g]kfn /fi6« a}+s

;dfrf/

^( cf}“ jflif{sf]T;j ljz]iff°

!$ j}zfv, @)*!
 ;DkfbsLo
k|sfzs g]kfn /fi6« a}+s :yfkgfsf] ^* jif{ k"/f u/L ^( cf}F jif{df k|j]z u/]sf] 5 .
g]kfn /fi6« a}+s a}+ssf] jflif{sf]T;j tyf gofF jif{ @)*! ;d]tsf] z'e cj;/df ;Dk"0f{ dxfg'efjx¿df
ueg{/sf] sfof{no ;'v, zflGt tyf ;d[l4sf] nflu xflb{s z'esfdgf JoQm ub{5f}F .
;g\ @)@$ df ljZjsf] ;du| cfly{s cj:yf cl3Nnf] jif{s} xf/fx/Ldf
/xg] cGt/f{li6«o d'b|f sf]ifn] hgfPsf] 5 . sf]ifn] ;g\ @)@$ df ljZj cy{tGq
k|wfg ;Dkfbs #=@ k|ltztn] j[l4 x'g] k|If]k0f u/]sf] 5 . h;dWo] ljsl;t b]zx¿sf] cy{tGq !=&
k|ltztn] / pbLodfg tyf ljsf;f]Gd'v b]zx¿sf] cy{tGq $=@ j[l4 x'g] k|If]k0f 5 .
8f= l8NnL/fd kf]v|]n ;g\ @)@$ df Eff/tsf] cy{tGq ^=* k|ltztn], rLgsf] $=^ k|ltztn] / g]kfnsf]
cy{tGq #=! k|ltztn] j[l4 x'g] sf]ifn] hgfPsf] 5 . cfly{s jif{ @)*)÷*! sf]
bf];|f] qodf;df g]kfnsf] cfly{s j[l4b/ $=) k|ltzt /xg] /fli6«o tYofÍ sfof{nosf]
;Dkfbs k|f/lDes cg'dfg 5 .
8f= efujt cfrfo{ cfly{s jif{ @)*)÷*! sf] cf7 dlxgfdf j:t' lgof{tsf] j[l4b/ C0ffTds
/x] klg afXo If]qsf cGo k|d'v kl/;"rsx? ;'b[9 /x]sf 5g\ . ljk|]if0f cfk|jfx,
ko{6gnufot cGo ;]jf cfo j[l4sf sf/0f ;dLIff cjlwdf rfn' vftf ?=!^^ ca{
;x–;Dkfbs *& s/f]8 / ;du| zf]wgfGt/ l:ylt ?=#@& ca{ %% s/f]8n] artdf /x]sf 5g\ .
;ljg cf]nL kmn:j¿k, @)*) kmfu'g d;fGtdf s'n ljb]zL ljlgdo ;l~rlt ?=!,*&@ ca{ *@
s/f]8 k'u]sf] 5, h'g !@=$ dlxgfsf] j:t' tyf ;]jf cfoft wfGg k'Ug] b]lvG5 .
cfly{s jif{ @)*)÷*! df cf};t pkef]Qmf d'b|f:kmLltnfO{ ^=% k|ltztsf]
;Ldfleq sfod /fVg] nIo /x]sf]df cf7 dlxgf;Ddsf] cf};t d'b|f:kmLlt ^=)* k|ltzt
;Dkfbg ;xof]uL
/x]sf] 5 . jflif{s ljGb'ut cfwf/df @)*) kmfu'gdf pkef]Qmf d'b|f:kmLlt $=*@
Nffns'df/ ;'j]bL k|ltzt /x]sf] 5 . cl3Nnf] jif{sf] ;f]xL dlxgfdf o:tf] d'b|f:kmLlt &=$$ k|ltzt /x]sf]
jGbgf bfxfn lyof] . ;dli6ut cfly{s ultljlwdf cfPsf] lzlyntf Pjd\ ljutsf] shf{ c;'nLdf
gljgf tfd|fsf/ k/]sf] bafasf sf/0f kl5Nnf] ;dodf a}+lsª If]qsf] lgliqmo shf{ cg'kft s]xL a9]sf]
5 . shf{ k|jfxsf] t'ngfdf lgIf]ksf] j[l4b/ pRr /x]sfn] a}+lsª If]qdf t/ntf a9\g
uO{ Aofhb/ 36\b} uPsf] 5 . o;k|sf/ sd Aofhb/df nufgLof]Uo ;fwgsf] ;xh
cfj/0f pknAwtfnfO{ cj;/sf] ¿kdf pkof]u u/L k|fyldstfk|fKt If]qdf nufgL a9fpg'kg]{
;'Gb/ >]i7 cfjZostf b]lvPsf] 5 . d'n'ssf] ;dli6ut cfly{s tyf ljQLo :yfloTj Pjd
;'b[9Ls/0fsf nflu cfjZos gLltut Joj:yf cjnDag;Fu} a}+lsª If]qsf] k|efjsf/L
-cfOl8on l8hfOg;{, lgodg / ;'kl/j]IfsLo e"ldsfsf] lglDt g]kfn /fi6« a}+s ;b}j k|lta4 5 .
afuahf/_
a}+ssf] jflif{sf]T;jsf cj;/df …g]kfn /fi6« a}+s ;dfrf/Ú sf] jflif{sf]T;j
ljz]iffÍ k|sfzg ug]{ ljutb]lvs} k/Dk/fnfO{ o; jif{ klg lg/Gt/tf lbOPsf] 5 .
k|:t't ljz]iffÍdf ;bfe}Fm a}+ssf] jflif{sf]T;jsf cj;/df ueg{/Ho"n] lbg'ePsf] jStJosf]
n]–cfp6 k"0f{ kf7;Fu} g]kfnsf] cfly{s, df}lb|s, ljQLo, a}+lsª, jfl0fHo, Joj:yfkgnufot
;+hLj bfxfn ljljw ljifodf n]lvPsf $^ j6f n]vx¿ ;d]l6Psf 5g\ . d'n'ssf] ;du|
;+hf]u ;fksf]6f cfly{s Pjd\ ljQLo If]q;Fu ;DalGwt ljljw ljifodf rf;f] /fVg] ;a}sf lglDt
of] k|sfzg pkof]uL x'g] ljZjf; xfdLn] lnPsf 5f}F . o; ljz]iffÍdf k|sflzt
n]vdf JoQm ePsf ljrf/nfO{ n]vssf] lghL wf/0ffsf] ¿kdf lnOlbg'x'g cg'/f]w 5 .
d'b|0f k|:t't ljz]iffÍdf cfˆgf cd"No n]v pknAw u/fO{ ;xof]u ul/lbg'x'g] k|a'4
g]kfn /fi6« a}+s k|]; n]vsju{, ;Dkfbg, cfj/0f l8hfOg, n]–cfp6 / k|];;DaGwL sfo{df ;xof]u
k'¥ofpg'x'g] ;Dk"0f{ dxfg'efjk|lt s[t1tf k|s6 ub}{ eljiodf klg oxfFx¿af6 o:t}
afn'jf6f/, sf7df8f}+
;xof]usf ck]Iff /fv]sf 5f}F . 
 ljifo;"rL

a}+ssf] ^( cf}F jflif{sf]T;jsf] pknIodf ueg{/ >L dxf k|;fb clwsf/Ln]

k|:t't ug'{ePsf] jStJosf] k"0f{ ljj/0f . I–XXIII

g]kfnL v08
 ljZjsf ljQLo ;Í6 / g]kfndf ljQLo :yfloTjsf] ;jfn !
8f= k|sfzs'df/ >]i7
 afXo Jofkf/;Fu ;DalGwt d'Vo kl/;"rssf] cj:yf / s]xL ;jfnx¿ !)
/fd' kf}8]n
 cfly{s ljsf; / ljb]zL ljlgdo ;l~rltsf] ;DaGw !&
/fd]Zj/L kGt
 ;fj{hlgs C0f kl/rfng M cj:yf, r'gf}tL / ;dfwfgsf pkfo @@
b'u]{zuf]kfn >]i7
 g]kfndf …lko/ 6' lko/ n]lG8ªÚ tyf …qmfp8 kmlG8ªÚM ;Defjgf / r'gf}tLx¿ @(
k|Nxfb lu/L
 g]kfnsf] j}b]lzs Jofkf/sf] k|j[lQ / ;'wf/sf pkfo #%
gGbs'df/ 9sfn
 ;'zf;g k|j4{gdf ;+:sf/sf] e"ldsf $@
8f= efujt cfrfo{
 g]kfnsf] ;Gbe{df df}lb|s gLltsf] bfo/f, ck]Iff / jf:tljstf $&
k|]dk|;fb cfrfo{
 ;'zf;gsf] a}+lsª ;Gbe{ %^
k'is//fh e§/fO{
 jt{dfgsf] ;s;M lgof{t k|j4{g jf ahf/ l;h{gf ug{] gjk|jt{g ^@
6Lsf/fd ltldlN;gf
 ;§]afhL pT;fx / lg/fzf M Ps ;fdflhs dxfdf/L ^(
d'/fxl/ k/fh'nL
 a}+lsª If]qdf a9\bf] tgfjsf sf/0f / Joj:yfkgsf pkfo &$
ljzfn ltdlN;gf
 ;+:yfut ;fdflhs pQ/bfloTjsf] cjwf/0ff / a}+lsª If]qdf o;sf] cEof; *)
nfns'df/ ;'j]bL
 j}b]lzs Jofkf/ / g]kfnsf] ;Gbe{ *&
cd/ vqL
 cª\u|]hL v08
 Nepal in the Changing World Order 95
Dr. Gunakar Bhatta
 Measuring the Potential Impact of LDC Graduation and Crafting
Effective Strategies for Smooth Transition 100
Toya Gyawali, PhD
 CBDC: The Future Course 108
Bhuban Kadel
 Risk Management Practices in Nepal Rastra Bank 113
Khageshor Bhandari
 Nexus between Financial Inclusion, Financial Inequality,
Economic Growth and Income Inequality 119
Siddha Raj Bhatta
 External Sector Assessment 129
Mila D. Barahi
 Poverty: A Non Traditional Threat of National Security 136
Bishnu Kumar Bishwokarma
 Reflecting on the Last Decade: How We Fared and Where We Failed 142
Sachin Raj Piya
 Re-examining Some Concepts and Ideas in Economics 151
Sarthak Karki
 Track Change of Financial Literacy 156
Ramesh Chaulagain, PhD
 Quality Management and Organizational Performance of Banking
Industry in Nepal 161
Jugal Kishor Kushwaha
 Stylized Overview of Digital Finance, Financial Literacy,
and Financial Inclusion in Nepal 168
Dhananjay Parajuli
 Employee Grievances and Handling Mechanism 174
Dhurba Karki
 Factors affecting Non-Performing Loan 182
Prabin Pudasaini
 Dimensions of Central Bank Governance: Independence,
Transparency and Accountability 187
Sirjana Chhetri
 Unraveling the Enigma of Seigniorage: A Brief Analysis of its
Macroeconomic Dynamics and Implications 195
Aditya Pokhrel
 Trade Theories and Nepal’s Foreign Trade 203
Sunita Poudel
 No More Abuse of Financial Consumers:
Why should NRB Strive for Twin Peak Regulation Model? 211
Pradip Kumar Kafle
 Fiscal Policy of Nepal 225
Ritu Gupta
 Fiscal Federalism in Nepal: Trends and Pathways for the Future 233
Ashmita Dahal
 Is Nepal Turning a Fertile Ground for Money Laundering? 241
Sapana Khatri
 Navigating a Crisis: How Nepal Can Adapt Lessons from Japan’s
COVID-19 Response 252
Suprima Poudel
 Post Federal Budgetary Practice in Nepal 259
Ravi Dhungel
 Corporate Governance in Nepalese State-Owned Enterprises (SOEs) 264
Ran Bahadur Bomrel
 A Text Mining Analysis of Monetary Policy Communications in Nepal 272
Utsav Raj Pant
 Risk Based Approach to Combat ML/TF in Nepalese Banking Sector 280
Dana Raj Panta
 Navigating Behavioral Banking: Strategies for Success 284
Arpan Paudel
 Consumer Data Protection in Banks and Financial Institutions 290
Dwaipayan Regmi
 Quality of working life (QWL) 294
Kanchan Joshi
 Interrelationship Between Monetary Policy and Fiscal Policy 302
Sarita Adhikari
 Role of Insurance Sector in Economic Development of a Nation 307
Prajwal Bikram Thapa
 Cloud Computing in Banking Sector 312
Shashank Ghimire
g]kfn /fi6« a}+s ;dfrf/

ljQLo If]q;lxt ;dli6ut

cfly{s :yfloTj g]kfn /fi6«
a}+ssf] k|fyldstf*
 ueg{/ >L dxf k|;fb clwsf/L

1. @)*! ;fn j}zfv !$ ut] g]kfn /fi6« e'QmfgL k|0ffnLsf] ;'b[9Ls/0f / ljQLo
a}+s :yfkgfsf] ^* jif{ k"/f u/L ^( cf}F :yfloTj sfod ug{ a}+s ;kmn /Xof] . a}+ssf]
jif{df k|j]z u/]sf] 5 . :yfkgfkl5 ljQLo sfo{;DkfbgnfO{ r':t, Jojl:yt, lgod;Ët
If]qsf] ljsf; / cfly{s :yfloTjsf ;fy} / cBfjlws agfpg ljleGg ljlgodfjnL /
b]zsf] ;du| cfly{s ljsf;df o; a}+sn] sfo{ljlw th{'df Pjd\ kl/dfh{gsf sfd klg
cu|0fL e"ldsf v]Nb} cfPsf] 5 . o; lg/Gt/ ¿kdf ul/P . a}+ssf] jflif{sf]T;jsf]
38Ldf a}+ssf k"j{ ueg{/Ho"x¿nufot cj;/df b]zsf] jt{dfg ;dli6ut cfly{s
;Dk"0f{ cu|hx¿nfO{ :d/0f ub}{ ;Ddfg tyf ljQLo l:ylt / rfn' cfly{s jif{sf]
JoQm ub{5' . jflif{sf]T;jsf] o; cj;/df kmfu'g dlxgf;Dddf o; a}+sn] cjnDag
a}+ssf p2]Zo k|flKtsf nflu cf–cfˆgf] tkm{af6 u/]sf dxTjk"0f{ gLltut Joj:yf / ;Dkfbg
dxTjk"0f{ e"ldsf lgjf{x ul//xg'ePsf a}+ssf u/]sf sfo{x¿ k|:t't ug{ rfxG5' .
;~rfns ;ldltsf kbflwsf/L / ;Dk"0f{
sd{rf/LnfO{ xflb{s wGojfb 1fkg ub{5' . ldl>t cj:yfdf cy{tGq
;fy}, a}+ssf] sfo{;Dkfbgdf dxŒjk"0f{ ;xof]u 3. cl3Nnf] cfly{s jif{ h:t} rfn' cfly{s jif{df
k'¥ofpg] g]kfn ;/sf/, cy{ dGqfnonufot klg ljk|]if0f cfk|jfx pRr /x]sf] 5 . vf;u/L
cGo lgsfo, a}+s tyf ljQLo ;+:yf, cGt/f{li6«o ljk]|if0f cfk|jfx pNn]Vo a9]sf] tyf cfoft
ljQLo ;+:yf, ;~rf/dfWod tyf ;/f]sf/ 36]sf]n] rfn' vftf Pjd\ zf]wgfGt/ art
jfnf z'e]R5'sx¿k|lt xflb{s cfef/ JoQm sfod eO{ t/ntf Joj:yfkg ug{ / Aofhb/df
ub{5' . k/]sf] rfk sd ug{ ;xof]u k'u]sf] 5 .
2. @)*) ;fn ;dli6ut cfly{s l:yltsf] pknAw t/ntf / shf{sf] 36\bf] Aofhb/sf
b[li6sf]0fn] ldl>t /xg uof] . ;du| sf/0f cfly{s ultljlw a9fpg cfwf/ l;h{gf
dfudf sdL cfPsf sf/0f shf{ k|jfxsf] ePsf] 5 .
j[l4b/df ;':ttf / cfly{s ultljlwdf 4. yf]s d"No / tna tyf Hofnfb/
lzlyntfsf] cj:yf /x] tfklg of] jif{ afXo ;"rsfÍsf] j[l4b/ Go"g /x];Fu} g]kfnn]
If]qdf ;'wf/ eO{ ljb]zL ljlgdo ;l~rlt b'O{ ltxfOeGbf a9L cfoft ug]{ d'n's
;xh /fVg, d'b|f:kmLltnfO{ lgoGq0fdf /fVg, ef/tdf ;d]t d'›f:kmLlt 36\b} uPsf sf/0f
* g]kfn /fi6« a}+ssf] ^( cf}F jflif{sf]T;jsf] pknIodf ueg{/ >L dxf k|;fb clwsf/Ln] k|:t't ug'{'ePsf] jStJosf] k"0f{ ljj/0f .
I
 g]kfn /fi6« a}+s ;dfrf/
d"No l:yltdf k/]sf] rfk qmdzM sd x'Fb} a}+s tyf ljQLo ;+:yfsf] ljQLo l:ylt ;'b[9
uPsf] 5 . rfn' cfly{s jif{sf] pkef]Qmf cj:yfd} /x]sf] 5 .
d"No ;"rsfÍdf cfwfl/t d"Noj[l4 b/ nlIft sfg'gL tyf sfo{ljlw th'{df / ;'wf/
;Ldfleq} /xg] b]lvPsf] 5 . tyflk, ?;–o'qm]g 7. a}+s tyf ljQLo ;+:yf;DaGwL P]g, @)&#
/ dWok"j{sf d'n'sdf hf/L åGå / s]xL / g]kfn /fi6« a}+s P]g, @)%* sf] ;+zf]wg
d'n'sn] vfBfGg lgof{tdf nufPsf] k|ltaGwsf d:of}bf tof/ u/L ;+zf]wg k|lqmof cufl8
sf/0f d'VotM OGwg / vfBj:t'sf] d"Nodf a9fOPsf] 5 . a}+lsª s;'/ tyf ;hfo P]g,
pQf/r9fj cfpg;Sg] hf]lvd eg] sfod} @)^$ df k'g/fjnf]sg ug{ ;+zf]wg d:of}bf
5 . / ;fdflhs pQ/bfloTj ;DaGwL sfg'gsf]
5. cfly{s jif{ @)*)÷*! df ;dod} /f]kfOF d:of}bf g]kfn ;/sf/;dIf k]; ul/Psf] 5 .
ePsf], df};d cg's"n g} /x]sf]] / dnsf] 8. ljb]zL ljlgdo -lgoldt ug]{_ P]g, @)!(Ù
cfk"lt{ ;xh /x]sf sf/0f s[lif pTkfbgsf] e'QmfgL tyf km5\of}{6 P]g, @)&% / ljlgd]o
j[l4b/ ;Gtf]ifhgs /xg] b]lvG5 . sl/a clwsf/kq P]g, @)#$ df k'g/fjnf]sg
^)) d]ufjf6sf] yk hnljB't\ pTkfbg / u/L ;+zf]wg d:of}bf th'{df sfo{ cufl8
ko{6g If]qdf cfPsf] ;'wf/sf sf/0f rfn' a9fOPsf] 5 . lnh kmfOgfG;, ljQLo
jif{df cfly{s j[l4b/ cf};t :t/df /xg] ;DklQsf] k'g;{+/rgf tyf lwtf]kqLs/0f
b]lvG5 . tyflk, ;/sf/sf] k'FhLut vr{ -;]So"l/6fOh];g_ ;DaGwL sfg'gsf] d:of}bf
ck]lIft ¿kdf x'g g;ls/x]sf] / kl5Nnf th'{dfsf] qmddf /x]sf 5g\ .
jif{ pNn]Vo ;ª\Vofdf j}b]lzs /f]huf/L 9. e'QmfgL ;DaGwL sfo{ ug{ cg'dltkqk|fKt
/ cWoogsf] nflu o'jfx¿ ljb]lzPsfn] ;+:yfx¿sf] dh{/ / k|flKt;DaGwL Joj:yfnfO{
cfGtl/s dfu eg] lzlyn /x]sf] 5 . :ki6 kfb}{ e'QmfgL tyf km5\of}{6 ljlgodfjnL,
vf;u/L lgdf{0f, Jofkf/ / pTkfbgd"ns @)&& ;+zf]wg u/L e'QmfgL tyf km5\of}{6
pBf]ux¿ cfly{s lzlyntfaf6 a9L k|efljt ljlgodfjnL, -klxnf] ;+zf]wg @)*)_, @)&&
ePsf 5g\ . nfu" ePsf] 5 . o;}u/L, e'QmfgL;DaGwL sfo{
ug]{ ;+:yfnfO{ k|bfg ul/g] cg'dlt gLlt,
6. cfly{s ultljlwdf cfPsf] s]xL lzlyntfsf
@)&# nfO{ ;do;fk]If ;+zf]wg u/L e'QmfgL
sf/0f a}+lsª k|0ffnLsf] shf{ c;'nL bafadf ;DaGwL sfo{ ug]{ ;+:yfnfO{ k|bfg ul/g]
/x]sf] x'Fbf lgliqmo shf{ cg'kft s]xL cg'dlt gLlt, @)&( hf/L ul/Psf] 5 .
a9]sf] 5 . @)*) kmfu'gdf a}+s tyf ljQLo
;+:yfsf] cf};t lgliqmo shf{ s'n shf{sf] 10. …g]kfn /fi6« a}+s, ljb]zL nufgL tyf ljb]zL
#=&# k|ltzt k'u]sf] 5 . oBlk, @)*) C0f Joj:yfkg ljlgodfjnL, @)&*
kmfu'g d;fGt;Dd a}+s tyf ljQLo ;+:yfsf]] -t];|f] ;+zf]wg;lxt_Ú hf/L ul/Psf] 5 eg]
…g]kfn /fi6« a}+s ljb]zL ljlgod sf/f]af/
v'b t/n ;DklQ s'n lgIf]ksf] @(=$!
Ohfhtkq tyf lg/LIf0f ljlgodfjnL, @)&&Ú
k|ltzt /x]sf] / s'n k'FhLsf]if hf]lvd efl/t
df ;+zf]wg ul/Psf] 5 .
;DklQsf] !@=$$ k|ltzt /x]sfn] g]kfnsf
II
g]kfn /fi6« a}+s ;dfrf/

