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Deputy Prime Minister and Minister for Defense Ishwar Pokharel has said that the target of sustainable development of the nation could not be ensured through deposit of capital only.

While inaugurating a seminar organized by Savings and Credit Cooperatives here in the capital Thursday, DPM Pokharel urged the cooperatives to invest the capital in productive sectors.

He added that a new era of economic development began with the completion of political revolution. He also said that the existing laws and hindrances could be amended and abolished if they were creating difficulties for investing in productive sectors.

There are 34,500 cooperatives in the country with a deposit of around 300 billion rupees.

Minister for Law and Parliamentary Affairs Sher Bahadur Tamang also said that if there were any legal difficulties for the investment, such laws could be amended.

National Cooperatives Federation chair Keshav Badal said that the cooperatives had an important role for strengthening the national economy.

About 620 cooperatives delegates from across the country are attending the seminar.

Minister of State for Communications and Information Technology Gokul Prasad Baskota has sought a proper guidance from the cooperatives movement to the government when constitution has set its target of developing a socialism-oriented national economy.

Taking part in an interaction program on ‘The role of cooperatives in local development’ at Banepa of Kavrepalanchowk Friday, the Minister of State opined that cooperatives had, from economic point of view, a role in promoting socialism. “The cooperative movement is one of the pillars of socialism and it is associated with the mission of nation building.”

Local representatives and cooperatives people were present at the program organized by the District Cooperatives Association.

The Minister of State urging participants of cooperatives movement to work with the spirit of ‘we feeling’, suggested them to develop entrepreneurship and collect and secure scattered capital.

Admitting that budget allocated for development this time was not sufficient, he said the government wanted to invest in productive sectors by increasing budget in agro, transport, tourism and energy sectors.

He went on to say that the budget had guaranteed health insurance up to Rs 100,000 to people over 70 years and doubled the allowance for new mothers and in overall the national budget was good. The budget to local-levels was allocated on the basis of population.

Minister of State Baskota announced that the government would attain the eight percent economic growth by the fiscal year.