Nepal Finance Minister highlights capital market to boost economy

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Kathmandu, Nov 5 : Nepal Finance Minister Dr. Baburam Bhattarai has said that the development of the capital market along with growth in industry and employment opportunities was necessary to attain economic prosperity.

Speaking during the opening ceremony of Elite Capital Ltd., the first specialised merchant bank in Nepal on Tuesday, Dr. Bhattarai said the objectives of socialism could be achieved with the development of capital in the market and realistic growth of real sectors.

"We want to develop the capital market which has a direct relationship with industry, production and employment generation, otherwise we will face an economic crisis," he added.

Reiterating the commitment of the Maoists government to develop the private sector, Dr. Bhattarai said the government was ready to formulate policies and regulations favourable to private enterprise.

He also stressed simultaneous growth of the real sector along with the booming financial sector to achieve the expected level of economic development.

He warned that the country's sovereignty and independence would be lost if the per capita income didn't rise to at least US 4,000 dollars in 10 years. Nepal's per capita income is presently US 470 dollars, Kantipur reported.

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