;dli6ut cfly{s tyf ljQLo l:ylt eO{ a}+lsª k|0ffnLdf t/ntf a9]sf] / shf{sf]
ljZj cy{tGqsf] cj:yf Aofhb/ 36]sf]n] cfly{s ultljlw rnfodfg
x'gsf nflu cfwf/ l;h{gf ePsf] 5 .
11. cGt/f{li6«o d'b|f sf]ifåf/f clk|n @)@$ df ko{6s cfudg sf]le8k"j{sf] cj:yfdf k'u]sf]
k|sflzt World Economic Outlook cg';f/ tyf ljB't\ / l;d]G6sf] lgof{t a9\b} uPsf]
;g\ @)@$ df ljZj cy{tGqsf] j[l4b/ #=@ ;Gbe{df rfn' cfly{s jif{df cfly{s j[l4b/
k|ltzt x''g] k|If]k0f 5 . ljsl;t b]zx¿sf] cl3Nnf] jif{sf] t'ngfdf ;'wf/ x'g] b]lvG5 .
cy{tGq ;g\ @)@# df !=^ k|ltztn] j[l4
ePsf]df ;g\ @)@$ df !=& k|ltztn] 14. g]kfn ;/sf/, s[lif tyf kz'kG5L ljsf;
j[l4 x'g] k|If]k0f 5 . o;}u/L, @)@# df dGqfnosf cg';f/ cfly{s jif{ @)*)÷*!
$=# k|ltztn] j[l4 ePsf] pbLodfg tyf df wfgafnL nufOPsf] If]qkmn )=^!
ljsf;f]Gd'v b]zx¿sf] cy{tGq ;g\ @)@$ k|ltztn] 36] tfklg wfgafnLsf] pTkfbg
df $=@ k|ltztn] j[l4 x'g] sf]ifsf] k|If]k0f $=## k|ltztn] j[l4 ePsf]] 5 .
5 . ;g\ @)@$ df l5d]sL d'n'sx¿ 15. /fli6«o tYofÍ sfof{nosf cg';f/ rfn' cfly{s
Eff/tsf] cy{tGq ^=* k|ltzt / rLgsf] jif{sf] bf];|f] qodf;sf] cfly{s j[l4b/ $=)
cy{tGq $=^ k|ltztn] j[l4 x'g] sf]ifsf] k|ltzt /x]sf] 5 . o; cjlwdf cf}Bf]lus
k|If]k0f 5 . pTkfbgdf sdL cfPsf] 5 eg] cfjf;
12. ljZjsf] d'b|f:kmLlt ;'wf/f]Gd'v /x]sf] 5 . tyf ef]hg ;]jf, ljB't\ tyf Uof; If]q,
cGt/f{li6«o d'bf sf]ifsf cg';f/ ;g\ @)@# oftfoft tyf e08f/0f If]qsf] pTkfbg
df ljZjsf] d'b|f:kmLlt ^=* k|ltzt /x]sf]df pNn]Vo ¿kdf a9]sf] 5 . ;du|df rfn'
;g\ @)@$ df %=( k|ltzt /xg] k|If]k0f 5 . cfly{s jif{sf] cfly{s j[l4b/ tLgb]lv rf/
ljsl;t cy{tGqsf] cf};t d'b|f:kmLlt $=^ k|ltztsf] xf/fxf/Ldf /xg ;Sg] cGt/f{li6«o
k|ltzt /x]sf]df ;g\ @)@$ df @=^ k|ltzt ;+3 ;+:yfx¿sf] cg'dfg 5 .
/xg] k|If]k0f 5 . o;}u/L, ;g\ @)@# df *=# d"No l:ylt
k|ltzt /x]sf] pbLodfg tyf ljsf;f]Gd'v
16. @)*) kmfu'g dlxgfdf jflif{s ljGb'ut
cy{tGqsf] cf};t d'b|f:kmLlt ;g\ @)@$ df
pkef]Qmf d'b|f:kmLlt $=*@ k|ltzt 5 .
;d]t *=# k|ltzt g} /xg] sf]ifsf] k|If]k0f
cl3Nnf] jif{sf] ;f]xL dlxgfdf o:tf] d'b|f:kmLlt
5 .
&=$$ k|ltzt lyof] . ;dLIff dlxgfdf
cfGtl/s cfly{s tyf ljQLo l:ylt vfB tyf k]o kbfy{ ;d"xsf] d'b|f:kmLlt
jf:tljs If]q %=($ k|ltzt / u}/vfB tyf ;]jf ;d"xsf]
d'b|f:kmLlt #=(% k|ltzt /x]sf] 5 .
13. cfly{s jif{ @)*)÷*! df ;dod} /f]kfOF
ePsf], df};d cg's"n eO{ ;dodf jiff{ 17. cfly{s jif{ @)*)÷*! sf] cf7 dlxgf;Ddsf]
ePsf] / dnsf] cfk"lt{ ;xh g} /x]sf]n] cf};t pkef]Qmf d'b|f:kmLlt ^=)* k|ltzt
s[lif pTkfbg a9\g] cg'dfg 5 . ljk|]if0f 5 . cl3Nnf] cfly{s jif{sf] ;f]xL cjlwdf
cfk|jfxdf ePsf] ;'wf/n] afXo If]q ;'b[9 o:tf] d'b|f:kmLlt &=(# k|ltzt lyof] .
III
 g]kfn /fi6« a}+s ;dfrf/

18. @)*) kmfu'g dlxgfdf jflif{s ljGb'ut 22. cfly{s jif{ @)*)÷*! Dff g]kfn ;/sf/sf]
yf]s d'b|f:kmLlt #=^( k|ltzt 5 . cl3Nnf] ?=@$) ca{ cfGtl/s C0f kl/rfng ug]{
jif{sf] ;f]xL dlxgfdf o:tf] d'b|f:kmLlt &=!) nIo /x]sf]df @)*) r}t d;fGt;Dddf
k|ltzt lyof] . ?=!&^ ca{ kl/rfng ePsf] 5 . cl3Nnf]
jif{sf] ;f]xL cjlwdf ?=!!@ ca{ @) s/f]8
19. @)*) kmfu'g dlxgfdf jflif{s ljGb'ut
cfGtl/s C0f kl/rfng ePsf] lyof] .
tna tyf Hofnfb/ ;"rsfÍ %=%^ k|ltztn]
a9]sf] 5 . cl3Nnf] jif{sf] ;f]xL dlxgfdf j}b]lzs Jofkf/ tyf zf]wgfGt/ l:ylt
o:tf] ;"rsfÍ *=%^ k|ltztn] a9]sf] lyof] . 23. cfly{s jif{ @)*)÷*! sf] cf7 dlxgfdf
;dLIff dlxgfdf tna ;"rsfÍ !=)% k|ltzt s'n j:t' lgof{tdf $=) k|ltztn] sdL cfO{
/ Hofnfb/ ;"rsfÍ ^=(@ k|ltztn] j[l4 ?=!)) ca{ ^@ s/f]8 sfod ePsf] 5 .
ePsf] 5 . cl3Nnf] jif{sf] ;f]xL cjlwdf o:tf] lgof{tdf
@(=! k|ltztn] sdL cfPsf] lyof] . cfly{s
;/sf/L ljQ l:ylt
jif{ @)*)÷*! sf] cf7 dlxgfdf s'n
20. g]kfn ;/sf/, cy{ dGqfno -dxfn]vf
j:t' cfoftdf @=& k|ltztn] sdL cfO{
lgoGqs sfof{no_ sf cg';f/ @)*)
?=!,)#) ca{ @@ s/f]8 k'u]sf] 5 . cl3Nnf]
r}t d;fGt:fDddf rfn' vr{ ?=^$$ ca{ @
jif{sf] ;f]xL cjlwdf o:tf] cfoftdf !(=!
s/f]8, k'FhLut vr{ ?=(& ca{ #* s/f]8
k|ltztn] sdL cfPsf] lyof] .
/ ljQLo Joj:yfcGtu{tsf] vr{ ?=!^& ca{
(( s/f]8 u/L s'n ;/sf/L vr{ ?=()( 24. cfly{s jif{ @)*)÷*! sf] cf7 dlxgfdf
ca{ #( s/f]8 -ljlgof]lht ah]6sf] %!=(# s'n j:t' Jofkf/ 3f6fdf @=% k|ltztn]
k|ltzt_ k'u]sf] 5 . cl3Nnf] jif{sf] ;f]xL sdL cfO{ ?=(@( ca{ ^! s/f]8 sfod
cjlwdf g]kfn ;/sf/sf] rfn' vr{ ?=&)^ ePsf] 5 . cl3Nnf] jif{sf] ;f]xL cjlwdf
ca{ && s/f]8, k'FhLut vr{ ?=!)& ca{ o:tf] 3f6f !&=( k|ltztn] 36]sf] lyof] .
@$ s/f]8 / ljQLo Joj:yfcGtu{tsf] vr{ 25. cfly{s jif{ @)*)÷*! sf] cf7 dlxgfdf
?=!@( ca{ $ s/f]8 u/L s'n ;/sf/L vr{ rfn' vftf ?=!^^ ca{ *& s/f]8n] artdf
?=($# ca{ % s/f]8 -ljlgof]lht ah]6sf] 5 . cl3Nnf] jif{sf] ;f]xL cjlwdf rfn'
%@=%& k|ltzt_ /x]sf] lyof] . vftf ?=%% ca{ @* s/f]8n] 3f6fdf
21. @)*) r}t d;fGt;Dddf g]kfn ;/sf/sf] lyof] . o;}u/L, ;dLIff cjlwdf zf]wgfGt/
s/ /fh:j ?=^&! ca{ !@ s/f]8 / u}/s/ l:ylt ?=#@& ca{ %% s/f]8n] artdf 5 .
/fh:j ?=&^ ca{ (# s/f]8 u/L s'n /fh:j cl3Nnf] jif{sf] ;f]xL cjlwdf zf]wgfGt/
;Íng (=$ k|ltztn] j[l¢ eO{ ?=&$* ca{ l:ylt ?=!$@ ca{n] artdf lyof] .
$ s/f]8 k'u]sf] 5 . cl3Nnf] jif{sf] ;f]xL 26. cfly{s jif{ @)*)÷*! sf] cf7 dlxgfdf
cjlwdf ;/sf/sf] s/ /fh:j ?=^!^ ca{ ljk|]if0f cfk|jfx @!=) k|ltztn] j[l4 eO{
!@ s/f]8 / u}/s/ /fh:j ?=^& ca{ ^( ?=(^! ca{ @@ s/f]8 k'u]sf] 5 . cl3Nnf]
s/f]8 u/L s'n /fh:j ;Íng ?=^*# ca{ jif{sf] ;f]xL cjlwdf ljk|]if0f cfk|jfx @%=#
*! s/f]8 /x]sf] lyof] .
IV
g]kfn /fi6« a}+s ;dfrf/
k|ltztn] a9]sf] lyof] . ;dLIff cjlwdf v'b ub}{ cfPsf] 5 . o; qmddf cfly{s jif{
6«fG;km/ !*=( k|ltztn]] j[l4 eO{ ?=!,)$! @)*)÷*! sf] cf7 dlxgf;Dddf :yfoL
ca{ (^ s/f]8 k'u]sf] 5 . cl3Nnf] jif{sf] t/ntf ;'ljwfdfkm{t ?=! ca{ @) s/f]8 /
;f]xL cjlwdf o:tf] 6«fG;km/ @#=( k|ltztn] cf]e/gfO6 t/ntf ;'ljwfdfkm{t ?=%^! ca{
a9]sf] lyof] . $! s/f]8 u/L s'n ?=%^@ ca{ ^! s/f]8
-sf/f]af/df cfwfl/t_ t/ntf k|jfx ePsf] 5 .
27. @)*) c;f/ d;fGtdf ?=!,%#( ca{ #^
o; cjlwdf lgIf]k ;Íng af]nsaf]ndfkm{t
s/f]8 a/fa/ /x]sf] s'n ljb]zL ljlgdo
?=%(# ca{ % s/f]8 / :yfoL lgIf]k
;l~rlt @!=& k|ltztn] j[l4 eO{ @)*)
;'ljwfdfkm{t ?=%^^ ca{ *) s/f]8 u/L
kmfu'g d;fGtdf ?=!,*&@ ca{ *@ s/f]8
s'n ?=!,!%( ca{ *% s/f]8 -sf/f]af/df
k'u]sf] 5 . a}+lsª If]q;Fu /x]sf] ljb]zL
cfwfl/t_ t/ntf k|zf]rg ul/Psf] 5 .
ljlgdo ;l~rltn] !$=* dlxgfsf] j:t'
cfoft / !@=$ dlxgfsf] j:t' tyf ;]jf 31. ;dLIff cjlwdf ljb]zL ljlgdo ahf/
cfoft wfGg kof{Kt /xg] b]lvG5 . -jfl0fHo a}+sx¿_ af6 cd]l/sL 8n/ # ca{
&$ s/f]8 v'b vl/b u/L ?=$(^ ca{ ^^
df}lb|s l:ylt tyf t/ntf Joj:yfkg
s/f]8 t/ntf k|jfx ePsf]] 5 . o;}u/L,
28. cfly{s jif{ @)*)÷*! sf] cf7 dlxgfdf
cd]l/sL 8n/ @ ca{ $^ s/f]8 laqmL u/L
lj:t[t d'b|fk|bfo &=& k|ltztn] a9]sf] /
?=#@& ca{ $ s/f]8a/fa/sf] ef/tLo ?k}ofF
;l~rt d'b|f !=& k|ltztn] 36]sf] 5 .
vl/b ul/Psf] 5 .
cl3Nnf] jif{sf] ;f]xL cjlwdf lj:t[t d'b|fk|bfo
%=! k|ltztn] a9]sf] lyof] eg] ;l~rt 32. cfly{s jif{ @)*)÷*! sf] df}lb|s gLltdf
d'b|f )=* k|ltztn] a9]sf] lyof] . jflif{s pNn]v ePcg';f/ a}+s tyf ljQLo ;+:yfsf]
ljGb'ut cfwf/df eg] @)*) kmfu'gdf cGt/a}+s sf/f]af/sf] Aofhb/df :yfloTj
lj:t[t d'b|fk|bfo / ;l~rt d'b|f qmdzM sfod ug{ @)*) kmfu'g ! ut]b]lv :yfoL
!$=) k|ltzt / &=^ k|ltztn] a9]sf] 5 . lgIf]k ;'ljwf sfof{Gjogdf NofOPsf] 5 .
29. cfly{s jif{ @)*)÷*! sf] cf7 dlxgfdf 33. ;fj{hlgs C0f Joj:yfkg P]g, @)&(
a}+s tyf ljQLo ;+:yfsf] lgIf]k kl/rfng adf]lhd o; a}+sn] ub}{ cfPsf] cfGtl/s
&=^ k|ltztn] j[l4 eO{ @)*) kmfu'g C0f Joj:yfkg;DaGwL sfo{ @)*) r}tb]lv
d;fGtdf ?=^,!$% ca{ ** s/f]8 k'u]sf] g]kfn ;/sf/, ;fj{hlgs C0f Joj:yfkg
5 eg] lghL If]qtkm{sf] shf{ $=@ k|ltztn] sfof{nodfk{mt x'g yfn]sf] 5 .
a9]/ ?=$,((^ ca{ %# s/f]8 k'u]sf] 5 . Aofhb/
cl3Nnf] cfly{s jif{sf] ;f]xL cjlwdf lgIf]k 34. Rffn' cfly{s jif{df Aofhb/ lg/Gt/ 36\b}
kl/rfng %=% k|ltzt / lghL If]qtkm{sf] uPsf 5g\ . @)&( kmfu'gdf (!–lbg] 6«]h/L
shf{ @=* k|ltztn] a9]sf] lyof] . ljnsf] efl/t cf};t Aofhb/ (=## k|ltzt
30. o; a}+sn] ljleGg df}lb|s pks/0fsf] k|of]u /x]sf]df @)*) kmfu'gdf #=)@ k|ltzt /x]sf]
u/L a}l+ sª k|0ffnLsf] t/ntf Joj:yfkg 5 . o;}u/L, jfl0fHo a}+sx¿aLrsf] cGt/a}+s

V
 g]kfn /fi6« a}+s ;dfrf/

sf/f]af/sf] efl/t cf};t Aofhb/ @)&( a}+s;d]tnfO{ ;d]6L …ljQLo If]q ;j]{If0f
kmfu'gdf &=!* k|ltzt /x]sf] t'ngfdf @)*) (Financial Corporation Survey)Ú k|sfzg
kmfu'gdf @=(@ k|ltzt sfod ePsf] 5 . ug{ ;'? ul/Psf] 5 .
jfl0fHo a}+safx]ssf ljQLo ;+:yfx¿aLrsf]
37. o; a}+sn] pkef]Qmf d"No ;"rsfÍsf] gofF
cGt/a}+s sf/f]af/sf] efl/t cf};t Aofhb/
cfwf/ jif{ @)*)÷*! lgwf{/0f ug]{ sfo{sf
@)&( kmfu'gdf &=@! k|ltzt /x]sf]df
@)*) kmfu'gdf @=(@ k|ltzt sfod ePsf] nflu ahf/ s]G›x¿ 5gf]6 u/L j:t' tyf
5 . a}+s tyf ljQLo ;+:yfsf] efl/t cf};t ;]jfsf] lgoldt d"No ;Íng ug]{ / ef/fÍ
cGt/a}+s b/ @)&( kmfu'gdf &=!* k|ltzt cBfjlws ug]{ sfo{ ul//x]sf] 5 . cfwf/
/x]sf]df @)*) kmfu'gdf @=(@ k|ltzt jif{ cBfjlws ePkZrft\ k|b]zut d"No
/x]sf] 5 . ;"rsfÍ;d]t k|sfzg ug]{ o; a}+ssf]
of]hgf /x]sf] 5 . pQm sfo{sf nflu ;ft
35. rfn' cfly{s jif{df afXo If]qdf cfPsf]
j6} k|b]zsf && lhNnfsf *& j6f ahf/
;'wf/;Fu} a}+lsª k|0ffnLdf t/ntf a9]sf]
s]G› 5gf]6 u/L tL s]G›af6 j:t' tyf
5 . kmn:j¿k, cNksfnLg Pjd\ bL3{sfnLg
;]jfsf] d"No tYofÍ ;Íng sfo{ eO/x]sf]
Aofhb/x¿ 36\b} uPsf 5g\ . @)*)
5 . j:t' tyf ;]jfsf] ef/fÍ /fli6«o tYofÍ
kmfu'gdf jfl0fHo a}+sx¿sf] shf{sf] efl/t
cf};t Aofhb/ !)=&* k|ltzt / lgIf]ksf] sfof{noaf6 ;DkGg g]kfn hLjg:t/ ;j]{If0f
efl/t cf};t Aofhb/ ^=&$ k|ltzt /x]sf] -rf}yf]_ sf] cfwf/df ul/g]5 . cfwf/ jif{
5 . o;}u/L, @)*) kmfu'gdf jfl0fHo cBfjlws ePkZrft\ /fli6«o:t/ / k|b]zut
a}+sx¿sf] cf};t cfwf/ b/ *=&& k|ltzt d"No ;"rsfÍ;d]t k|sfzg ug]{ a}+ssf]
sfod ePsf] 5 . cl3Nnf] jif{sf] kmfu'gdf of]hgf 5 .
jfl0fHo a}+sx¿sf] shf{ / lgIf]ksf] efl/t dh{/ tyf k|flKt / ljQLo kx'Fr clej[l4
cf};t Aofhb/ qmdzM !#=)# k|ltzt / 38. a}+s tyf ljQLo ;+:yfx¿nfO{ Ps cfk;df
*=#& k|ltzt lyof] eg] cf};t cfwf/ b/ ufEg÷ufleg k|f]T;fxg ug]{] o; a}+ssf]
!)=^$ k|ltzt /x]sf] lyof] . gLltut Joj:yfnfO{ rfn' cfly{s jif{df klg
tYofÍ ;'b[9Ls/0f lg/Gt/tf lbOPsf] 5 . ljut Ps jif{sf]
36. o; a}+sn] k|sfzg ub}{ cfPsf] df}lb|s ;j]{If0f cjlwdf dh{/ tyf k|flKt k|lqmofdf ;+nUg
/ cGo df}lb|s tyf ljQLo kl/;"rs;Fu eO{ jfl0fHo a}+ssf] ;ª\Vof @) sfod ePsf]]
;DalGwt tYofÍsf] u'0f:t/ clej[l4 ub}{ 5 . o; a}+sn] a}+s tyf ljQLo ;+:yf
@)*) k';b]lv cfjf;Lo cjwf/0ffdf ufEg]÷ufleg] tyf k|flKt;DaGwL k|lqmof ;'?
cfwfl/t (Residential Basis) agfOPsf] 5 . u/fPkZrft\ @)*) kmfu'g d;fGt;Dd s'n
;fy}, aLdf sDkgLx¿, sd{rf/L ;~ro sf]if, #$& a}+s tyf ljQLo ;+:yf Ps cfk;df
gful/s nufgL sf]if, n3'ljQ ljQLo ;+:yf, ufleP/ !)( j6f ;+:yf sfod ePsf 5g\ .
xfO8«f]On]S6«L;L6L OGe]i6d]G6 P08 8]enkd]G6 tLdWo] !($ ;+:yfsf] Ohfht vf/]h eO{
sDkgL lnld6]8 / g]kfn k"jf{wf/ ljsf; !)( ;+:yf sfod ePsf x'g\ .
VI
g]kfn /fi6« a}+s ;dfrf/
39. ;dLIff cjlwdf ljQLo kx'Fr lj:tf/ eO/x]sf] u/L lgofdsLo lgb]{zg k|bfg ug]{ p2]Zon]
5 . @)*) kmfu'g d;fGt;Dd @) jfl0fHo NFRS 9- Expected Credit Loss Guidelines,
a}+s, !& ljsf; a}+s, !& ljQ sDkgL, 2024 sf] d:of}bf tof/ u/L /fo÷;'emfjsf
%% n3'ljQ ljQLo ;+:yf / ! k"jf{wf/ nflu Consultative Document k|sfzg
ljsf; a}+s u/L a}+s tyf ljQLo ;+:yfsf] ul/Psf] 5 .
s'n ;ª\Vof !!) /x]sf] 5 . @)*) kmfu'g
d;fGt;Dd jfl0fHo a}+ssf %,)$!, ljsf; 43. Green Financing nfO{ k|f]T;fxg ug]{, xl/t
a}+ssf !,!#%, ljQ sDkgLsf @** / a08 lgisf;g ug]{, hnjfo' hf]lvd l/kf]l6{ª
n3'ljQ ljQLo ;+:yfsf %,!#) u/L a}+s ug]{, k'FhL cfjZostf klxrfg ug]{nufotsf
tyf ljQLo ;+:yfsf s'n zfvf ;ª\Vof ljifo ;dfj]z u/L Nepal Green Finance
!!,%($ k'u]sf] 5 . o;cg';f/ a}+s tyf Taxonomy sf] d:of}bf tof/ kf/L /fo÷
ljQLo ;+:yfsf] k|lt zfvfaf6 cf};tdf sl/a ;'emfjsf nflu Consultative Document
@,%!% hg;ª\Vofn] ;]jf k|fKt ug{;Sg] k|sfzg ul/Psf]] 5 .
b]lvG5 .
44. jfl0fHo a}+sx¿n] cfly{s jif{ @)*)÷*!
lgofdsLo Joj:yf b]lv 'Capital Adequacy Framework, 2015'
40. Stress Testing sf l;4fGtnfO{ cBfjlws / df Joj:yf ePadf]lhdsf] Countercyclical
Jojl:yt ug{] tyf a+}lsª If]qdf cfPsf Buffer sfod ug'{kg]{ Joj:yf ul/Psf] 5 .
kl/jt{g;Fu} Stress Testing nfO{ yk kl/is[t
o; a}+saf6 Ohfhtkqk|fKt k"jf{wf/ ljsf;
ug]{ p2]Zon] Ohfhtkqk|fKt ;+:yfx¿nfO{
a}+sn] ;d]t cfly{s jif{ @)*)÷*! sf]
hf/L ul/Psf] 'Stress Testing Guidelines,
cGTo;Dd )=% k|ltzt Countercyclical
2012' nfO{ k|lt:yfkg u/L 'Stress Testing
Buffer sfod ug'{kg]{ Joj:yf ul/Psf]
Guidleines, 2023' hf/L ul/Psf] 5 .
5 . ;fy}, /fli6«o:t/sf ljsf; a}+sn] k"0f{
41. Ohfhtkqk|fKt a}+s tyf ljQLo ;+:yfaf6 ¿kdf 'Capital Adequacy Framework, 2015'
k|jfx x'g] rfn' k''FhL k|s[ltsf shf{sf] cg';f/ k'FhLsf]if sfod ug'{kg]{ Joj:yf nfu"
cf}lrTo, k|efjsfl/tf tyf ;b'kof]lutf
ul/Psf] 5 .
;'lglZrt xf];\ eGg] clek|fon] hf/L
ul/Psf] rfn' k'FhL shf{;DaGwL dfu{bz{gdf 45. ;]o/ lwtf] shf{, l/on :6]6 shf{ tyf xfo/
;fgf Joj;fo tyf pTkfbgd"ns pBf]usf kr]{h shf{sf ljBdfg hf]lvd ef/;DaGwL
nflu ;/n / ;xh agfpg rfn' k'FhL Joj:yf k'g/fjnf]sg ul/Psf] 5 . g]kfn
shf{;DaGwL dfu{bz{g, @)&( sf] bf];|f] ;/sf/af6 dfGotf tyf Ohfhtk|fKt Land
;+zf]wg ul/Psf] 5 . Acquisition and Development ;DaGwL sfo{
42. cfly{s jif{ @)*!÷*@ b]lv g]kfn ug]{ lgsfo÷k|f]h]S6nfO{ k|bfg ul/g]
n]vfdfg cg';f/ a}+s tyf ljQLo ;+:yfn] l/on :6]6 shf{sf] nflu ljBdfg hf]lvd
Expected Credit Loss ;DaGwL gLlt nfu" ef/ 36fO{ !)) k|ltzt hf]lvd ef/ sfod
ug'{kg]{ x'Fbf ljBdfg n]vf gLlt;Fu gaflemg] ul/Psf] 5 .

