Amidst the ongoing discussions on various economic challenges within the country, remittances sent by Nepalis living abroad have once again set a record. In Asoj alone, remittances of Rs 21.22 billion have been received, which is the highest monthly figure so far.

Remittances have been setting records for almost a year. Which has played a role in strengthening the external indicators of the country's economy. But the question that always arises is the same - should we just be fascinated by the remittance records or should we also make good use of the opportunities it creates? Of course, we should make good use of them. Because, remittances are not a risk-free income. They are not long-term either. Mainly, it is not morally acceptable for any country to remain inactive for decades by counting remittances.

Therefore, it is necessary for the state to brainstorm ways to create investment, capital formation and employment opportunities in Nepal by utilizing the remittances available now. Only in such a situation will the internal indicators of the economy be encouraging. The Nepali economy will be strong.

Foreign employment has created both a positive impact and a challenge in Nepali society. Positive in the sense that those who have gone for foreign employment have been able to invest in the health, education and nutrition of their families. That has made it possible for the family to live a quality life. Some have invested their income in their home country. They have created capital formation and employment.

On the other hand, there is also a compulsion to choose foreign employment for hard work but low income. Many of them end their lives at the workplace. Some are even injured and disabled. Therefore, the remittances entering Nepal are the price of the blood and sweat of millions of youth.

Similarly, millions of Nepali family members have to bear the separation from their families as they have to go for foreign employment. Its social and family value has not been calculated. Therefore, the remittances entering Nepal are also a synthesis of separation and resentment. This situation will be reduced only when foreign employment stops being a forced choice. For that, it is imperative to create employment opportunities in the country. 

Remittances are not linked to the Nepali family. They have become an integral part of the country's economy. This is why the Nepali economy has been supported. A few years ago, when there were warnings that the country was heading towards economic collapse, there was a counterargument that such a risk would not exist because of remittances. The state has also been understanding remittances as a pillar of the economy.

Even now, the external aspect of the Nepali economy is fundamentally positive due to remittances. The balance of payments, which shows the difference between the amount leaving and entering the country, is seen in surplus by Rs 264.3 billion. When the balance of payments goes into surplus, it also has a positive impact on foreign exchange reserves.

As of mid-Shrawan-Asoj of the current fiscal year, there are foreign exchange reserves worth Rs 2979 billion. The Rastra Bank has stated that the current foreign exchange reserves, based on current imports, will be sufficient to cover 19.9 months of goods and 16.4 months of goods and services imports. It is necessary to increase economic self-confidence by investing, building capital, and creating jobs in the country to build on these positive aspects of the economy.

Foreign employment is not always easy. Recently, obstacles and inconveniences are being created. One of the major destinations, Malaysia, has reduced the quota allocated for foreign workers. The UAE has tightened both employment visas and visit visas after the protests on 24 Bhadra. Saudi Arabia, a stable labor market for Nepal, has also reduced the number of visas issued to Nepalis.

With the decrease in the construction of large projects in Qatar after the 2022 World Cup, the employment opportunities available to Nepalis have decreased. European countries have never been easy in terms of cost and process. The main source of remittances is foreign employment, but obstacles have started to arise in it. That is why the Nepali state and society have no choice but to keep looking at the remittance data.

Otherwise, the country will have to face an economic crisis and the society will have to face many complications in the coming days. Mainly, it pushes the youth into further dissatisfaction and despair. It fuels movements and rebellions. It provides the basis for the emergence of unwanted forces. As a result, the country's peace, order, and constitution are at risk.

When the economic situation is weak, when the state finds it difficult to invest in large projects that have the potential to create employment and capital, and when the potential for employment within the country is weak, foreign employment often becomes a necessity for the country. For that, diplomatic initiatives should also be taken with various countries. But this should be thought of as a short-term option.

A strategy should be made on how to increase investment in the country and create jobs through remittances. In such a situation, remittances can be used qualitatively and creatively. Only that will help improve the country's economic situation. Otherwise, a cycle of bringing in attractive remittances and spending them on luxury goods and services abroad will be established. Therefore, the challenge for the state at this time is to be able to use remittances correctly. For that, the capacity to spend capital should be increased.