Wednesday, 28 February, 2024

Govt will introduce import substitution policy: Thapa


By A Staff Reporter
Kathmandu, Apr. 6: General Secretary of the ruling party Nepali Congress Gagan Kumar Thapa has said that the government would introduce a policy of import substitution and protection of export-oriented industries.

Thapa said that the government was preparing to introduce a policy to discourage the import of domestically produced goods at a time when the trade deficit was increasing in the country.
Pawan Kumar Golyan, president of the Federation of Nepal Export Association, on Monday submitted a written request to General Secretary Thapa on policy reforms for export promotion.
Receiving the suggestion of the Association, Thapa said that the Congress would take the policy of protection of domestic industries.

He said that the Congress would take initiative to make the country's economy self-reliant and the NC would be forming new government after coming general elections.
"Exports should be discouraged by compiling a list of domestically produced goods," Thapa said. "We will take the initiative to make policy decisions in consultation with stakeholders."
Thapa is working to discuss and get suggestions from various parties on the issues to be included in the forthcoming budget.

Thapa, who has been given the responsibility of preparing the manifesto of the local level election of the Nepali Congress, has also taken suggestions from the businessmen about the policy to be taken by the Congress.
The businessmen have also given written suggestions to Congress General Secretary Thapa on the need to include programmes in the upcoming fiscal budget for import substitution.
Exporters have demanded for a policy to increase exports and replace imports.

President of the Association Golyan urged to bring a policy to promote exports by developing export-oriented industries.
Stating that the goods produced using the raw materials available in the country have not been exported as expected, Golyan demanded that the government should help in reforming policies for export.

The Association said that the government should adopt a policy of giving priority to organic agricultural produce, arrange high import tariff and anti-dumping tax, arrange transportation subsidy for agricultural produce and forest produce from remote areas and make arrangements for marketing.

The industrialists have demanded to encourage the establishment of the herbal industry.
In order to promote domestic products, it is necessary to encourage buying domestic products even if they are up to 20 per cent more expensive than foreign products.