Nepal has long been recognized as a country with economic activity dating back to ancient times. References can be found in Kautilya’s Arthashastra, which mentions Nepal’s trade with the contemporary Magadha kingdom and the exploration and excavation of mines and minerals. During the Lichchhavi period, Nepal was known for exporting goods, and Nepali currency was also in circulation in Tibet. The excellence of Nepali art and engineering during the Malla period suggests that the educational system of that time was focused on practical and skilled manpower production.

Although Nepal was established as a unified entity in various state divisions and principalities, the foundation for economic development was laid after the unification of the country. However, political instability since the Kot Parva of 1903 led the country to lag behind in economic and social development. The centralized feudal system of governance during the medieval period, lasting approximately 104 years, misuse of the state treasury, lack of basic necessities such as education and health, and neglect of infrastructure development resulted in extreme poverty and lack of attention to economic development. Consequently, Nepal’s economic activities have gradually lagged behind since ancient times.

After the political upheaval following the restoration of democracy in 2046 B.S. (1990 A.D.), programs related to the open political environment and economic reforms expanded economic activities. However, due to a decade-long conflict and subsequent political instability, the expected development could not be achieved. The Constitution of Nepal, promulgated by the historic Constituent Assembly established after the People’s Movement of 2062-63 B.S. (2006-07 A.D.), institutionalized a federal democratic republican system of governance and provided a clear path for economic prosperity.

The Constitution of Nepal is based on democratic values and principles, committed to socialism, and ensures the establishment of good governance, development, and prosperity. By eliminating the remnants of feudalism and ensuring equality, economic justice, and social justice, the Constitution guides the path towards prosperity, economic equality, and social justice. The principles and responsibilities outlined in the Constitution will need to be implemented to build a foundation of peace and stability in the political and policy arenas, providing citizens with the opportunity to experience and benefit from change, thus improving the standard of living and laying the groundwork for development and prosperity in Nepal.

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