The economy is the backbone of a nation. Without a strong economy, it is difficult to build a welfare state, sustain democracy, protect human rights, or pursue social development. A political system is like an engine that drives a nation in a particular direction. If the system is flawed, the country risks moving in the wrong direction.
Therefore, the political system must ensure democracy, good governance, accountability, and effective control of corruption. The present system has failed to deliver meaningful results and needs fundamental reform.
If we diagnose a disease, we must prescribe the proper medicine. We have identified what we believe is the root problem—the political system that emerged from the 12-point Delhi Agreement, which, in our view, has damaged Nepal’s social stability. Therefore, we must reconsider the present political system while correcting our economic policies.
Government institutions have been weakened by political interference, malpractice, and mismanagement. These weaknesses must be addressed by establishing meritocracy, professionalism, and institutional autonomy.
Although the government faces funding constraints, proper planning can make financing manageable. We should prioritize sectors with the greatest potential, particularly hydropower, petroleum exploration, and tourism.
The Nepal Electricity Authority has placed a ceiling on hydropower production, citing its inability to purchase additional electricity during the rainy season. Nepal should therefore focus on the Budhi Gandaki reservoir-based multipurpose project, which could help address dry-season power shortages and provide irrigation water.
Petroleum exploration in Dailekh should also be a priority. Nepal could develop a joint venture with China to bring investment and technology.
Tourism has enormous potential, but it requires better infrastructure. We should develop Nijgadh International Airport and strengthen Nepal Airlines with necessary aircraft for domestic and international services.
Major projects can be financed through public-private partnerships involving banks, financial institutions, and citizens. IPOs could also enable the public to invest directly in major projects.
Nepal can achieve economic prosperity by selecting productive projects, mobilizing resources effectively, and ensuring institutional autonomy and professional management. Sound policies, merit-based institutions, and strategic investment can create a stronger, more prosperous, and economically self-reliant nation.
Login to add a comment