Our economy has long been suffering from impunity, red tape, white collar corruption, bad governance and industrial unrest.
Sloganeering and the CA elections have hyped people's aspirations. The industrial sector was hopeful but nothing was delivered for peace, development or an industry-friendly environment. The tragedy is that even the budgeted development expenditure was not spent.
The global economy is moving ahead and integrated with matching demand and supply based on comparative and competitive advantage. But where are we heading? Can we sustain whatever employment we have or whatever industrial input we have?
After elections, Nepal got a new political regime and we should have taken radical steps so that the economy could take off and become self-driven. However, this is nearly possible without understanding the Common Economic Agenda (CEA).
Still, it's never too late and with this budget it could be one step towards that direction.Some broad areas are outlined below for consideration in the new budget.
- Time-bound one-window mechanism for the industrial sector to attract investments.
- One-window committee to allow fast-track decisions for new hydro projects.
- Opening up new sectors in tourism and developing Nepal as the hub of South Asia.
- Implementation of laws and policies for better investment environment.
- Built confidence of the private sector and fight white collar corruption especially in the revenue administration.
- Link India and China with Nepal as transit facilitator. Explore the potential to complement and supplement Sino-Indian opportunities for generating employment.
- Develop Nepal as service sector economy.
- Develop Nepal as an offshore centre (we already have a law on this).
- Implementation of SEZ.
If we cannot deliver development, equitable opportunity and economic rights the political conflict in Nepal will never rest and peace can never flourish. This is possible thru more and more investment and generation of employment. While drafting the new constitution it is up to us to take socio- economic rights as basic and fundamental rights of the people and budget can be 1st step to make people feel so by creating opportunity.
Rajendra Kumar
President
Young Entrepreneur's Council
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