Nepal's economic development dream is not an abstract fantasy. It is a tangible dream to make our mountains, hills and Terai, which are full of immense resources and potential, resonate with industry, factories and business.

Nepal's dream is to provide employment to millions of youth in the country, increase production and productivity, reduce imports, hoist the flag of exports in the world market and earn abundant foreign exchange. Ultimately, it is also a dream to build a prosperous, peaceful and glorious Nepal.

However, on the path to fulfilling this dream, we must take to heart one reality. Without a strong and active role of the private sector, this dream remains incomplete. This is not just an idea, but a proven reality of world history.

The private sector is considered the main engine of national development all over the world. The private sector is also playing the role of the backbone of the economy in Nepal. However, we often view the private sector through a narrow and archaic lens, thinking that they are just profit-hungry businessmen.

Economic development is possible if the private sector is protected, respected, promoted and promoted. Now some changes are needed – in the way of thinking and working. This view is completely wrong. Entrepreneurs are not just businessmen, they are servants of the people, job creators, infrastructure builders, producers, service providers and carriers of innovation.

All businesses provide profits to investors. However, before earning profits, they make the lives of the common consumer easier, create jobs in the country, pay taxes and revenue to the state, contribute greatly to infrastructure construction and introduce innovative technologies and ideas.

The private sector contributes more than 81 percent to Nepal's gross domestic product (GDP). It contributes more than 86 percent to employment creation. The private sector also accounts for more than 80 percent of tax and revenue collection. According to the World Bank's Nepal Development Update 2025, Nepal's economic growth rate in the fiscal year 2025 is 4.6 percent, with the private sector contributing the most. The Asian Development Bank's (ADB) macroeconomic update has also made it clear that this growth would not have been possible without the active participation of the private sector. But sadly, the negative perception in society is so deeply rooted that the private sector is always seen as a group of profit-seeking businessmen. Even on social media and in the media, it is often written about the shortcomings of businessmen. The burden of the misdeeds and mistakes of a few businessmen is placed on all entrepreneurs and the private sector, as if doing business is a crime. Making a profit is a great sin.

The private sector becomes the first victim in every political movement and storm of change. There is no accounting for how many industries were vandalized, how many factories were burned, how many businesses were destroyed, how much private property was damaged in past movements. The loss of private sector enterprises and businesses is not personal or institutional, but the loss of the nation. This disrupts the services received by the general consumer. There is a major disruption in production and service flow. The income of small farmers and investors is in crisis. The market cycle is hit. Employment is lost. Revenue decreases. And, overall development is hindered.

However, such a painful cycle should not be repeated again and again. If the private sector is weak, how can the dream of a prosperous Nepal be realized? The government, political parties, the young generation and civil society must seriously discuss this question.

The world's experience has given us a big message. In the 1960s, South Korea was a poor country like Nepal. But the Korean government strengthened the private sector through political commitment, investment-friendly policies, and economic modernization, considering it the main engine of development. As a result, South Korea's GDP, which was only $1.6 billion in 1960, has reached $1.8 trillion today.

Such a painful cycle should not be repeated again and again. How can the dream of a prosperous Nepal be realized if the private sector is weak? The government, political parties, the young generation, and civil society must seriously discuss this question.

India opened up the private sector by ending the license regime through economic reforms in 1991. It welcomed FDI. Today, India's GDP is close to $4 trillion, of which the private sector contributes more than 70 percent. In the United States, the private sector creates almost 90 percent of employment. Singapore attracted foreign investment (FDI) through tax breaks, world-class infrastructure, and policy facilitation. Today, Singapore is not only the economic hub of Asia, but also a prosperous country with a per capita income of over $95,000. Our neighbor China, after adopting an open economic policy in 1978, encouraged the private sector by establishing special economic zones, which led to an influx of FDI, and today it has become the world's second largest economy. China's GDP is more than $19 trillion. The private sector provides 90 percent of employment here.

All these examples give the same message - economic development is possible if the private sector is protected, respected, promoted, and promoted. And, this is also possible in Nepal. However, for that, some changes are needed - in thinking, in the way of working.

Political parties should work by considering the private sector as a partner in development, not an enemy. Stable and investment-friendly policies, a modern tax system, attracting foreign investment, and strengthening the public-private partnership model should be implemented. Investment in roads, electricity, health, education, and other major infrastructure can be increased through the public-private partnership model.