BY Padma Jyoti

The most significant challenge we all face is change. Rapid and extensive transformations are occurring in every aspect of our personal and professional lives - such as in the economy, technology, communication, social structure, and the aspirations of the younger generation. Each of these changes has the potential to render our existing businesses obsolete. At the same time, they also serve as catalysts that can propel our business growth in novel ways.

For example, online shopping, home deliveries, and digital payments have rendered many traditional shops outdated, a process accelerated by the impact of Covid. Consequently, numerous shops in our markets now stand shuttered. A number of businesses are in trouble. While many are rightfully protesting, the question remains: Can we revert to the old ways for these shops to thrive again, or must the shops adapt to the changes to flourish in the new situation?

United Nations Secretary-General Antonio Guterres was recently in Nepal. During the visit, he issued a grave warning about a critical threat facing us: the degradation of the world's highest peaks. Nepal's mountains have lost a third of their ice in three decades, and Himalayan glaciers are projected to lose 75% of their ice this century. If we do nothing, this will result in perilous flooding, water scarcity, and devastating displacements affecting 108 billion people in the region. 

Nepal's mountains have lost a third of their ice in three decades, and Himalayan glaciers are projected to lose 75% of their ice this century. If we do nothing, this will result in perilous flooding, water scarcity, and devastating displacements affecting 108 billion people in the region.

Sadly, we bear responsibility for this environmental crisis due to the development path we chose and the lifestyles we adopt. Our Asian wisdom says that mother earth has enough for our needs, but not for our greed. As the saying goes, most of us do not change when we see the light; we change when we feel the heat. The danger lies in becoming like the proverbial boiled frog that does not perceive the slowly rising temperature until it is too late. We must not be that frog when confronting change.

Reflecting on my engineering studies, I recall using a slide rule for complex calculations. Over the years, scientific calculators and computers replaced these instruments. Today, I find myself seeking guidance from my eight-year-old grandchild on navigating cutting-edge smartphone apps. It used to be said that life is like the game of chess. We knew how to play chess. Now, life is like the hot-selling survival horror game "Texas Chainsaw Massacre", a game I do not know how to play. The Theory of Evolution teaches us that survival is not determined by strength or intelligence but by responsiveness to change. 

Nepal receives nearly $9 billion a year which is 23% of the GDP - one of the highest percentages in the world. While the Nepali economy is getting the much-needed support from remittances, this is a volatile support which can evaporate at any time.

Politics in Business

Moving on to the second major challenge, politics, unlike other living organisms, captivates us as humans. We all know, politics is the granddaddy of most of the affairs of a modern state. However, in many countries, political dynamics do not align with the needs of the business and economy. Politics, unfortunately not of the right kind, has grown as a monster, looming over our economy and society.

Corruption and impunity have become the new normal in this part of the world. The relationship between business and politics is often suspect. Instead of conspiring to worsen, politics and business should inspire each other to improve, fostering collaboration for growth and development that is sustainable.

Balance

Balance is the bridge that connects challenges and the opportunities. Hailing from the rich Asia-Pacific region, we have the potential not only to lead the world economy but also to balance the modern technological advances with age-old wisdom for the well-being of our people and regional peace.

Consider the example of Nepal, where a significant portion of its economy depends on remittances from young immigrants. Nepal receives nearly $9 billion a year which is about 23% equivalent of the GDP - one of the highest percentages in the world. While the Nepali economy is getting the much-needed support from remittances, this is a volatile support which can evaporate at any time.

The Dalai Lama once said: "Give the ones you love - wings to fly, roots to come back and reasons to stay." Isn't this a balanced prescription for coping with the remittance economy?

In conclusion, let us heed the wisdom of our spiritual teachers: “People were created to be loved. Things were created to be used. Today the world is in chaos. Because things are being loved and people are being used.” 

(Jyoti is Chairman of Jyoti Group and former President of Federation of Nepalese Chambers of Commerce and Industry.)