Kathmandu, Feb. 5 -- As Nepal gears up for the March 5 elections, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has urged political parties to remove the phrase "socialism-oriented economy" from the country's Constitution, arguing it deters investment, confuses the private sector, and fails to reflect the country's economic realities.

Addressing a discussion on 'economic agendas in political party manifestos' held earlier this week in Kathmandu, FNCCI President Chandra Prasad Dhakal said the wording no longer reflects Nepal's economic realities or aspirations.

"The socialist-oriented economy and the three-pillar [public, private, and cooperative] policy have not been able to make a significant contribution to entr...