Nepal Targets $100 Billion Economy as Finance Minister Vows Pro-Business Budget Revolution

Finance Minister Dr. Swarnim Wagle has stated that Nepal's current economic situation mirrors India's position from a decade ago. Speaking at an economic symposium organized alongside the Ncell Business Baahrakhari Golf tournament, Minister Wagle emphasized that Nepal is ready for a significant economic transformation. He noted that Nepal’s current per capita income of $1,500 is similar to India's level in 2014, marking a crucial 'economic departure point' for the nation.

Minister Wagle asserted that the current government will serve its full five-year term, providing the policy stability and certainty required by investors. He argued that digitalization is the most effective tool to overcome Nepal's geographical challenges as a landlocked country. To spearhead this shift, the Department of Information Technology has been moved under the Prime Minister's Office to revolutionize service delivery.

Highlighting the government's commitment to the private sector, the Minister promised full protection for honest entrepreneurs. He shared an ambitious goal to increase per capita income to $3,000 and expand the total size of the economy to $100 billion within the next seven years. He believes Nepal can replicate the 9 to 10 percent economic growth achieved by India over the last decade.

Guest speaker Amitabh Kant, former advisor to Indian Prime Minister Narendra Modi, recommended that Nepal aim for 9 to 10 percent annual growth for the next thirty years. He stressed the importance of structural reforms, digital infrastructure, and high-value tourism. Kant recalled how India transitioned from being one of the 'fragile five' economies to the world's fifth-largest through massive digitalization and infrastructure development.

In the sporting segment of the event, Ujjwal Pradhanang won the Ncell Business Baahrakhari Golf title in the men's category, while Bipana Shrestha won the women's title. Other notable winners included Tarun Agrawal and Vijay Bahadur Shrestha in the senior category. The prizes were distributed by a panel including Acting Chief Justice Sapana Pradhan Malla and other prominent figures.