Government to initiate Work plan to reduce trade deficit

Kathmandu, June 15: Government has brought forth special national work plan 2075 to minimize the ballooning trade deficit in the country.

The Ministry of Industries, Commerce, and Supplies has stated that each ministry has to formulated own policies for the implementation of the work plan, all the ministry have been written to start work towards minimizing trade deficit.

The plan has aimed to reduce the trade deficit to 1:10.5 within the coming five years. As per the plan, within three months hence the public offices will be compelled used the domestic product as far as possible, within two years hence 80% import of sugar, cement, and medicine will be replaced by domestic products.

Likewise, the exports of domestic products like carpet, pashmina, leather products, yarn, flip-flop, and slipper will be boosted by 50%. The work plan will be coordinated by the Office of the PM and Council of Ministers and Industry, Commerce and Supplies ministry.

Meanwhile, the state of its implementation will be overseen by the office of the PM and the Council of Ministers.