The Confederation of Nepalese Industries (CNI) said vandalism and arson during the recent Gen-Z protests inflicted damage equivalent to nearly five percent of Nepal’s gross domestic product (GDP).
Speaking at a program organized to welcome the new executive committee of the Society of Economic Journalists Nepal, CNI President Birendra Raj Pandey said attacks on the private sector during the protests were “unfortunate,” noting that repeated assaults continue despite the sector’s significant contribution to the economy.
“There has been huge destruction in the private sector in the recent agitation. According to our preliminary estimate, the protests caused damage equal to about five percent of GDP,” Pandey stated. He added that the private sector’s role remains poorly understood by civil society, politicians, and the public, stressing that “problems will persist until people’s perception of the private sector changes.”
Pandey urged the government to focus on fostering entrepreneurship and creating an investment-friendly environment, warning that the unrest has shaken investor confidence.
Immediate past president of CNI Rajesh Kumar Agrawal said the country should consider adopting a multi-rate system for value-added tax (VAT).
President of the Koshi Province Chapter of CNI Pawan Kumar Sharada emphasized the need for the government to consult all sectors when drafting policies and laws, adding that the Gen-Z protests present an opportunity to move the country toward good governance. -- RSS
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