Infrastructure summit preparations: 27 new laws this year, target of 7 percent growth

Finance Minister Dr Swarnim Wagle has said the government is pushing ahead with legal reforms with a target of achieving an average real economic growth rate of 7 percent over the next 10 years.

He said this at a workshop organized by the Ministry of Infrastructure Development in Kathmandu on Friday in preparation for the Nepal Infrastructure Summit 2026.

According to Finance Minister Wagle, the government is preparing to bring 27 new laws in the current fiscal year alone. He said 15 old acts were repealed on the very day he became minister.

While the Confederation of Nepalese Industries suggested reforming 28 laws and the Federation of Nepalese Chambers of Commerce and Industry suggested 42, the government has set a target of amending 166 laws, he said. Of these, 54 bills have already been approved by the Council of Ministers.

There are also preparations to combine more than 50 bills related to infrastructure and investment into a single umbrella bill. The finance minister also announced a target of growing the economy to 100 billion US dollars.

Law Minister Sabita Gautam said the current year has been declared a 'year of legal reform.' Infrastructure Development Minister Sunil Lamsal said binding terms such as 'shall' will replace softer language like 'will' in the new laws.

Law, Justice and Human Rights Committee Chair Samikshya Baskota said that even where a legal basis exists, differing procedures across government bodies have discouraged foreign investors.