VII
 g]kfn /fi6« a}+s ;dfrf/

46. l/on:6]6 shf{ / ;f]sf] lwtf] ;'/If0fsf] cGt/ b'O{ k|ltzt ljGb'eGbf a9Ln] km/s
Fair Market Value aLrsf] cg'kft (Loan kfg{ gkfOg] Joj:yf ul/Psf] 5 .
to Value Ratio) a9Ldf %) k|ltzt;Dd
51. k|fOe]6 OlSj6L tyf e]Gr/ Soflk6ndfkm{t
dfq sfod ug'{kg]{ Joj:yf ul/Psf] 5 . pBdzLntf k|j4{g ug{ k|fOe]6 OlSj6L tyf
t/, lghL cfjf;Lo 3/ shf{ (Personal e]Gr/ Soflk6nsf] ;]o/ (Equity) df ul/Psf]
Residential Home Loan) / lgodfg';f/ btf{ s'n nufgL /sdnfO{ k'FhLsf]if u0fgf ubf{
eO{ ;~rfngdf /x]sf g]kfn ;/sf/af6 k|fylds k'FhLaf6 36fO{ k'FhLsf]if sfod ug{
:jLs[ltk|fKt 3/ lgdf{0f Joj;fo sDkgL clgjfo{ gx'g] Joj:yf ul/Psf] 5 .
Pjd\ kl/of]hgfnfO{ cfjf;Lo 3/ lgdf{0fsf]
52. shf{ juL{s/0fcg';f/ c;n ju{sf] shf{df
nflu k|bfg ul/g] shf{sf] xsdf o:tf]
Go"gtd shf{ gf]S;fgL Joj:yf !=#)
cg'kft (Loan to Value Ratio) a9Ldf ^)
k|ltztnfO{ kl/dfh{g u/L !=@% k|ltzt
k|ltzt;Dd sfod ug{ ;lsg] Joj:yf
sfod ul/Psf] 5 .
ul/Psf] 5 . klxnf] cfjf;Lo 3/ shf{sf]
;Ldf ?=! s/f]8 %) nfvnfO{ j[l4 u/L ?=@ 53. a}+s tyf ljQLo ;+:yfn] kl/l:yltjz ;d:ofdf
s/f]8 sfod ul/Psf] 5 . k/]sf C0fLx¿sf] pBf]u÷Joj;fosf] gub
k|jfx tyf cfDbfgL] ljZn]if0f u/L cfjZostf
47. s[lif, ;fgf, 3/]n' tyf demf}nf pBd / cf}lrTosf] cfwf/df a'emfpg'kg]{ Aofhsf]
Joj;fodf k|jfx ePsf] ?=@ s/f]8;Ddsf] sDtLdf !) k|ltzt /sd c;'npk/ u/L
shf{nfO{ /]u'n]6/L l/6]n kf]6{kmf]lnof]df u0fgf shf{sf] k'g/tflnsLs/0f tyf k'g;{+/rgf ug{
ug{ kfpg] Joj:yf ul/Psf] 5 . ;lsg] Joj:yf ldnfOPsf] 5 .
48. @)*# c;f/ d;fGt;Dd tf]lsPsf If]qdf 54. shf{ juL{s/0f;DaGwL s'g} C0fL
ug'{kg]{ shf{ nufgLsf] ;dofjlw @)*$ ;+:yf÷JolQmn] PseGbf a9L zLif{sdf shf{
c;f/ d;fGt;Dd sfod u/L k|To]s jif{sf] lnPsf]df Ps shf{ lgliqmo ju{df juL{s/0f
cGTo;Dd ug'{kg]{ Go"gtd nufgL k|ltzt ePdf cGo ;Dk"0f{ c;n ju{df juL{s[t
kl/dfh{g ul/Psf] 5 . shf{ aSof}tfnfO{ sDtLdf ;"Id lgu/fgL
ju{df juL{s/0f ug'{kg]{ Joj:yf @)*) df3
49. s'g} Ps jf ;a} Ohfhtkqk|fKt ;+:yfaf6
! b]lv nfu" ul/Psf] 5 .
;]o/ lwtf]df k|jfx x'g] dflh{g k|s[ltsf]
shf{sf] clwstd Psn u|fxs shf{ ;Ldf 55. kl/l:ylthGo sf/0fn] ;d:ofdf k/L n3'ljQ
(Single Obligor Limit) s'n ?=!% s/f]8 ljQLo ;+:yfsf] shf{nfO{ lgoldt ug{ g;s]sf
sfod ul/Psf] 5 . lwtf]kq ahf/df nufgL C0fLnfO{ shf{ r'Qmf ug{ k/]sf] sl7gfOnfO{
ug]{ d'Vo p2]Zon] :yfkgf ePsf ;+:yfut b[li6ut u/L cfjZostf / cf}lrTosf]
nufgLstf{sf nflu o:tf] shf{sf] clwstd cfwf/df @)*) c;f/ d;fGtdf ;lqmo
;Ldf ?=@) s/f]8 sfod ul/Psf] 5 . ju{df juL{s/0f ePsf] shf{nfO{ @)*)
r}t d;fGt;Dd lgj]bg lnO{ @)*! j}zfvleq
50. shf{ tyf ;fk6sf] Aofhb/ lgwf{/0f ubf{ Ps k6ssf] nflu k'g/tflnsLs/0f /÷jf
Pp6} k|s[ltsf shf{ tyf ;fk6sf] Aofhb/ k'g;{+/rgf ug{;Sg] Joj:yf ul/Psf] 5 .
VIII
g]kfn /fi6« a}+s ;dfrf/
56. n3'ljQ ljQLo ;+:yfn] jflif{s @) k|ltzteGbf ph'/L k|fKt eO{ ;f] ph'/Lsf ;DaGwdf
a9L nfef+z ljt/0fsf] k|:tfj u/]df @) ljleGg jfl0fHo a}+sx¿sf] u}/:ynut ljz]if
k|ltzteGbf dflysf] k|:tfljt nfef+zsf] lg/LIf0f tyf !@ k6s ljz]if :ynut lg/LIf0f
@% k|ltzt /sd ;+:yfut ;fdflhs u/L () j6f ph'/Lsf ;DaGwdf cfjZos
pQ/bfloTj sf]ifdf hDdf ug'{kg]{ Joj:yf lgb]{zg lbOPsf] 5 . ^@ j6f ph'/L 5fglag
/x]sf]df ;+zf]wg u/L jflif{s !% k|ltzteGbf tyf ljz]if lg/LIf0fsf] k|lqmofdf 5g\ . o;
a9L nfef+z -gub jf af]g;_ ljt/0fsf] k|:tfj a}+saf6 hf/L ul/Psf gLlt, lgb]{zg tyf
u/]df !% k|ltzteGbf dflysf] k|:tfljt Joj:yfsf] pNnª\3g u/]afkt rfn' cfly{s
nfef+zsf] %) k|ltzt ;fwf/0f hu]8f jif{sf] kmfu'g d;fGt;Dddf !^ j6f jfl0fHo
sf]ifdf, #% k|ltzt u|fxs ;+/If0f sf]ifdf / a}+snfO{ @! k6s sf/afxL tyf hl/jfgf;d]t
!) k|ltzt ;+:yfut ;fdflhs pQ/bfloTj ul/Psf] 5 .
sf]ifdf 5'6\ofpg'kg]{ Joj:yf ul/Psf] 5 .
61. o; jif{b]lv ;'kl/j]IfsLo ;"rgf k|0ffnL
57. yf]s shf{ sf/f]af/ ug]{ / ;j{;fwf/0faf6 (Supervisory Information System-SIS)
lgIf]k ;Íng ug]{ n3'ljQ ljQLo ;+:yfx¿n] dfkm{t k|fKt tYofÍsf] cfwf/df ;DalGwt
e}mF /fli6«o:t/sf n3'ljQ ljQLo ;+:yfx¿n] ;'kl/j]If0f ljefux¿n] jfl0fHo a}+s, k"jf{wf/
klg g]kfn ljQLo k|ltj]bgdfg (NFRS) ljsf; a}+s, ljsf; a}+s / ljQ sDkgLsf]
cg';f/ ljQLo ljj/0f tof/ ug'{kg]{ Joj:yf cg'kfngf cg'udg ug]{ sfo{ ;'? ePsf]
ul/Psf] 5 . 5 . jfl0fHo a}+sx¿sf] :ynut lg/LIf0fsf]
lg/LIf0f tyf ;'kl/j]If0f sfo{df ;'kl/j]IfsLo ;"rgf k|0ffnLdf ljsf;
58. Jfflif{s lg/LIf0f sfo{ of]hgfcg';f/ @)*) ePsf] Onsite Module sf] k|of]u u/L :ynut
kmfu'g d;fGt;Dddf jfl0fHo a}+sx¿sf] cf7 lg/LIf0f ug]{ sfo{ k|f/De ePsf] 5 .
j6f ;dli6ut :ynut lg/LIf0f / Ps j6f
62. 'Stress Testing Framework, 2023' hf/L
nlIft :ynut lg/LIf0f sfo{ ;DkGg ePsf]]
ul/Psf] 5 . o;}u/L, Large Exposure
5 .
Framework hf/L x'g] qmddf /x]sf] 5 .
59. ;DklQ z'4Ls/0f lgjf/0f;DaGwL sfo{sf] ;fy}, Macro Stress Testing sf] nflu
;'kl/j]If0fsf nflu :yflkt ;'kl/j]If0f k|f/lDes cWoog ;DkGg eO{ Model
dxfzfvfaf6 @)*) kmfu'g d;fGt;Dddf Building sf] qmddf /x]sf] 5 .
% jfl0fHo a}+s, !@ ljsf; a}+s, !)
63. o; a+}saf6 Ohfhtkqk|fKt !) 7"nf jfl0fHo
ljQ sDkgL / @ e'QmfgL ;]jf k|bfos
;+:yf;d]t u/L s'n @( j6f AML/CFT a}+sx¿sf] :jtGq cGt/f{li6«o t];|f] kIf
df cfwfl/t :ynut lg/LIf0f sfo{ ;DkGg n]vfk/LIfs (Independent International
Third Party Auditors) af6 Loan Portfolio
ePsf] 5 .
Review ug]{ sfo{sf nflu k/fdz{bftf
60. ljleGg lgsfo tyf ;]jfu|fxLaf6 @)*) lgo'Qm ug{ Expression of Interest (EOI)
kmfu'g d;fGt;Dd !%@ j6f lgj]bg tyf cfXjfg ul/Psf] 5 .

IX
 g]kfn /fi6« a}+s ;dfrf/
64. @)*) kmfu'g d;fGtdf * /fli6«o:t/ / 67. ut jif{ :yflkt u}/–a}+s ljQLo ;+:yf ;'kl/j]If0f
( k|fb]lzs :t/sf u/L s'n !& j6f ljefudfk{mt ;dLIff cjlwdf @^ j6f
ljsf; a}+sx¿ ;~rfngdf /x]sf 5g\ . o;}u/L, /]ld6\ofG; sDkgL / 5 j6f …sÚ ju{sf
!% /fli6«o:t/ / @ k|fb]lzs :t/sf u/L a}+sx¿n] u/]sf ljk]|if0f sf/f]af/sf] :ynut
s'n !& j6f ljQ sDkgL ;~rfngdf /x]sf lg/LIf0f sfo{ ;DkGg ePsf] 5 . o;}u/L,
5g\ . tLdWo] b'O{ j6f ;d:ofu|:t cj:yfdf $% dlgr]Gh/ sDkgL, @& 6';{, 6«feN;
5g\ . / 6]«lsª sDkgL, & xfo/kr]{h sDkgL,
@@ xf]6n, $ sfuf]{ sDkgL, ^ Po/nfoG;
65. ;dLIff cjlwdf /fli6«o:t/sf $ j6f
sDkgL / cGo $ j6f sDkgLsf] :ynut
ljsf; a}+sdf hf]lvddf cfwfl/t ;dli6ut
lg/LIf0f tyf ;'kl/j]If0f sfo{ ;DkGg ePsf]
:ynut lg/LIf0f ;DkGg ul/Psf] 5 . 5 .
o;}u/L, k|fb]lzs :t/sf ( ljsf;
a}+s / !! ljQ sDkgLdf cg'kfngfdf 68. ;dLIff cjlwdf @)) j6f eGbf a9L
cfwfl/t;lxt s'n @$ j6f ;+:yfsf] dlgr]~h/ sDkgLx¿sf] sf/f]af/ :yfg
;dli6ut :ynut lg/LIf0f ;DkGg ul/Psf] ;DaGwL O{–Doflkª ug]{ sfo{ ;DkGGf ePsf]
5 . ljleGg lgsfo / ;/f]sf/jfnfaf6 5 . ;fy}, ljb]zL ljlgdo;DaGwL sf/f]af/
k|fKt ;"rgf, lgj]bg, u'gf;f] tyf ph'/Lsf ug]{ ;+:yfn] o; a}+sdf pQm sf/f]af/sf]
cfwf/df @ ljsf; a}+s / ! ljQ sDkgL Reporting ug]{ Online Platform (FXOL
u/L # j6f ;+:yfdf ljz]if lg/LIf0f sfo{ System) nfO{ Upgrade ul/Psf] 5 .
;DkGg ul/Psf] 5 . n3'ljQ
66. g]kfn /fi6« a}+s P]g, @)%*, a}+s tyf 69. ;dLIff cjlwdf #! j6f n3'ljQ ljQLo

ljQLo ;+:yf;DaGwL P]g, @)&# / o; ;+:yfsf] ;dli6ut :ynut lg/LIf0f tyf

a}+sn] hf/L u/]sf lgb]{zgx¿ pNnª\3g ug]{ tLg j6f ;+:yfsf] ljz]if lg/LIf0f sfo{
a}+s tyf ljQLo ;+:yfnfO{ sfg'gadf]lhd ;DkGg ul/Psf] 5 .
cfly{s tyf u}/cfly{s sf/afxL ul/Psf] 70. o; a}+saf6 ljleGg r/0fdf ul/Psf :ynut
5 . To:tf] sf/afxL;DaGwL ;ª\lIfKt ljj/0f lg/LIf0fsf qmddf ;'k/ n3'ljQ ljQLo
o; a}+ssf] j]a;fO6dfkm{t k|sfzg ul/Psf] ;+:yf lnld6]8, t'n;Lk'/nfO{ g]kfn /fi6« a}+s
5 . pQm ljj/0fadf]lhd @)*) j}zfvb]lv P]g, @)%* sf] bkmf *^u sf] pkbkmf !
kmfu'g d;fGt;Dd o; a}+saf6 Ohfhtkqk|fKt sf] v08 -0f_ adf]lhd ldlt @)&(÷!)÷@#
…vÚ ju{sf cf7 ljsf; a}+s / …uÚ ju{sf b]lv o; a}+ssf] lgoGq0fdf lnO{ a}+saf6
kfFr ljQ sDkgL u/L s'n !# j6f lgo'Qm Joj:yfkg ;d"xdfkm{t ;+:yfsf]
;+:yf tyf tLdWo] sltko ;+:yfsf cWoIf, Joj:yfkg ;~rfng ug]{ Joj:yf ul/Psf]df
;~rfns / k|d'v sfo{sf/L clws[tnfO{ ldlt @)*)÷)%÷!& b]lv b'O{ ;b:oLo
;r]t u/fpg], gl;xt lbg], avf{:t ug{ afXo Joj:yfkg ;ldlt lgo'Qm u/L ;f]
lgb]{zg lbg], cfly{s hl/jfgf nufpg] ;ldltaf6 Joj:yfkg ;~rfng eO/x]sf]
nufotsf s'n #( j6f sf/afxLx¿ ul/Psf] 5 .
5 .
X
g]kfn /fi6« a}+s ;dfrf/

71. n3'ljQ ljQLo ;+:yfsf nflu :ynut tyf Pilot k/LIf0f ;'?cft ug{ …s]Gb|Lo a}+s
u}/:ynut ;'kl/j]If0f sfo{ljlw (Onsite and ljB'tLo d'›f dxfzfvfÚ :yfkgf ePsf] 5 .
Offsite Supervision Manual) :jLs[lt eO{ o; qmddf dxfzfvfn] cGo s]Gb|Lo a}+s;Fu
nfu" ePsf] 5 . er{'cn dfWodaf6 5nkmn tyf ;dGjofTds
sfo{ cl3 a9fpg] tyf o; a}+ssf] /0fgLlts
72. n3'ljQ ljQLo ;+:yfsf ;b:osf] u'gf;f]
of]hgfn] CBDC ;DaGwdf to u/]sf] nIo
;'g'jfO tyf Joj:yfkgsf] nflu n3'ljQ ;+:yf
xfl;n ug]{u/L sfo{of]hgf;lxtsf sfo{x¿
;'kl/j]If0f ljefudf ldlt @)*)÷)@÷!)
cufl8 a9fPsf] 5 . dxfzfvfn] BIS
b]lv 6f]n k|mL gDa/;lxtsf] cnUu} u'gf;f]
Innovation Hub åf/f ;~rflnt ;Ldfkf/
;'g'jfO 8]:s :yfkgf ePsf] 5 .
CBDC kl/of]hgf (Project mBridge) df
e'QmfgL k|0ffnL ko{j]Ifs ;b:osf] ¿kdf ;xefuL eO{
73. e'QmfgL tyf km5\of{}6 P]g, @)&%Ù e'QmfgL ;Ldfkf/ e'QmfgLdf CBDC sf] k|of]u;DaGwL
tyf km5\of{}6 ljlgodfjnL, @)&& / cg'dlt hfgsf/L lnO/x]sf] 5 .
gLlt, @)&( cGtu{t /xL Ohfhtkqk|fKt
77. ;DklQ z'4Ls/0f tyf cftÍjfbL
a}+s tyf ljQLo ;+:yfafx]ssf !) j6f
lqmofsnfkdf ljQLo nufgL lgjf/0f;DaGwL
e'QmfgL k|0ffnL ;~rfns (PSOs) / @&
Joj:yfsf] kfngfsf nflu cg'dltkqk|fKt
j6f e'QmfgL ;]jf k|bfos (PSPs) ;+:yfx¿ ;+:yfx¿df lg/LIf0f tyf ;'kl/j]If0f ug{
;~rfngdf /x]sf 5g\ . AML/CFT Supervisory Framework &
74. ljB'tLo sf/f]af/df cfPsf] Jofkstf;Fu} j[l4 Risk Based AML/CFT Supervision Manual
ePsf] ;fOa/ hf]lvdsf] klxrfg, ljZn]if0f for Payment Systems Operators and
/ Joj:yfkgnfO{ k|efjsf/L agfpgsf nflu Payment Systems Providers :jLs[t eO{

