Legal Development in Nepal

A New Post

Posted in Economic News, Recent News by nepaleselaw on April 18, 2008

From Many Days, this blog has not been updated because of many reasons. The main one was because of Constituent Assembly Election in Nepal. My eyes were glued to Internet and hours and hours I spent there updating myself from various websites.

This is a special blog and each and every news do not find place here. A special kind of News-that is news related to law and legal order will be covered. It seems that these days, nothing much is happening in court as well as I am not able to get any new legal story. Parliament is not there and no bill is discussed before New Parliament of CA is convened. Let’s watch that something good happens now onwards. In this blog entry, I have posted a blog related to Nepalese Economy.

Since Communist Party of Nepal (Maoists) have won this time. Their victory is overwhelming and very stunning and surprising. If everything goes well, they will be heading next government. So, there was kind of fear among the investors regarding the Nepalese Economy.

In this news, Comrade Prachanda speaks about what kind of Economy Maoist will push in future.

Stock market has been crashed and business circle is confused. As the news of Maoist victory in the polls come out, the Maoist leadership is trying hard to assure the business community that they are here for capitalism.

For the CPN Maoist, the victorious party in the April 10 CA polls, the campaign hasn’t ended just yet. The party leadership is in full swing to convince the national forces, business world and the international community- at the same time- that they are not radical communist and there will be no cultural revolution in Nepal. Mao has died a long time ago. It seems that the Prachandapath (the path of Prachanda), an ideology propagated by Chairman Prachanda, tells them to have a very good relationship with ‘expansionist’ India and ‘imperialist’ America. Capitalism, they try to convince, is their mantra too. Prachanda says they are for the economy in which capitalists can have profit. Prachanda also says that there will not be a dictatorship of the proletariat. In his address to the business leaders in Kathmandu today the Maoist Chairman announced that the power will not be used tyrannically, reports Kantipur, but in the welfare of the people and the country.

Pointing to the decade-long political revolution and Janaandolan-II as examples of miracles, Maoist supremo Prachanda said an economic revolution is going to be the next miracle. “People will see that as soon as we form the government,” he said. “We will create the buzz of economic reconstruction in every place, every household, and in everyone’s mouth.”

The Maoist Chairman said that his government will adopt the “new transitional economic system” for economic growth stating political development is intertwined with the economy. Pointing to the decade-long political revolution and Janaandolan-II as examples of miracles, Maoist supremo Prachanda said an economic revolution is going to be the next miracle. “People will see that as soon as we form the government,” he said. “We will create the buzz of economic reconstruction in every place, every household, and in everyone’s mouth.”

Prachanda also appealed to the private sector to trust them fully and give them a chance. Elaborating on plans to create a conducive economic environment, he said the government will expand the tax base, eliminate red tape, and end the culture of commissions and corruption. “We will set up an Industrial Security Force in the process of integrating the People’s Liberation Army with the Nepal Army to provide security for industries,” he said.

In response to industrialists’ request to sort out labor disputes, he said they are ready to take necessary and proper steps. “We will welcome foreign investment, and give priority to domestic investment,” he said. Noting that both donors and foreign countries are ready to support the Maoist government, he said he found India ready to take bilateral relations to a new level. “A new ground has been established to make India a part of the cooperation,” he said. He further stressed on new policy for tax system.

In its manifesto for the Constituent Assembly, the former rebels had forwarded a new transitional economic policy with medium level development in the next 10 years, high level growth in 20 years and ultra-high level development in the country in 40 years.

Speaking at the same programme, Maoist second-in-command Dr Babu Ram Bhattarai assured that the government led by the Maoists will move ahead with the Public Private Partnership (PPP) theory.

In fact, I wanted to put the exact story from Some newspaper but I am unable to find it now. I have put some portion of blog from United We Blog. I hope that U enjoy it reading and can dispel some fears if you have in your mind regarding future economy of Nepal. To read United We Blog’s complete Article, You may visit here.

[And here is a little Update: Indian Newspaper these days, are full of news about Nepal. Some say that India gifted Nepal to China and some express their doubts. There are debates going among policy makers and experts. This is a link of Debate in THE ECONOMIC TIMES about emergence of New Nepal.]

3 Responses

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