Kathmandu. KATHMANDU: Nepal Rastra Bank (NRB) has pointed out various possibilities and challenges for creating employment opportunities in the country.
The central bank has released the current fiscal year 2082. In the half-yearly economic activity report of 83 years, it has made public its views on the possibilities and challenges of employment. The report states that if the capital budget allocated for development and construction projects could be spent on time, the infrastructure development would gain momentum and it would create more direct and indirect employment.
Similarly, the NRB believes that the investment summits organized by the federal and provincial governments have helped to increase the confidence of the investors.
The report also pointed out the possibility of attracting foreign employment and unemployed youths to productive sectors if the provincial and local levels could play active role in ensuring market for agriculture products. “If the hydropower projects under construction are completed within the stipulated time, the dependence on electricity import will be reduced during the winter season and additional income can be generated through electricity export,” the report states.
According to the NRB, the trend of bringing in remittances received from foreign employment through formal channels has been increasing at present. According to the NRB, the remittance inflow will further increase as additional interest facility has been provided to the remittance account and the arrangement has been made for opening accounts in domestic banks for the Non-Resident Nepalese.
Likewise, expansion of automated system in customs administration, introduction of electronic payment service, gradual development of one-door system in customs clearance process and export promotion through cash grants to priority industries are the main reasons for the expansion of international trade. g.
Challenges
To control the ever-growing trade deficit by gradually replacing the use of imported goods by expanding domestic production capacity.
To develop and expand the physical infrastructure and infrastructure required to increase the export of drinking water, ayurvedic medicines, handicraft products, organic vegetables and mineral products.
To make the export of agricultural products competitive, the necessary infrastructures such as laboratories, quarantine services, quality certification and organic certification should be strengthened and the quality testing of imported vegetables, fruits, meat and dairy products should be made effective.
To increase the activism of Nepali diplomatic missions abroad to make the employment process more systematic, safe and dignified by protecting the rights, security and interests of Nepali citizens involved in foreign employment.
To reduce fraud and irregularities related to foreign employment by regularly monitoring the performance of manpower companies as well as to enhance the skills, knowledge and efficiency of the workers going abroad.
To reduce dependence on foreign, especially Indian workers, by developing the capacity of workers to produce manpower required for industry and business in the country.
To ensure the minimum wages fixed by the Labor Act to the workers working in the private sector organizations and to revise and update them as per the time.
