Sunday, 14 July, 2024

Economic Possibilities

Nepal is a nation of tremendous economic possibilities providing ample basis for the ambitious goal of upgrading its present global status to a developing country from a least developed one. The government is working to cash in on this potential and take the country out of the clutch of poverty and backwardness. The nation has taken a new turn after the epoch-making political transformation and the focus now is on moving ahead aggressively towards development and prosperity. This has given a ray of hope for the people who had to languish in backwardness for a long time. It is the fitting time for the politically empowered people to devote their time and energy to attain the long cherished economic empowerment. In this regard, Prime Minister KP Sharma Oli has said that growth is on the card with notable achievements shown by global indices of socio-economic and political development. Given the stable political environment and the government’s resolute plans for making the nation prosperous and the people happy, no force can derail the road to growth.

Prime Minister Oli has said that criticism over the failure of government’s work progress holds no water because no economic index has shown the nation sliding backward. For instance, Nepal has improved its Human Development Index from 149th to 147th position. Nepal’s economic growth has reached 7.1 per cent and the reputed international magazine The Economist has listed Nepal among 10 countries attaining remarkable economic growth. Good state of infrastructure, reliable power supply, peaceful and secure economic environment, appropriate legal provisions and access to the market are essential for economic growth. In addition, conducive investment climate and utilisation of domestic capital and human resources in productive areas are also important. Law and order, that ensures peace, are the pre-requisite for investment. In this respect, the government has created a conducive climate. The Prime Minister said that Nepal has taken 76th position in the peace index from among 165 countries of the world.

Though Nepal is still reeling under wide trade deficit, its export has recently grown by 27 per cent. Import has declined by 4 per cent. However, a large chunk of the capital coming in as remittance, has not been properly invested in productive sectors. People are spending their earnings on gold, real estate and expensive imported garment and food items. Food import does not bode well for an agrarian country which once used to be known as a food exporter. In agricultural and industrial productions, Nepal has a long way to go to achieve self-sufficiency, import substitution and export boost. These factors are essential to maintain robust health of national economy. We have also to consider the fact that development will not bring destruction for short term gains. A sustainable approach is desirable not to harm the environment and to make sure that development is sustainable. If we tend to destroy nature and over exploit valuable natural resources in the name of development, we will do injustice to our posterity.