The role of the private sector in the development process




At one time, the state was considered the sole authority in the entire development process of the region. And with the development of liberalization, the private sector also began to emerge stronger in this role. In particular, in the process of building economically viable infrastructures, the state has shifted its focus to the private sector, focusing on the essentials of whether or not profits will be small. The advantage of this was that even the private sector started investing and the limited budget of the state was invested in the required sectors, which increased its effectiveness. Even Nepal has been pursuing an open and liberal policy since 1990. The plan is to make development an ambassador through the rescue system and in this regard, it has decided to include non-government sectors in the development process by implementing the Privatization Act 2050. The Constitution of Nepal 2072 has adopted a three pillar policy of public, private and cooperative sectors in the economic aspects of Nepal.
What is the role of the private sector in the development process?
The private sector cannot go beyond the scope of policy, rules and laws made by the state. The state has an obligation to make various arrangements for the private sector and for the facilitation of age-related work. It is the responsibility of the private sector to conduct its activities in accordance with the development process of the state and its objectives by following its business religion in this environment organized by the state. The private sector also has the responsibility to bear the responsibility of industrialization and infrastructure development and create employment opportunities by increasing competitiveness. The private sector has to make its plans environmentally friendly in line with the global norms of adopting sustainable development gaps and formulating environment-friendly development plans accordingly. The private sector should be able to reduce the country's trade deficit by increasing competitiveness and increasing export-oriented products. The private sector cannot escape the responsibility of producing quality goods and services. The private sector should also provide advice and suggestions to the state for policy reform when needed.
Despite this, there are some problems in the private sector. Despite the principle of liberalization, the state apparatus is indifferent towards the private sector. The people have distrust towards the private sector. The investment-friendly environment has not been created, the private sector has not been able to become commercial in itself. The situation of labor exploitation in the private sector is dire, the private sector is becoming extremely profitable. Economic activities are opaque, not long-term planning. The private sector is trying to make the policies of the state more self-reliant than providing policy assistance to the state. The energy crisis is growing. There is considerable doubt about the quality of private sector services and products.
In order to solve the problems of the private sector, there is a need to make the legal and policy provisions including policy formulation timely. The quality of services and products should be improved by making the private sector as professional and competitive as possible. Special initiatives should be taken for the protection and welfare of the manpower working in the private sector by making the financial administration of the private sector transparent. The private sector should be freed from political interference and helped to become fully professional. Initiatives should be taken to create an atmosphere of trust to remove the veil of mistrust between the citizens and the private sector. Private investment friendly arrangements such as special economic zones should be implemented