Nirajan Gh.

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  • Nepal suffers corona and economy

     Nepal's economy, a small country that has been a hotbed of political instability and poverty since time immemorial, is once again trapped. In anticipation of the possible damage to Corona, which arrived in neighboring India at the behest of the world's largest power, Lakdaun was declared in Nepal with effect from April 26, 2010 with the objective of minimizing the risk. The sudden closure of all kinds of small and medium enterprises in the country, which is dependent on revenue and remittances, had its first effect on the daily wage earners. In such a situation, they took out their wings and became like abandoned birds. Just like a winged bird can neither fly nor survive.

    The sharp decline in revenue collection after the lockout has added fuel to the fire by remittances, which account for 28.5 percent of the total households. The World Bank has projected that Nepal's economic growth will be limited to 1.5 to 2.8 percent this year. It was 7.1 percent last year. Many industries have come to a complete standstill as the market has been shaken by the lockdown. The impact of the lockdown is expected to have a major impact on agriculture, which accounts for more than 27 percent of the economy. On the plus side, there has been no reduction in import rates since the country began to slump, which is surprising. India accounts for 70.2 percent of Nepal's total imports. This underscores Nepal's dependence on India and encourages India to get more involved in Nepal's internal affairs. This year alone, Nepal's trade deficit has exceeded 11.93 trillion. In order to reduce this, it is necessary to reduce imports and emphasize on exports.

    There has been no major change in the budget speech for the current fiscal year and the next fiscal year other than a change in the size of the budget and the addition of the word corona in two or three places. Presenting the basic objective of Nepal's FY 2077/78 budget, which has always been presented on the Republic Day this year as well, Finance Minister Yubaraj Khatiwada said, ” Although the announcement is clear, the implementation will definitely take place in the coming days. Due to the increase in the budget in the field of education and health this year, there is a growing confusion among the people as to whether the budget is limited to speeches. Probably because they forgot to open the car window and the glass of the big palace, the leaders did not see the suffering of the people. With the Corona disaster wreaking havoc on the nation's economy, allocating more money to the Corona Relief Fund than to the Parliamentary Development Fund shows that the budget is focused on the development of parliamentarians rather than the people and the country. Started collecting.

    Nowadays, it will not be easy to win the election on the basis of false oaths and big assurances. The day has come when we have to go before the people and fulfill our promises. Just as Japan, completely exhausted after World War II, has become the world's third largest economy today, using its resources wisely through the Industrial Revolution. Following that, Nepal can also set an example in the days to come. For that, Nepal needs to take Corona as an opportunity rather than a challenge. On this occasion, the government should be able to reduce the foreign supply and bring the goods to the market by emphasizing the domestic production. It is important for the people to give importance to indigenous products and promote it. Only if this is done will the trade deficit be reduced and the national economy be balanced. As a result, Nepal will be practically independent not only on paper but also in practice for the cessation of foreign interference in Nepal's internal affairs. To dream of making Nepal Switzerland without any plan would be like saying "die like the fruit of the sky". Therefore, it has become inevitable for the government, the opposition and the entire Nepali people to unite and save the national economy, even for the sake of the nation.


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