Kathmandu, 6 March: Every year, the gap in the trade deficit of the country is intensifying. During the seven months of the current fiscal year, Nepal’s trade deficit has stood at 825 billion 730 million rupees. During the period, Nepal exported goods worth 93 billion rupees only, whereas, it imported goods worth 825 billion 730 million rupees.
Nepal is trading with 154 countries, however, it is facing a loss in trade with 131 countries.
As the country has encouraged imports discouraging domestic production and exports, the Nepali economy has already fallen into the trade trap.
If imports are curtailed, the government will fail to meet the revenue target, which is totally a wrong policy.
The government has not been able to introduce effective policies for promoting local industries, encouraging import-substituting production and introducing export of local production. For some decades, Nepal has become the country for importing agro-products due to the wrong policy initiated by the government.
People’s News Monitoring Service
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