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At a moment when public trust hinges on economic credibility, Dr. Wagle, the Finance Minister must channel political capital into disciplined, second‑generation economic reforms that convert momentum into measurable prosperity.

Opportunities and Challenges

The appointment of Dr. Swarnim Wagle as Nepal’s Finance Minister represents a rare convergence of intellectual rigor and executive authority. For decades, Nepal has struggled to reconcile reformist aspirations with the inertia of governance. Now, with the Minister Dr. Wagle at the helm, the country stands at a curious juncture: the possibility of translating classy economic theory into disciplined statecraft. The Minister Dr Wagle transition from academic strategist and one of the architects of the Rastriya Swatantra Party’s electoral success to steward of the national treasury has generated profound expectations. The public anticipates not just rhetoric but a decisive break from stagnation, a moment when inclusive microeconomic development can finally be aligned with sustained macroeconomic growth. With the backing of a near two-thirds majority, the Minister Dr. Wagle faces the formidable challenge of converting political momentum into frameworks for industrialization, job creation, reliable connectivity development and technological advancement. If pursued with rigor, this era could propel Nepal beyond the Least Developed Country category, elevate per capita income toward USD 3,000, expand GDP to USD 100 billion, and generate over a million jobs with the RSP 1.0 era. The stakes are immense, and the opportunity historic.

The blossoming tenure of Minister Dr. Wagle reflects a commendable reformist zeal, signaled by the swift repeal of obsolete legislation. However, for this momentum to transcend mere symbolism, it must be anchored in rigorous, data-driven diagnostics. Rushing to dismantle or overhaul administrative arms, such as revenue research agency, without a prior longitudinal evaluation of their functional efficacy risks replicating the institutional failures of previous time. Authentic economic statecraft demands that Nepal move beyond the anecdotal, narrative-heavy advisory reports that have historically dominated the policy landscape. Instead, the Minister Dr Wagle must prioritize a comprehensive assessment of three decades of liberal economic policy and a decade of federalism to provide a legitimate evidentiary foundation for second-generation reforms.

This systemic modernization must extend to the Ministry’s allied agencies including Customs, the Internal Revenue Department, SEBON, Auditor General, Financial Comptroller and the Nepal Rastra Bank, etc., whose rigid, transactional modalities have devolved into bureaucratic bottlenecks, operation barriers and popularized as rent-seeking hubs. Such institutional stagnation has precipitated a stark deindustrialization; as the service sector expands to 62%, the industrial and agricultural sectors continue to contract, with industrial capacity languishing at 44.5%. This structural misalignment is mirrored in a consumption-heavy budgetary framework where recurrent expenditures consistently consume nearly two-thirds of national resources, leaving a disproportionately small fraction for capital formation.

The persistent fiscal crisis is further exacerbated by extreme expenditure seasonality, where 35% of the annual budget is often exhausted in the final month (Ashad), yielding substandard infrastructure and inflated logistical overheads. In the 2081/82 BS period, federal outlays of NRs1.523 trillion significantly outpaced an aggregate revenue of NRs 1.178 trillion, with capital investment restricted to a meager 14.6%. Breaking this cycle of stagnation requires a Herculean overhaul of public revenue governance and a strategic pivot toward merit-based resource allocation. By enhancing banking efficiency and reducing lending costs for micro-enterprises, the government can finally nurture a competitive domestic industrial base, transitioning the nation from an import-dependent economy to one characterized by sustainable, internally driven growth.

Harnessing Endowments, Leveraging Technology

Second-generation reforms must rest on the principle that sustainable GDP growth is inseparable from the quality of human capital. Investments in education, healthcare, connectivity, domestic tourism, agriculture, and public security are essential to broadening the middle class while institutionalizing a safety net for the disenfranchised. Externally, mobilizing diaspora capital through streamlined conduits and project-specific banks tailored for Non-Resident Nepali investment will be critical. Restoring private-sector confidence after recent political unrest requires legislative protections and treasury policies that prioritize investment security. Yet the state must avoid pampering private actors into dependency on subsidies and incentives. By fast-tracking national pride projects such as the Budhigandaki Hydropower, roads network and the Naumure Multipurpose Project of Dang, using modern resource mapping and input-output analysis, the Minister Dr. Wagle can move beyond the uninspired methodologies of the past. The Minister Dr Wagle’s success will depend on remaining focused on high-value targets that can finally deliver Nepal’s long-awaited developmental horizon.

