At a time when the ruling Nepali Congress (NC) party has proved its mettle in the recently concluded by-election by wining all three seats in the House, many economists and businessmen have started criticizing the government for its unability to provide momentum to the country’s economy.

After a host of economists blasted the economic policies of the government, now its the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) that has alleged the NC government led by Prime Minister Krishna Prasad Bhattarai has been unsuccessful in addressing the sluggish economy of the country.

In a press conference held on Sunday, the apex body of the Nepalese private sector business houses and industries charged that the present government despite its majority in the Parliament has failed to provide necessary momentum to boost the economy.

After more than four years of unstable coalition governments, the country saw the present NC government almost seven months back. At that time, the majority government was instantly welcomed by the business and economic sector of the country on the grounds that the stability of the government will provide momentum to the economic growth.

However, in the past eight months, the country’s economic condition hasn’t shown any positive indication. The high price hikes, inflation and sluggish economic growth continued to overshadow Nepal’s economy. In the past eight months only a nominal growth was seen in the revenue administration front.

“We hoped that the majority government of the Nepali Congress would be able to address the problems in the economic sector, and provide momentum for economic development. But, it didn’t happen,” said Pradeep Kumar Shrestha, president of FNCCI, while addressing the press conference.

“The government has paid no attention towards maintaining economic discipline and in bringing about measures for the control of corruption,” he further complained. If the same situation continues, lots of industries will have to be closed down, the FNCCI President warned.

The government should be committed to implement its policies and programmes in order to encourage the business and the industry sector, a press release issued on the occasion said. It should also maintain transparency in the implementation process and at the same time the rules and regulation should be readily understandable, the press release noted.

Talking to the journalists, the FNCCI President also pointed out that after five months of presentation of the budget for the present fiscal year, the government had not taken initiative towards implementation of programmes that it announced to provide support for the economic growth.

On the occasion, FNCCI office bearers also informed about the “Millennium Round of Events” to be held next year. Likewise, the FNCCI officials also said that an economic policy with the “Vision 2010” is also in the process of formulation.