Focus on economy

Nepali economy today requires priority attention. The productivity of the economy has to be enhanced through extensive investment. A facilitating atmosphere for boosting investment has to be created. The level of unemployment in the country is high and it should be addressed immediately. Youths not seeing any future for them in the country’s economy are leaving for even not high paying jobs abroad. The unskilled work force of nearly 5 lakh people enters the job market per annum but it does not get any opportunity. The government knows all the above facts yet it has not in the past months brought any plan to address them. Now with the new budget session already in progress in parliament, the Finance Minister should come forward not only with a formal document called –the budget of 2023-24 – but should be able to present before the nation a concrete, sustainable and feasible scheme to address the problems mentioned above and several other economic and development problems which are troubling people. The cost of living is very high and this has made those with fixed income very anxious about meeting the very basic needs of their families. Farmers and the unorganized sector of economy are other groups who have been suffering from economic problems in a rather silent manner right from COVID times. Their problems and needs need urgent attention. Equally looking for immediate attention from the government is the group of the daily wage earners particularly those who are mostly engaged in various development works. Since the government in the past did not do much to use the financial resources allocated officially for development projects, the job opportunities in those schemes could not be utilized. The fresh budget should make special provision for utilizing the development expenditure best. Partnership between the private sector and government, if planned well in advance, would be instrumental in creating a situation in which development expenditure could be made as per the budgetary provision. Too much dependence on remittance is another problem area for the Nepali economy. The same should be addressed properly with a long term economic vision. Sectors such as hotels, tourism and airlines which could attract foreign currency should be attended well as per their changing need and aspirations. Challenges before them should be so tackled that the flow of foreign currency could be maintained in a sustainable manner and for a long term. For focusing attention on the economy, the government should first be stable politically and in parliamentary strength. Prime Minister Dahal is careful about it and would be able to guarantee stability for at least a full financial year. The PM and the Finance Minister, a Nepali Congress leader, would therefore design the budget this time in a way that enables them to show their performance and lay foundation for a brilliant and productive future of Nepali economy.