EDITORIAL
Nepal, a less developed country, is going to be graduated to the status of a developing country. The United Nations has decided to upgrade Nepal by viewing its economic performance. In this regard, we should believe, the nation has made economic achievements. Contradectorly, the reality is different. Nepal has become a country solely dependent on imports. Our exports count very low, they also include exports of vegetable oil and palm oil by Marbari businessmen. We import processed oil in drums by spending US dollars and packaging it into small bags and exporting to India receiving Indian currency. Accordingly, there are India-based multinational joint venture companies producing soaps, different types of creams, toothpaste, cigarettes etc. items to India by importing readymade raw materials from India. The factories don’t need to process the raw materials imported in big containers and packed in Nepal. Earlier, we had small and medium-sized soap factories and we were self-sufficient in shop production. Our government-owned cigarette factory was paying the highest amount of tax to the government. Besides, for producing raw materials, the Tobacco Development Board was established. Accordingly, along with the establishment of the spinning mill, the Cotton Development Board was established for producing the raw materials needed for the factory. Now, in the name of the liberal economy, we have established big joint venture companies which import almost processed raw materials and conduct packaging works in Nepal. We cannot get the real benefit of industrialization being relied on imported and all processed raw materials. However, in economic statics, these all count and contributes to the incline of exports of industrial products. The previous political system had focused on preserving and protecting national industrialists and their industries. In the name of economic liberalization, we have invited foreign direct investment without necessary study about the benefit that Nepal would take. Today, the reality is that about 95 per cent of the economy is under the grip of Indian businessmen. Where have gone those local entrepreneurs, namely, Amatya Group, Vaidya Group, Jyoti Group, and others, we have to search with torchlight.
Talking about the country’s foreign currency earnings, remittance revenue has contributed above 70 per cent of foreign currency earnings of the country.
Out of the 30 million population of the country, above 10 million population are abroad either for dirty jobs or for study. They left the country seeking the future of their family.
Politics has become a job receiving monthly salary and different allowances along with the privilege of receiving commission from the construction works. The recent two scams – fake Bhutanese refugee and Lalita Niwas land grab – are the example that how the political leadership and senior-level bureaucrats have exploited and extorted the government coffer.
Due to an excessive incline in the general sector expenditure, the government is managing funds by taking loans. Now, the government has reached the position that it needed to take loans to pay back the previous loans.
Surely, this loktantra, known to be the loot-tantra has become the major source of income without the investment of a single rupee for a small group of politicians, bureaucrats and brokers, however, a larger section of the population is compelled to go abroad seeking a job. The political system has turned into a banana republic, which is on the path of a failed state.
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