December 21: Stakeholders have said that economic relations between Nepal and India should be redefined from a new perspective. They made such remarks during the 'India-Nepal Economic Partnership Summit 2023' organized by PhD Chamber of Commerce and Industry India in Birgunj on Wednesday.

Lokraj Baral, Nepal's former ambassador to India, pointed out the need for a new approach for economic development and cooperation between Nepal and India. Baral expressed his concern that even though Nepal is called an agricultural country, plotting of arable land for residential purpose is being done intensively in recent times.

He commented that tourism and hydroelectricity sectors have potential in Nepal's economic development, but the two countries have not been able to capitalize on political agreements due to bureaucratic red tape.

Analyst and Chairman of Nimbus Group Jagdish Prasad Agarwal said that India should have a clear policy in Nepal's development. Stating that Nepal and India can cooperate on the issue of food security, Agarwal said, “Every country has taken food security seriously since the coronavirus pandemic. In this issue, there is a good chance of cooperation between Nepal and India.”

Subodh Kumar Gupta, chairman of the trade committee of the Federation of Nepalese Chamber of Commerce and Industries, said that a plan should be made for the next 10 years after analyzing the business trends of the past 10 years between Nepal and India. He also clarified that there is a need for coordination between the two countries to stop unauthorized trade in the border areas.

Ashok Kumar Temani, president of the Madhesh Province chapter of FNCCI said that Nepal and India can cooperate on education and health sectors which requires cooperation between the private sector and intergovernmental agencies.

Ashok Kumar Baid, chairman of Nepal-India Cooperation Forum, said that there can be cooperation between Nepal and India on issues of mutual economic interests. Abhishek Chaudhary, president of Nepal-India Chamber of Commerce and Industry Birgunj, stressed the need to promote economic potential between Nepal and India. Stating that the two countries have special social and economic relations, he said that export concessions from Nepal to the Indian market should be used.

Speaking on the occasion, Indian Consul General Devi Sahay Meena claimed that the dimensions of economic and social cooperation between Nepal and India are exemplary. Meena said that the Amlekhgunj-Motihari Petroleum Pipeline is a model project in South Asia.

Consul Satish Patapu mentioned that India is supplying 100 percent petroleum product to Nepal.

Anil Kumar Agarwal, president of Birgunj Chamber of Commerce and Industry, said that the Nepal-India trade agreement should be revised in a timely manner. He demanded that a modern laboratory for quality testing should be built at the Nepal-India integrated check post.

Sohan Sah, a member of the Madhesh Province Planning Commission, said that Nepal's gross domestic product is the lowest in South Asia and that Madhesh Province is lagging behind in economic development.