Tread new paths for economic revolution
This will be the first budget of ‘New Nepal’ and it should reflect economic philosophy that will chart the path on which the nation must travel to achieve aspirations of peace and prosperity. The budget should focus on maximizing the contribution of areas in which we as a nation have core intrinsic strengths.
Ideally, development has been linked to industrialisation or expansion of the manufacturing sector, but in the case of Nepal being landlocked between two of the largest manufacturing nations of the world this theory does not hold true. We will never be able to compete with the economies of scale that similar industries will enjoy in India and China and if we follow this path, as in the past, we will end up manufacturing lower quality goods and selling them at a higher price to our own people. This fact has to be realised and reflected in the budget.
We cannot expect to achieve an ‘economic revolution’ by treading old paths. The underlying common denominator for the development of all core areas has to be maximum distribution of gain and benefit to a large base of the population.
A coordinated effort is required to look into each of the five core areas: Tourism, Agriculture, Infrastructure, Service Sector, and Human Resources Development. This determination needs to be highlighted in the budget so that there is no doubt about the government’s clarity in the importance it places on core areas.
Pillars of New Nepal’s economy:
• Service Sector
• Human resource