FNCCI expresses concern over burgeoning black marketeering

Kathmandu / December 18: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has voiced its concern over the burgeoning black marketeering of essential goods in the country, including fuel, following the India-imposed economic embargo.

The umbrella organization of the Nepalese private sector, at a press conference here today, urged the concerned authority to be alert towards the situation when the full-bloom black marketeering could adversely impact the country’s economy.

“It is alarming that the informal business is expanding along with the prolonging border blockage. If black marketing is not curbed timely, it could pose threat to the industries and factories, leading to an economic recession,” warned FNCCI President Pashupati Murarka, drawing the attention of the government and political parties towards the situation.

Murarka further explained that due to the drawn-out trade embargo, many issues have begun to emerge such as shortage of raw materials, widespread fuel crisis, security threat to business corridor and increasing hours of power outage.

“More than 2,000 industries across the southern plains have been shut down temporarily owing to the latest political deadlock, shared Murarka,” adding that goods worth billions have been stuck at the border points.

The country already bore the economic loss worth more than 20 billion, according to FNCCI. RSS