, the Congress has also linked the creation of an environment to attract foreign investment. The Congress believes that clear laws, investment protection, predictable tax regime and ease of government procedures are the necessary basis for both domestic and foreign investment. <\/p>\n The Nepali Congress has stressed that foreign investment should be linked to technology transfer, management capacity, market expansion and employment generation and not just as a means to attract capital. <\/p>\n In the new economic debate, production, jobs and value addition are considered more important than the size of investment. <\/p>\n Social security with an open economy<\/p>\n Although the Congress has given priority to the private sector and the market, it has not come up with a policy to end the role of the state. The concept of the state has a responsibility in education, health, social security, equal opportunities and protection of the weaker sections. <\/p>\n This is why efforts are being made to push the new economic debate within the Congress as a model of linking social justice and social security with the open and private sector-oriented economy. Upholding the core tenets of BP Koirala’s democratic socialism, the changing world economy, expansion of the private sector, expectations of the younger generation and reinterpretation of it by linking it with new technology have come to the center of the debate in the general convention. <\/p>\n The main message of the Congress on the economy from the 15th Congress seems to be focused on private investment, production and employment expansion. The Congress believes that investment security, stability in tax policies, ease of doing business and cooperation between the state and private sector should be the basis of economic development. <\/p>\n How clearly these issues are included in the political and economic documents to be passed by the Congress and how they will be implemented in the economic policies of the next government and party will be important for the private sector, investors and the general public.<\/p>\n","protected":false},"excerpt":{"rendered":" 15th General Convention of Nepali Congress: Considering the private sector as the backbone of the economy, emphasis on investment security and tax stability Kathmandu. With the election of the leadership in the 15th General Convention of the Nepali Congress, the debate on the economic policy of the party has also intensified. 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