The Fifteenth Plan aims to reduce the percentage of absolute and multifaceted poverty in the country and upgrade it to a country with a middle income level. Our ambition is to become a developed nation by achieving the Sustainable Development Goals by the year 2100. Development is measured on the basis of human development index such as national income, per capita income, investment growth in various sectors and employment as well as basic needs of citizens and radical changes in living standards.

However, despite various efforts, the current situation is characterized by trade imbalance, poor technology and infrastructure as well as lack of good governance. Although our economy is based on agriculture, agriculture has not been fully commercialized. Even though the budget allocation towards capital is low, it is always facing the situation of underspending. The country's economy will not improve until these issues are improved. Faced with these challenges, some areas should be reformed for broad and sustainable economic development. 

Skilled manpower and technology development

Human resources and technology play an important role in gross domestic product, which is considered the cornerstone of economic development. In order to accelerate the economic development of any country, there must be sufficient working age population in that country. A more skilled human resource is the first requirement for this. Manpower with high-level technical knowledge plays a vital role in the development of the country and contributes significantly to the gross domestic product. At present we lack the required manpower. The development of skilled human resources should be done at the government level. There is a need to produce thousands of skilled manpower in all fields. Unless there is development of skilled human capital and technology to handle the entire sector, the country's development will remain a dream. Therefore, we should not delay taking proper steps with priority in the development of skilled manpower and technology.  physical infrastructure based on

priorities 

According to the 2019 report on global competitiveness published by the World Economic Forum, Nepal scored 17 out of 100 points in infrastructure development. By 2024 it has improved somewhat. According to the 2024 report, our country has improved by 6 points and scored 23 out of 100 in infrastructure development. This score is considered below international standards. Nepal needs to make further improvements in infrastructure development. This is below the average score of South Asian countries. Railways, which are considered important in terms of infrastructure, have not been developed. Although the development of East-West railway is inevitable, it has not been developed yet. There is no alternative to start its construction as soon as possible. Similarly, North-South railways should be constructed.

Despite being a country rich in water resources, large hydropower projects have not been built. To know the prosperity of the country without the use of water. If large hydropower projects are constructed on rivers like Karnali, Mahakali, Bheri, Gandaki and Koshi, economic development will be accelerated. A tunnel is also a good model of development in a country with more mountainous and hilly areas. The tunnel model is suitable for constructing north-south roads. Land erosion after construction can be minimized when constructing roads using this method. It takes a long time to complete projects like bridges, irrigation and drinking water. Due to the delay in road construction, the construction work of other infrastructure structures is not completed on time. Attention should be paid to building quality and sustainable physical infrastructure by managing such problems. Roads constructed without meeting technical standards are dangerous. 

According to the Economic Survey of the Government of Nepal 2081/082, there is a total of 34 thousand 100 kilometers of road network in Nepal. Of which 17 thousand 480 km (51 percent) black paper 7 thousand 956 km (23 percent). Includes gravel and 8,664 km (25 percent) of unpaved roads. There is data that 51 percent of the total road network is black. It also includes Karnali Highway, Karnali Corridor and Bheri Corridor, which are very important for Karnali Province. The condition of these roads is very critical. For the overall development of Karnali, it is very necessary to widen these roads immediately. This will help in the development of agriculture, tourism industry and construction of large hydropower projects in Karnali. 

Agricultural development and forest use

Nepal has been given everything except the sea by nature. We should find a way to make the country prosperous with what we have. If natural resources such as water, wood, stone, gravel, sand, copper, magnesium, limestone, gold, mica, and precious stones are used and managed, the country can take a leap in economic development. If we only talk about the forest, it has not been used. There is a lot of wood wasted in the forests of Nepal, we are importing wood from abroad by spending foreign currency. According to government data, we need 170 million cubic feet of wood annually. We supply it from Malaysia, New Zealand and India. It seems that 150 million cubic feet of wood can be managed from our forests. The study shows that we have the capacity to export wood worth 200 billion. Its use and management should be started immediately. 

In order to modernize and commercialize agriculture, it is necessary to give priority to modern technology, adequate irrigation and organic farming. A special scheme should be implemented for the production of exportable cash crops such as ginger, turmeric, cardamom, coffee, orange, tea, lemon, walnut. Qualitative and quantitative increase in production should be done by joining small farmers in cooperatives. By attracting the private sector, large-scale agricultural firms should be developed and production should be increased.

When studying the sectoral structure of the economies of developed and developing countries, the contribution of the agricultural sector to the GDP is very low. However, those countries are completely self-sufficient in this area. The contribution of agriculture sector in Nepal's domestic production has been decreasing in recent years. 24 percent contribution is seen in the financial year 2080/081. This indicates the increasing role of other sectors in our economy. Modernization, diversification and increased productivity are essential for the sustainable development of the agricultural sector. 

The establishment and operation of industries based on mineral products and forest products contribute to the economy. Concessional loans and technical assistance should be provided to industries that create employment at the local level. Investment should be increased in sectors like textiles, handicrafts, pharmaceuticals and food processing. Digital payment system based service sector should be encouraged to develop innovative technology and digital economy. 

Promotion of the private sector

The contribution of the private sector to the country's economy and employment is important. According to the study, the private sector contributes about 82 percent to the GDP and 85 percent to employment. This shows that sustainable economic development is not possible without the promotion and strengthening of the private sector. The private sector has been recognized as one of the three pillars in the constitution. However, the private sector has not been able to develop as expected. An environment for foreign investment should be created. Although land and other means of production are state-owned in neighboring China, foreign investment has declined since the rise of Deng Xiaoping. China has achieved amazing success in development by creating a transparent policy and an investment-friendly environment. 

The expected improvement has not been achieved due to problems in the development of the private sector. The policies we have created are not investment friendly. Our behavior also hinders the development of this region. An environment should be created for the private sector to invest in game changer projects such as large hydropower projects, roads, railways and power transmission lines water supply. Utilization of this sector is indispensable to bring about increase in production and productivity. Unless the private sector is significantly developed, the trade deficit will not be reduced. 

Political stability

Political stability is a necessary condition for the economic development of a country. After the change in the system, it is not possible to give a stable government. The government has changed many times in our country. This is the height of volatility. Frequent changes of government make long-term policy implementation impossible. Therefore, long-term economic planning and its effective implementation are possible only with a stable government.