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Economic Miracle of Prachanda
BY KTM Metro Reporter in Kathmandu
Maoists’ Chairman Prachanda has repeatedly said that his government would transform Nepal from a poor country to one of the prosperous countries; within a decade, he is for increasing the per capita income of Nepalis from the US $ 300 to 3000. Some economists say it is almost impossible; others say it is too ambitious. However, if we take a look at the economic development of the People’s Republic of China, we could be optimistic, as China has increased its Gross National Product (GNP) from a few hundred billion dollars to five trillions during the last two decades. Skeptics might ask again whether Nepal could claim so much of foreign direct investment as China has enjoyed. The answer is Nepal could develop very fast using the currently available foreign aid and loans, the remittances it receives every year, and the savings made by the financial institutions such as ‘Provident Fund’ and other private financial cooperatives. For example, if the government can effectively implement a large project such as ‘Melamchi Drinking Water Project’, it will create thousands of jobs directly and many more indirectly but this have not been happening. So far, the financial corruption has been the major disease that has been killing the development potentials in Nepal. Economic miracle will not be possible without dealing with the corruption inherent in the State administration.