Second Generation Economic Reform policy must be rooted in Nepal’s unique endowments, strategically aligning comparative advantages with the linking to the power of knowledge and technology. Integrated towns/cities that connects people and places, infrastructure that fosters dense networks of trade, commerce, and identification of high-impact sectors capable of immediate import substitution are essential. Central to this shift is an energy policy that pivots from exporting raw electricity to high-value domestic end use energy. By leveraging river basins for niche agriculture, tourism and prioritizing energy-intensive industries such as data centers, crypto-mining, manufacturing and processing hubs, Nepal can transition toward a climate-resilient economy. This transformation, however, depends entirely on efficient, transparent, and predictable governance within the government. Delivering on the RSP’s electoral manifesto requires ruthless commitment to overhauling public service delivery, ensuring safety nets and public goods and services are reliable. The public expects the RSP to remain untainted by corruption, and this demands rigorous internal orientation, continuous knowledge development, and a strategic distance from excessive foreign entanglement. Leaders must remain embedded within their constituencies, maintaining transparent communication with the people who granted them their mandate.

Test of Execution

Ultimately, the success of the Minister Dr Wagle will not be measured by rhetoric but by the tangible expansion of the middle class and the clinical execution of national mega-projects. As a leading development economist, the Minister Dr. Wagle must act as a hunter of structural economic reform rather than a passenger in a stalled bureaucratic carriage. To rely on narrative driven recommendations of the past(Report from the High Level Economic Advisory Committee) would be to squander this historic moment. The path to a USD 3,000 per capita income and a USD 100 billion GDP requires ruthless commitment to data-driven policy, institutional integrity, effective governance and a social contract that finally delivers prosperity for every Nepali citizen.Nepal has waited decades for this alignment of intellectual vision and political authority. The question now is whether the Minister Dr. Wagle can seize the moment, discipline the machinery of governance, and deliver the impactful change that the present demands. If the Minister Wagle succeeds, this will not simply be a chapter in Nepal’s economic story; it will be the beginning of a new era. – The end-

Ayush R. Arjyal holds a Master’s degree in Economics, specializing in public economic planning and fiscal federalism. He is affiliated with Baya Himalaya, a Kathmandu-based policy research and development firm. The views expressed are solely authors.

Political debates in Nepal often revolve around constitutions, coalitions, and leadership changes. Yet one fundamental reality receives far less attention: political stability rarely precedes economic stability. In most successful societies, the sequence is reversed. Economic empowerment creates stability, and stability, in turn, reinforces good governance.

When citizens are able to earn, invest, build enterprises, and gradually improve their standard of living, they begin to value predictability, transparency, and the rule of law. A society where people feel economically secure tends to be calmer, more cooperative, and more invested in its institutions. Conversely, when economic opportunity is limited or concentrated among a few actors, politics becomes a contest over access to scarce resources.

This relationship between economic inclusion and political stability has been widely examined. In Capital in the Twenty First Century, Thomas Piketty shows how excessive concentration of wealth can destabilize societies. In Why Nations Fail, Daron Acemoglu and James A. Robinson argue that nations prosper when institutions allow broad participation. In Corruption and Government, Susan Rose-Ackerman makes a more uncomfortable point: corruption is often not just a moral failure, but a consequence of limited economic access.

For Nepal, these are not abstract ideas. They reflect structural realities that continue to shape the country’s economic trajectory.

Growth vs participation

A country does not become prosperous simply because its GDP increases. It becomes prosperous when its citizens have the opportunity to participate in that growth. An economy can expand while remaining narrow, concentrated, and exclusionary. In such cases, wealth accumulates, but opportunity does not spread. Over time, this imbalance creates both economic fragility and political tension.

Every resilient economy rests on a broad base of small and medium enterprises. In Nepal, SMEs contribute approximately 22 percent of GDP and employ around 1.8m people (Friedrich Naumann Foundation, 2024). These businesses are not peripheral—they are central to inclusive growth.

This idea has long been established. In Small Is Beautiful, EF Schumacher argued that economies built around human-scale enterprises are more balanced and sustainable. In The Mystery of Capital, Hernando de Soto emphasized that the real wealth of developing countries lies in enabling ordinary citizens to convert their assets and ideas into productive capital.

The practical question, therefore, is simple: can an ordinary Nepali realistically build and grow a business?

