Nepal holds numerous potentials for achieving economic prosperity as the country is bestowed with valuable natural resources. Nepal needs to develop various sectors by setting priorities on them. Nepal must promote tourism based economy and we should not neglect the fact that Nepal is suitable for off-season and all season agriculture. 

 

The country has passed through major political changes from 1950s to 1990s. However, these changes couldn’t lay foundation for economic transformation. Therefore, these political changes could not be institutionalised. In 2006 it was a historic change but unfortunately, that too has not been institutionalised yet.

 

The 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. And, 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 the 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, the agriculture must be mechanised, modernised and co-operatised. Economic development cannot happen without development of agriculture. The agriculture sector can be modernised by establishing research centres and increasing investment in addition to other similar programmes. If the agro productivity can be increased, Nepal can achieve economic prosperity within a short time. 

 

Nepal is a country with more than 30 million population. If China in the north and South Asia are considered, the population 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 market. If we can tap this market by enhancing our capacity to produce products with competitive advantage in these markets, 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 infrastructures such as 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, we can push the country towards development and prosperity.