Stating that investment environment was essential to strengthen the country’s economy, he said that both domestic and foreign investment was necessary to increase the GDP.TAG_OPEN_div_22 “Investment is necessary to increase the country’s GDP, but conducive environment is needed for that,” he said.
According to Upadhyay, about TAG_OPEN_div_20 12 percent economic growth is needed annually to increase Nepal’s gross domestic product (GDP) from Rs 4.6 trillion to Rs 100 trillion. For this, it is imperative for banks and financial institutions to expand investment.
He urged the private sector not to remain passive and ‘wait and see’ and urged them to show enthusiasm for investment expansion.TAG_OPEN_div_18 “Foreign investment will not come if domestic investment is not increased,” he said.
He said that loan growth is currently around 5 percent and is expected to reach 6 percent this year.TAG_OPEN_div_16 He believes that the banks have to keep a large amount of money in the provision, which has affected the loan flow.
He said that the increase in the provision will force the banks to focus on loan recovery, adding that the problem will not be solved only by government strictness.TAG_OPEN_div_14 “There is a need to change the policy on non-performing loans,” he said.
Upadhyay said that the bad loans of the banks should not be more than 5 percent and the tax structure needs to be reformed.TAG_OPEN_div_12 He called for a reduction in the income tax rate by 30 per cent and tax concessions to transparent institutions.
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