Monday, January 3, 2022
The New Year 2022 has just begun, and Nepal should make a resolution to give a boost to tomorrow's young homegrown entrepreneurs. Approximately 10,689,842 people in Nepal are under the age of 30, according to the 2021 Census (40.3 per cent). Nepal is poised to flourish because it is young, active and eager to engage in the global economy. It is also a democracy.
There are several investment options available here. A critical role in the country's long-term economic growth is played by entrepreneurship. As suggested, Nepal's future cannot be predicated only by international assistance and remittances. If we want to continue ahead on the course of sustainable economic development, we must create an atmosphere conducive to new entrepreneurship and innovation.
Entrepreneurship is vital because it produces jobs, while it also has a significant influence on the lives of young people in general.
Nepal's young and enthusiastic populace is leaving the country daily to pursue new opportunities. If all of Nepal's residents are involved in entrepreneurship, the country's need of foreign aid would reduce significantly.
According to the most recent World Bank ranking, Nepal ranks 110th out of 190 nations regarding the ease of doing business. Legal assistance, a suitable atmosphere, a large young population, and an abundance of resources are some of Nepal's benefits for boosting entrepreneurship.
In terms of commercialising the agriculture sector, Nepal offers tremendous potential. Because of increased government assistance for the farming sector, businesses will reap tremendous benefits. In addition, tourism shows great potential although it has been hit hard by the coronavirus pandemic.
Nepal's geographical conditions are conducive to developing the tourist industry.
In Nepal, the information technology industry is seeing significant growth.
Information technology offers substantial potential for generating growth, investment and considerable profits in the entrepreneurship industry. Nepal is a newcomer to information technology entrepreneurship, but it has a more promising future in terms of employment opportunities.
It has lower running costs, is more accessible, and has a limited influence on occurrences like the COVID-19 pandemic.
There are several issues facing society that need new and inventive solutions (fintech, agri-tech, ed-tech, biotech, reg-tech, climate-tech). Because most young people are focussed on studying or working overseas, individuals who opt to remain in the country and develop their entrepreneurial skills have fewer competitors.
Beyond these business prospects in Nepal, we still have many challenges to solve, opening even more doors for entrepreneurs to pursue their dreams. Even though Nepal faces several obstacles, I believe that this should not discourage the spirit of entrepreneurship.
We do this because embracing challenges and taking risks are fundamental to the very essence of the entrepreneurial spirit itself.
Entrepreneurs must have a vision that others do not currently recognise.
People may feel that their ideas are hypotheses and impose a high level of uncertainty, but that is what entrepreneurship is all about: putting everything on the line for a view you believe in. As a result, we will see several prospects for entrepreneurial growth in Nepal if we look at it carefully. There is a crisis – a shortage of electricity, water, fuel, communication and inflation. But remember that a crisis may be a window of opportunity for an entrepreneur. Many company concepts may be established here with first-mover advantages since we are still a developing nation and technology is still in its infancy. Because of the high unemployment rate, you may put together a group of determined adolescents anxious to keep their jobs. Even though the world has progressed, many challenges still need new and imaginative answers.
Because there are fewer development activities in the nation, people with money have fewer sectors to invest in. Consequently, several investors are eager to support if an entrepreneur can provide a compelling concept and a viable business plan.
There are various reasons why entrepreneurship is vital, ranging from advocating social change to pushing innovation. Most people consider entrepreneurs to be national assets, who should be developed, driven and rewarded to the maximum degree feasible.
However, this is not always true. It is indeed true that some of the most industrialised countries are global leaders thanks to their citizens' innovative and entrepreneurial spirit.
Exceptional entrepreneurs can transform how we live and work on a local and national scale. If they are successful, their ideas may raise living standards.
In addition to generating income via entrepreneurial endeavours, they may also provide employment and contribute to the economy's growth.
Entrepreneurs also contribute to the advancement of change via innovation, in which new and better goods allow the development of new markets. However, excessive entrepreneurship (i.e., a high level of self-employment) may harm economic growth.
Entrepreneurial endeavours contribute to the creation of new wealth. Existing enterprises may find themselves restricted to their current markets and at a point of diminishing returns.
Entrepreneurs' introduction of new and better goods, services or technology allows for the development of new markets and new riches. Increasing employment and income growth lead to higher national income via increased tax revenues and government expenditure. The government may use this cash to invest in poorly run industries and human capital.
Finally, if it results in the layoff of a few current players, the government may mitigate the impact by allocating excess resources to retrain employees.
This is an excerpt from the upcoming book, "Why Nepal Fails" by the writer
Published: The Himalayan Times.
