The Constitution of Nepal 2015 (2072) provides a strong foundation for building a stable and inclusive economic environment.
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Constitutional Arrangement for Economic Environment in Nepal
These constitutional provisions guide the government in creating a balanced economy that promotes both domestic and foreign investments while protecting the interests of citizens and industries.
The following are the constitutional arrangement for economic environment in Nepal:
- Strengthening the National Economy
- Achieving Economic Prosperity
- Promotion of Cooperatives
- Fair Distribution of Resources
- Maintaining Fair Competition
- Expanding and Diversifying the Market
- Protecting Consumer Rights
- Emphasizing Domestic Investment
- Promoting the Service Sector Industry
- Encouraging Foreign Investment
1. Strengthening the National Economy
All the three level of government play significant role to strength national economy through participation of public, private and cooperative sectors. They have to play important role for development of good environment for promotion of business activities of all these sectors. They have to play the role for formulation of coordinated plan, policies and programs for encouraging investment of public and private sectors to promote economic activities in the country.
2. Achieving Economic Prosperity
Economic prosperity is one of the core objectives of the state. All the three level of government should play important role for achieving economic prosperity of the country through proper use of national resources. Local government should take initiation for development of economic activities focusing on local resources. Similarly, provincial and federal government need to support for proper use of available resources through formulation of rules and regulations.
3. Promotion of Cooperatives
The cooperative sector is recognized as a vital pillar of the national economy, alongside the public and private sectors. All the three level government must promote cooperative organizations to empower local communities, encourage collective investment, and support small-scale enterprises, ensuring inclusive and participatory development.
4. Fair Distribution of Resources
To maintain social justice and economic equality, the Constitution mandates the fair and equitable distribution of national resources. This includes ensuring that all provinces and regions benefit from development projects and that no group or area remains economically marginalized.
5. Maintaining Fair Competition
The Constitution encourages free and fair market competition to increase efficiency and innovation. It opposes monopolies, unfair trade practices, and corruption, ensuring that all businesses large or small can operate on equal grounds.
6. Expanding and Diversifying the Market
The government is constitutionally directed to diversify trade and expand access to both domestic and international markets. This involves promoting exports, improving trade infrastructure, and enhancing the competitiveness of Nepali products in global markets.
7. Protecting Consumer Rights
Consumer protection is an integral part of Nepal’s economic framework. All levels of government must ensures that consumers have the right to quality goods, fair prices, accurate information, and protection against exploitation and unsafe products through the implementation of rules, regulation and system for protecting consumer rights.
8. Emphasizing Domestic Investment
To achieve self-sustained growth, the Constitution prioritizes domestic investment in productive sectors such as agriculture, industry, and tourism. It encourages local entrepreneurs, startups, and small businesses through favorable policies, infrastructure, and access to finance.
9. Promoting the Service Sector and Industry
At present service sector industries have been playing significant role for development of national economy. The common service sector industries are banking, hotels, electricity, education, health and others. All levels of government should formulate rules, regulations and procedures for promotion of domestic investment in service sector industries.
10. Encouraging Foreign Investment
All levels of government need to play important role for encouraging foreign investment for infrastructure development of the country. Foreign investment in infrastructure development, hydro-electricity projects and large-scale industries is essential for rapid economic development. For this purpose, It is essential to formulate rules, regulations and procedures based on convenience and requirement of the foreign investors.
Conclusion
The constitutional provisions for Nepal’s economic environment aim to create a balanced, inclusive, and dynamic economy. By strengthening the national economy, ensuring fairness, promoting cooperatives, and encouraging both domestic and foreign investments, Nepal strives to achieve sustainable prosperity and equitable growth for all citizens.