PM Deuba instructs to work to reduce trade deficit

Prime Minister Sher Bahadur Deuba has directed all concerned authorities to formulate policies and programmes to keep country’s economic condition in balance and to reduce the trade deficit.

PM Deuba instructed so at a ministerial meeting of the Development Issues Resolution Committee under the Ministry of Industry, Commerce and Supplies convened at official residence of Prime Minister at Baluwatar today.

Expressing concern over the increasing trade deficit, the PM said, “Our trade deficit is in alarming state!” Deuba also directed to move ahead to make national economy self-reliant and to increase investment in potential areas. He also instructed to prioritize production of domestic products.

According to him, trade deficit could be reduced by increasing utility of electricity. “We should formulate policies that promote usage of electric vehicle and cooking stoves,” he said.

Stating that water was the most potential resources for Nepal, the Head of the Government viewed that we have to increase electricity consumption to reduce huge money being spent on import of petroleum products.

The review meeting was attended by representatives from Ministry of Industry, Commerce and Supplies, National Planning Commission, Ministry of Finance, Ministry of General Administration and Federal Affairs among others.