Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Industrialists and businessmen have said that the government should take responsibility for the recent hike in prices of consumer goods in the domestic market due to the outbreak of war between Ukraine and Russia. They expressed such view after the government alleged that the price hike was due to the black marketing by the industrialists
They denounced the government’s allegation and said that such claim made by the government was aimed at tarnishing the image of the industrialists.
Prices of consumer goods and petroleum products are constantly on the rise in the international market. Pawan Sharda, the former president of the Morang Merchants’ Association and member of the Constituent Assembly said that the government should provide relief to the consumers by reducing customs and VAT. He warned that if this situation continues, consumers won’t be able to make purchases of goods.
He said that the industries have less than 25 percent stock of goods due to the monetary policy and there may be shortage of food items in the near future. Sharada said “The stocks of industrialists and businessmen have dropped to less than 25 per cent as the banks refused to give out loans.” Sharda also said that the rise in prices of unrefined mustard oil, soybean oil and sunflower oil coming from Ukraine will finally hit the Nepali market after two months.
“First of all, the government must take proper care that the public is not hit by inflation. The people will not be able to survive if the main objective of the government is to earn revenue. The prices will be stable only if a 50 percent discount is given in VAT and customs.”
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