We are progressing by linking our growth to growth of country: Akshay Golyan (wideo)

The country now requires indigenous goods. Goods and services should be produced in the country as much as possible. After meeting internal needs, such products should be exported. And only a limited amount of foreign currency is brought into the country. Foreign currency reserves grow.

The trade deficit has been reduced. The country’s economy is thriving. Long-term economic growth. Furthermore, the country as a whole is progressing.

Yes, this was possibly a goal of Sohanlal Golyan, who established textile industry and began production nearly 60 years ago. He dedicated his life to manufacturing and job creation.

Sohanlal’s textile and thread manufacturing legacy was carried on with difficulty by his son Pawan Golyan and his generation. Pawan has worked hard to bring Golyan’s industrial business under the umbrella of Golyan Group to its current size.

Pawan was the driving force behind Golyan Group’s expansion from textiles to agriculture, tourism, energy, banking, and insurance. And it is still spreading. The third generation of Golyan Group leadership is also proving to be successful.

Akshay Golyan joined the Golyan Group almost 7 years ago with the intention of destroying the Golyan Group’s business legacy. Pawan’s son Akshay is the director of Golyan Group, which includes Reliance Spinning Mills (Thread Industry), Energy, and Hotels (Hotel Hyatt Palace). These three industries have combined annual revenue of nearly 10 billion rupees.

“In the last fiscal year, Reliance Spinning Mills alone had a turnover of 7 billion,” he says. Hotels can earn foreign currency by serving foreign tourists, while the energy industry can earn foreign currency by exporting electricity. All of these are then productive industries.

This will increase both foreign currency earnings and job creation. He also stated that this industry employs nearly 4,500 people. “The higher we go in the industrial business, the more we can contribute to society,” he says, “and we’re moving forward by connecting our growth with the growth of the country.”

He stated that the government should go to any length to promote manufacturing and export industries that meet the needs of the country.

If commercial companies that import receive more facilities or subsidies than export industries, all industries in the country will begin trading. He claims that this will make the country dependent and prevent it from prospering.

Golyan Group is currently in the process of negotiating electricity purchase and sale agreements for nearly 150 megawatts of hydropower and other energy projects.

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The nearly 400-megawatt semi-reservoir hydropower project (PROR) is nearing completion. The group intends to export electricity generated by energy projects while also bringing foreign currency into the country.

“We are moving forward in four major sectors of production and service,” says Akshay. The company is investing in four major sectors: exports, hospitality (hotels, construction, and real estate), energy (hydroelectricity, solar power), and agriculture.

Akshay is surprised that the government provides 3% export subsidies to export-oriented industries while providing 8% subsidies to non-exporting industries.

“The current budget has made a policy arrangement to encourage non-exporting industries in order to give more subsidies to export-oriented industries in order to reduce the trade deficit and increase exports,” he said.

The industry has exported nearly 20 billion dollars. Exports would increase from 20 to 30 billion and from 30 to 40 billion if the export subsidy was increased. However, this did not appear to occur.

According to Akshay, economic policy stability is a necessary condition for bringing economic prosperity to the country through industrial development.

“There should be a situation where industrialists can assume that the government’s economic policy will not change immediately,” he said.

He appears optimistic that economic policy will mature in a few years, as both the government and private sectors in Nepal are still learning.

More than 5,000 people are currently employed by the group, which operates nearly 16 industrial businesses in four major areas. Akshay, the group’s director, intends to expand it further.

“We are a group,” he says, “and one person’s effort will not suffice; everyone will be necessary for success.”