The country has passed through major political changes since 1950s till now. However, these changes could not lay the foundation for economic transformation. Therefore, these political changes could not be institutionalized. A historic change happened in 2006 but unfortunately, that too has not been institutionalized yet.

 

Political stability has an important role in establishing democracy, rule of law and optimum utilisation of resources. There are no doubts about the successful completion of upcoming elections on time. Election is a milestone for creating a base for economic development. Every political party must have commitment for polls. The upcoming Constituent Assembly election is also a basis for state restructuring.

 

Nepal has to be transformed into a developing country from the present status of least developed country. If all concerned stakeholders express determination towards this goal, Nepal can be upgraded into a developing country within a decade. The country had to experience major ups and downs during the last 15 years. During that time, a huge investment made an exit from Nepal and many industries were closed. Similarly, many industries were announced sick during that period. 

 

At present, around 400,000 people enter into the labour market each year. To provide jobs for them, agriculture must be mechanised, modernised and co-operatized. Economic development cannot happen without the development of agriculture. The agriculture sector can be modernised by establishing research centres and increasing investment. If agro productivity can be increased, Nepal can achieve economic prosperity within a short time. 

 

Nepal is a country with more than 30 million people. If China in the north and India in the south are considered, the population in this region accounts to almost half of the global population. Thus, there is a huge market for us next door. We do not have to look at Europe, USA or Australia in search of markets. If we can tap into this neighbouring market by enhancing our capacity to produce products with competitive advantage, we can progress towards prosperity within a short time. 

 

Nestled between India and China, Nepal must devise its economic strategies, policies and programmes to explore the benefits of this unique geographical position. Similarly, we must revise our economic diplomacy. Development of physical infrastructure is another integral part of achieving economic development. Physical infrastructure such as the mid-hill highway, international airport at Nijgadh and north-south highways to connect China and India must be given prime importance. Similarly, social infrastructures such as hospitals and universities too must be taken into high consideration. With these infrastructures in place, we can push the country towards development and prosperity.