The structural barriers

For many, the answer remains uncertain. Access to finance continues to be a primary constraint. The banking system, regulated by Nepal Rastra Bank, relies heavily on collateral-based lending. While this ensures financial discipline, it excludes individuals who lack property but possess viable ideas.

Nepal’s import-driven economic structure further concentrates opportunity among those with capital, networks, and scale. Smaller entrepreneurs are often confined to the lower end of the value chain, with limited ability to expand.

Regulatory and compliance requirements add another layer of difficulty. What is routine for established firms can be overwhelming for new entrants. The result is not deliberate exclusion, but a system that consistently favors those already positioned to succeed.

When policy does not broaden opportunity

Governments often attempt to address these gaps through targeted incentives. Nepal has done the same, particularly in promoting industrial activity. Yet outcomes suggest that such measures do not always lead to broader participation.

Nepal has repeatedly attempted to stimulate industrial activity through targeted tax incentives. Yet several cases raise questions about their effectiveness. For example, vehicle assembly plants received over Rs 14bn in tax concessions in five years, but according to the Auditor General, the value added within Nepal did not match the revenue forgone, and consumers saw little meaningful price reduction. The issue is not the intent behind such policies, but their distribution. Firms with scale and capital are better positioned to capture these benefits, while smaller entrepreneurs remain largely excluded. Growth, in such cases, does not necessarily translate into wider economic participation.

Corruption as a structural outcome

This leads to a deeper issue. As Susan Rose-Ackerman argues, corruption often emerges from competition over limited economic access. When licenses, contracts, or economic gateways are scarce, businesses compete not only in markets, but for influence. In such environments, access becomes more valuable than efficiency, relationships begin to outweigh capability, and economic power concentrates. Corruption, in many cases, becomes a rational response to constrained opportunity. Reducing corruption, therefore, requires more than enforcement. It requires expanding the number of people who can participate in the economy.

The risk of concentration

Economic concentration also introduces systemic risks. The 2008 Global Financial Crisis demonstrated how large institutions can become “too big to fail.” The collapse of Lehman Brothers and the rescue of institutions such as American International Group forced governments to deploy massive public resources to prevent wider collapse. For smaller economies like Nepal, such risks are even more significant. Limited fiscal capacity means that the failure of large economic actors can place disproportionate strain on the entire system. A diversified economy, supported by a broad base of enterprises, is inherently more resilient.

An untapped engine: Women entrepreneurs

One of Nepal’s most significant opportunities lies in expanding the role of women in the economy.

Women contribute an estimated 36 percent of Nepal’s GDP, yet only 22.5 percent of working-age women are formally employed (UN Women Nepal, 2023; World Bank Gender Data, 2024). This gap highlights not a lack of capability, but a lack of access and opportunity.

Women’s economic contributions already span agriculture, small enterprises, services, and emerging sectors. Evidence globally shows that women reinvest a significantly higher proportion of their income into families and communities—up to 90 percent compared to around 40 percent for men (World Bank Gender Report, 2022). Studies such as those by EY (2023) also suggest that women-led enterprises often deliver stronger long-term value and sustainability. Countries such as India have recognized this and introduced targeted credit programs and policy frameworks to support women entrepreneurs.

For Nepal, this is not simply a matter of inclusion. It is one of the most immediate and scalable opportunities for economic expansion.

Rethinking the role of the state

A broader shift is required in how the state approaches the economy. Revenue generation cannot rely solely on taxation. In a developing economy like Nepal, excessive reliance on high and often punitive taxes can suppress consumption, discourage investment, and slow economic momentum. The state must evolve from being primarily a tax collector to becoming a strategic economic participant.

Nepal has significant untapped potential in sectors such as hydropower, infrastructure, tourism corridors, cable transport systems, and mineral extraction. These are commercially viable opportunities that, if structured correctly, can generate sustained national income. A more effective approach lies in well-designed Public Private Partnership models.

Under such a framework, the government initiates projects using concessional or soft loans from development partners including governments and other bilateral agencies, projects are structured with clear revenue streams such as electricity exports, toll collections, user charges, or resource royalties, once operational and de-risked, these assets are partially or fully offloaded in the capital markets

This model allows the government to build infrastructure without immediate fiscal strain, repay debt through project-generated income, and recover capital, often at a premium, through market participation. It also enables reinvestment into new projects, creating a continuous cycle of economic expansion. It is a model already proven globally across toll highways, energy infrastructure, ports, and transit systems.

