Federation of Nepalese Chambers of Commerce (FNCCI) on Sunday raised questions about the government’s commitment to free market economy, citing recent police raids on businesses ov- er overpricing and hoarding.

Stating the raids were conducted with an intention of “destroying businesses”, the apex private sector body asked the government to make it clear whether the country was headed towards a “controlled economy system”.

Last month, the police raided warehouses Lomas Pharmaceuticals and Deurali Janta Pharmaceuticals and detained senior officials for not complying with the Maximum Retail Price (MRP) set by the government.  Deurali Janata is owned by Hari Bhakta Sharma, president of the Confederation of Nepalese Industry, and Lomus is run by former FNCCI President Pradeep Jung Pandey. “Why do the police still parade on the premises of our factories?” asked FNCCI President Pashupati Murarka, speaking at 50th Annual General Meeting (AGM) of FNCCI. He said prices may vary in an open market. “A price of a cup of tea can cost Rs500 in a five-star hotel and Rs20 in the streets. A water bottle can cost Rs20 in one place and Rs150 in another. We should not forget the service and quality,” said Murarka.

He also asked the government to amend the existing Black Marketeering Act at the earliest. “The six-decade-old Act is outdated in the present context as it doesn’t allow businesses to maintain inventories and fix competitive prices,” said Murarka. “Under the existing Act, any businessmen can be taken into police custody. Unless this Act is scrapped, industrialists have to live amid fear and doubt.”

FNCCI Senior Vice-president Bhawani Rana criticised the government for its apathy towards FNCCI’s demand for amendments to around two dozen Acts related to businesses and industries.

With the country still in a political transition, FNCCI has a tough task ahead to put economic issues on the priority list of the political class. The 50th AGM, in that sense, will be crucial as it decides how FNCCI will articulate these crises and force the political parties and the government to act.

Established in 1965 with an aim of promoting the country’s economic and social development while protecting and defending the rights and interests of businesspeople, FNCCI now has a nationwide network.

I’ve assured investors about safety of investment: Oli

KATHMANDU: Prime Minister KP Sharma Oli said on Sunday he assured investors from India and China about the safety of their investment in Nepal during his recent visits to the two neighbouring countries. With the country witnessing four-and-half-month-long Indian embargo after the promulgation of the new Constitution, questions about the safety of investment are raised. Oli claimed his visits have laid the foundation stone for the country’s industrialisation. “Unlike earlier visits of other heads of the government, my visits were focused on the economic agenda,” said Oli, speaking at the 50th Annual General Meeting (AGM) of the Federation of Nepalese Chambers of Commerce and Industry. Terming India and China huge markets with unlimited consumption potential, he requested businessmen to increase production of goods having export potential. “We might not be able to boost our exports immediately, but we can do that gradually and control the existing trade imbalance,” said Oli.