Summary:
The article from Nepali Times highlights how corruption in Nepal's private sector has become a major growth industry, deeply intertwined with political cronyism and collusion. While politicians and bureaucrats are often blamed for corruption, the private sector is also heavily involved in practices like insider trading, cartels, price-fixing, and conflicts of interest. Business tycoons often become politicians and vice versa, creating a system that stifles free market competition, entrepreneurship, and innovation.
Examples include cement cartels sabotaging foreign investment, industrialists lobbying against foreign investments in agriculture, and various cases of businesses blocking multinational companies from entering the market. The business environment lacks ethical practices, with many influential business leaders involved in controversies such as insurance fraud, illegal land acquisition, tax evasion, environmental exploitation, and political lobbying to influence regulatory bodies.
Despite Nepal's Communist parties supporting neoliberal economic policies in theory, cronyism is widespread across political lines. The business community often prioritizes profit over social welfare, workers, and consumers, undermining free market principles. There are also reports of businesspeople using political connections to manipulate the judiciary.
The article calls attention to a need for greater integrity and ethical conduct in Nepal's private sector to ensure a healthier business environment that respects governance, consumer protection, environmental care, and overall social responsibility.