For Nepal, the implications are significant. Hydropower exports, toll-based expressways, ropeways in difficult terrain, tourism infrastructure, and mineral development can all be structured in this manner. This approach reduces dependence on taxation, broadens the capital market, and allows citizens themselves to participate in national assets through equity ownership.

The direction ahead

Nepal stands at a crossroads. Its young population, expanding connectivity, and integration with global markets offer enormous potential. But prosperity cannot remain concentrated. A resilient future lies in empowering thousands of entrepreneurs - farmers, manufacturers, tourism operators, technology startups, and women leaders across every scale of the economy. When opportunity spreads, prosperity becomes inclusive and durable. And when prosperity is widespread, stability follows.

The foundations of a stable Nepal will not be built solely in parliament. They will be built in the countless enterprises where citizens take risks, create value, and transform ideas into opportunity. When people are able to thrive economically, peace and contentment follow. From that foundation, both economic and political stability naturally emerge.

Nepal’s new generation of lawmakers must now act with clarity. Expanding access to credit, dismantling structural barriers, reducing punitive tax regimes, and building an economy that rewards participation over proximity to power are not optional reforms, they are necessary corrections.

Because in the end, stability will not be delivered through politics alone. It will emerge when citizens believe they have a fair chance to succeed.

And that belief is built not through promises, but through opportunity.

In the wake of Nepal’s youth-led political shift, there is a renewed sense of hope across the country, a belief that things can be done differently, that long-standing systems can be re-examined, and that policy can begin to reflect the realities of the people it serves. For educators, this moment feels deeply personal. Between my parents and myself, we have spent close to six decades in education, shaping classrooms, preparing teachers, and building institutions. From this vantage point, of experience, responsibility, and continued investment in Nepal’s future, I often reflect on a crucial need: that the education policy we shape must be truly inclusive, adaptive, and reflective of the needs of a modern Nepali society.

A modern education policy must recognize that private schools are not merely optional institutions but an essential part of a diverse education ecosystem. Free education, as guaranteed by the Constitution, is vital, but so too is the right of communities to access schools that meet the specific needs of their children. These principles are not mutually exclusive. Private schools fill gaps, whether through higher accountability, specialized programs, or approaches that prioritize skills alongside academics. In a diverse society, no single system can serve every child and family equally; providing choice ensures that students have access to environments where they can meaningfully learn and grow.

The policy must also actively encourage international collaboration. Thousands of Nepali students leave the country each year in search of better educational opportunities. This is not only a reflection of aspiration, but also of gaps within our own system. An education policy that allows schools to engage with global resources, pedagogical practices, and academic collaborations creates the possibility of strengthening learning at home. Affiliations, teacher training, access to international content, and the ability to bring in expertise from outside Nepal are not departures from national identity. Rather, they are ways of ensuring that Nepali students are not learning in isolation and remain connected to the advancements shaping education globally. A more open system allows schools to evolve, innovate, and remain relevant and dynamic in a rapidly changing world.

One of the reflections of how inclusion is understood in policy lies in the way language is treated within the curriculum. Nepal’s classrooms are far more diverse than policy often acknowledges. This diversity is not only diverse in terms of returning students or international learners, but also across communities within Nepal whose mother tongue is not Nepali. When proficiency in Nepali language and literature is assumed, and when subjects like Social Studies are taught exclusively in Nepali, the medium itself can become a barrier to learning.

Creating flexibility within this structure, whether through alternative Nepali language learner tracks in 

place of standard language and literature, or more accessible approaches to teaching Social Studies in the language of comfort, allows students to engage with content more meaningfully. This adjustment would not only support Nepali returnees but also ensure that students from diverse linguistic communities within Nepal are not disadvantaged by a one-size-fits-all requirement. At the same time, it creates space for all learners to connect with Nepali language and culture in ways that are accessible and relevant. Inclusion, in this sense, is not about lowering standards, but about ensuring that language enables learning rather than limits it.

Diversity within the teaching community is equally essential. The ability to bring in educators from different backgrounds, including international faculty, strengthens cross-cultural understanding, enriches pedagogical practice, and exposes students to multiple perspectives. These are not peripheral advantages; they are central to preparing students for a global and interconnected world. Yet, practical barriers such as restrictive hiring processes, visa restrictions, and high costs often make this difficult. Addressing these constraints would allow schools to build more dynamic, globally relevant learning environments, aligned with broader national aspirations of openness, collaboration, and growth.

