Fri, April 12, 2024

‘Nepal needs to architect new way of thinking’

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There is a sense of economic stagnancy that is shadowing businesses. Most successful companies talk about 50 to 70% decline in their transactions which is threatening their ecosystem and may indicate either closure or severe cutdown in operations should government-imposed import sanctions continue. With little money in circulation, banks and financial institutions are finding it hard to authorise loans for which takers are also less considering the high-interest rates. Cost of living and cost of doing business have severely shot up with inflation on a high. Solutions are limited considering the economy is functioning on a delicate balance of payments which if tipped severely could put the entire economy in a debacle. The elections are being conducted with masked normalcy but as soon as the new government is established, certain veils of protection will be exposed. The new government will have to contend with enormous challenges to ensure that the oils that lubricate the wheels of commerce do not dry out, and nor are the public pushed into areas of high economic distress. The government will also need to ensure that high priority is placed on geopolitics and economic diplomacy as important decisions have been sidetracked in the past. When the world is grappling with the realities of a new order, Nepal must create a stronger commitment to aligning with what works in her best interests and outcomes, not just in the short and medium terms but in the long run development goals. With new shifts in political energy within the country, it is also time that we understand and reframe our position on what works and what doesn’t. While political parties endorse the fight against corruption, building infrastructure, creating jobs and reframing policies to strengthen the economy, it hangs like rhetoric with no conclusive actions irrespective of whoever chairs the seats of power. When balance of power changes but institutions and leadership vision and response don’t, it creates gaps for which human beings have to pay. Nepal needs to architect a new way of thinking and doing that is in sync with the happenings of the world and the aspirations of the people along with the ability to take on challenges with clarity and resilience. When a new parliament comes into function, the energy must reflect the possibilities and opportunities we have the capacity to create; anything less, would be a failure to keep pace with the times. READ ALSO:
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MARCH 2024

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