Cyber Resilience Guidelines hf/L ul/Psf]

sfof{Gjog ;'? ePsf] 5 .
5 . 78. e'QmfgL k|0ffnL;Fu ;DalGwt ;/f]sf/jfnf
75. e'QmfgL k|0ffnL tyf pks/0fdf gjLg lgsfox¿sf] Cyber Security nfO{ k|efjsf/L
l;h{gfsf] ljsf; tyf k|j4{gsf nflu Pjd\ Resilient agfpg tL lgsfoaLr Security
Innovation Office :yfkgf ug{ / e'QmfgL
;Fu ;DalGwt ;"rgf k|jfx ug]{ p2]Zocg'¿k
Malware Information Sharing Platform
k|0ffnLdf ePsf gjLg l;h{gfn] b]zsf] (MISP) :yfkgf ug{ Test Environment df
;du| e'QmfgL k|0ffnLdf lgDTofpg sfo{ eO/x]sf] 5 .
;Sg] hf]lvdnfO{ Go"gLs/0f ug{ ltgnfO{
ahf/Ls/0f ug'{cufj} ;"Id lgu/fgL u/L 79. jfl0fHo a}+s @), ljsf; a}+s !!, ljQ
hf]lvd sd ug{ Regulatory Sandbox sDkgL !@ / g]kfn k"jf{wf/ ljsf; a}+s
:yfkgf ug{] ;DaGwdf k|ltj]bg :jLs[t eO{ ! u/L hDdf $$ j6f a}+s tyf ljQLo
sfof{Gjogsf] r/0fdf /x]sf] 5 . ;+:yfx¿ RTGS k|0ffnLdf cfa4 ePsf 5g\ .
76. o; a}+ssf] rf}yf] /0fgLlts of]hgfdf pNn]v 80. ;dLIff cjlwdf Ps j6f e'QmfgL ;]jf
ePadf]lhd ;g\ @)@^ ;Dddf CBDC sf] k|bfossf] cg'dltkq vf/]h ul/Psf], Ps
XI
 g]kfn /fi6« a}+s ;dfrf/

j6f e'QmfgL ;]jf k|bfosnfO{ cg'dltkq ug{ clwsf/k|fKt lgsfon] kl/jTo{ ljb]zL
k|bfg ul/Psf] / Ps j6f e'QmfgL k|0ffnL d'b|fdf g} le;f z'Ns lng] Joj:yf u/]sf]
;~rfnsnfO{ :j]lR5s vf/]hLsf] nflu cj:yfdf tf]lsPsf] le;f z'Ns;Ddsf] ;6xL
;}4flGts ;xdlt k|bfg ePsf] 5 . ;'ljwf k|bfg ug{ ;lsg] Joj:yf ul/Psf]
81. o; a}+saf6 cg'dltk|fKt e'QmfgL k|0ffnL 5 .
;~rfns NCHL n] csf]{ e'QmfgL k|0ffnL 85. kl/jTo{ ljb]zL d'b|fdf a}+s vftf ePsf
;~rfns NEPS nfO{ k|flKt u/L PsLs/0f g]kfnL ljZjljBfnon] k|fs[lts JolQm
tyf dh{/df hfgsf nflu ;}4flGts ;xdlt -zf]wstf{÷k|fWofks k];fsdL{_ af6 lng]
k|bfg ePsf] 5 . ;]jfsf] e'QmfgL To:tf k|fs[lts JolQmnfO{
ljb]zL ljlgdo Joj:yfkg ;d]t jflif{s cd]l/sL 8n/ %),))) sf]
82. @)*) kmfu'g d;fGtdf o; a}+saf6 ljb]zL ;Ldfleq /x]/ ug{ ;lsg] Joj:yf ul/Psf]
d'b|fsf] sf/f]af/ ug{ Ohfhtkq lnPsf ;+:yfsf] 5 .
;ª\Vof #,%@& /x]sf] 5 . oL ;+:yfdWo]
86. dlgr]~h/n] g]kfnL gful/s;Fu cd]l/sL
ljk]|if0f;DaGwL sf/f]af/ ug]{ sDkgLsf]
8n/ %,))) jf ;f]a/fa/sf] cGo kl/jTo{
;ª\Vof #^ / dlgr]~h/ sDkgLsf] ;ª\Vof
ljb]zL d'b|f -eG;f/ 3f]if0ffsf] k|dfl0ft
##@ /x]sf] 5 . Ohfhtkqk|fKt dlgr]~h/
sfuhft eP To:tf] sfuhftdf plNnlvt
dWo] !%# j6f sf7df8f}+ pkTosfleq / !&(
j6f sf7df8f}+ pkTosfaflx/ ;~rfngdf ;Dk"0f{ /sd_ sf] vl/b sf/f]af/ ug{;Sg]
/x]sf 5g\ . @)*) kmfu'g d;fGtdf Joj:yf ul/Psf] 5 .
ljb]zL d'b|fsf] sf/f]af/ ug{ :jLs[lt lnPsf 87. ef/tafx]s cGo d'n'ssf] e|d0fdf hfg]
kmd{÷sDkgLdf xf]6]n @#^, 6«]lsª !,&#(, g]kfnL gful/snfO{ /fxbfgLafkt k|ltk6s
6«fen Ph]G;L (&), sfuf]{ ^$, Pc/nfOG; cd]l/sL 8n/ @,%)) jf ;f]a/fa/sf]
&@, jfl0fHo a}+s @), ljsf; a}+s *, ljQ kl/jTo{ ljb]zL d'b|f;Dd ;6xL ;'ljwf lbg
sDkgL ^ / cGo $$ /x]sf 5g\ . ;lsg] t/ o:tf] ;6xL ;'ljwf Ps jif{df
83. g]kfn ;/sf/, lzIff, lj1fg tyf k|ljlw b'O{ k6sdf ga9\g] u/L dfq k|bfg ug{;Sg]
dGqfnon] :jLs[t u/]sf] …j}b]lzs cWoog Joj:yf ul/Psf] 5 . j}b]lzs /f]huf/Ldf
:jLs[lt;DaGwL lgb]{lzsf, @)&(Ú adf]lhd hfkfg, blIf0f sf]l/of, o'/f]k, ;+o'Qm /fHo
pQm dGqfnon] Joj:yf u/]sf] kf]6{n k|of]udf cd]l/sf, Sofgf8f hfg] g]kfnL gful/snfO{
cfPkZrft\ a}+s tyf ljQLo ;+:yfn] ;f]xL /fxbfgLafkt clwstd cd]l/sL 8n/ %))
kf]6{ndf pknAw j}b]lzs cWoogsf] :jLs[lt / cGo d'n's hfg]sf] xsdf clwstd
(No Objection Letter) ;DaGwL ljj/0f cd]l/sL 8n/ @)) ;Dd ;6xL ;'ljwf
olsg u/L ;6xL ;'ljwf pknAw u/fpg'kg]{ pknAw u/fpg]] Joj:yf ul/Psf] 5 .
Joj:yf ul/Psf] 5 .
88. g]kfnL gful/snfO{ ljleGg k|of]hgsf] nflu
84. le;f cfj]bgsf] xsdf ;DalGwt clwstd cd]l/sL 8n/ !,%)) -o;cl3
b"tfjf;nufot le;f cfj]bg z'Ns ;Íng cd]l/sL 8n/ !,))) dfq /x]sf]_ jf ;f]

XII
g]kfn /fi6« a}+s ;dfrf/
a/fa/sf] cGo kl/jTo{ ljb]zL d'b|f -ef/t 93. /fli6«o:t/ afx]ssf ljQLo ;+:yfnfO{
afx]s_ ;Dd ;6xL ;'ljwf k|bfg ug{ ;lsg] g]kfn /fi6« a}+s ljb]zL ljlgdo Joj:yfkg
Joj:yf ul/Psf] 5 . ljefu jf cfˆgf] s]Gb|Lo sfof{no /x]sf]
:yfgsf] glhsdf /x]sf] g]kfn /fi6« a}+ssf]
89. Documents Against Acceptance (DAA) tyf
k|b]zl:yt sfof{nodf ljb]zL ljlgdo
Documents Against Payment (DAP) sf]
sf/f]af/sf] Ohfhtkqsf nflu lgj]bg k];
dfWodaf6 Ps k6sdf clwstd cd]l/sL
ug{ / Ohfhtkq k|fKt ug{ ;lsg] Joj:yf
8n/ ^),))) jf ;f]a/fa/sf] kl/jTo{
ul/Psf] 5 .
ljb]zL d'b|f;Ddsf] dfn;fdfg dfq cfoft
ug{;Sg] Joj:yf ul/Psf] 5 . ;fy}, 94. g]kfn /fi6« a}+saf6 Ohfhtkqk|fKt a}+s tyf
ef/taf6 x'g] cfoftsf] xsdf o:tf] ;Ldf ljQLo ;+:yfnfO{ ljb]zL ljlgdo sf/f]af/
ef/tLo ?k}ofFF tLg s/f]8;Dd x'g] Joj:yf ug{ Ohfhtkq k|bfg ubf{ Dofb pNn]v
ldnfOPsf] 5 . gePsf] Ohfhtkq k|bfg ul/g] / To:tf]
Ohfhtkq gjLs/0f ug'{ gkg]{ Joj:yf
90. ljB'tLo dfWodaf6 dfq eG;f/ /fh:j
ul/Psf] 5 .
lng] Joj:yf ePsf eG;f/ sfof{nodfkm{t
x'g] cfoftsf] xsdf pBf]un] Ps k|ltzt 95. g]kfnL÷ljb]zL gful/s jf g]kfndf btf{ ePsf
/ Jofkfl/s ;+:yfn] tLg k|ltzt w/f}6L kmd{÷sDkgL÷;+:yf÷zfvf sfof{non] laqmL,
/fVg'kg]{ Joj:yf ul/Psf] 5 . sld;g, z'Ns, kfl/>ldsnufot ljleGg
k|of]hgsf nflu lkmtf{ (Repatriation) gx'g]
91. jfo'ofg ;]jf ;~rfns ;+:yfnfO{ cd]l/sL
u/L ljb]z -gful/s jf kmd{÷sDkgL÷;+:yf_
8n/ !,)),))) -cd]l/sL 8n/ Ps nfv_
af6 k|fKt x'g] /sd Ohfhtkqk|fKt ljk|]if0f
jf ;f]a/fa/sf] cGo kl/jTo{ ljb]zL d'b|f
­
sDkgLdfkm{t ;DalGwt j]g]lkml;o/Lsf]
-ef/tdf cd]l/sL 8n/ !,)),))) a/fa/
vftfdf hDdf ug]{u/L b}lgs ¿=@) nfv;Dd
x'g] ef=?= jf kl/jTo{ ljb]zL d'b|fdf e'QmfgL
-Psk6s jf k6s–k6s_ sf] ljk|]if0f /sd
ug{ ;lsg]_ ;Ddsf] ;]jf cfoftsf] nflu
Nofpg ;lsg] Joj:yf ul/Psf] 5 .
jfl0fHo a}+sx¿af6 ljb]zL d'b|f ;6xL ;'ljwf
pknAw u/fpg ;lsg] Joj:yf ul/Psf] 5 . 96. Ohfhtkqk|fKt a}+s tyf ljQLo ;+:yfn] ljb]zL
ljZjljBfnosf] ;DaGwgdf g]kfn ;/sf/sf]
92. g]kfn a}+s;{ ;+3sf] l;kmfl/;df …sÚ ju{sf
cg'dlt lnO{ v'n]sf g]kfnl:yt lzIf0f
a}+sx¿n] dfq cfoft ug{;Sg] ;'gsf] b}lgs
;+:yfx¿nfO{ ;DaGwg, k/LIffnufotsf z'Ns
kl/df0f @) -aL;_ lsnf]u|fd sfod ul/Psf]
e'QmfgLsf] nflu cd]l/sL 8n/ !@,))) jf
5 . ;'g laqm]tf jfl0fHo a}+sdf ;'g vl/b ug]{
;f]a/fa/sf] cGo kl/jTo{ ljb]zL d'b|f;Ddsf]
Joj;foLsf] a}+s vftf geP tfklg cGo a}+s
;6xL ;'ljwf pknAw u/fpg ;Sg] Joj:yf
tyf ljQLo ;+:yfdf ePsf] lghsf] vftfaf6
ul/Psf] 5 .
e'QmfgL x'g] ePdf ;DalGwt jfl0fHo a}+sn]
;'g laqmLsf] k|aGw ldnfpg'kg]{ Joj:yf 97. :jLs[t ljb]zL nufgLsf] /sdeGbf a9L
ul/Psf] 5 . /sd lelqFbf a9L lelqPsf] /sdnfO{ vfDg]

XIII
 g]kfn /fi6« a}+s ;dfrf/
u/L ljb]zL nufgL :jLs[t ug]{ lgsfoaf6 Bond h:tf ;fdfGotM shf{ k|jfx gug]{
ljb]zL nufgLsf] ;dy{g–:jLs[lt k|bfg ePdf k|of]hg ePsf ljb]zL a}+s Uof/]06L a}+s tyf
n]vfÍg;DaGwL cGo Joj:yf kfngf x'g]u/L ljQLo ;+:yf cfk}Fmn] :jLsf/ ug{;Sg] Joj:yf
ljb]zL nufgLsf] ¿kdf n]vfÍg ug{ ;lsg] ul/Psf] 5 .
Joj:yf ul/Psf] 5 .
101. o; a+}snfO{ k"j{hfgsf/L dfq u/fP/ ljb]zL
98. ljb]zL nufgLaf6 cflh{t d'gfkmfnfO{ ;f]xL nufgLafktsf] ljb]zL d'b|f leœofpg]
pBf]udf nufgL ul/Psf] jf ljb]zL nufgL Joj:yfcGtu{t @)*) j}zfvb]lv kmfu'g
v'nf gul/Psf pBf]u jf Joj;foafx]s d;fGt;Dd !(! j6f lnlvt hfgsf/Laf6
cGo pBf]udf nufgL ul/Psf] xsdf ;f]xL ¿=!( ca{ &% s/f]8 ^$ nfva/fa/sf]
Aoxf]/f;d]t pNn]v u/L ljb]zL nufgL :jLs[t ljb]zL nufgL a+}lsª k|0ffnLdfk{mt
n]vfÍgsf] k|df0fkq pknAw u/fOg] Joj:yf g]kfn leœofpg] hfgsf/L o; a+}snfO{ k|fKt
ul/Psf] 5 . ePsf] 5 .
99. Ohfhtkqk|fKt …sÚ ju{sf jfl0fHo a}+sn] 102. ;]o/ :jfldTj kl/jt{gdfkm{t x'g] ljb]zL
:jb]zdf shf{ k|jfx ug]{ jf k|jfx eO;s]sf] nufgL / g]kfn /fi6« a}+ssf] :jLs[lt
shf{ ;'/If0f ug]{ k|of]hgsf] nflu ljb]zL lng÷k"j{ hfgsf/L u/fpg 5'6 ePsf pBf]u
a}+s tyf ljQLo ;+:yfsf ;fy} lgofds ÷sDkgLsf] ljb]zL nufgLsf] ;dy{gafkt
lgsfoaf6 :jLs[ltk|fKt ljb]zL k]G;g km08, s'n ^! j6f g]kfnL pBf]u÷sDkgLnfO{ ?=$
x]h km08, ;/sf/L÷cGt/–;/sf/L :jfldTjsf] ca{ &^ s/f]8 @! Nffva/fa/sf] ljb]zL
Development Finance Institutions
d'b|f g]kfn leœofpg :jLs[lt k|bfg ul/Psf]
(DFIs) nufotsf shf{ k|jfx ug]{ ;+:yfaf6
5 .
hf/L ePsf] ljQLo hdfgt :jLsf/ ug{
;Sg] tyf o:tf] a}+s hdfgt jf ljQLo 103. o; cjlwdf (& Jf6f g]kfnL pBf]u÷sDkgLdf
hdfgtsf] cfwf/df g]kfndf shf{ k|jfx ubf{ ePsf] ?=* ca{ !@ s/f]8 &$ nfva/fa/sf]
jf k|jfx eO;s]sf] shf{ ;'/If0f ubf{ ;f]sf] ljb]zL k'FhL:j¿k k|fKt /sdsf] nufgL
cGo ;'/If0f, ljb]zL ljlgdonufot cGo n]vfÍg ul/Psf] 5 . o; cjlwdf s'n
hf]lvd ;DalGwt jfl0fHo a}+s cfkm}Fn] kfFr j6f ljb]zL nufgL ePsf g]kfnL
ljZn]if0f ug'{kg]{ / shf{ k|jfx ubf{ jf pBf]u÷sDkgLnfO{ ?=@@ s/f]8 &%
k|jfx eO;s]sf] shf{ ;'/If0f ubf{ tf]lsPsf] nfva/fa/sf] ljb]zL C0f leœofpg] :jLs[lt
k|of]hgsf nflu dfq x'g'kg]{ Joj:yf ul/Psf] k|bfg ul/Psf] 5 eg] s'n #) k6sdf
5 . o:tf] ljQLo hdfgt hkmt eO{ /sd g]kfnL pBf]u÷sDkgLdf ePsf] ?=@! ca{
leœofP/ k'gM ljb]zdf /sd lkmtf{ ug'{kg]{ *& s/f]8 !( nfva/fa/sf] ljb]zL C0f
ePdf o; a}+ssf] :jLs[lt lng'kg]{ Joj:yf n]vfÍg ul/Psf] 5 .
ul/Psf] 5 .
104. o; cjlwdf ljb]zL nufgL tyf ljb]zL
100. cfˆgf] Joj;fo 7]Ssf k§f jf Jofkf/sf] C0f;Fu ;DalGwt nfef+znufotsf] /sd
l;nl;nfdf hf/L x'g] Bid Bond, Performance ljb]z lkmtf{ n}hfgsf nflu !%@ j6f lgj]bg

XIV
g]kfn /fi6« a}+s ;dfrf/
k]; ePsf]df ;f]afkt ?=@) ca{ $( s/f]8 pQm BSBS d]l;gaf6 pTkflbt Briquettes
!% nfva/fa/sf] ljb]zL d'b|f ;6xL :jLs[lt laqmL ug]{ Joj:yf;d]t ldnfOPsf] 5 .
k|bfg ul/Psf] 5 . 109. g]kfn /fi6« a+}sn] g]kfnL a}+sgf]6sf] u'0f:t/
105. ljb]zL ljlgdo nufgL ug{] qmddf pTkGg clej[l4 ug]{ sfo{nfO{ lg/Gt/tf lbFb} cfPsf]
x'g] ljleGg k|sf/sf hf]lvd Go"gLs/0f ug{sf] 5 . o;} qmddf rfn' gf]6 5kfO rqmdf
nflu Risk Management Framework, 5kfO x'g] a}+sgf]6x¿sf] ;'/If0f ljz]iftf
2023 th{'df u/L sfof{Gjogdf NofOPsf] 5 . tyf gf]6df k|of]u x'g] ;a}h;f] k|fljlws
:k]l;lkms];gnfO{ lg/Gt/tf lbOPsf] 5 .
106. ljb]zL ljlgdo ;l~rlt Joj:yfkg ;'wf/
ug{] k|of]hgsf] nflu cGt/f{li6«o d'b|f sf]ifn] 110. g]kfn /fi6« a}+ssf cf7 :yfgdf /x]sf gf]6sf]if
pknAw u/fPsf] k|fljlws ;xfotf k|ltj]bg / jfl0fHo a}+sdf /x]sf &@ j6f
(Technical Assistance Report Nepal: gf]6sf]ifdfk{mt a}+s÷ljQLo ;+:yf, ;xsf/L /
Improving the Foreign Exchange
;/sf/L lgsfo Tfyf ;j{;fwf/0fnfO{ cfjZos
Reserves Management Framework) k|fKt
kg]{ d'b|fsf] ;xh cfk"lt{ x'Fb} cfPsf] 5 .
eO{ pQm k|ltj]bgdf plNnlvt ;'emfjx¿ tf]lsPsf jfl0fHo a}+sdf /x]sf ljleGg zfvf
qmdzM sfof{Gjogdf n}hfg] k|lqmof ;'? sfof{noaf6 eO/x]sf gf]6sf]if sf/f]af/sf]
ePsf] 5 . Real Time sf] cBfjlws ljj/0f;lxtsf]
d'b|f Joj:yfkg l/kf]6{ Online dfkm{t tTsfn k|fKt ug{ @)*)
107. rfn' 5kfO rqmcGtu{t ?=@) b/sf] ;fpg ! Uft]b]lv …Note Chest Transaction
a}+sgf]6sf] 5kfO ug{ 5kfO sDkgL;Fusf] SoftwareÚ ;~rfngdf NofOPsf] 5 .
s/f/ ;Demf}tfadf]lhd gf} s/f]8 yfg gofF 111. gf]6 /fi6«sf] ;DklQ ePsf] x'Fbf o;sf] htg
a}+sgf]6sf] cfk"lt{ eO;s]sf] 5 . a}+ssf] ;fy k|of]u ug]{;DaGwL ljleGg hgr]tgfd"ns
cfufdL gf]6 5kfO rqmsf] nflu ?=%, ?=!) sfo{qmd ;~rfng ug]{ sfo{nfO{ lg/Gt/tf
/ ?=!)) b/sf a}+sgf]6sf] 5kfO k|lqmof lbOPsf] 5 . ;fy}, a}+sn] ;kmf gf]6 gLltsf]
cufl8 a9fOPsf] 5 . ;fy}, rfn' l;Ssf k|efjsf/L sfof{Gjogsf nflu Ohfhtkqk|fKt
6sd/LcGtu{t 6sd/L sDkgLx¿;Fusf] a}+s tyf ljQLo ;+:yfsf] lg/LIf0f u/L ;'emfj
;Demf}tfadf]lhd ?=! b/sf] @# s/f]8 yfg tyf lgb]{zg lbg] sfo{nfO{ lg/Gt/tf lbFb}
/ ?=@ b/sf] cf7 s/f]8 yfg l;Ssf cfPsf] 5 .
6sd/L eO{ k|fKt ePsf] 5 .
dfgj ;+;fwg Joj:yfkg
108. ljBdfg d'b|f Joj:yfkg k4ltnfO{ qmdzM 112. hgzlQm Joj:yfkg ljefusf] gfd kl/jt{g
cfw'lgsLs/0f tyf oflGqsLs/0f ub}{ hfg] u/L dfgj ;+;fwg Joj:yfkg ljefu sfod
nIocg'¿k cf7 yfg Banknote Shredding ul/Psf] 5 .
and Briquetting System (BSBS) vl/b
u/L yfkfynLl:yt lgdf{0ffwLg ejg tyf 113. …g]kfn /fi6« a}+s dfgj ;+;fwg of]hgf
k|b]zl:yt sfof{nox¿df h8fg ul/Psf] 5 . -@)*)÷*!–@)*$÷*%_Ú sfof{Gjogdf NofO{

