Agriculture is a fundamental pillar of economic transformation: Finance Minister Mahat

KATHMANDU: Finance Minister Prakash Sharan Mahat has stated that agriculture is a fundamental pillar of economic transformation.

"Prior to the establishment of the federal republic, the debates were centred around politics. However, following the promulgation of the new constitution, the focus shifted to economic matters," said Minister Mahat during a seminar on 'Foundations of Economic Transformation in Nepal: Good Governance, Energy, Agriculture, Tourism, and Labour and Employment' organised by the BP Thoughts Foundation in Kathmandu on Saturday.

Minister reiterated that agriculture is important for economic transformation, adding that Nepal's agricultural sector deserves investment that yields tangible results. He underscored that self-reliant agriculture helps drive the national economy.

Mahat reminded that modern agriculture, with the adoption of technology, leads to increased production. For this to happen, it is imperative to identify crops that are suitable for specific geographical areas.

However, he argued that energy, tourism, and technology are other pillars that ensure economic prosperity.

The finance minister opined that in democratic socialism, private sectors could be promoted as leaders of production, while the government's role will be to monitor whether the distribution is fair. He assured that the government facilitates and strengthens private sectors.

Badri Bastakoti, an expert on the agriculture value chain, emphasized that the availability of irrigation, commercialisation of agriculture, and a guarantee of investment are prerequisites to elevate the status of Nepal's agriculture. "Compared to the past, there has been a change in agriculture, but the change has yet to meet the expected reform. Therefore, the collective efforts of all three tiers of government are necessary to ensure the expected results in the agricultural system," he opined.

Bhanu Bhakta Sigdel, former chair of the Nepal Farmers' Association, suggested adhering to BP's ideology of socialism with agriculture as its foundation. He added that investment in this sector should be increased.

Similarly, Dhananjay Regmi, former executive officer at Nepal Tourism Board (NTB), highlighted the need to strengthen Nepal's diplomatic relations to boost tourism.

The two-day seminar sparked debates on issues including energy and good governance.

By RSS