Sunday, 14 July, 2024

PM Deuba instructs to work to reduce trade deficit


Kathmandu, Mar. 22: Prime Minister Sher Bahadur Deuba has directed all concerned authorities to formulate policies and programmes to keep the country's economic condition in balance and to reduce the trade deficit.

PM Deuba instructed so at a ministerial meeting of the Development Issues Resolution Committee under the Ministry of Industry, Commerce and Supplies convened at the official residence of Prime Minister at Baluwatar today.

Expressing concern over the increasing trade deficit, the PM said, "Our trade deficit is in an alarming state!" Deuba also directed to move ahead to make the national economy self-reliant and to increase investment in potential areas. He directed also to prioritization of the production of domestic products.

According to him, the trade deficit could be reduced by increasing the utility of electricity. "We should formulate policies that promote usage of electric vehicle and cooking stoves," he said.

Stating that water was the most potential resource for Nepal, the Head of the Government viewed that we have to increase electricity consumption to reduce huge money being spent on import of petroleum products.

The review meeting was attended by representatives from the Ministry of Industry, Commerce and Supplies, National Planning Commission, Ministry of Finance, Ministry of General Administration and Federal Affairs among others.