XV
 g]kfn /fi6« a}+s ;dfrf/

;f]sf] cw{jflif{s ;dLIff ul/Psf] 5 . ;fy}, sfof{nosf] cfly{s jif{ @)*)÷*! sf] k|yd
tflnd tyf Ifdtf ljsf; of]hgf th'd{ f u/L q}dfl;s cjlwsf] u}/:ynut n]vfk/LIf0f
sfof{Gjogdf NofOPsf] 5 . u/L k|ltj]bg tof/ ePsf] 5 .
114. o; a}+sdf @)*) kmfu'g d;fGtdf 119. n]vfk/LIf0f ;ldltsf] cfly{s jif{ @)&(÷*)
clws[t:t/df ^#$, ;xfos:t/df $$! / sf]] jflif{s k|ltj]bg ;~rfns ;ldlt;dIf
>]0fL ljxLg sfof{no ;xof]uL :t/df &@ k]; ul/Psf] 5 eg] cfGtl/s n]vfk/LIf0f
u/L s'n !,!$& sd{rf/L sfo{/t 5g\ . ljefusf] cfly{s jif{ @)&(÷*) sf] jflif{s
h;dWo] #!! hgf dlxnf / *#^ hgf k'?if k|ltj]bg tof/ ePsf] 5 .
sd{rf/L 5g\ . sfo{/t sd{rf/LdWo] clws[t
120. cfly{s cg';Gwfg ljefu, a}+s ;'kl/j]If0f
/ ;xfos:t/sf sd{rf/L -;xfos, k|wfg
;xfos / sfof{no ;xof]uL_ sf] cg'kft ljefu, u}/–a}+s ljQLo ;+:yf ;'kl/j]If0f
!=@#M! /x]sf] 5 . ljefu, ljb]zL ljlgdo Joj:yfkg ljefu,
n3'ljQ ;+:yf ;'kl/j]If0f ljefu, e'QmfgL
115. cfly{s jif{ @)&(÷*) df cfXjfg ul/Psf] k|0ffnL ljefu / a}+s tyf ljQLo ;+:yf
v'nf k|ltof]lutfTds lj1fkgdfkm{t clws[t lgodg ljefudf cfly{s jif{ @)&(÷*)
t[tLo / ;xfos låtLo >]0fLdf qmdzM !* sf] jflif{s cjlwsf] hf]lvddf cfwfl/t
hgf / @$ hgfnfO{ :yfoL lgo'lQm lbOPsf] n]vfk/LIf0f sfo{ ;DkGg u/L s}lkmot tyf
5 . cfly{s jif{ @)*)÷*! df cfXjfg ;'emfj;lxtsf] k|ltj]bg tof/ ul/Psf] 5 .
ul/Psf] lj1fkgdfkm{t clws[t:t/df !%
hgf / ;xfos:t/df !% hgf a9'jfåf/f 121. a}+ssf] rf}yf] /0fgLlts of]hgfcg'¿k Internal
k"lt{ ul/Psf] 5 . Control Operational Manual sf] d:of}bf
tof/ ePsf] 5 .
116. ;dLIff cjlwdf s/f/tk{m @* kbdf v'nf
k|ltof]lutfdfkm{t k"lt{ ul/Psf] 5 . ;fy}, 122. cfGtl/s n]vfk/LIf0fsf] sfo{ Risk-based
k|zf;g ;]jfdf @^ / k|fljlws ;]jfsf] Internal Audit Dofg'cncg';f/ ;Dkfbg
;"rgf k|ljlw ;d"xdf ^ u/L clws[t:t/df ul/Psf] 5 . ;fy}, Internal Audit Charter
#@ hgf, ;xfos:t/tk{m k|zf;g ;]jfdf @$ nfO{ ;do;fk]If ;+zf]wg ul/Psf] 5 .
/ k|fljlws ;]jfsf] ;"rgf k|ljlw ;d"xdf !! ljQ Joj:yfkg
u/L s'n #% hgf sd{rf/L lgo'lQmsf nflu 123. g]kfn /fi6« a}+s P]g, @)%* sf] Joj:yfadf]lhd
cfjZos k|lqmof cufl8 a9fOPsf] 5 . a}+ssf] jflif{s tyf dfl;s ljQLo cj:yfsf]
117. ;dLIff cjlwdf clgjfo{ cjsfz lnO{ s'n ljj/0f lgoldt ¿kdf tof/ u/L k|sfzg
!^ hgf sd{rf/L a}+s ;]jfaf6 cnu ePsf ug]{ ul/Psf] 5 .
5g\ .
124. cfly{s jif{ @)&(÷*) sf] jflif{s
cfGtl/s n]vfk/LIf0f n]vfk/LIf0fsf] sfo{ P]gåf/f lglb{i6
118. a}+lsª ljefu, d'b|f Joj:yfkg ljefu, ;dofjlwleq ;Dkfbg ul/Psf] 5 . cfly{s
ljQ Joj:yfkg ljefu / k|b]zl:yt ;a} jif{ @)&(÷*) df a}+ssf] v'b cfo ?=^)
XVI
g]kfn /fi6« a}+s ;dfrf/

ca{ $* s/f]8 /x]sf] / ;f]af6 art /sd ;xsf/L ;+:yf, e'QmfgL;DaGwL sfo{ ug]{ ;+:yf,
?=@% ca{ g]kfn ;/sf/nfO{ pknAw u/fpg] d'b|f ;6xL;DaGwL sfo{ ug]{ ;+:yf, Sofl;gf]
lg0f{o ePadf]lhd clwsf+z /sd pknAw Joj;fo, ax'd"No wft' tyf kTy/;DaGwL
u/fO;lsPsf] 5 . sf/f]af/ ug]{ Joj;fo, e'QmfgL ;]jf k|bfos,
125. ;fljssf] g]kfn /fi6« a}+s nufgL lgb]{lzsf, e'QmfgL k|0ffnL ;~rfns, 3/ hUuf vl/b
@)^* nfO{ ;dofg's"n ;+zf]wg u/L] laqmL Joj;foLnufot hDdf !,$*! j6f
…g]kfn /fi6« a}+s nufgL lgb]{lzsf, @)*)Ú ;"rs ;+:yfnfO{ ljQLo hfgsf/L OsfOsf]
sf] d:of}bf tof/ ePsf] 5 . goAML System df cfa4 ul/Psf] 5 .

126. axfnjfnf sd{rf/Lsf] dfl;s tnaeQf / 129. o;}u/L, g]kfn k|x/L, ;DklQ z'4Ls/0f
s/s§L;DaGwL clen]v sDKo'6/ ;ˆ6j]o/ cg';Gwfg ljefu, /fh:j cg';Gwfg ljefu,
dfkm{t tof/ ug]{ k|of]hgsf] nflu cfjZos cfGtl/s /fh:j ljefu, clVtof/ b'?kof]u
Salary and Tax Module / ;]jflgj[t cg';Gwfg cfof]u, eG;f/ ljefunufotsf
sd{rf/Lx¿sf] dfl;s k]G;g / s/s§L;DaGwL cg';Gwfgsf/L lgsfo tyf g]kfn /fi6«
clen]v sDKo'6/ ;ˆ6j]o/dfkm{t tof/ a}+ssf lgofdsLo÷;'kl/j]IfsLo ljefux¿,
ug]{ k|of]hgsf] nflu cfjZos Pension and ;xsf/L ljefu, g]kfn lwtf]kq af]8{, g]kfn
Tax Module sf] Business Requirement aLdf k|flws/0f, ;+:s[lt, ko{6g tyf gful/s
tof/ u/L ;f];DaGwL cfjZos sDKo'6/ p8\8og dGqfno, ko{6g ljefunufotsf
;ˆ6j]o/ vl/b ug{ k|lqmof cl3 a9fOPsf] lgofdsLo÷;'kl/j]IfsLo lgsfonfO{ ;d]t
5 . ;"rgf ;Dk|]if0fsf nflu goAML System df
;DklQ z'4Ls/0f lgjf/0f tyf ljQLo hfgsf/L cfa4 ul/Psf] 5 .
127. ljQLo hfgsf/L OsfOsf] k|ltj]bgcg';f/ 130. ljQLo hfgsf/L OsfOn] ;"rgf tyf
@)*) kmfu'g d;fGt;Dd #,*^( j6f tYofÍnfO{ ;Defljt hf]lvdaf6 hf]ufpg /
zÍf:kb sf/f]af/÷ultljlw k|ltj]bg k|fKt goAML System sf] 8f6f l/se/L k|0ffnL
ePsf] 5 . o; cjlwdf OsfOn] (&% j6f ;'lglZrt ug{ l8hf:6/ l/se/L ;fO6sf]
k|ltj]bg ljZn]if0f u/]sf]df $)* j6f kl5 Joj:yf ldnfPsf] 5 .
cGo s'g} ;"rgf k|fKt ePdf k'gM ljZn]if0f
ug]{u/L clen]vLs/0f u/]sf] 5 eg] %^& 131. OsfOn] o; cjlwdf ;+o'Qm c/a Old/]6\;sf]
j6f k|ltj]bg cg';Gwfg÷cg'udgsf nflu kmfOgflG;on OG6]lnh]G; o'lg6, o"PO{ (UAE
FIU) / The Supervisory and Financial
cg';Gwfgsf/L÷lgofds lgsfodf k7fOPsf] Information Authority of the Holy See/
5 . Vatican City State (ASIF) ;Fu
5'§f5'§} ;"rgf
128. …sÚ …vÚ / …uÚ ju{sf a}+s tyf ljQLo cfbfgk|bfg ;DaGwL ;dembf/Lkq (MoU) df
;+:yfx¿, hLjg÷lghL{jg aLdf, n3' aLdf x:tfIf/ u/]sf] 5 . ;"rgf cfbfgk|bfgsf
tyf k'gaL{df sDkgL, ljk|]if0f;DaGwL sfo{ nflu MoU df xfn;Dd !( j6f ljb]zL
ug]{ ;+:yf, lwtf]kq Joj;foL, n3'ljQ ;+:yf, FIU x¿;Fu x:tfIf/ ePsf] 5 .

XVII
 g]kfn /fi6« a}+s ;dfrf/

132. OsfOn] cGt/f{li6«o ;"rgf ;~hfn Egmont ;DklQ tyf ;]jf Joj:yfkg
Secure Web (ESW) dfkm{t @)*) kmfu'g 137. @)&@ j}zfv !@ ut]sf] ljgfzsf/L
d;fGt;Dd !* k6s ljb]zL ;dsIfL e"sDksf sf/0f Ifltu|:t eO{ ;x/L
lgsfo;Fu ;"rgf cfbfgk|bfg u/]sf] 5 . ljsf; dGqfnocGtu{tsf] s]Gb|Lo cfof]hgf
133. ljQLo sf/afxL sfo{bn (FATF) sf] cGt/f{li6«o sfof{Gjog OsfO -ejg tyf cfjf;_ af6
dfGotf / dfkb08adf]lhd Pl;of Kofl;lkms lgdf{0f eO/x]sf] o; a}+ssf] afn'jf6f/l:yt
;d"x (APG) n] ;g\ @)@@÷@# df u/]sf] ejgsf] k'glg{df{0f sfo{ @)*) kmfu'g
g]kfnsf] t];|f] r/0fsf] kf/:kl/s d"NofÍg d;fGt;Dddf ztk|ltzt / yfkfynLl:yt
k|ltj]bg ;]K6]Da/, @)@# df ;fj{hlgs ejgsf] sl/a (( k|ltzt -ckl/is[t_
ePsf] 5 . k|ltj]bg ;fj{hlgs ePkZrft\ ;DkGg eO{ OsfOaf6 x:tfGt/0fsf] k|lqmofdf
;a} ;Da4 lgsfon] /0fgLlt tyf cfufdL /x]sf] 5 .
sfo{lbzf to u/L ;f]sf] sfof{Gjog ug'{kg{] 138. b]zsf] k|fb]lzs ;+/rgfcg'¿k s0ff{nL
lhDd]jf/L /x]sf] 5 . o; sfo{df OsfOn] k|b]zsf] jL/]Gb|gu/, ;'v]{tdf ejg lgdf{0f
;a} lgsfo;Fu ;dGjo ub}{ cfPsf] 5 . ug{ lj:t[t Master Plan, Drawing, Design,
a}+lsª sf/f]af/ Technical Specification / Cost Estimate
134. cfly{s jif{ @)*)÷*! sf] t];|f] qodf;;Dddf tof/ ePsf] 5 .
;/sf/L sf/f]af/ ug]{ ljleGg jfl0fHo a}+ssf 139. @)*) df3b]lv l8lh6n sn/ lk|lG6ª
pkTosfaflx/sf !^ / pkTosfleqsf @ d]l;g ;~rfngdf NofO{ a}+ssf Sofn]G8/,
u/L s'n !* j6f a}+ssf s]Gb|Lo÷zfvf PsLs[t lgb]{zg, jflif{s k|ltj]bg, g]kfn
sfof{nosf] ;/sf/L sf/f]af/sf] lg/LIf0f /fi6« a}+s ;dfrf/ jflif{sf]T;j ljz]iffÍ;lxt
;DkGg ul/Psf] 5 . a}+ssf cGo k|sfzgx¿ cfˆg} k|];af6 5kfO
135. cfly{s jif{ @)*)÷*! sf] kmfu'g ug]{ sfo{ ;'? ul/Psf] 5 . o;af6 5kfO
d;fGt;DdDff o; a}+ssf k|fb]lzs sfof{no vr{ ldtJooL x'g] ck]Iff ul/Psf] 5 .
/ cGo jfl0fHo a}+sdf /x]sf !@ j6f ef=?= ;+:yfut of]hgf tyf hf]lvd Joj:yfkg
sf]ifdWo] ^ j6f ef=?= sf]ifsf] :ynut 140. cfly{s jif{ @)&(÷*) sf] jflif{s sfo{of]hgfsf]
lg/LIf0f sfo{ ;DkGg ePsf] 5 . ;fy}, o; jflif{s d"NofÍg Pjd\ ;dLIff / cfly{s jif{
jif{sf] ;f]xL cjlwdf k|b]zl:yt sfof{nox¿sf] @)*)÷*! sf] jflif{s sfo{of]hgfsf] bf];|f]
On]S6«f]lgs r]s lSnol/ª (ECC) tyf qodf;;Ddsf] d"NofÍg Pjd\ ;dLIff sfo{
cGt/a}+s e'QmfgL k|0ffnL (IPS) sf] ;DkGg ePsf] 5 .
sfof{Gjogsf] cj:yf ;DaGwdf * j6f
141. a}+ssf] cfly{s jif{ @)*)÷*! sf] a}+ssf]
:ynut cg'udg ;DkGg ul/Psf] 5 .
cg'dflgt jflif{s cfo–Joo ljj/0f -ah]6_
136. o; a}+ssf] a}+lsª ljefuaf6 ;j{;fwf/0fnfO{ ;~rfns ;ldltaf6 :jLs[t eO{ sfof{Gjogdf
k|bfg x'Fb} cfPsf] ljb]zL d'b|fsf] ;6xL ;'ljwf cfPsf] 5 . ;fy}, cfly{s jif{ @)*)÷*! sf]
a}+sx¿af6} pknAw x'g] Joj:yf ldnfOPsf] nflu ah]6 :jLs[t x'Fbf ;~rfns ;ldltaf6
5 .
XVIII
g]kfn /fi6« a}+s ;dfrf/
ah]6 k|0ffnLnfO{ ldtJooL, k|efjsf/L / 147. NRB Intranet (Home) Page, LC System,
kl/0ffdd'vL 9Ën] sfo{ ug{÷u/fpg ;DalGwt FXOL System, AC-STATUS System tyf
ljefu÷sfof{no÷dxfzfvf÷OsfOnfO{ !$ a'Fb] Gunaso System sf] nflu Fallback Server
lgb]{zg hf/L ul/Psf] 5 . tof/ u/L sfof{Gjogdf NofOPsf] 5 .
142. a}+ssf] hf]lvd Joj:yfkg sfo{nfO{ ;dfofg's"n 148. afXo ;|f]taf6 vl/b ul/Psf] Inventory
tyf yk k|efjsf/L agfpg] p2]Zon] Management System Softwarekf]v/f,
ljBdfg gLltut Joj:yfnfO{ kl/dfh{g tyf l;4fy{gu/, jL/u~h / ;'v]{t sfof{nodf
cBfjlws u/L gofF gLltut Joj:yf ul/Psf] ;~rfngdf NofOPsf] 5 . a}+s;{ k|lzIf0f
5 . ;f]cGtu{t Risk Management Policy, s]G› / Psn ljGb' ;]jf s]G›nfO{ a}+ssf]
2023; Risk Management Directive, 2023 / s]G›Lo g]6js{ k|0ffnLdf cfa4 u/L
Risk Management Procedure, 2023 :jLs[t ;~rfngdf NofOPsf] 5 .
u/L nfu" ul/Psf] 5 . 149. a}+sdf ;ˆ6j]o/ lgdf{0f;DaGwL sfo{nfO{
143. a}+ssf] Joj;fo lg/Gt/tf ;DaGwdf gLltut Jojl:yt ug{ …;ˆ6j]o/ ljsf;, ;~rfng,
Joj:yf ug{ Business Continuity Plan, 2024 ;kf]6{ tyf Joj:yfkg sfo{ljlw, @)*)Ú
th'{df u/L nfu" ul/Psf] 5 . sfof{Gjogdf NofOPsf] 5 .
144. sfo{;Dkfbgsf] qmddf lg:sg] kmf]xf]/hGo tyf sfg'gL sfdsf/afxL
sfd gnfUg] j:t'sf] Go"gLs/0f / ltgsf] 150. o; a}+ssf] lgb]{zg pNnª\3g u/]sf sf/0f
Joj:yfkgsf] nflu Waste Management and a}+s tyf ljQLo ;+:yf / ;+nUg kbflwsf/LnfO{
Physical Intake Policy, 2024 nfu" ul/Psf] ul/Psf] lgofdsLo sf/jfxLpk/sf k'g/fj]bg
5 . / o; a}+snfO{ ;d]t ljkIfL agfO{ ljleGg
cbfntdf @)*) kmfu'g d;fGt;Dddf
145. ;Ë7g tyf Joj:yfkg ;j]{If0f (O&M) -k|b]zl:yt sfof{no;Fu ;DalGwt ;d]t u/L_
;DaGwL sfo{nfO{ Jojl:yt / k|efjsf/L @!& j6f d'2f ljrf/fwLg 5g\ . rfn'
agfpg …;Ë7g tyf Joj:yfkg ;j]{If0f cfly{s jif{sf] kmfu'g d;fGt;Dddf o;
sfo{ljlw, @)*)Ú tof/ u/L sfof{Gjogdf a}+s;Fu ;DalGwt ^! j6f d'2fsf] km};nf
NofOPsf] 5 . ePsf] 5 .
;"rgf k|ljlw 151. d'2f dfldnf;DaGwL sfuhftnfO{ Litigation
146. Olympic Banking System nfO{ k|efjsf/L Management Software (LMS) dfkm{t
¿kdf ;~rfng tyf Joj:yfkg ug{sf l8lh6fOh];g k|lqmofdf n}hfg xfn;Dd
nflu a}+ssf] Data Centre af6 ;~rfng ug{ !%) j6f d'2f dfldnf;DaGwL sfuhft
g;lsg] cj:yfdf a}+sn] :yfkgf u/]sf] DR Upload ul/Psf] 5 . sd{rf/L ;fk6L;DaGwL
Site af6 t'?Gt ;~rfng ug{;Sg] cj:yfsf]
sfuhftnfO{ l8lh6fOh];g k|lqmofdf n}hfg
;'lglZrttfsf] nflu DR Plan / DR Drill sd{rf/L ;fk6L;DaGwL sfuhft Tamsuk
Procedure :jLs[t u/L klxnf]k6s DR Drill
Management Software (TMS) df qmdzM
ug]{ sfo{;d]t ;DkGg ePsf] 5 . Upload ub}{ nluPsf] 5 .
XIX
 g]kfn /fi6« a}+s ;dfrf/

