Sound Industrial Policy

The world is currently passing through the Fourth Industrial Revolution (Industry 4.0) characterised by the convergence of cutting-edge technologies. Nations' development stage is largely shaped by the technological evolution. But Nepal lags behind in benefiting from the new inventions and discoveries in the field of science, technology, commerce, education, medicines, industries, agriculture and so on. While the two giant neighbours are attaining rapid economic growth, Nepal is still shackled by the resource scarcity, poor investment, shabby infrastructure, corruption, legal and bureaucratic hurdles. The country holds huge potential in hydropower, agriculture, tourism and herbal medicine, with the advantage of demographic dividend. Still our situation is like a Sisyphean fate: we are unable to realise the lofty development goals despite decades of investment and hard work.