An executive committee meeting of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) on Sunday decided to put pressure on the government and political parties to end the ongoing turmoil.

The apex body of the country’s private sector has stated that the political turmoil in the Tarai region that has lasted for the past four months and the unofficial blockade imposed by India has created a significant impact on the economy and has contributed in the surge of black marketeering, making it extremely difficult for the general public to survive.

“We have been urging all stakeholders to come to a conclusion as soon as possible and we will continue to do so. Since the economy has already taken a heavy beating, there needs due attention from the agitating side as well the government and the major political parties,” said Bhawani Rana, senior vice president of FNCCI. 

The government has projected that the country’s economic growth could be two percent or below this year while Nepal Rastra Bank said that the economy could contract by one percent if impact of current crisis prolongs until mid-January. According to Rana, a FNCCI delegation which is set to meet Prime Minister KP Sharma Oli will be urging the government for an immediate initiative. “We will be telling the PM that if there is no conducive environment for operation of industries, we will have no other option but to shut them down,” Rana said, asking the government to provide some relief package to the private sector since it has been bleeding since the past four months.

The FNCCI has also decided to urge the government to amendment the Black Marketing Act, stating it to be against free market economy adopted by the country.

”The law is old and cannot comply with today’s time and situation. Hence we will urge the government to make appropriate changes,” Rana said. According to her, the previous law is confusing regarding base price and since businesses have been operating in adverse situation with prices of all raw materials increasing significantly.  

The FNCCI has also stated that the government has discouraged businesses to comply with the legal frame work of the country in the name of black marketeering and hence there is a need of differentiating between genuine businesses and those involved in illegal proceedings.

The meeting has also decided to urge the government to ensure supplies of raw materials including petroleum as industries have become unable to operate following unavailability of essentials.