Submit your Article

Umbrella organizations of the private sector have said that the government’s recent arrests of industrialists and businesspersons have discouraged the business community.

Issuing a joint statement on Friday, the Federation of Nepalese Chambers of Commerce and Industry, Confederation of Nepalese Industries and Nepal Chamber of Commerce said that the move has discouraged the private sector. 

The statement, which comes a day after the arrest of industrialist Shekhar Golchha,  said that the private sector has been discouraged by the arrests of entrepreneurs at a time when people were expecting stability in the country and a better investment environment following the formation of a new government.

The umbrella organizations have warned that the private sector, which contributes 81 percent to the economy and 86 percent to employment, could be pushed into a state turmoil, which will have a serious impact on the economy, employment, revenue, and infrastructure construction.

They urged the government to carry out an investigation before the arrest. 

Despite stating that they would fully cooperate with the investigation and appear before the police whenever called,  entrepreneurs and businessmen have said that the entire private sector is worried and saddened by the arrests on charges of financial crimes. 

They drew the attention of the government that the arrest of entrepreneurs would not only affect individuals, but could have a serious impact on millions of jobs,  supply chains, banking sector, and broader financial system. 

The private sector said that they have welcomed the government’s decision to include the private sector in policy and lawmaking processes .

“The private sector has no objection to the arrest of the people found guilty of wrongdoing. It, however,  reminds the government of the constitutional right to live with dignity and the principle of “innocent until proven guilty” as enshrined in the Constitution of Nepal,” the statement reads.

The private sector has expressed expectations that the economy, which remained stagnant for the past four years, would gain momentum with the support of the government. 

“We once again urge all concerned parties to clearly understand that the country will head towards the path of prosperity only  through private sector investment and the enthusiasm of entrepreneurs. 

The statement was signed by FNCCI President Chandra Prasad Dhakal, Confederation President Birendra Raj Pandey, and Chamber President Kamlesh Kumar Agrawal.

The price of gold has dropped by Rs 2, 200 per tola in the domestic market on Friday. 

According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 296, 500 per tola today.   It was traded at Rs 298, 700 per tola on Thursday. 

Similarly, the price of silver has dropped by Rs 75 per tola and is being traded at Rs 4, 945 per tola.

The Nepal Stock Exchange (NEPSE) plunged by 17. 01 points to close at 2, 787. 15 points on Thursday.

Similarly, the sensitive index dropped by 2. 94 points to close at 468. 27 points.

A total of 11,375,699-unit shares of 348 companies were traded for Rs 1. 58 billion.

Meanwhile, Palpa Cement Industries Limited (PCIL) and Shikhar power Development Limited (SIPD) were the top gainers today with their price surging by 14. 99 percent.

Likewise, Suryakunda Hydro Electric Limited (SKHEL) was the top loser as their price fell by 11. 79 percent.

At the end of the day, the total market capitalization stood at Rs 4. 75 trillion.

The price of gold has dropped by Rs 1, 800 per tola in the domestic market on Thursday. 

According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 298, 700 per tola today.   It was traded at Rs 300, 500 per tola on Wednesday. 

Similarly, the price of silver has dropped by Rs 110 per tola and is being traded at Rs 5, 020 per tola.