ljQLo ;dfj]lztf tyf u|fxs ;+/If0f 156. ljQLo ;fIf/tfsf nflu o; a+}ssf]
152. ljQLo ;dfj]zLs/0f clej[l4sf] nflu ljQLo p2]Zocg'¿k ;Dkfbg x'g] d'Vo sfo{x¿df
;dfj]zLs/0f gLlt th'{df ul/Psf] 5 eg] s]lGb|t /xL Podcasts lgdf{0f ub{} o; a}+ssf]
/fli6«o ljQLo ;dfj]zLs/0f /0fgLltsf] YouTube Channel dfkm{t k|;f/0f eO/x]sf]
d:of}bf tof/L clGtd r/0fdf /x]sf] 5 . 5 .
;fy}, ;dfj]lztf dfkgsf nflu Financial
157. ljQLo ;fIf/tf;DaGwL sfo{df Ps¿ktf tyf
Inclusion Index tof/ ug]{ sfo{;d]t
;xhLs/0fsf nflu …ljQLo ;fIf/tf sfo{qmd
eO/x]sf] 5 .
;~rfng;DaGwL dfkb08, @)*)Ú nfu"
153. ljQLo ;dfj]lztf k|j4{gsf nflu ;~rflnt ePsf] 5 . o;}u/L, ljQLo ;fIf/tf;DaGwL
SEDRA kl/of]hgf Phase III sf] g]kfn tflndnfO{ yk k|efjsf/L agfpg tflndk|fKt
;/sf/, cy{ dGqfno;Fu Fund Channeling k|lzIfs tof/ ug{] p2]Zon] ljQLo ;fIf/tf
Agreement sfo{ ;DkGg eO{ jfl0fHo k|lzIfssf nflu TOT sfo{qmd ;DkGg u/L
a}+sx¿;Fu On lending Agreement ;DkGg @% hgf ljQLo ;fIf/tf k|lzIfs tof/
ePsf] 5 eg] Revolving Fund Operation ul/Psf] 5 .
sfo{ Joj:yfkgsf] nflu sfo{ljlw tof/Lsf] 158. 'Protect your money, secure your future'
qmddf 5 . eGg] d"n gf/fsf ;fy @)*) r}q % b]lv
154. l8lh6n÷ljQLo ;fIf/tf clej[l4sf nflu !! ;Dd Global Money Week 2024
a}+ssf] ;fdflhs ;~hfndf k|To]s dËnaf/ b]ze/ dgfOPsf] 5 . ;fy}, ljQLo ;fIf/tf
ljQLo ;fIf/tf ;Gb]z k|sfzg ug]{ ul/Psf] ¿k/]vf, @)&( adf]lhd cGo ;+:yfsf]
5 . l8lh6n ljB'tLo e'QmfgL sf/f]af/df ;dGjodf nlIft ;d"xnfO{ ;d]6L ljleGg
x'g;Sg] hf]lvd Go"gLs/0f ug{ ljQLo :yfgdf ljQLo ;fIf/tf sfo{qmd ;DkGg
;r]tgfsf nflu Ring Back Tone (RBT) ePsf 5g\ .
dfkm{t Nepal Telecom / Ncell Axiata dfkm{t 159. Market Conduct Supervision yfngLsf] nflu
;"rgf ;Dk|]if0f ul/Psf] 5 . g]kfn /fi6« a}+s, lg/LIf0f tyf ;'kl/j]If0f
155. ljQLo ;fIf/tf;DaGwL ljleGg ljifodf ljlgodfjnL, @)&$ df cfjZos ;+zf]wg
lel8of] lgdf{0f u/L o; a}+ssf] ;fdflhs ul/Psf] 5 . o;sf nflu ahf/ cfr/0f
;'kl/j]If0f;DaGwL sfo{ljlwsf] d:of}bf tof/
;~hfndfkm{t k|;f/0f eO/x]sf] 5 . cf}krfl/s
ePsf] 5 .
ljQLo ;]jf pkof]u u/L pBd ;~rfng
ul//x]sf pBdLx¿sf] syfnfO{ ;d]6]/ 160. ljQLo ;dfj]lztf tyf u|fxs ;+/If0f
…ul/vfg]sf syfÚ gfds j[Qlrq lgdf{0f u/L dxfzfvfdf cgnfOg kf]6{n, Od]n, lnlvt
k|;f/0f ul/Psf] 5 . ljQLo ;fIf/tf;DaGwL lgj]bg tyf 6]lnkmf]g / x]nf] ;/sf/dfkm{t
Radio Jingle ;fdu|Lx¿ ljleGg /]l8of] @)*) j}zfvb]lv kmfu'g d;fGt;Dddf
:6]zgdfkm{t b]ze/ k|;f/0f eO/x]sf] 5 . @,$$( j6f u'gf;f] ;dfwfg ePsf 5g\ .

XX
g]kfn /fi6« a}+s ;dfrf/

cWoog÷cg';Gwfg÷tflnd÷;Dd]ng ;Fusf] ;xsfo{df ljleGg ljifodf cWoog

161. cfly{s jif{ @)&(÷*) sf] jflif{s u/L Research Workshop ;DkGg ul/Psf]
sfo{of]hgfcg'¿k Appropriateness of 5 .
Monetary Policy Targets in Nepal, The
167. k"0f{ l8lh6n a}+s :yfkgf;DaGwL cGt/f{li6«o
Degree of Exchange Rate Misalignment
cEof;x¿sf] cWoog u/L 'Establishing
and its Impact on Economic Growth / A
Digital Bank in Nepal: A Study Report' sf]
Study on the Effect of Foreign Exchange
d:of}bf tof/ ePsf] 5 .
Facility on Service Imports ljifos cWoog
;DkGg ul/Psf] 5 . 168. g]kfn e|d0f ug{] ef/tLo ko{6ssf] ;ª\Vof
pNn]Vo /x]sf], ef/tdf l8lh6n k]d]G6n]
162. A Survey Report on Foreign Direct
Jofkstf kfPsf] / g]kfndf ef=?= !)) eGbf
Investment in Nepal (2021/22) cWoog
7"nf b/sf gf]6 u|fXo gePsf] cj:yfnfO{
;DkGg u/L k|ltj]bg k|sfzg ul/Psf] 5 .
zf]wgfGt/ tYofÍ cBfjlws ug{ ljb]zL dWogh/ u/L ef/tLo ko{6ssf] Preferred
Digital Mode of Payment ;DaGwdf ;j{]If0f÷
d'b|f ;6xL sf/f]af/;DaGwL ;j]{If0f ul/Psf]
5 . cWoog ul/Psf] 5 .

163. a}+s ckm sf]l/ofsf] ;xof]udf ;~rfng 169. @)*) ;fpgb]lv kmfu'g d;fGt;Dddf a}+s;{
x'g] Bank of Korea-Knowledge Partnership k|lzIf0f s]Gb|n] lgoldttkm{ @$ / cltl/Qm÷
Program cGtu{t ;g\ @)@# sf] nflu cGotkm{ $ u/L hDdf @* j6f tflnd
'Develop Macro Stress-testing Framework sfo{qmd ;DkGg u/]sf] 5 . plNnlvt tflnd
for Financial Stability Assessment' ljifodf sfo{qmddf (&^ hgf k|lzIffyL{sf] ;xeflutf
cWoog ;DkGg ePsf] 5 . lyof] .
164. n3'ljQ lJfQLo ;+:yfsf ;d:of / ;dfwfg 170. ;dLIff cjlwdf Toronto Center n] o;
ljifosf] lj:t[t cWoog ;DkGg u/L k|ltj]bg a}+ssf sd{rf/LnfO{ sf7df8f}+df 'Digital
;fj{hlgs ePsf] 5 eg] ;f] k|ltj]bgsf] Financial Services Supervision for Financial
;'emfjnfO{ qmdzM sfof{Gjog ub}{ nluPsf] Inclusion' ljifodf tflnd k|bfg u/]sf] 5 .
5 . 171. k|b]zl:yt sfof{no;Fusf] ;dGjodf ljleGg
165. Implementing Market-based Mechanism k'/ftflTjs, ;fdflhs, ;f+:s[lts tyf
for Centralized Interbank Transactions P]ltxfl;s dxŒjsf ljifoj:t' klxrfg x'g]
ljifosf] cWoog ;DkGg ul/Psf] 5 . o;}u/L, u/L :dfl/sf l;Ssf tyf d]8flnog 6sd/L
Peer-to-Peer Lending and Crowdfunding ug]{ ;Gbe{df 6S;f/ dxfzfvfaf6 ^ j6f
ljifos cWoogsf] d:of}bf tof/ u/L /fo k|b]zsf] cWoog eO{ k|ltj]bg;d]t tof/
;'emfjsf nflu Consultative Document eO;s]sf] 5 . s0ff{nL k|b]zsf] cWoogkZrft\
k|sfzg ul/Psf] 5 . k|b]zsf ljifoj:t'nfO{ ;d]6]/ :dfl/sf l;Ssf
166. Asian Development Bank Institute / Asia tyf d]8flnog 6sd/L ug]{ of]hgf /x]sf]
Pacific Applied Economic Association 5 .
XXI
 g]kfn /fi6« a}+s ;dfrf/

172. @)*) j}zfvb]lv kmfu'g d;fGt;Dddf ljljw

ef}lts ¿kdf ;DkGg ePsf cGt/f{li6«o 177. o; a}+ssf k|yd ueg{/ :j= lxdfno zDz]/
sfo{qmd, tflnd, ;]ldgf/ tyf uf]i7Ldf o; h=a=/f=sf] ;Demgfdf k|To]s jif{ n]Sr/
a}+ssf] tkm{af6 %!( hgfn] ;xeflutf hgfPsf cfof]hgf ug]{ clek|fon] o;} jif{af6
5g\ eg] :jb]zL tflnd tyf sfo{qmddf 'Himalaya Shumsher Memorial Lecture'
-a}s;{ k|lzIf0f s]Gb|n] cfof]hgf u/]sf]afx]s_ sfo{qmd cf/De ul/g]5 .
@&@ hgf sd{rf/Lsf] ;xeflutf ePsf] 178. ;+:yfut of]hgf tyf hf]lvd Joj:yfkg
5 . o;}u/L, cgnfOg dfWodaf6 ;~rfng ljefudf /x]sf] Technical Cooperation Unit
ePsf j}b]lzs tflnd sfo{qmddf !$) hgf nfO{ ueg{/sf] sfof{nodf :yfgfGt/0f u/L
sd{rf/L ;xefuL ePsf 5g\ .
International Division cGtu{t ;~rfngdf
cGt/f{li6«o ;DaGw NofOPsf] 5 .
173. o; a}+s / ef/tLo l/hj{ a}+ssf clwsf/Lx¿sf]
179. g]kfn /fi6« a}+ssf] lgdGq0ff jf a}+s;Fu
;xeflutfdf Joint Technical Coordination
;DalGwt sfdsf] l;nl;nfdf g]kfn e|d0fdf
Committee (JTCC) sf] 5}6f}F a}7s @)*)
cfpg] ljb]zL cltlysf] lzi6frf/ tyf lnofhg
d+l;/ !@ ut] sf7df8f}+df ;DkGg ePsf]
sfo{nfO{ yk Jojl:yt u/L Ps¿ktf sfod
5 .
ug{ …g]kfn /fi6« a}+s lzi6frf/ dfu{bz{g,
174. cGt/f{li6«o d'b|f sf]ifsf] Extended Credit @)*)Ú hf/L ul/Psf] 5 .
Facility (ECF) Mission sf] Third Review 180. g]kfn /fi6« a}+snfO{ cGt/f{li6«o lgsfoaf6
@)*) c;f]h $ b]lv !& ;Dd sf7df8f}+df k|fKt x'g] k|fljlws ;xfotf tyf a}+s /
;DkGg ePsf] 5 . o;}u/L, @)*) j}zfvb]lv cGt/f{li6«o lgsfoaLr x'g] ;dembf/Lkqsf]
xfn;Dd cGt/f{li6«o d'b|f sf]ifaf6 ^ j6f cfbfgk|bfg sfo{nfO{ Jojl:yt ug{
ljleGg ljifodf k|fljlws ;xof]u k|fKt …g]kfn /fi6« a}+s ljb]zL k|fljlws ;xfotf
ePsf] 5 . tyf ;dembf/Lkq dfu{bz{g, @)*)Ú hf/L
175. g]kfn / ef/taLr ;Ldfkf/ ljB'tLo e'QmfgL ul/Psf] 5 .
(Cross-border Digital Payments) sf nflu cGTodf,
ef/tsf] UPI / g]kfnsf] NPI nfO{ PsLs[t 181. rfn' vftf / zf]wgfGt/ artdf /x]sfn]
ug]{ k|of]hgfy{ o; a}+s / ef/tLo l/hj{ t/ntf l:yltdf pNn]Vo ;'wf/ cfPsf] 5 .
a}+saLr lgodg / ;xhLs/0f ljifosf lgIf]k tyf shf{sf Aofhb/ 36\bf] qmddf
;t{x¿af/] x:tfIf/ ePsf] 5 . /x]sf 5g\ . zf]wgfGt/ art / d"Nodf k/]sf]
rfk sd x'Fb} uPsfn] gLltut sfo{lbzfnfO{
176. ljB'tLo e'QmfgLsf] k|j4{g tyf ljsf;sf
qmdzM ;xh agfpFb} nluPsf] 5 . o;af6
nflu cfjZos ;xsfo{ ug{ o; a}+s /
cfly{s ultljlwdf qmlds ;'wf/ x'g] ck]Iff
International Finance Cooperation aLr
/x]sf] 5 .
Cooperation Agreement ul/Psf] 5 .

XXII
g]kfn /fi6« a}+s ;dfrf/

182. cfly{s ultljlwdf cfPsf] lzlyntfsf ;Ddfg ub{5' . g]kfn /fi6« a}+ssf] ^(
sf/0f a}+s tyf ljQLo ;+:yfsf] shf{ c;'nL cf}+ jflif{sf]T;jsf cj;/df pTs[i6 ;]jf
s]xL k|efljt eO{ lgliqmo shf{ cg'kft k'/:sf/af6 k'/:s[t x'g] ;Dk"0f{ sd{rf/LnfO{
a9\b} uPsf] 5 . tyflk, a}+lsª k|0ffnLdf xflb{s awfO{ 1fkg ub{5' . o;}u/L, ;a}eGbf
t/ntf ;xh ePsf] / shf{sf Aofhb/;d]t a9L /]ld6\ofG; leœofpg] / l8lh6n sf/f]af/
qmdzM 36\b} uPsf] ;Gbe{df cfufdL lbgdf ug]{ ;+:yfnfO{ klg o; cj;/df awfO{
shf{ c;'nL ;xh x'Fb} hfg] ck]Iff 5 . 1fkg ub{5' . a}+ssf] ^( cf}+ jflif{sf]T;jsf]
ljQLo :yfloTjsf nflu ljleGg lgodgsf/L pknIodf cfof]lht cfly{s n]v, v]ns'b,
Joj:yf ul/Psf] 5 . ljQLo If]q;lxt afnlrqsnf nufotsf ljleGg k|ltof]lutfsf
;ldi6ut cfly{s :yfloTjnfO{ g]kfn /fi6« ljh]tfnfO{ klg xflb{s awfO{ 1fkg ub{5' .
a}+sn] ;b}j k|fyldstfdf /fVb} cfPsf] 5 . 185. o; a}+ssf] sfdsf/afxLdf lg/Gt/ ;xof]u
183. o; a}+ssf] p2]Zo k|flKtdf ;+nUg ;a} ug]{ g]kfn ;/sf/, cy{ dGqfnonufot cGo
sd{rf/Lx¿ wGojfbsf kfq x'g'x'G5 . ;/sf/L lgsfo, a}+s tyf ljQLo ;+:yf, lghL
jflif{sf]T;jsf] o; ul/dfdo cj;/df a}+ssf If]qsf ;+3;+:yf, ;~rf/ If]q, k|a'4 ju{,
;Dk"0f{ sd{rf/L / cGo ;Da4 ;a}nfO{ cGt/f{li6«o d'b|f sf]if / cGo bft[ lgsfo,
xflb{s z'esfdgf JoQm ub}{ a}+ssf] p2]Zo cGt/f{li6«o ;+3;+:yf / ;j{;fwf/0f ;a}df
k|flKtdf cfufdL lbgdf cem lqmofzLn x'Fb} o; cj;/df wGojfb 1fkg ub{5' . cfufdL
a}+ssf] ul/df pRr /fVg]u/L sfd ug{ lbgdf klg ;Da4 ;a} kIfaf6 a}+snfO{
;Dk"0f{ sd{rf/Lx¿nfO{ lgb{]z ub{5' . lg/Gt/ ;xof]u k|fKt x'g]df ljZj:t 5' .
184. jflif{sf]T;jsf] cj;/df @) jif]{ ;]jf pkxf/ wGojfb Û
af6 ;'zf]let x'g'x'g] sd{rf/LxnfO{ awfO{ !$ j}zfv @)*!
1fkg ub}{ pxfFx¿sf] a}+sk|ltsf] ;dk{0fsf]

XXIII
 g]kfn /fi6« a}+s ;dfrf/

XXIV
g]kfn /fi6« a}+s ;dfrf/

g]ku
cª\ fnL
|]hL v08
v08

93
g]kfn /fi6« a}+s ;dfrf/

ljZjsf ljQLo ;°6 / g]kfndf ljQLo

:yfloTjsf] ;jfn
 8f= k|sfzs'df/ >]i7 *

!= ljifo k|j]z @= ljZjsf s]xL ljQLo ;Í6x¿

…ljQLo ;Í6 -Financial Crisis_Ú eGgfn] ljQLo @=!= blIf0fk"jL{ Pl;ofnL] ljQLo ;Í6
k|0ffnLsf] ;~rfngdf cfpg] ulx/f] JojwfgnfO{ hgfpF5 . ;g\ !((& h'nfO{df yfONof08af6 ;'? ePsf]
o;sf sf/0f a}+s tyf ljQLo ;+:yf / ljQLo ahf/ ;Í6 blIf0f–k"jL{ Pl;ofnL d'n'sx¿Ù h:t}M blIf0f
;~rfngdf cfpg ;Sb}gg\ . ljQLo k|0ffnLdf cfpg] sf]l/of, dn]l;of, O08f]g]l;of / lkmlnlkG;;Dd km}lnPsf]
Jojwfgn] ;du| cy{Joj:yfdf ;Í6 -cfly{s ;Í6_ ljQLo ;Í6nfO{ Pl;ofnL ljQLo ;Í6sf] ¿kdf
Nofpg ;S5 . h;n] art, nufgL, pTkfbg, /f]huf/L lrlgG5 . oL d'n'ssf] cj:yf d'b|f ;Í6af6 zf]wgfGt/
/ ljqmL ljt/0fh:tf cfly{s lqmofsnfk / o;;DaGwL ;Í6 x'Fb} a}+lsª ;Í6df kl/0ft ePsf] lyof] .
lg0f{o ug{ sl7gfO k5{ . ljQLo ;Í6sf sf/0f pQm ;Í6n] cy{tGq ;ª\s'lrt klg ePsf] lyof] .
e'QmfgL / shf{ k|0ffnLn] sfd ug{ g;Sbf cfly{s ;Í6 cfpg'eGbf Ps bzscufl8 blIf0f k"jL{–Pl;ofnL
ultljlwx¿ k|efljt x'g k'U5g\ . jf:tjdf a}+lsª / b]zx¿n] cfly{s / ljQLo pbf/Ls/0fsf] gLlt
ljQLo k|0ffnLsf] sfo{ k|s[ltn] ubf{ ;b}j hf]lvdsf] cjnDag u/]/ k'FhL vftf v'nf /fv]sf lyP . oL
;fdgf ul//xg'kg]{ x'G5 . vf;u/L ljQLo pbf/Ls/0fsf] b]zx¿sf] cfly{s j[l4 klg pRr /x]sf] / k|ltkmn
cj:yfdf a}+s tyf ljQLo ;+:yfsf] lj:tf/;Fu} ljQLo /fd|f] ePsf] ;Gbe{df ljb]zL k'FhLsf] cfk|jfx pNn]Vo
k|0ffnL a9L ;Í6f]Gd'v x'g] u/]sf] kfOG5 . /x]sf] lyof] . To;df klg cNksfnLg k'FhLsf] cfk|jfx
a9\b} uPsf] lyof] . t/, ;g\ !(($ b]lv …km]8]/n
ljZj ljQLo ;Í6 slxn] cfGtl/s t slxn]
km08 /]6Ú a9\g ;'? u/]sf] lyof] / ;g\ !((% sf]
afXo sf/0faf6 l;h{gf x'g] u/]sf] b]lvG5 . k|foMh;f]
clk|ndf 5 k|ltztdfly k'u]sf] lyof] . ;+o'Qm /fHo
u}/ljj]szLn -Irrational_ k|j[lQ a9\bf ljQ ;Í6
cd]l/sfdf Aofhb/ a9\b} uPsf] ;Gbe{df ljb]zL k'FhL
cfpg] u/]sf] kfOG5 . ljQLo k|0ffnLdf Ps cfk;df
tL b]zaf6 aflx/ hfg yfn]sf] lyof] . nfdf] ;do;Dd
hf]l8Psf] x'Fbf s'g} Ps ;+:yf jf s'g} Ps pkIf]qdf
;Í6 cfof] eg] cGo ;+:yf / If]qdf k|;fl/t x'g k'U5, yfONof08sf] ljb]zL ljlgdodf bafa kl//x]sfn] ljb]zL
h;nfO{ …;ª\qmfds c;/ -Contagion effect_Ú eGg] ljlgdo ;l~rlt l/lQFb} uPkl5 !((& h'nfO{df ljlgdo
ul/G5 . clxn]sf] e"d08nLs/0fsf] cj:yfdf Pp6f b/ cjd"Nog ug{'k/]sf] lyof] . l:y/ ljlgdo b/ sfod
b]zdf ;'? ePsf] ljQLo ;Í6 cGo b]zdf klg /xg g;Sg] / ljb]zL ljlgdo ;l~rlt sd x'Fb}
k|;fl/t x'g k'U5 / ljZjJofkL ljQLo ;Í6sf] ¿k uPsf] ;Gbe{df ljb]zL nufgLstf{n] ;§]afhL cfqmd0f
wf/0f ub{5 . o; n]vnfO{ kl5Nnf] ;dodf ljZjdf -Speculative attack_ u/] .
b]vfk/]sf tLg j6f ljQLo ;Í6af/] ljZn]if0f ub{{} j}b]lzs ahf/df k|lt:kwf{ sfod /fVg /
g]kfnn] l;Sg'kg]{ kf7sf ;DaGwdf s]lGb|t ul/Psf] 5 . ;Defljt ;Í6sf] cfsng ub}{ j}b]lzs k'FhL alxu{dg