Nepal's leading daily newspaper
Sunday, December 5, 2021
Kris and Kiyana had begun to plan their wedding in Nepal before the pandemic started. They had already planned everything, and almost all of the preparations were done, so retracting their decision seemed impossible at that point—they simply went along with it. They wanted a traditional wedding, so not only did it take time to plan everything out, it was also meant to be something huge. Kris was dressed up very traditionally, which seemed unconventional for a groom. Kiyana, on the other hand, had spent a lot of time with her mother in choosing the right dress. While sending out invitations, they didn’t bother themselves with the number of people that would attend, nor was the seating arrangements a matter of concern. After all, it was their wedding, which had to be replete with as big a celebration as possible. They had been asked if they wanted to have their wedding in another venue, but both insisted on getting married in Ratnanagar, Chitwan.
Published: The Kathmandu Post
Friday, November 12, 2021
KATHMANDU, NOVEMBER 08
Climate change has now turned into a climate crisis for countries like Nepal. The global climate model shows climate change impacts may be severe at high elevation and in a complex topography like Nepal.
The current climate modelling scenario in Nepal has described two types of disasters due to increased temperature.
They are rapid disasters, such as floods and landslides, and slow-onset disasters, such as drought, forest fires, snow melts and sedimentation.
The Intergovernmental Panel on Climate Change (IPCC) report has said that Nepal will suffer the adverse impact of climate change, although its contribution to greenhouse gas emission is small. Temperature increase is resulting in faster glacier melt, leading to flash floods. Water-related hazards, especially during the monsoon due to melting of ice in the mountain and plentiful rainfall in the foothills, are quite common now.
Additionally, landslides in the mid-hills occur regularly due to extreme rainfall during the monsoon. Consequently, people suffer from food insecurity since agricultural activities are disrupted, and there is forest and biodiversity loss as well as water scarcity.
Migration from the rural to urban areas due to the climate crisis is increasing in Nepal.
Drinking water, hygiene and proper sanitation system are being disrupted due to climate crisis.
Scientific research may help reduce the climate crisis through adaptation. According to Intended Nationally Determined Contribution (INDC), Nepal plans to combat greenhouse gas emissions by setting 14 goals in collaboration with the UN programme on Reducing Emissions from Deforestation and Forest Degradation.
Maintaining risk reduction strategies like emergency awareness programmes and shifting traditional agricultural practices for food security by using natural barriers are ways to combat the adverse effect of climate change.
Nepal's aquaponics practices may be an innovative technology that can help grow more vegetables per unit area and improve fish farming to meet the extra food demand.
Use of electrical appliances in our homes and everyday life with the clean energy produced in the country can help cut down on greenhouse gas emission.
Active participation from all sectors, such as the public and government, is required to reduce the adverse effects of climate change. As they say in the west, "prevention is better than cure". Therefore, we all need to start preparing for the impending climate crisis in our country, which will be the norm if no action is taken.
A version of this article appears in the print on November 09, 2021, of The Himalayan Times.
Published: The Himalayan Times
Nepal's leading daily newspaper
Sunday, October 21, 2018
― Charles Bukowski
Wednesday, November 8, 2017
Bill hacked into the computer world with the invention of Microsoft and BASIC (Beginners All Purpose Symbolic Instruction Code) which was the first operating system that ever got into mainstream personal computers.
Today the technology has a widespread impact not just in personal computer space but many other domains such as financial technologies also shortly called as fin-tech, education technologies also called ed-tech and biotechnologies, i.e. biotech.
In fin-tech space, the recent advances in Bitcoin have made a lot of countries and financial institutions nervous and worried. In short, Bitcoin is the currency of the Internet where the transaction between A to B happens on a distributed network where there is no central authority or entity.
Bitcoin was first invented a decade ago by a guy named Satoshi Nakamoto, a pseudonym that is anonymous till date. Back in those days if you would have bought Bitcoin at today’s market value that would have given you 5000% return. You would have become rich beyond your imagination.
Recently a friend of mine who is an avid Nepalese reader of news shared a news that Bitcoin exchange is illegal in Nepal. I smiled when I heard the news since Nepal falls in the basket of “poor world” according to Gates and it shows how uneducated the regulators and policymakers in our country are, especially in case of how the technology is shaping our modern world, and it shows our reluctance and conservatism towards change.
Many countries in Europe, America and Africa have started trading Bitcoin. It is a new form of cash, but only digital, so there is no governing body like we are used to with most financial institutions. Since Bitcoin and digital currency is legal in India, Pakistan and China, I don’t see why it should be illegal here. It should by no means become unlawful since the transaction happens from party A to party B and the other parties who run the network get some share of money for making that trade happen.
I would suggest that Government officials should start making a plan and laws to make this digital currency legal in Nepal as soon as possible.
Published: The Himalayan Times
A version of this article appears in print on November 08, 2017 of The Himalayan Times.