Former finance minister raises concerns over declining revenue growth rate

Kathmandu: In a recent development, Dr. Prakash Saran Mahat, spokesperson for the Nepali Congress and former finance minister, expressed apprehensions regarding the country’s economic trajectory. Speaking at the 58th Annual General Meeting of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Dr. Mahat highlighted a significant decline in the revenue growth rate, dropping from 10 percent to 7 percent within a span of two months.

Dr. Mahat emphasized the challenges ahead in maintaining the hard-earned progress and discipline achieved in recent times. Quoting the Prime Minister, he underscored concerns over the sustainability of the current pace and style of operation, particularly in light of the dwindling revenue growth rate.

Acknowledging the pivotal role of the private sector in driving job creation, income growth, and overall prosperity, Dr. Mahat reiterated the Nepali Congress’s commitment to fostering a conducive environment for private sector participation. He credited the party’s policy initiatives for propelling economic growth post-2046 BS and stressed the importance of expanding private sector engagement beyond traditional import-export activities.

Reflecting on his tenure as finance minister, Dr. Mahat outlined the initiation of the second phase of reforms aimed at soliciting active involvement and feedback from the private sector. He highlighted efforts to address hurdles and implement necessary reforms by actively engaging with private sector organizations and advocating for their concerns within the government.

Looking forward, Dr. Mahat emphasized the continuation of reforms as essential for sustained economic growth, cautioning against disruptive approaches and emphasizing the need for genuine cooperation with the private sector.