* sfo{sf/L lgb]{zs, g]kfn /fi6« a}+s

1
 g]kfn /fi6« a}+s ;dfrf/

x'Fbf cGo l5d]sL b]zsf d'b|f klg cjd"Nog x'g ;+:yfut ;'zf;gsf] cefjdf C0f nufgL lj:tf/}
k'u] . yfONof08af6 ;'? ePsf] ;Í6 l5d]sL b]zx¿Ù sd gfkmf lbg] If]qdf uPsf] lyof] . ljb]zL k'FhLsf]
blIf0f sf]l/of, O08f]g]l;of, dn]l;of, lkmlnlkG;df pNn]Vo cfk|jfxsf sf/0f ;Í6 cfpg'k"j{;Dd oL
klg ;¥of] . d'b|f cjd"Nogsf sf/0f zf]wgfGt/ b]zx¿sf] cfly{s j[l4 pNn]Vo a9]sf] lyof] .
3f6f a9\b} uof] . cNksfnLg j}b]lzs C0f lnPsf
;Í6 cfpg'k"j{ nuftf/ lgof{tsf] j[l4b/ sd x'Fb}
a}+s tyf ljQLo ;+:yfb]lv cGo ;+:yfx¿;d]t
uPsf]n] b'O{ jif{ ;g\ !((% / !((^ df yfONof08sf]
j}b]lzs C0fsf] e'QmfgL bfloTj a9]/ ;d:ofdf k/] .
cy{tGqdf t/ntfsf] cefj eof], Aofhb/ a9], shf{ rfn' vftf 3f6f cf7 k|ltzt dfly k'u]sf] lyof] . ;g\
k|jfxdf lzlyntf cfof] . lgliqmo shf{sf] cg'kft a9\of] . !((^ df dn]l;ofsf] rfn' vftf 3f6f !) k|ltzt
t/ntf cefjdf y'k|} a}+s tyf ljQLo ;+:yfx¿ aGb xf/fxf/Ldf lyof] . ;Í6 b]vfk/]sf cGo l5d]sL
x'g k'u1] . o;n] ubf{ ;g\ !((* df ;a} b]zx¿sf] b]zx¿df rf/ k|ltztsf] xf/fxf/L rfn' vftf 3f6f /x]sf]
cfly{s j[l4b/ gsf/fTds /Xof] eg] yfONof08df ;g\ lyof] . ljb]zL k'FhLsf] cfk|jfxsf sf/0f rfn' vftf
!((& df g} cfly{s j[l4b/ C0ffTds /xg uof] . 3f6f eP klg blIf0f k"jL{ b]zx¿df zf]wgfGt/ l:ylt
;g\ !((* df O08f]g]lzofsf] cy{tGq !# k|ltzt eg] artdf lyof]2 . yfONof08n] ;g\ !(*& b]lv Ps
/ yfONof08sf] cy{tGq !)=% k|ltztn] C0ffTds cd]l/sL 8n/a/fa/ @% yfO ef6 -yfONof08sf] d'b|f_
x'g k'Uof] . ljlgdob/ cjd"Nog ePsf sf/0f ;a} a/fa/sf] ljlgdo b/ sfod /fv]sf] lyof] . cd]l/sL
b]zdf ;Í6kl5 d'b|f:kmLlt a9\g uof] . O08f]g]lzofafx]s km]8/n l/h{en] gLltut b/ a9fpFb} nu]sf] ;Gbe{df
;Í6df k/]sf cGo b]zdf d'b|f:kmLlt a9] klg !) ljb]zL nufgLstf{n] yfONof08af6 k'FhL aflx/ nu] .
k|ltzt eGbf tn /Xof] . t/, O08f]g]lzofdf eg] h;n] ubf{ ljb]zL ljlgdo ;l~rlt 36\b} uof] .
d'b|f:kmLlt b/ ;g\ !((* df %* k|ltzt;Dd k'Uof] . ljb]zL ljlgdo ;l~rltdf bafa kg{ yfn]kl5 ;Defljt
hf]lvdnfO{ dWogh/ /fvL emg\ a9L ljb]zL k'FhL
sf/0f
alx{udg x'g yfNof] . o;n] ubf{ yfONof08n] cd]l/sL
ljQLo pbf/Ls/0f gLltcGtu{t oL b]zx¿n] cfˆgf
8n/;Fusf] l:y/ ljlgdo b/ k|0ffnLnfO{ 5f8]/ ahf/
k'FhL vftf v'nf u/]sf lyP . k'FhL vftf v'nf ePs}
lgwf{l/t ljlgdo b/ k|0ffnL cjnDag u¥of] . o;n] ubf{
sf/0f cNksfnLg cjlwsf] ljb]zL k'FhLsf] cfk|jfx
yfO ef6 pNn]Vo ¿kdf cjd"Nog x'g k'Uof] . hgj/L
pNn]Vo a9]sf] lyof] . o;/L cfk|jfx ePsf] ljb]zL k'FhL
!((* df yfO ef6 cjd"Nog eP/ Ps cd]l/sL
;]o/ ahf/ / 3/hUufdf a9L nufgL ePsf] lyof] .
ltgsf] d"No pRr ¿kdf -asset price bubble_ a9]sf] 8n/a/fa/ %^ ef6;Dd k'u]sf] lyof]3 . ;Í6 cfPkl5
lyof] . ljb]zL d'b|fdf C0f lnP/ a}+s tyf ljQLo yfO ef6 ;g\ !((& df cf};tdf @) k|ltzt /
;+:yfn] klg :jb]zL d'b|fdf C0f k|bfg u/]sf lyP, h; ;g\ !((* df @$ k|ltztn] cjd"Nog ePsf] lyof] .
sf/0f currency mismatch sf] cj:yfdf lyP . k|jflxt d'b|f cjd"Nogkl5 yfONof08sf] :6s dfs]{6df &%
C0f klg ;Lldt JolQm tyf ;+:yfdf s]lGb|t lyof] . k|ltztsf] lu/fj6 cfPsf] lyof] .
1
O08f]g]lzofdf !^ j6f a}+s, yfONof08df %* j6f ljQLo ;+:yf, blIf0f sf]l/ofdf !& j6f dr]{G6 a}lsª skf]{/]zg / yk
&)) j6f ljQLo ;+:yf aGb jf dh{/ ul/Psf] lyof] .
2
;g\ !((& df yfONof08sf] ljb]zL C0f !)( cj{ cd]l/sL 8n/ k'u]sf] lyof] eg] To;sf] ^% k|ltzt cNksfnLg
cjlwsf] lyof] . cNksfnLg C0fsf] sl/a &) k|ltzt dfq ljb]zL ljlgdo ;l~rlt /x]sf] lyof] .
3
https://en.wikipedia.org/wiki/1997_Asian_financial_crisis#cite_ref-10
2
g]kfn /fi6« a}+s ;dfrf/
;Í6 b]lvPsf cGo b]zx¿df l:y/ ljlgdo b/ v'nf k'FhL vftf, l:y/ ljlgdo b/ / :jtGq df}lb|s
geP klg ljlgdo b/df ;Í6cl3 vf;} ptf/r9fj gLlt Ps}k6s sfod ug{ ;lsFb}g eGg] cy{zf:qL /j6{
cfPsf] lyPg . yfO ef6sf] cjd"Nogkl5 l5d]sL d'08]nsf] l;4fGt g} /x]sf] 5 . clgolGqt cNksfnLg
b]zsf] d'b|f ahf/df klg bafa kg{ ;'? eof] . tL cjlwsf] afXo k'FhL cfk|jfxn] cy{tGqdf s'g} klg
b]zx¿af6 klg ljb]zL k'FhL alxu{dg x'g yfNof], a]nf ;d:of kfg{ ;S5 . clws ljb]zL k'FhL cfk|jfxn]
h;n] ubf{ tL b]zsf d'b|f yk cjd"Nog x'g k'u] . :jb]zL d'b|f clwd"Nog u/fpg] / t/ntf a9fO{
;g\ !((* df O08f]g]l;ofsf] d'b|f &! k|ltzt;Ddn] Aofhb/ 36fpg] x'G5 . cNksfnLg k'FhL s'g} klg a]nf
cjd"Nog ePsf] lyof] . ;g\ !((& cln sd b/n] b]zaflx/ hfg ;S5 . o;/L aflx/ hfFbf k'FhL lkmtf{sf
nflu kof{Kt ljb]zL d'b|f rflxG5 eg] ljb]zL k'FhL
cjd"Nog ePsf] d'b|f dn]l;ofsf] lyof], h'g cf};tdf
aflx/ hfFbf :jb]zL d'b|f sdhf]/ x'G5 . :jb]zL d'b|f
!)=% k|ltztn] cjd"Nog ePsf] lyof] . ;g\ !((* df
cjd"Nog x'Fbf cfofltt d'b|f:kmLlt / afXo C0fsf]
oL b]zsf d'b|f yk @$ k|ltztb]lv &! k|ltzt;Ddn]
bfloTj a9\g] x'G5 . t;y{, cNksfnLg cjlwsf]
cjd"Nog ePsf lyP . ljb]zL k'FhL cfk|jfx lgolGqt cyjf lgodg ul/g'kg]{
:jb]zL d'b|fsf] pRr cjd"Nogn] ubf{ ljb]zL kf7 l;sfPsf] 5 .
C0fsf] bfloTj yk a9]sf] lyof] eg] cfGtl/s a}+s tyf ljQLo ;+:yfn] ljb]zaf6 k'FhL NofP/
t/ntf cefj ePsf] lyof] . k'FhLsf] alxu{dg /f]Sg cfGtl/s ¿kdf ;DklQsf d"No a9fpg] u/L shf{k|jfx
s]Gb|Lo a}+sn] Aofhb/ a9fPkl5 C0f lnPsf ;+3;+:yf ubf{ cy{tGqdf hf]lvd a9fpg] / t]hLsf] cj:yf
/ JolQmx¿ emg\ ;d:ofdf k/]sf lyP . a}+s tyf Nofpg] x'G5 . ljb]zaf6 cfPsf] nufgLcg'¿k shf{
ljQLo ;+:yfb]lv u}/ljQLo ;+:yfx¿ klg aGb x'g k|jfxsf] j[l4;Fu} lgof{taf6 ljb]zL d'b|f cfh{g ug{
k'u] . a9\bf] Aofhb/sf sf/0f pTkfbgd"ns If]qdf g;Sg] xf] eg] ljb]zL nufgL lkmtf{ hfFbf kof{Kt
pTkfbg 36\of] / a]/f]huf/L b/ a9\of] . ljb]zL ljlgdo ;l~rltsf] cefj x'g hfG5 . t;y{,
shf{ k|jfxsf] j[l4b/nfO{ lglZrt ;Ldfdf /fVg'kb{5
;Í6 cfpg'k"j{ ljb]zL k'FhLsf] cfk|jfx;Fu} lghL If]qdf
hfg] shf{ pRr b/n] a9]sf] lyof] . ;g\ !((% df tf ls ;DklQsf d"Nodf p5fn -asset price bubble_
gcfcf];\ eGg]tkm{ ;hu x'g'kb{5 .
oL b]zsf] shf{k|jfx @) k|ltzteGbf dfly k'u]sf]
lyof] . To;df klg lkmlnlkG;df $$ k|ltztn] a9]sf] a}+s tyf ljQLo ;+:yfsf] lgodg / ;'kl/j]If0fnfO{
lyof] . shf{sf] tLj| lj:tf/ ;Í6 ;'? x'g] jif{ ;g\ k|efjsf/L agfO{ cTolws hf]lvd lng lbg'x'Fb}g .
!((& ;Dd sfod lyof] . ;Í6kZrft\ yfONof08, kof{Kt t/ntf cg'kft, k'FhL kof{Kttf cg'kft, d'b|f /
O08f]g]lzof / lkmlnlkG;df shf{ k|jfxdf ;ª\s'rg kl/kSjtf -maturity_ df ;Gt'ng sfod ub}{ ;DklQ
cfof] eg] dn]l;of / blIf0f sf]l/ofdf lghL If]qdf hfg] / bfloTjsf] Joj:yfkg ul/g'kb{5 eGg] kf7 klg
l;sfPsf] 5 . blIf0f–k"jL{ Pl;ofnL b]zx¿sf] ;Í6af6
shf{sf] j[l4b/ pNn]Vo ¿kdf sd x'g k'u]sf] lyof] .
l;s]/ To:t} ;Í6 ljQLo k|0ffnLn] ef]Ug' gk/f];\ eGg]
;Í6cl3 shf{ k|jfxdf pRr j[l4 eP/ / ;Í6kl5
p2]Zon] Bank for Internationa Settlement (BIS) n]
pNn]Vo sdL cfpFbf cfly{s j[l4b/ v'lDrPsf] lyof] .
;g\ @))$ df lgodg / ;'kl/j]If0fsf] nflu BASEL
II Accord hf/L u¥of], h;df Go"gtd k'FhL sf]ifsf]
l;sfPsf] kf7 j[l4, ;'kl/j]IfsLo d"NofÍg / ahf/ cg'zf;gsf]
k'FhL vftf kl/jTo{ ePsf] cj:yfdf l:y/ ljlgdo
Joj:yf lyof] .
b/ sfod /fVg sl7g x'G5 . k'FhLsf] cfk|jfx / alxu{dg
a9L x'Fbf l:y/ ljlgdo b/ sfod /fVg ;lsFb}g .
3
 g]kfn /fi6« a}+s ;dfrf/

@=@ cd]l/sfaf6 ;'? ePsf] ljZjJofkL ljQLo ;Í6 lbg / lng s'g} lxlRsrfx6 ePg . 3/ hUufsf] d"No
;g\ @))&–)* df cd]l/sfdf ljQLo ;Í6sf] al9/xFbf cfˆGff] k|of]usf] nflu geO{ a9L d"Nodf a]r]/
;'?cft eof] . cd]l/sfsf] 3/hUuf If]qaf6 ;'? ePsf] gfkmf sdfpg] p2]Zon] klg 3/hUuf vl/bsf] k|j[lQ
;Í6n] cd]l/sfsf] ;Dk"0f{ ljQLo If]qnfO{ klxnf c;/ a9]sf] lyof] .
kf/]sf]df kl5 ;Dk"0f{ pTkfbgdns If]qnfO{ ;d]t ;DklQsf] d"No a9\g'sf] Pp6f ;Ldf x'G5, t/
g/fd|/L k|efj kf¥of] . h;n] ubf{ s'n ufx{:Yo ;Ldf sxfF uP/ 6'lËG5 yfxf kfpg ufx|f] x'G5 . ha
pTkfbgsf] j[l4b/ ;g\ @))* sf] t];|f] qodf;b]lv d"No cTolws a9\\g yfN5, Psftkm{ dfudf sdL cfpF5
nuftf/ rf/ j6f qodf;;Dd 36\g uof] . ;g\ @)) eg] csf]{tkm{ cfk"lt{ a9\g yfN5 . cd]l/sfdf klg
( df ToxfFsf] s'n ufx{:Yo pTkfbg @=^ k|ltztn] ToxL eof] . 3/hUufsf] d"No pNn]Vo ¿kdf a9\gfn]
36\of] eg] a]/f]huf/L b/ pNn]Vo a9\of] . ;g\ @)) dfu 36\g yfNof] eg] cfk"lt{df pNn]Vo j[l4 eof] .
( sf] cS6f]a/;Dd k'Ubf ;+o'Qm /fHo cd]l/sfsf] cGTodf 3/hUufsf] d"Nosf] kmf]sf km'6\g uof] . km]8/n
a]/f]huf/L b/ clwstd !) k|ltzt;Dd k'u]sf] lyof]4 . l/he{n] a9\bf] shf{nfO{ dWogh/ u/L km]8/n km08
pQm ;Í6 ljsl;t b]zx¿df cfPsf] ;g\ !(#) /]6 a9fpg yfNof] . ;g\ @))@ b]lv @))$ ;Dd
sf] cfly{s dGbLkl5sf] 7"nf] lyof]] . ljZjJofkLs/0f k|efjsf/L km]8/n km08 /]6 b'O{ k|ltzteGbf sd lyof] .
/ ljQLos/0fn] ubf{ pQm ;Í6 89]nf]e}Fm km}lnP/ o;n] 3/hUuftkm{ shf{ k|jfx a9\of] . ;g\ @))$
o'/f]knufot ljZjsf k|foM ;a} b]zdf k'Uf]sf] lyof] . sf] cGToaf6 km]8/n km08 /]6 a9fOof] . ;g\ @))&
;g\ @))& eGbf cufl8 ;a} s'/f 7Ls7fs h:tf] sf] h'nfO{df cfOk'Ubf km]8/n km08 /]6 %=@% k|ltzt
b]lvGYof] . cd]l/sfdf 3/hUuf sf/f]af/df tLj|tf k'u]sf] lyof] . o;n] shf{sf] Aofhb/ a9]/ 3/hUuf
cfPsf] lyof] . o;;Fu} 3/hUufsf] d"No tLj| ¿kdf vl/b sd x'g yfNof] . kl/0ffd:j¿k 3/hUufsf] d"No
a9]/ ;g\ @))^ sf] h'nfO{df pRrtd ljGb'df k'u]sf] 36\g yfNof] . o;n] g} cd]l/sL ljQLo ;Í6sf] ;'?cft
lyof] . cfˆgf] 3/ hf]8\g] cd]l/sL ;kgf k"/f x'Fb} lyof] . u/fof] . 3/hUufsf] d"No 36\g yfn]kl5 ;g\\ @))^
a}+s tyf ljQLo ;+:yfn] klg 3/hUufdf oy]i6 nufgL sf] cGToaf6 lj:tf/} C0f gltg]{ -l8kmN6 ug]{_ k|j[lQ
u/]/ cd]l/sLx¿sf] 3/ hf]8\g] ;kgfdf ;fy lbP . / o;sf] ;ª\Vof a9\g yfNof] . ;'?df sd;n C0fLn]
o;af6 pNn]Vo gfkmf sdfpg klg ;kmn eP . ;fy}, l8kmN6 u/] eg] kl5 ;Í6 a9\b} uP/ c;n C0fLn]
ljQLo ;+:yfsf sfo{sf/L k|d'vn] s;n] a9L tnaeQf klg l8kmN6 ug{ k'u] . x'g t ahf/ k|lqmofaf6 3/
kfpg] eGg] ;DaGwdf Ps lsl;dsf] k|lt:kwf{ g} lyof] . hUUffsf] d"No 36\g' ljQLo ;Í6sf] vf; sf/0f rflxF
a9L gfkmf sdfO{ a9L tna kfpgsf] nflu hf]lvdo'Qm gx'g'kg]{ xf] . t/, ljQLo If]qdf ePsf sdL sdhf]/L
nufgL ul/Psf] lyof] . t;y{, shf{ nufgLsf] cGo If]q / q'l6sf sf/0f 3/hUufsf] d"No 36\g yfn]kl5
vf;} gePsf] t/ k|z:t t/ntf ePsf] ;Gbe{df 3/ ljQLo If]qsf] lj:tf/ tf;sf] dxne}Fm /x]sf] b]lvof] .
hUufdf pNn]Vo shf{ k|jfx ul/of] . ;fdfGo gful/s / uugr'DaL ejgdf sfof{no /x]sf] ljZjsf afbzfx¿kL
ljQ ljZn]ifsx¿nfO{ nfUf]sf] lyof] ls 3/hUufsf] d"No a}+s tyf ljQLo ;+:yfx¿ 5f]6f] ;dod} 9Ng k'u] .
slxNo} 36\g] 5}g . t;y{, gfkmf sdfpgsf nflu c;n
C0fL dfq xf]Og cfDbfgL sd ePsf sd;n C0fLx¿ ha 3/hUufsf] d"No 36\g yfNof], To:tf C0fLn]
-Sub prime_ nfO{ ;d]t 3/hUuf vl/b ug{ a}+s tyf C0f ltg{;Sg] cj:yf /x]g / C0f ltg{ 5f]8] . o;n]
ljQLo ;+:yfn] shf{ lbP . 3/hUufsf] d"No lg/Gt/ ubf{ 3/hUufdf shf{ k|jfx ug]{ ljQLo ;+:yfn] lwtf]sf]
a9\g] / C0fLn] C0f ltg{ g;s] klg 3/hUuf ljqmLaf6 ¿kdf /x]sf o:tf 3/hUuf cfk}Fmn] lnP/ ljqmL ug{'kg]{
p7fpg ;lsg] eO{ :jtM C0fd'Qm x'g] ck]Iffdf C0f cj:yf cfof] . tyflk, vl/b ug]{ dflg;x¿sf] cefj
4
https://fred.stlouisfed.org/series/UNRATE

