Nepal’s Time Has Come for an Economic Boom: Finance Minister Dr. Swarnim Wagle

April 20, Kathmandu – Finance Minister Dr. Swarnim Wagle has compared Nepal’s current economic situation to that of India a decade ago, stating that now is the time for Nepal to achieve an economic upturn. Speaking at an event organized by Barakhari Media, Minister Wagle noted that India’s per capita income was $1,500 in 2014, a level Nepal has now reached, marking what he described as Nepal’s “economic starting point.”

Claiming that the current government, led by the Rastriya Swatantra Party (Raswapa), will complete its full five-year term, he emphasized that this administration will provide policy stability and certainty for investors. “Previously, policy capture and unhealthy relationships with corrupt politicians clouded the business environment. That will now come to an end,” he said. “We will be ruthless and strict in enforcing laws, but honest entrepreneurs need not be afraid.”

Discussing the upcoming budget, Minister Wagle revealed it will be business-friendly, with a strong focus on investment protection, asset security, and contract enforcement. He affirmed the government’s commitment to boosting morale within the private sector and providing full protection to honest businessmen. “We want the private sector to grow its business based on integrity and contribute significantly to the nation’s economy,” he stated.

He also outlined ambitious targets for the next seven years, aiming to raise the per capita income to $3,000 and expand the economy to approximately $100 billion. He expressed confidence that Nepal can follow India’s footsteps in achieving 9 to 10 percent economic growth, as India has experienced over the past 10–12 years. According to Minister Wagle, Nepal’s tourism, hydropower, and high-value agricultural products have strong potential to compete in the global market.

Highlighting Nepal’s geographic challenges as a landlocked country, he argued that digitalization will be the key tool to overcome such complexities. In a significant move to prioritize information technology, the IT department has been placed under the Prime Minister’s Office, which he believes will revolutionize service delivery. “We were waiting for the 2027 election cycle, but the ‘Gen Z’ movement entrusted us with responsibility ahead of schedule. Now, we will move forward with a clear roadmap for good governance and economic growth,” he affirmed.

Finally, Finance Minister Dr. Swarnim Wagle reiterated that his top priorities include repealing outdated laws and eliminating administrative hurdles.