Ethical wealth creation is key to growth and bridging inequality, according to International Monetary Fund (IMF) executive director and former chief economic advisor of the Government of India, Dr Subramanian Krishnamurthy Venkata.
Speaking at the first Prabhakar SJB Rana Memorial Lecture as the keynote speaker in Kathmandu today, he also stressed religious capitalism. “Wealth generation is not a necessary evil but a boon – and this is an ideology that has been adopted from the ideologies of the East – built from dharmic capitalism and the civilizational ethos that enabled our ancestors to pursue and receive enormous success,” he added.
“Socialism and communism are the ideologies that originated in the West – not in the East," he said, adding that the entire ideology was bankrolled by a capitalist. “The dharmas – four purusharthas that include Dharma, Artha, Kaama and Mokshya are parts of our ethos,” Dr Subramanian said, reminding the Sri Suktam. “Wealth is not a necessary evil, but a boon to be received. So, we have to disband the imported ideologies.”
He also reminded ethical wealth creation for a prosperous nation, in the program organized by the Nepal-India Chamber of Commerce and Industry (NICCI) to honor the late Rana’s contribution to the economy. “Inclusive growth is critical and India has been able to have an inclusive growth. India’s poverty has decreased and consumption inequality has declined significantly, according to the latest survey.”
The speakers, on the occasion, remembered late Prabhakar SJB Rana as a towering figure, very close to the political powers, who had maintained good relations with political parties but never took advantage for his benefit.
Remembering his father, Siddhartha SJB Rana, chairman of Tara Management, said that Nepal was ahead of India in the 90s in opening up the economy, but Nepal somewhat stalled. “A disheartening thing is that Nepal has prioritized changing the political systems without addressing economic needs,” he said suggesting that the Bhairahawa and Pokhara Airports could have been fully operational, had the government well planned.
The NICCI has organized 'the Prabhakar SJB Rana Memorial Lecture: Celebrating Leadership, Vision, and Legacy' to celebrate his legacy and contribution to the economy and nation.
Late Rana, the founder President of NICCI, played a pivotal role in Nepal's development by founding not only NICCI, but also a range of vital business and social organizations such as the Hotel Association of Nepal (HAN), Independent Power Producers’ Association, Nepal (IPPAN), PATA Nepal Chapter, and Nepal Heritage Society.
Likewise, Prasanna Srivastava, Deputy Chief of Mission, Embassy of India to Nepal in Kathmandu, noted some of the major achievements of the Indian government in Nepal. He highlighted the recent commerce secretary-level talks that followed the trade and transit meet in January this year. He also highlighted Nepal-India engagement in facilitating bilateral trade and energy, the tripartite power agreement between Nepal, India, and Bangladesh, and the net revenue Nepal earned by exporting energy, apart from digital connectivity.
“The NICCI is honored to remember Mr Rana as a visionary leader, entrepreneur, and trailblazer in Nepal’s overall business, hospitality sector, industry and hydropower,” NICCI President Sunil KC said, on the occasion, “The NICCI will organize Prabhakar SJB Rana Memorial Lecture every two years.”
NICCI Immediate Past President (IPP) Mrs Shreejana Rana, on the occasion, remembered late Prabhakar SJB Rana as a trailblazer in Nepal’s private sector.
NICCI, on the occasion, also launched “Business Climate Survey for Indian Companies in Nepal, 2024." The survey, led by Kuber Chalise, and supported by Sweta Karki and Sajina Rai, have given recommendations for the government to help facilitate the Indian joint ventures (JV) so that they can create more jobs in the country and pay more tax to the government coffer.
NICCI vice president and Surya Nepal managing director Ravi Kumar Rayavaram, on the occasion thanked all the participants.
The NICCI, a not-for-profit organization, was founded in 1993 by late Prabhakar SJB Rana. It has played a key role in promoting bilateral economic relations focusing on key sectors such as trade, transit, logistics, tourism, energy, infrastructure, and FDI since its establishment.
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