Kathmandu: President of the Confederation of Nepalese Industries (CNI), Birendra Raj Pandey, has shared that the damage caused due to the vandalism and arson during Gen-Z protests is equivalent to nearly five percent of the gross domestic product (GDP).
According to National News Agency Nepal, at a programme organised to welcome the new working committee of the Society of Economic Journalists Nepal, President Pandey mentioned that attacks on the private sector during these agitations are unfortunate. He highlighted the significant destruction faced by the private sector, noting that despite its substantial contribution to the country’s economy, there has been no cessation of attacks. Preliminary estimations indicate a five percent damage to GDP due to the recent Gen-Z protests.
Pandey further commented on the lack of understanding regarding the private sector’s contribution among civil society, politicians, and the general public. He stressed that issues would persist until perceptions towards the private sector are changed, advocating for a focus on increasing entrepreneurship and engaging youths in these efforts.
The CNI President also remarked that the protests have created uncertainty among investors and urged the government to foster an investment-friendly environment.
In addition, outgoing President of CNI, Rajesh Kumar Agrawal, suggested the implementation of a multi-rate VAT system. Koshi Province President of CNI, Pawan Kumar Sharada, emphasized the need for comprehensive policy-making that includes all sectors and considers existing circumstances. He also noted that the Gen-Z protest presents an opportunity to steer the country towards good governance.