Kathmandu, March 19
In an address to the House of Representatives on Monday, industrialist and lawmaker Binod Chaudhary sounded the alarm on Nepal’s prolonged economic stagnation, urging immediate action to jumpstart growth and development.
Emphasizing the critical juncture facing Nepal’s economy, Chaudhary delved into the historical context, tracing back to the early 2000s when ambitious goals for double-digit economic growth and infrastructure development were set.
“We have yet to fulfil that 20 years down the line,” he said arguing the country had taken the easy route by over-relying on remittances from abroad, which, while bolstering foreign currency reserves, has failed to stimulate sustainable economic growth through reinvestment in productive sectors.
“Instead, bureaucratic hurdles, politicisation, and inconsistent policy implementation have hampered progress, leaving promises unfulfilled and potential untapped,” Chaudhary said.
As the government is preparing to draft the budget and policy and programmes, Chaudhary suggested it was time the country looked ahead, particularly in the potential of local governments to drive grassroots development.
“Local governments are the brightest aspects of federalism. The focus should be on empowering them to bring growth in the country,” he said.
Chaudhary also asked the government to shift its focus to keep youngsters in the country and create an environment for the thousands who have left to return.
“Investment in education and innovation is imperative in today’s age. By tapping into this reservoir of talent, Nepal could cultivate a culture of entrepreneurship and propel itself onto the global stage as a hub of innovation and creativity,” he said.
However, to do so, he said the country needed bold reforms. He said by bringing reforms in privatisation and economic policy, the country could unlock its latent potential, paving the way for sustainable growth and prosperity.
“It’s critical that we thoroughly review whether our political landscape, administrative framework, cultural ethos, and capabilities are prepared to identify new sectors and establish long-term strategies for their implementation. If not, it’s about time we initiate efforts to address these shortcomings,” he said.
He said that with political will, administrative efficiency, and public engagement, Nepal stands poised to chart a new course towards economic renewal and shared prosperity.
