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The government today made public 'Nepal's Current Economic Situation Report-2083', assessing the country's current overall socio-economic situation.

Finance Minister Dr Swarnim Wagle had decided to prepare the document as soon as he took over the responsibility of the Ministry of Finance after the formation of the new government. According to the ministry, this situation report aims to present an objective picture of the country's current economic situation and to help guide the formulation of future policies, plans and budget.

The situation report acknowledges that Nepal's economy is currently beset by many challenges but however it concludes that there are ample multifaceted opportunities for transformation. If a stable government, good governance and an investment-friendly policy environment can be created the confidence of the private sector will be restored and domestic and foreign investment will increase. This is expected to expand the manufacturing sector, create jobs and accelerate economic activity.

The hydropower sector has been presented as a major opportunity, which could generate stable foreign income through cheap and reliable energy production, industrialization, expansion of the service sector and electricity export.

The position paper states that income and employment can be created in rural areas through the integrated development of mountain, culture and community-based tourism. International competitiveness can increase if tourism infrastructure, service quality, mobility and destination management are improved.

Similarly, the document has placed artificial intelligence, robotics, information technology services, business process outsourcing and digital entrepreneurship as major opportunities for the coming decade. Production, income and exports can be increased through modernization of the agricultural sector. Investment in high-value crops, animal husbandry, horticulture development and agro-processing industries are the way forward.

Similarly, industrial development, supply chain strengthening, special economic zones (SEZs), industrial clusters and trade facilitation have been mentioned as the main tools for building an export-oriented economy. The paper also points out the possibility of making Nepal a regional 'transit trade hub' by taking advantage of its geographical location.

It is necessary to increase investment in transport, energy, irrigation and digital infrastructure sectors. There is a possibility of moving forward large projects through the Public-Private Partnership (PPP) model.

Similarly, it has been emphasized that remittances should be linked to entrepreneurship, skill development and manufacturing sectors. A policy is necessary to utilize the experience and skills of migrant workers who have returned from foreign employment.

The paper suggests increasing financial inclusion, digital banking, and long-term investment tools in the financial sector. Income, production, and employment can be increased through sustainable use of minerals, water, land, forests, and herbs available within the country. Emphasis is placed on adopting a policy of resource utilization while maintaining biological and ecological balance.

According to the report, an average of seven percent economic growth can be achieved from the coming fiscal year. It is set to increase per capita income to more than 3000 US dollars within five to seven years and bring the size of the economy to close to one hundred billion US dollars.

For this, 15 thousand megawatts of electricity generation capacity within five years, completing national pride projects within two years, strengthening the interconnection between agriculture, industry, and tourism, building quality tourism infrastructure, and expanding the digital economy have to be carried out.