Biratnagar businessmen in capital to address their woes

Kathmandu, July 4

A delegation of industrialists and businesspeople from Biratnagar is in the Capital seeking policy stability, interest rate moderation and an uninterruptible supply of quality electricity.

The delegation led by Rakesh Surana, President of the Chamber of Industries Morang (CIM), met with the Minister of Finance, Dr. Prakash Sharan Mahat, Governor of the Nepal Rastra Bank, Maha Prasad Adhikari, and Managing Director of the Nepal Electricity Authority, Kulman Ghising to update them about the plight of businesses in the industrial hub of eastern Nepal and put forth their concerns.

According to the CIM, the delegation presented suggestions on the economic policy of the country and upcoming monetary policy to the finance minister and governor and sought long-term solutions to the current problems related to electricity supply to the industries.

Surana requested FM Dr. Mahat that since the private sector expects a predictable policy regime, for long-term economic and industrial development, an environment can be created where the private sector can invest with confidence.

Presenting suggestions on behalf of the organisation, he emphasised that the upcoming monetary policy should contain the interest rate of loans flowing to the industrial business sector to a single digit.

In response, FM Mahat said that financial management, availability of electricity, and infrastructure development, which are the basic requirements for the operation of the industry, are priority areas of the government. He asked the private sector to expand investment with confidence. According to a statement issued by the CIM, Dr. Mahat said that it is the responsibility of the government to promote private sector industries as the country will become self-reliant only through the development and expansion of the industrial sector.

Likewise, in a separate meeting, Governor Adhikari assured the entrepreneurs that the central bank would manage the demand and supply of money as per the suggestions presented by the CIM, and would pay attention to address the challenges created by the standards set for the working capital loan.

He also clarified that the upcoming monetary policy will be brought in order to address the grievances of industries and businesses.

Similarly, in the meeting with the MD of NEA, Ghising, the delegation stated that the industries in Koshi province have long been troubled by the problems of unannounced load-shedding, tripping, and voltage fluctuation. 

It demanded the plan of the NEA for the next five years in terms of electricity supply, especially during the dry season and address the constraints like voltage fluctuation and tripping.

In response, Ghising said that although electricity is available in sufficient quantity, its supply is constrained by the lack of coordination in the infrastructure construction of the transmission line. He informed that the construction of the Dhalkewar-Inruwa 400 KVA transmission line will be completed within the next few months, and substations are under construction at Barju and other places, so the problem will gradually improve from next year and there will be no problem with power shortage.

According to Surana, the NEA and CIM have agreed to take initiatives to resolve problems such as electricity tripping, low voltage and fluctuation at the local level.  

Published in The Rising Nepal daily on 5 July 2023.