Kathmandu. KATHMANDU: The Ministry of Industry has approved and implemented the policy for protection and promotion of private investment in order to boost the morale of the private sector by creating safe and stable investment environment in the country. <\/p>\n
The government has come up with this long-term strategy to address the insecurity and frustration among the investors after the massive damage to physical property, vandalism and arson during the previous agitations, strikes and the Jenji agitation of September 7 and 24, 2002. <\/p>\n
According to a report by the National Planning Commission, the loss of physical property during the Jenji agitation is estimated to be around Rs 84 billion. Against this backdrop, this strategy is seen as an important milestone to steer the country towards market-oriented economy and achieve sustainable economic development. <\/p>\n
The new strategy incorporates concrete steps like declaring industrial zones, industrial corridors and special economic zones as zones of peace, mobilizing industrial security forces and rapid security teams for the security of physical assets. Similarly, arrangements have been made to provide tax exemption, concession on renewal fee, concessional loans and simplification of service system through a virtual one-stop service center for the damaged industries. Although the government provides various regulatory facilities to promote investment, insurance coverage plays a very important role in fully protecting businesses from natural and man-made risks. <\/p>\n
The strategy, however, ignores the insurance aspect of risk. A large number of government property and vehicles were torched during the Jenji protests. The government is not in a position to buy new vehicles due to limited resources. Even during the elections, India was again compelled to ask for grant for four-wheelers. <\/p>\n
In the background of this strategy, it is written that about 3 percent of the GDP is lost annually due to disasters. Businesses and the industrial sector have also been directly affected by such risks. Hydropower projects, transport and transport services are the sectors directly affected by the disaster. <\/p>\n
Having adequate insurance cover is essential for the continuity and sustainability of the business. Insurance acts as a financial safety net to protect against major financial losses due to unexpected vandalism, arson, looting or natural disasters in industrial establishments. After any disaster, insurance provides the main basis to revive the business, rebuild the business and to run the industry smoothly by minimizing the risk of workers and investors. <\/p>\n
Therefore, integrating insurance protection into the business continuity plan along with strategic physical security is the best way to make Nepal’s private sector resilient and safe.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. KATHMANDU: The Ministry of Industry has approved and implemented the policy for protection and promotion of private investment in order to boost the morale of the private sector by creating safe and stable investment environment in the country. The government has come up with this long-term strategy to address the insecurity and frustration among […]<\/p>\n","protected":false},"author":5,"featured_media":247134,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45060,45159],"tags":[],"class_list":["post-312120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-corporate-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/312120","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=312120"}],"version-history":[{"count":1,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/312120\/revisions"}],"predecessor-version":[{"id":312121,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/312120\/revisions\/312121"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/247134"}],"wp:attachment":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=312120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=312120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=312120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}