After the Nepali Congress government was formed following the success of the People’s Movement in 1990, the financial situation of the government did not allow us to increase the salary of government employees. The democratically elected government was not able to take economic reform measures. Even in such a situation, we had managed to take some initiatives on basic sectors like drinking water and health services.

 

Our priorities were to build high schools, health posts and drinking water facilities in each Village Developing Committee (VDC). We had privatized various factories owned by the government and we still hold the view that industries should be run by industrialists and businessmen while the government should focus on other things. The government should build the infrastructure where it is needed.

 

Economic liberalization in the country happened after 1990. As a result, economic growth reached up to eight percent. However, violence broke out when the economy was gradually reviving. We also had to face interventions from the then King. We have not been able to completely recover from the impact of war.

 

The Rana oligarchy was overthrown in Nepal a few years after India got independence from British rule. India went ahead with a system and is now going to be a powerful democratic country. However, we have not been able to come up with a constitution as yet. Drafting the constitution of the federal democratic republic is now urgently needed.

 

Last year, we failed to draft the constitution and we all, including me and my party, are responsible for this failure. We will now draft the constitution at any cost by holding the Constituent Assembly polls, and by rectifying our mistakes.

 

There should be an investment climate for the industrialization of the country. Energy is a pre-condition for investment and the establishment of factories. Our factories are reeling under power shortage. Labour unrest has become a perennial problem. How can there be economic growth when there are so many hindrances? Nepal has a huge trade deficit with India. An Indian minister had even agreed to provide duty free access to India for various Nepali products. However, we have not yet  capitalised on such opportunities and we are running a huge trade deficit.

 

One can invest here in Nepal through partnership with Indian businessmen. This would help mitigate our trade deficit. Once the elections are held, a better environment would be forged for investment.

 

I want to put forth a proposal to end the power crisis. You all have a captive power generator in your factories. If you pool all your resources, a big power plant could be installed. The government should give some incentives for such initiatives. We have immense possibilities of harnessing hydro-electricity and we can talk with India to bring in investment for hydro-electricity projects. Unlike a political revolution, an economic revolution takes time. There should be a clear investment policy in the country. Nepal could be a rich country within 5-10 years by selling electricity to neighbouring countries if we bring big investment here. Similarly, we have many sectors like tourism, agriculture, and herbal products through which we can develop the country.