Mantra of financial prosperity

We have spent almost seven decades in political and social movements and because of that economic development has not progressed. It was as if we were freed from the Rana rule and the neighboring countries became independent, but both our neighbors have now become economically powerful in the world. We are debating how the economy will develop.

How to give stability to politics, how to do economic-social development is a common concern of the government, party and everyone related to the economy. Despite the natural disasters like earthquakes and the covid that the world has experienced, our socio-economic development has gained momentum. A year and a half ago, there was a comment in the Nepali society and the economic and political world that Nepal would become Sri Lanka by raising the issue of Sri Lanka. But it didn't happen and there were some reasons why it didn't happen.

The basic source of economic development that connects millions of people is the agricultural sector, which is discouraged. The remittances sent by our youth to work abroad are sitting as foreign currency reserves. It has fulfilled our immediate needs but no country can grow economically through remittances. Therefore, due to the availability of fertile land, hardworking people, and water resources, self-sufficiency in agriculture should be made an important part of the economy. Selling avocados from Kenya and selling pulses from Australia cannot be considered as a business. We have to think about what policies and structures the government will make to increase the agricultural production of our country, how to protect the private sector.

The private sector should also invest in agriculture. The state ensures that production and costs are obtained. Currently, we import food worth more than three billion annually, but if we can deliver that amount to the hands of the farmers, the foundation of prosperity will be prepared. It is necessary to break the misconception that those who are educated should not do agriculture.

The source given to us by nature is water. We can become self-sufficient in energy. We have not been able to use hydropower in the overall energy as the necessary infrastructure has not been built. However, we have produced electricity equal to what we need. We sell more in dry season but it is not a matter of selling electricity in the long run. As the purchasing power and standard of living of the common Nepalese increases, our hydropower may not reach us and we may have to look for alternative sources.

However, for now, energy is another important part of our economic development. While the state's contribution is increasing, the sector where the private sector has contributed the most is hydropower. Today we are able to produce 3500 megawatts of electricity. Economically and commercially, energy is a sector where there is no problem of loss or non-sale after investment. It has a guarantee. The government agency buys it.

Therefore, let's invest more in hydropower. Tourism is the basis of our economic development. Natural, cultural, religious all types of tourism business runs 365 days. The tourism sector, which has shrunk due to covid, is now recovering and it can continue to grow. For that, the state should build basic infrastructure and proceed with private sector investment. In this way, if agriculture, hydropower and tourism are advanced in a planned manner, the country will go towards economic development, job creation and prosperity.

We have political instability. We took the country to a federal democratic republic where the people are the owners of the people. We have determined the system to represent those who are deprived of opportunities and rights through proportional inclusion. It should get more complete. There are still signs of uncertainty and fluidity that there will be no political stability in the country. Therefore, regarding the form of government and election system, we should take initiative for political stability from one place. Economic development is not possible if there is only volatility and liquidity. We need good governance along with political stability. It is the job of the state to regulate, monitor and take action when necessary, but the subject of good governance is mixed up to the ground level. There is a need to create a broad public opinion that will challenge and remove the obstacles to good governance.

Our society salutes the corrupt, smugglers and those who have acquired big houses/cars through black market. Currently, when there is a three-level government in federalism, we hear about such problems everywhere in the municipality and ward. This has become a big challenge. Against corruption, the state apparatus, public level and conscious civil society must go to create a broad public opinion and put an end to such malpractices. There is also a sense that our society is a bit more negative. This country is defined as uninhabitable, ruined. It is not right to ignore good initiatives and improvements. No country can progress unless there are positive thinking citizens in the society.

Whatever has changed in Nepal, it is not because of abuse on social media. We are all working for that. There was a totalitarianism of not being able to speak. Now there is an inclusive federal democratic republic, dozens of fundamental rights including freedom of press, freedom of speech have been achieved. There is a need to inculcate the sense of patriotism and civic duty. All of these combined will result in economic development.

State, private sector and cooperatives are the three foundations of economic development as determined by the constitution and considered by us as a political party. Co-operatives are in crisis now but co-operatives in themselves are not a wrong concept. If this three-pillar policy is properly adjusted and implemented, the economic development of the country will take place. There is a need now to move forward with good governance, social justice and economic prosperity as the basic mantra. Our team is committed to meeting that need.

– Bhusal is the Maoist vice president.

^{– organized by Kantipur Media Group last Sunday in Kathmandu. An edited part of the opinion held in the session 'Basic needs of the economy: collective commitment of the political leadership' under the 'Kantipur Economic Summit-2024'.}