Nepal’s economy is in a difficult situation. On the other hand, Nepal also has a unique feature because the average age here is below 30 years. This is a great opportunity and a positive thing for the development of our economy.

Despite the positive condition of the average age, ‘brain drain’ has been seen as a big problem for us. Due to lack of opportunities or income, the talented young generation is going out. The younger generation who have gone out for a short period of time is sending remittances and the country’s economy is being repulsed by that remittance. However, from a long-term perspective, remittances cannot be our priority. The whole country cannot be made dependent on remittances. Exporting manpower and making the country known is not the right strategy. Therefore, there is an urgent need to create opportunities for the youth in the country.

In the last 15÷20 years, there has been political instability in Nepal. There is no clear vision on how to run economic politics. A youth who wants to start a new business, who wants to make new investments in the business sector, thinks about where the country is heading.

It analyses whether the state is working on digital infrastructure, tourism or which sectors it is prioritizing. However, we have a change in the priorities of the state every 2 years. Seeing that the country is not moving in any one direction creates more frustration among the youth. Due to this, many youths have left the country.

It may be easier for the new generation of families who have been doing business for the past to struggle a bit. However, it is very difficult for the new generation to start a new business, enterprise or any work. But where there is a problem, there is an opportunity. In this way, there is an opportunity here. Where there has been development, there is a problem for new opportunities, it is not easy for new entrepreneurs to develop. In this way, it can be said that there is a lot of potential in Nepal.

Nepal is sandwiched between two big countries like China and India. Both of these neighbors are economically much stronger than ours. The younger generation has understood that being a strong neighbor in the economy is also an opportunity for us. It should also be seen that this is the best time to invest.

30 years ago, Nepal’s market was very small. Despite being a globalized world, Nepal’s access to the world market was low. But at the present time, we can export a large amount of services in the fields of information technology, artificial intelligence and other sectors from Nepal.

It does not matter that there is a similarity between the access to information technology that is available in a village of Nepal and the access to information technology in Silicon Valley of America. With this, we can export many services of information technology while staying in Nepal. There has never been such an opportunity before. The Nepali company has also been listed on the Nasdaq of America.

Now there has been a big change in the way consumers and customers buy goods and services. From applying for loans to getting approval from the comfort of their homes, consumers do everything through technology. Golchha Group has also been doing this exercise through Finte Company. It can be said with certainty that information technology is the one that will run the economy in the future.

The state is becoming more flexible in the field of information technology development. But we are still far from the objective. When the country is so youthful, if we do not put the youth at the political table, then the policy will be ‘outdated’. Experience is important. But if that experience is far from reality, it doesn’t mean anything. Therefore, it is necessary to involve the youth in the central political discourse of the country in the coming days. Through this, their thoughts and perspectives can be brought.

Youths are more frustrated when they see that the state is not moving forward by prioritizing the destination it has reached and is not moving in the right direction. This is also the reason why many young people have left the country. Therefore, if the state recognizes the mindset of the youth, it will not take long for the new enterprise to flourish{{

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Something is changing in the state. However, irrelevant policies and programmes keep coming. For example, the policy of issuing loans only on the basis of collateral is still in place. In such a situation, how can a young person start an enterprise? In other countries, there is a policy of disbursing loans on the basis of business plans. This is doing important work for the development of entrepreneurs, abroad.

There is no dearth of talented youths in Nepal. However, the state has not been able to provide the right mentorship to the youth. If the state can facilitate young ideas, a great entrepreneurial environment can be created through them. There is a huge lack of mentorship for the younger generation as Nepal’s education system is based on books.

Entrepreneurship in the course

Entrepreneurship is the backbone of any country. The country cannot develop until the entrepreneurs are developed. It is necessary to give importance to this subject in school and university education for entrepreneurial production. Numeracy is very important when you are doing business today. In today’s context, information technology is the only thing that can be easily accessed in the world. Therefore, the state needs to look at the potential of the digital landscape.

Tourism: Immense potential, low profit

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Tourism sector is very important in the context of Nepal. However, the number of tourist arrivals in Nepal is very low. Compared to countries like Thailand and Vietnam, the number of tourists in Nepal is nothing. There is a lot of potential for tourism in Nepal, including cultural tourism, adventure tourism. But we haven’t been able to do much outside of culture tourism so far. In this sector too, new generation can be attracted and promoted for investment.

The right policy and political stability are important issues to create an environment conducive for investment and entrepreneurship in the country. With clear policies and stability, the private sector can easily see the potential. However, now that the state’s approach has changed every 2 years, it is difficult for the private sector to invest with confidence.

Therefore, the state should first prepare a clear roadmap – where will we go in a decade? What are the policies and priorities to be set for this? For this, the private sector is ready to adapt itself. On the basis of this, the private sector can develop new entrepreneurs.

Recently, in the movement of the Genji generation, there was anger that they could not get equal opportunities. This movement has also shown that the state needs to invest seriously in the education and physical infrastructure sectors. A country doesn’t change overnight, but it’s not impossible if we start with positive willpower.

Young businessman, Abhimanyu Golchha

From the economics of the Society of Economic Journalists of Nepal (SEJON)