At the same time, inclusion must extend to students whose needs fall outside conventional systems. 

As I explored in my 2025 op-ed titled ‘The Invisible Student’, every child has the right to education and the ability to move through it with dignity. Flexible pathways, curriculum modifications, accommodations, and alternative forms of certification are not exceptions; they are essential to ensuring that education serves every learner it is meant to reach. Only then can the principles of human dignity and equity, central to any modern education policy, be truly upheld.

If Nepal is to foster collaboration, innovation, and growth, its education system must be open enough to evolve and responsive enough to reflect the realities of its learners. This includes students across geographies, languages, abilities, and aspirations. Schools that are able to respond to this diversity are better positioned to nurture not just academic success, but confidence, adaptability, and a sense of belonging.

Such an approach also carries implications beyond the classroom. When students feel that the system reflects their realities and aspirations, the impulse to look outward for opportunity begins to shift. Retention of talent, meaningful engagement with the Nepali diaspora, and the ability to attract learners from beyond our borders all emerge more organically from a system that is innovative, relevant, and inclusive at its core.

The opportunity before this government is significant. An education policy that is open, equitable, and future-ready has the potential to shape not just institutions, but the direction of the country itself. If done well, it can create a system that retains talent, and positions the country as a hub for learning in the region.

The election of March 5 stands as a transformative milestone in Nepal’s democratic evolution, effectively dismantling the long-standing narrative that the Constitution of Nepal 2015 created insurmountable structural barriers to a single-party mandate. For years, the prevailing wisdom among political analysts suggested that the country’s mixed electoral framework, with its heavy emphasis on proportional representation, rendered a decisive majority nearly impossible for any nascent political force. 

However, the Rastriya Swatantra Party (RSP) defied these theoretical constraints by securing an unprecedented number of parliamentary seats and over 5m proportional votes. This massive electoral ‘signature’ served as a powerful public referendum on the leadership of Rabi Lamichhane, functioning as a popular exoneration while he remained in legal custody facing allegations of cooperative finance fraud. This outcome suggests that a significant portion of the electorate viewed these judicial proceedings as politically motivated rather than purely legal, signaling a profound shift in the national psyche toward a collective aspiration for prosperity that transcends traditional partisan arithmetic.

By positioning itself as a disruptor of systemic corruption and administrative lethargy, the RSP has demonstrated that a platform centered on institutional integrity can overcome the perceived limitations of a fragmented multiparty system. Yet, this victory brings with it a complex set of challenges, particularly regarding the intersection of judicial process and political will. 

While the RSP successfully harnessed public frustration to secure power, it must now perform the difficult task of translating populist momentum into stable, rule-of-law-based governance. To satisfy the expectations of a diverse citizenry without further polarizing the nation’s legal and political institutions, the party must convert its immense political capital into a coherent and functional fiscal pathway. The mandate is rooted in a fundamental public trust that the RSP can modernize the economy and restore ethical purity to state institutions; a goal that necessitates a radical departure from a status quo-ist fiscal policy.

A central pillar of this reform agenda involves a comprehensive overhaul of Nepal’s Public Financial Management (PFM) to address deep-seated structural imbalances that have long stunted national economic development and growth. According to data from the Nepal Rastra Bank, the national GDP at current prices has reached Rs 6,107.2bn, but the composition of this figure reveals a concerning reality: the service sector dominates at 62.01 percent, while agriculture and industry contribute a mere 25.16 percent and 12.82 percent, respectively. 

This heavy reliance on services has failed to generate sufficient high-quality employment or significant value-added economic growth, placing immense pressure on the incoming RSP government to pivot toward aggressive industrial expansion. Strengthening the industrial sector is not merely a fiscal preference but a structural necessity for fostering meaningful job creation, setting up an export-oriented economy and achieving long-term, sustainable economic stability.

The existing national revenue architecture, though diverse, remains increasingly strained by its reliance on a complex but inefficient portfolio of instruments, including income taxes, VAT, and specialized levies for health and education. Even as the Inland Revenue Department reports a steady upward trajectory in total revenue from Rs 429.3bn in 2020-21 to Rs 583.82bn in 2024-25, these nominal gains mask significant underlying vulnerabilities. 

