Finance Minister assures private sector security after Gen-Z protests

KATHMANDU: Finance Minister Rameshwor Khanal has reiterated the government’s full commitment to safeguarding the private sector and strengthening security in the aftermath of the recent Gen-Z protests.

Speaking at a programme organised by the Inland Revenue Department on the occasion of National Tax Day, he expressed concern over the disruption and damage caused to businesses.

Minister Khanal noted that the protests reflected not only dissatisfaction with the government or political parties but also wider societal frustrations, particularly among youth facing unemployment and lack of inclusive development.

“Ensuring private sector security is a top government priority. Good governance, anti-corruption measures, and a respectful environment for citizens are fundamental to security,” he said.

Preliminary reports indicate that the protests caused around Rs 78 billion in physical damage, affecting nearly 2,900 buildings across 55 districts.

The government has allocated Rs 120 billion from the current fiscal year’s budget for reconstruction, which Minister Khanal said would be sufficient to restore damaged infrastructure.

He also assured that full audits for honest businesses would no longer be mandatory, underlining the need for tax system reforms to encourage business expansion and investment. Highlighting structural issues in the capital market, he emphasised effective coordination between the private sector and the government.

Finance Secretary Ghanashyam Upadhyay stressed the importance of employment-focused investments and modernising revenue administration through “faceless audits,” while Revenue Secretary Bhupal Baral called for better coordination with taxpayers and the use of technology and AI to achieve revenue targets.

Nepal Chamber of Commerce President Chandra Prasad Dhakal welcomed the government’s stance but warned that attacks on businesses during the protests were unacceptable. He urged strict action against those disrupting enterprises and called for timely completion of major projects to maintain private sector confidence.