Nepal is naturally blessed country with abundant amount of resources. Abundance of resources has created huge amount of possibilities in our country to be the prosperous nation in the world. But we have not been able to transform this possibilities into reality and we are still living in poverty with very low economic growth rate. Though the Industrial Revolution commenced in Nepal in the mid fifties it could not accelerate its pace and today we are here high unemployment rate and ranked as one of the poorest country in the world. Nepalese economy has today reached such a pity state that the whole economy has been dependent on the remittance sent by the Nepalese labour working abroad. The pace of opening the newer industries and businesses is so slow that it has just been able to contribute the fractions of the total economy. Nepalese economy is highly dependent on the foreign aid and remittances.
After the advent of democracy in Nepal in 1990, Nepal adopted the liberal economic policy and the economy started to accelerate. But this boon could not be long lasting as the Maoist insurgency and the state enforced counter insurgency in mid fifties highly affected the businesses and they soon got shut down. The effect was so huge that the big corporate houses stop their functioning and the foreign direct investment in Nepal literally sank to zero.
But, in the changed scenario when Nepal is going to institutionalized as a democratic republic, the path towards prosperity appears some how nearer. Economic freedom accompanied by strong rule of law is the only way towards prosperity. Nepal should enforce better economic policies so that Nepal can witness the economic growth that has been the dream of all for centuries. Nepal being located between the two economic giants of South Asia, China and India, can act as an economic hub for the development of economic status of the country. Economic freedom and the strong rule of law makes the foundation of entrepreneurship and economic development even broader and stronger. In an free enterprise market creates jobs, job creates money, money creates market and again market creates jobs. So, the only way towards prosperity is free market where entrepreneurship and economic freedom is guarantee. The existing opportunities can be cashed through entrepreneurship and economic freedom.
Today the developed world is walking from industrialization towards the carbon neutral economy. Nepal being the smallest producer of carbon can grab the benefit and mobilize towards prosperity. Strong rule of law and security is certainly going to welcome the potential investors from the neighboring and other countries. When the possibilities gets transformed into opportunity the brain drain that is seen can be reversed and the skilled manpower can be mobilized for the development of our own country. Tourism industry and hydropower are the two major source which can really make our country prosper. No country will prosper with the unutilized resources. Maximum utilization of the available resources will only make our country prosperous. So, with the sound, liberal and clear economic policies which are the basics of entrepreneurship guided by strong rule of law and security can make the dream of prosperous Nepal a reality.
Written by : Aanam
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