Most especially, the Department of Customs highlights a precarious imbalance where import-related revenue reached Rs 478bn in the latest fiscal year, dwarfing export-related revenue of only Rs 277bn. This datapoint underscores a disproportionate and risky dependence on trade-based public revenue, which leaves the national budget highly susceptible to global market fluctuations and external shocks.

Despite rising revenue figures, the Ministry of Finance continues to face formidable challenges in meeting its fiscal targets due to systemic weaknesses within its primary institutions. These institutional bottlenecks include a chronic deficit of skilled human capital, substandard technological infrastructure, and the persistent threat of moral hazard within the PFM administration. Such vulnerabilities ensure that the modernization of PFM entities remains a critical but largely unfulfilled mandate. 

Without addressing these fundamental administrative flaws and diversifying the tax base away from volatile import duties, the government will likely continue to struggle with fiscal shortfalls. Consequently, the RSP must lead a comprehensive PFM reform that simplifies tax structures while broadening the base across all levels of the federal polity, ensuring that the modernization of PFM entities move from a theoretical goal to an operational reality.

Furthermore, a decade into the federal transition, the promise of genuine fiscal federalism remains in a state of perilous limbo. At the subnational government level, revenue mobilization is severely hampered by operational hurdles and an inefficient bureaucracy that prevents provincial and local governments from exercising their constitutional fiscal autonomy. Revitalizing subnational governance is a vital priority and without enhancing the efficacy of the subnational polity, the federal system can neither collect nor strategically mobilize the resources required to address the urgent needs of its citizenry. 

Establishing transparency in budgeting, auditing, and fiscal reporting is essential to fostering public trust and enhancing the scientific application of federal transfers. Additionally, the government must adopt strategic debt management, strictly limiting sovereign borrowing to productive, high-yield investments to close the financing gap for high-priority projects without jeopardizing long-term solvency.

The budget (for the fiscal year 2026-27) of the RSP must also prioritize inclusive microeconomic integration to uplift rural and marginalized communities who have placed their faith in the RSP. The objective is to move beyond mere subsistence, fostering an environment where marginalized populations are integrated into national economic value chains by stimulating local entrepreneurship and increasing productive capacity. This requires a dual-track approach to youth engagement and industrialization that balances short-term job creation with long-term structural transformation. Rather than maintaining a narrow focus on traditional microfinance, which often leads to high-interest debt cycles without capital growth, the budget should emphasize comprehensive rural finance programs designed to facilitate capital formation and technical scaling. 

By providing affordable, long-term credit and strengthening SME financing policies, the RSP can ensure that capital is directed toward productive investments rather than just consumption, making the youth stakeholders in a decentralized, inclusive economy.

To catalyze this broader transformation, the RSP must prioritize a strategic pivot toward energy and infrastructure, investing in new generation projects to lower electricity costs and modernizing the grid to support industrial demand. Rather than exporting raw energy at a discount, the goal must be the cultivation of an energy-intensive domestic economy at every river basin level supported by robust logistics hubs. Parallel to this, the ICT sector offers immense potential for economic diversification. By spearheading a digital economy initiative and providing tax incentives for startups, the state can leverage domestic energy to fuel technology services. A national digital training program for youth, coupled with the full digitization of government business, would absorb the trained labor force and reduce administrative costs, mirroring successful models of youth mobilization seen in advanced economies.

Ultimately, the RSP’s success will be measured by its ability to drive agrarian transformation and industrial revitalization. The budget must emphasize ‘smart farming’, integrated agro-processing, and robust rural infrastructure to minimize post-harvest losses. Simultaneously, the strategic revival of distressed or ‘sick’ industries such as jute, rubber, paper, and textiles; offers a ‘triple benefit’ of employment generation, import substitution, and enhanced national competitiveness. 

By modernizing social services through digital classrooms and Science, Technology, Engineering, and Mathematics (STEM) curricula, the RSP can ensure long-term human development and capability lead to function. Shifting national priorities away from a reliance on remittances and toward high-growth sectors like tourism and sustainable farming will build a truly inclusive macroeconomic framework. These reforms serve as a tangible reward for the mandate granted by the citizenry, translating the political support for leaders like Rabi Lamichhane and Balendra Shah into a resilient, self-sufficient national economy that finally fulfills the public trust.