--By TC Correspondent 

 

It was a historic day for bleeding Nepal. On September 5, the country’s former Prime Ministers (PMs) came up with a consensus that the country should head towards economic revolution leaving political confrontations aside. 

 

 During Nepal Leadership Summit which was jointly organised by Birgunj Chamber of Commerce and Industries (BiCCI) and New Business Age Group under the banner of ‘Roadmap of Economic Revolution: Vision 2080 BS’, five former PMs of past 1990 era pledged to speed up economic reform.

 

 Former PMs Sher Bahadur Deuba, Pushpa Kamal Dahal ‘Prachand’, Madhav Nepal, Jhalanath Khanal and Dr Baburam Bhattarai signed a 12-point Birgunj Declaration and admitted that the path of prosperity is only possible through private sector-led economic growth.

 

 In the summit, chairman of UCPN Maoist and former PM Pushpa Kamal Dahal, popularly known as Prachanda, said that the time has come to be engaged in production, construction and development.

 

 “In fact, our party has come to a conclusion that political stability is not possible without economic revolution,” he informed.

 

 He stressed that promoting economic activities and adopting the approach of inclusive growth is the only option to overcome vicious circle of poverty.

 

Former PM and Nepali Congress senior leader Sher Bahadur Deuba said that the government should not engage in trading or operating industries.

 

“The country had been facing the problem of financial crunch when NC formed the government after 1990 revolution. Situation has changed now as we have much better finacial resources. The problem is we have been unable to invest due to lack of infrastructure and energy crisis,” he said.

He stressed for a common commitment to end the existing energy crisis. “The country will head in the direction of economic prosperity if we will be able to address the problem of infrastructure, industrial security and energy,” he added. 

 

 Nepal should attract Indian investment and should promote export to reduce trade deficit, he opined. 

 

 He said, that the government should reduce all bureaucratic hassles and should vow to provide tax rebate to companies which create employment opportunities to more than 100 persons. 

 

 The country’s economy remains in a state of confusion, with expanding budget, energy crisis, trade deficit, inflation, unemployment problem and lack of resources, said former Prime Minister and CPN UML leader Madhav Kumar Nepal.

 

 He blamed the revenue-centered government, short-term profit oriented private sector and belligerent labour for the slow economic growth. “We need to improve our educational system and ensure that we have the skills to pursue the opportunities,” he said.

 

 He suggested that clarity in policy, investment friendly environment and investment in service and production sector will ensure country’s development.

 

 Chairman of CPN-UML and former PM Jhala Nath Khanal emphasized the need of policy stability for the economic growth. Modernisation of agriculture sector will have positive impact for the development, he said, adding that the banking sector should increase investment in the agricultural sector.

 

Absolute poverty and backwardness are main problems of the country at present, UCPN Maoist leader and former PM Dr Baburam Bhattarai said. The country can achieve the target of 10 per cent growth by increasing investment in productive sector, he opined.

 

 “Key factors that affected all sectors of the economy are poor governance and corruption in the country. One of most important negative factor is decline in investment to GDP ratio, which is one the of the root cause of the slowdown in GDP growth,” Dr Bhattarai said. 

 

 “At least 40 per cent amount of GDP should be invested every year in productive sector to achieve the double digit growth. This means, the government should ensure that at least Rs 700 billion is invested. As internal resources will not be sufficient to arrange this fund, we should invite foreign investment,” he added. 

 

 Dr Bhattarai call for a need to build capacity at all levels to meet the target. “We need to make the building of robust private sectors an urgent priority and promote true entrepreneurship because that is how jobs are created,” he added.

 

 He said that Nepal must focus on developing its skills and human resources, especially by harnessing the talents of Nepali people from around the world.

 

He also suggested all political parties to keep balance between China and India for maximum benefit from the neighbouring economic giants.

 

President of Birgunj Chamber of Commerce and Industries Ashok Baidya, said that political commitment is a must to create an environment of wealth creation through investment, alleviate poverty, increase the annual GDP growth rate, contain inflation, promote entrepreneurship and generate employment.

 

In the programme, editor-in-chief and chairman of New Business Age Group Madan Lamsal asked politicians to address economic concerns and map out a strategy with business community and international support to address country’s economic problems.

Former PMs’ Common Points: •  Nepal is in the dire need of economic revolution now that it is a democratic republic •  Energy, agriculture and tourism sectors should be prioritized  •  Private sector should lead the country’s development •  Government should play the role of catalyst • Nepal should focus on turning the optimism about the country’s future into real action •  Inclusive growth must be the main goal for Nepal’s development •  The mood should be changed from thinking of Nepal as a poor country to as a country that holds hope