KATHMANDU: Chief of the newly formed Naya Shakti Nepal Baburam Bhattarai said his party would bear the "historic responsibility" of making Nepal prosperous and developed.

Likewise, his party would work to protect national independence, democracy and republicanism in the nation, Bhattarai said while addressing the ceremony organised to announce establishment of his party.

"Naya Shakti Nepal is different than other parties," he said, "We will present a specific road map for economic development and prosperity for discussion at the party's discussion session."

"We can make Nepal one of the richest nations of the world within just 25 years, within my lifetime," he claimed, adding Nepal could reap great benefits from its natural resources including water, land and forests.

Bhattarai said his party would practice the inclusive and participatory democracy, keeping in mind three clusters of Khas-Arya, Janajati and Madhesi populations.

"If we want peace and stability in the nation," Bhattarai said, "We need to ensure proportional representation of all these clusters in all parties and the state mechanisms."

Meanwhile, the former prime minister said his party would advocate for directly elected presidential rule so as to create political stability and therefore a favourable environment for development.

"We should develop Nepal by bringing in capital and technology from our both neighbours: India and China," he said Nepal should develop itself as a dynamic bridge between two global economic giants.

He also announced that his party would rid politics of the "dirty game" label by avoiding ill practices and promoting transparency. "We will not take politics as our profession," he said and added that his party would introduce the concept of "lokpal" to curb internal corruption.

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Bhattarai also announced that he would work for the next generations and he was ready to take risks.

He justified that the Naya Shakti was named so (as the "new force") though he was a tested politician as he had a new vision.

He announced that he would not indulge himself in amassing personal properties and devote the life to welfare of the next generation.

Bhattarai also expressed a commitment to respect and promote rights of all social groups and communities.