4
g]kfn /fi6« a}+s ;dfrf/
a9\b} uof] . kmn:j¿k, ljQLo ;+:yfx¿n] k|jfx u/]sf] l:j6\h/Nof08, hd{gL / hfkfgsf a}+sx¿;d]t
C0f p7\g ;s]g / t/ntfsf] cefj eof] . ;DklQ eP k|efljt eP . !^) jif{ nfdf] Oltxf; ePsf] Lehman
klg t/ntf cefjdf sf/f]af/ ug{ g;Sg] cj:yfdf Brother aGb eof] eg] Bear Stern / Merry
k'u], tL ;+:yfx¿ . o;n] ubf{ w]/} a}+s tyf ljQLo Lunch cGo jfl0fHo a}+sdf ufleP . ljQLo ;Í6sf
;+:yfx¿ aGb x'g k'u] . pQm ljQLo ;Í6sf] ;'gfdLn] sf/0f ;+o'Qm /fHo cd]l/sfsf] ;]o/ ahf/df 7"nf]
;g\ @)!# ;Dd ;+o'Qm /fHo cd]l/sfdf *)) eGbf lu/fj6 cfof] .
a9L a}+sx¿ aGb eP5 . x'g t a}+s tyf ljQLo ;+:yfx¿n] 3/hUufdf
:yfgLo:t/df 3/hUufdf C0f lbg] ;fgf:t/sf nufgL ubf{ hf]lvd x'g ;Sg] dx;"; u/]sf lyP .
ljQLo ;+:yfx¿ /x] . logLx¿sf] ;DaGw eg] 7"nf:t/sf ;Defljt q]ml88 l8kmN6af6 aRgsf nflu q]ml86
a}+s;Fu /Xof] . pgLx¿n] C0f lbFbf lgIf]kaf6 lbPsf l8kmN6 :jfksf] Joj:yf klg lyof] . t/ ;Í6sf]
lyPgg\ . a? 7"nf ljQLo ;+:yfaf6 C0f lnP/ 3/ ;'gfdLdf o;sf] lhDd]jf/L lng] ;+:yfx¿ g} 6f6
hUufdf shf{ k|jfx u/]sf lyP . 3/hUuf C0fnfO{ klN6Pkl5 ljQLo ;+:yfx¿ aRg ;s]gg\ . a?, o;
;]So'l/6fOh];g -;'/If0fkq agfP/_ u/]/ OGe]i6d]G6 a}+s, lsl;dsf] Joj:yfn] ljQLo cGt/;DaGwnfO{ a9fof],
k]G;g km08 / x]h km08h:tf 7"nf ljQLo ;+:yfnfO{ Pp6f If]qsf] ;d:of ;Dk"0f{ If]qdf k|;fl/t eof] .
ljqmL u/]sf lyP . 3/shf{ k|jfx ug]{ ;+:yfx¿nfO{ ;Í6sf] a]nf cd]l/sL aLdf ;d"x (AIG) ;d]t
C0f lbg ;/sf/L:t/sf 7"nf ljQLo ;+:yfx¿M h:t}Ù ;d:ofdf k¥of] / kl5 cd]l/sL ;/sf/n] cfly{s
Fannie Mae and Fredie Mac klg ;lqmo /x] . 7"nf ;xof]u lbg'k¥of] .
ljQLo ;+:yfn] klg gfkmf a9L x'g] b]v]/ o:tf 3/
hUuf shf{df cfwfl/t ;'/If0fkqdf nufgL u/]sf sf/0f
lyP . To:tf 7"nf ljQLo ;+:yfn] klg lgIf]k kl/rfng cd]l/sL ljQLo ;Í6 cfpg'df w]/} sf/0f lhDd]jf/
u/]/ cyjf cfˆgf] k'FhLaf6 To:tf ;'/If0fkq vl/b u/]sf] /x]sf] b]lvG5 . klxnf] t ahf/ cy{tGqdf dflg;x¿df
geO{ d'b|f ahf/af6 cNksfnLg C0f lnP/ cyjf ljQLo nufgLsf ;Gbe{df b]lvg] e]8f k|j[lQ (Animal
pQm ;'/If0fkqnfO{ k'gM Kofs]h agfO{ cGo ljb]zL spirit) . ha d"No al9/x]sf] x'G5, k|foM ;a}n] yk
a}+sx¿nfO{ a]r]sf lyP . hfkfg, l:j6\h/Nof08, rLg / d"No a9\g] ck]Iff ub{5g\ . yk d"No a9\bf gfkmf x'g]
hd{gLh:tf b]zsf a}+sx¿n] To:tf ;'/If0fkqdf nufgL lx;fan] a9L vl/b ub{5g\, h;n] d"No a9fpg yk
u/]sf lyP . o;/L ;fgfb]lv 7"nf ljQLo ;+:yfx¿ Ps ;xof]u k'¥ofpF5 . t/ ha d"No 36\g yfN5, k|foM ;a}
cfk;df ufFl;Psf lyP . ha ;fgf ljQLo ;+:yf 6f6 n] yk d"No 36\g] ck]Iffdf vl/b sd ub{5g\ / cfk"lt{
klN6g yfn], o;sf] k|efj qmdzM 7"nf ljQLo ;+:yfdf a9fpF5g\ . o;n] yk d"No 36fpF5 . cem, ahf/
klg kg{ yfNof] . lsgeg] To:tf 3/hUufdf cfwfl/t df d"No a9\bf gfkmfsf] nflu ul/g] (Speculative
;'/If0fkqaf6 k|ltkmn cfpg 5f]8\of] / To:tf 3/hUuf purpose) vl/b ljqmLdf o:tf] k|j[lQ cem a9L xfjL
ljqmL x'g 5f]8]kl5 tL ;+:yfn] t/ntf cefj ef]]Ug x'G5 . cd]l/sfsf] 3/hUuf sf/f]af/df klg o:t} eof] .
yfn] . kl/0ffdtM cfˆgf] bfloTj e'QmfgL ug{ g;Sbf bf];|f], nf]eLkgf . gfkmf a9fO{ pRr txsf]
Lehman Brother, Bear Stern, Merry Lunch,
af]g; / ;'ljwf lng cGwfw'Gw ¿kdf shf{ k|jfx
Goldman Sach dfq} xf]Og, ;/sf/L :jfldTj /x]sf ul/of] / cfsif{s vfnsf t/ hf]lvdo'Qm ljQLo
Freddie Mac and Fannie Mae / cd]l/sL aLdf pks/0fdf nufgL ul/of] . olt dfq xf]Og, d'b|f ahf/
sDkgL klg ;Í6df k/]] . of] dfq xf]Og a]nfot, af6 cNksfnLg C0f lnP/ bL3{sfnLg k|j[lQsf ljQLo
5
https://fraser.stlouisfed.org/title/economic-brief-6034/explaining-decline-number-banks-since-great-
recession-583934

5
 g]kfn /fi6« a}+s ;dfrf/
pk/s0fdf nufgL ul/of] . k'FhLsf] t'ngfdf C0fsf] kfFrfF}, ljZjsf] ljQLo c;Gt'ng hd{gL, hfkfg /
cg'kft pRr /xg k'Uof], h;nfO{ Leveraging eGg] rLgdf pNn]Vo artdf t/ cd]l/sf pNn]Vo Jofkf/
ul/G5 . cfˆgf] k'FhL gnufO{ C0fsf] e/d} 5f]6f] 3f6fdf /x]sf 5g\ . cd]l/sfsf pkef]ustf{n] artstf{
;dodf caf}{+ sdfpg] k|j[lQsf sf/0f ;DklQsf] d"Nodf b]zx¿sf] artaf6 C0f pkof]u u/]sf lyP . o;
aan -kmf]sf_ l;h{gf eO{ ;Í6 l;h{gf eof] . lsl;dsf ljZjsf] ljQLo c;Gt'ngsf sf/0f rfn'
t];|f], hl6n ljQLo pks/0f . kl5Nnf] ;dodf vftf art x'g] b]zaf6 cd]l/sfdf k'FhL k|jfx ePsf]
ljsl;t b]zx¿sf] ljQLo If]qdf hl6n vfnsf ljQLo lyof] . cd]l/sfdf Aofhb/ sd eP klg ;'/lIft ljQLo
pks/0f l;h{gf ul/P . d"n ljQLo pks/0fdf pks/0fsf] pknAwtf / cd]l/sL 8n/ l/he{ d'b|fsf]
km]/abn / ljleGg vfnsf ljQLo pks/0f l;h{gf u/L ¿kdf /x]sf] x'Fbf cd]l/sfdf k'FhL k|jfx x'g uof] .
sf/f]af/ ug]{ k|j[lQ Jofks dfqfdf a9]sf] 5 . x'gt cem, Pl;ofnL ljQLo ;Í6kl5 afXo l:y/tfsf] nflu
o:tf ljQLo pks/0fsf] ;'?sf] p2]Zo ahf/ cy{tGqdf pNn]Vo ljb]zL d'b|f ;l~rlt sfod /fVg] k|j[lQn] ubf{
b]vfkg]{ hf]lvd Go"gLs/0f ug{] lyof] . t/, gf}nf ljQLo klg ljZjsf] ljQLo c;Gt'ng a9\b} uof] . sltko
pks/0fdf ;§]afhL ug]{ k|j[lQn] o:tf pks/0f h'jf ljsf;zLn b]z / o'/f]k tyf hfkfgaf6 ;:tf] k'FhL
h:tf] x'g uP . o:tf hl6n pks/0fsf] ahf/ d"No k|jfx cd]l/sftkm{ a9\bf cd]l/sL cy{tGqdf shf{ k|jfx
tf]Sg sl7g x'G5 eg] oL pks/0fsf] dfWodaf6 ;du| a9fpg ;xof]u k'¥ofof] .
ljQLo If]q h]lng k'U5 . ;fy}, o:tf hl6n ljQLo l;sfPsf] kf7
pks/0fdf /x]sf] hf]lvd d"NofÍg ug{ ;lhnf] klg ;+o'Qm /fHo cd]l/sfdf ;'? ePsf] ;g\ @))&÷)*
x'Fb}g . sf] ljQLo / cfly{s ;Í6 blIf0fk"jL{ Pl;ofnL
rf}yf], v's'nf] lgodg / sdhf]/ ;'kl/j]If0f . b]zx¿df cfPh:tf] ljb]zL d'b|fsf] alx{udgaf6 l;lh{t
;g\ !(() sf] bzsdf ahf/n] cfk}Fm lgoGq0f ub{5, ;Í6 lyPg . pQm ;Í6n] l;sfPsf] klxnf] kf7 xf],
eGg] pbf/Ls/0f / ahf/Ls/0fsf] dfGotfdf lgodg ahf/n] cfk}Fm ;Gt'ng sfod u5{ / pTkGg hf]lvdnfO{
k|lqmofnfO{ v's'nf] kfl/of] . cd]l/sfdf ljz]iftM nufgL cfk}Fm ;Daf]wg u5{ eGg] dfGotfn] sfd gug]{ /x]5 .
a}+sx¿ lgodgsf] bfo/fleq lyPgg\ . o;n] ubf{ ;Defljt hf]lvdnfO{ dWogh/ /fv]/ q]ml86 /]l6ªb]lv
pgLx¿sf] ljQLo sf/f]af/ kf/bzL{ ePg eg] tL aLdf;Dd ul/Psf] lyof] . Ps cfk;df hl6n 9Ën]
;+:yfn] gfkmfsf nflu cTolws hf]lvd lnP . ltgsf] em]lnPsf] ljQLo k|0ffnLsf sf/0f ;dod} hf]lvd
Debt-equity ratio pRr /Xof] . ;DklQ / k'FhLsf] l;h{gf ePsf] yfxf x'g ;s]g . bf];|f], ljQLo If]qsf]
cg'kft #) u'0ffeGbf a9L /xg uof] . k|foM ;a} ;+j]bgzLntfnfO{ dWogh/ ubf{ o;nfO{ k"0f{ ahf/sf]
ljQLo ;+:yfn] Ps} lsl;dn] ;DklQ Joj:yfkg ug]{ lgoGq0fdf /fVg ;lsFb}g . gfkmfsf] nflu clek|]l/t
/ k|foM Ps} k|sf/sf df]8]nsf] cfwf/df hf]lvd eO{ cTolws hf]lvd lng;Sg] x'Fbf ljQLo If]qnfO{
Joj:yfkg ug]{ z}nL sfod /Xof] . o;n] ubf{ ahf/df k|efjsf/L 9Ën] lgodg / ;'kl/j]If0f ul/g'kb{5 .
ljQLo ;DklQsf] d"No 36\g yfNbf ;a}n] Ps} k6s t];|f], ;DklQsf] d"No ;w}F al9/xg ;Sb}g . 3/hUufsf]
ljqmL ug]{ k|j[lQ /xg] x'Fbf ljQLo ;DklQsf] d"No d"Noj[l4df cfwfl/t eP/ shf{ k|jfx a9fpFb} hfg'
emg\ 36\g uof] . ahf/n] cfk}Fm ;Gt'ng / lgoGq0f hf]lvdk"0f{ x'G5 . s'g} klg a]nf 3/hUufsf] d"No 36]/
u5{ eGg] dfGotfn] k|>o kfpFbf sdhf]/ lgodg;Fu} shf{ c;'nL k|efljt x'g;S5 . rf}yf], cNksfnLg ;|f]
;'kl/j]If0f klg sdhf]/ /xg uof] . h;n] ubf{ ljQLo t kl/rfng u/]/ bL3{sfnLg k|j[lQsf] nufgL ubf{ s'g}
k|0ffnLdf l;lh{t hf]lvd / o;sf] :t/ ;dod} yfxf klg a]nf t/ntfsf] ;Í6 kg]{ x'G5 . cfktsf] a]nf
3/hUufh:Tff ;DklQnfO{ ;lhn} t/n agfpg ;lsFb}g .
kfpg g;Sbf ulx/f] ;Í6 l;h{gf eof] .
t/ntfsf] cefjsf] a]nf t/ntf k|fKt ug{ xtf/df
6
g]kfn /fi6« a}+s ;dfrf/
;DklQ ljqmL ubf{ o:tf ;DklQsf] d"No tLj| ¿kdf ePsf] pRr cjd"Nog, ljZjJofkL d"Noj[l4, ljb]zL
36\g] x'G5 . kfFrfF}, ;Í6sf] ;fdgf ug{ kof{Kt k'FhLsf]if ljlgdosf] cefjdf cfjZos cfoft x'g g;Sbf
rflxg] /x]5 . vf;u/L …sfpG6/ ;fOlSnsn akm/Ú d"Noj[l4 cTolws /xg uof] . @)@@ sf] ;]K6]Da/df
cfjZos kg]{ lzIff pQm ;Í6n] lbPsf] x'Fbf a}+s km/ d"Noj[l4 &$ k|ltzt;Dd k'Uof] . pRr d"Noj[l4 /
OG6/g];gn ;]6nd]G6n] BASEL II nfO{ k|lt:yfkg vfBfGg, OGwg, Uof;h:tf cTofjZos j:t'sf] cefjdf
u/L BASEL III lgofdsLo k|fjwfg hf/L u¥of] . 5}6f}F, ;j{;fwf/0fsf] hLjgofkg si6s/ aGg k'Uof]] . ljb]zL
ljQLo If]qsf] cGt/;DaGwtfn] ubf{ Pp6f ;fgf] If]qdf ljlgdo ;l~rltdf cfPsf] lu/fj6sf sf/0f / o;nfO{
cfPsf] ;d:of ;a} ljQLo If]qdf / ;du| cy{tGqdf /f]Sg Aofhb/x¿ a9] . cfly{s ;Í6sf sf/0f s'n
k|;fl/t eO{ ljQLo ;Í6 cGttM cfly{s ;Í6df ufx{:Yo pTkfbg klg ;g\ @)@@ df &=* k|ltztn]
kl/0ft x'g] ;Defjgf /xG5 . 36\g uof] . /f]huf/L u'Dg], cg'bfg s6f}tL / d"Noj[l4sf
sf/0f ul/aLsf] ;ª\Vof a9\g yfNof] . k|ltlbg k|ltJolQm
@=# >LnÍfsf] cfly{s ;Í6 cfo #=^% cd]l/sL 8n/sf cfwf/df ;g\ @)@! Dff
>LnÍfdf ;'?df ;g\ @)@! Dff cfly{s ;d:of !# k|ltzt /x]sf] ul/aL ;g\ @)@@ df @% k|ltzt
;'? ePsf] lyof] . t/ ;d:ofsf] ;dfwfg gx'Fbf ;g\ k'Uof] .7
@)@@ sf] clk|ndf cfOk'Ubf /fhgLlts ;Í6df kl/0ft
eP/ hgljb|f]xsf sf/0f ;/sf/ kl/jt{g;d]t x'gk'u]sf] sf/0f
lyof] . cem tTsfnLg /fi6«kltn] b]z g} 5f8\g'k/]sf] sf]le8–!( sf] ;ª\qmd0f;Fu h'e\mb} ubf{ >LnÍfdf
lyof] . >LnÍfdf ljb]zL ljlgdo ;l~rlt l/lQg uO{ cfly{s ;Í6 l;h{gf ePsf] lyof] . s]xL jif{
cTofjZos j:t';d]t cfoft ug{ g;Sbf hghLjg klxn]b]lv >LnÍfsf] ;/sf/n] ljb]zL C0f lnP/ 7"nf
c:tJo:t ePsf] lyof] . ljb]zL C0fsf] ;fFjf Aofhsf] ef}lts k"jf{wf/sf] sfd cufl8 a9fPsf] lyof] . o;n]
pRr e'QmfgL bfloTj t/ ljb]zL d'b|fsf] cfDbfgL sd ubf{ ljb]zL C0fsf] dfqf / of];Fu} o;sf] ;fFjf Aofh
x'Fbf ljb]zL d'b|fsf] ;l~rlt pRr b/n] 36\g uof] . e'QmfgLsf] bfloTj ylkFb} uof] . >LnÍfsf] j}b]lzs C0f
;g\ @)!( df s'n ljb]zL ljlgdo ;l~rlt kfFr
s'n ufx{:Yo pTkfbgsf] cg'kft ;g\ @)!( df a9]/
dlxgfsf] j:t' tyf ;]jf cfoftsf] nflu kof{Kt /x]sf]
^!=^ k|ltzt;Dd k'u]sf] lyof] . j}b]lzs C0fdf klg
df ;g\ @)@) df cfOk'Ubf #=@ dlxgf, ;g\ @)@!
Dff !=( dlxgf j:t' tyf ;]jf cfoft wfGg ;Sg] dfq cGt/f{li6«o ljQ ahf/df dxFuf] Aofhdf lnPsf] C0fsf]
/x]sf] lyof]6 . ;g\ @)@@ sf] ;'?cftdf o:tf] ;l~rlt lx:;f ;g\ @)!# b]lv nuftf/ a9]sf] lyof] . ;g\
Ps dlxgfeGbf sdsf] j:t' tyf ;]jf cfoft wfGg @)!( df cfOk'Ubf To:tf] C0fsf] dfqfdf !$ ca{
;Sg] dfq /xg k'Uof] . ljb]zL ljlgdo ;l~rltsf] cd]l/sL 8n/ k'u]sf] lyof] .
cefjdf C0f ltg{ g;s]/ clk|n @)@@ df >LnÍfn] j}b]lzs C0f e'QmfgLsf] bfloTj a9L /x]sf] t/
j}b]lzs C0f e'QmfgL ug{ g;Sg] 3f]if0ff u¥of] . ljb]zL d'b|f cfDbfgLdf cf3ft k'Ubf ljb]zL ljlgdo
;l~rlt 36\b} hfg yfNof] . ;g\ @)!( df O:6/sf]
ljb]zL ljlgdo ;l~rltdf tLj| lu/fj6 cfPsf]n]
;dodf xf]6ndf ePsf] ad lj:kmf]6kl5 ko{6s cfudg
>LnÍfsf] ?k}ofF pRr b/n] cjd"Nog x'g uof] . ;g\ 36\b} uPsf] lyof] . To;df klg ;g\ @)@) sf]
@)@@ sf] dfr{b]lv d];Dd >LnÍfsf] ?k}ofF cd]l/sL ;'?cftb]lv sf]le8–!( sf] ;+qmd0f ;'? ePkl5 ko{6s
8n/;Fu $$ k|ltztn] cjd"Nog eof] . ljlgdo b/df cfudg z"Godf emg{ k'Uof] . o;n] ko{6g cfo 7Kk
6 https://www.imf.org/en/Publications/CR/Issues/2023/03/20/Sri-Lanka-Request-for-an-Extended-
Arrangement-Under-the-Extended-Fund-Facility-Press-531191
7 https://blogs.worldbank.org/endpovertyinsouthasia/sri-lankas-crisis-offers-opportunity-reset-its-development-
model

7
 g]kfn /fi6« a}+s ;dfrf/
eof]] . sf]le8–!( sf] ;ª\qmd0f ;'? ePkl5 s]xL ;do zf]wgfGt/ 3f6f /xg] l:yltn] afXo ;Í6 lgDTofpg]
ljk|]if0f cfk|jfx a9\bf] qmdd} lyof] . t/, cy{tGqdf x'G5 . o;n] ljb]zL ljlgdo ;l~rltnfO{ l/TofpF5 .
;d:of l;h{gf x'g yfn]kl5 ;g\ @)@! sf] clk|nkl5 cfˆgf] d'b|f l/he{ d'b|fsf] ¿kdf g/x]sf] b]zn] afXo
ljk|]if0f k|To]s dlxgf 36\b} uof] . of] qmd ;g\ @)@@ l:y/tfsf] nflu kof{Kt ljb]zL ljlgdo ;l~rlt sfod
sf] k]ma|'c/L;Dd hf/L /Xof] . tTkZrft\ s]xL ;'wf/ /fVg'kb{5 . t];|f], afXo If]q nfdf] ;do;Dd bafadf
eP klg ;g\ @)@# ;Dd sf]le8sf] ;do tyf ;f]eGbf /xFbf klg ljlgdo b/ / Aofhb/nfO{ ha/h:t 9Ën]
klxn]sf] l:yltdf k'Ug ;s]sf] 5}g . pRr Jofkf/ 3f6f
l:y/ /fVbf cy{tGqdf ;dfof]hg x'g ;Sb}g . h;n]
/ rfn' vftfsf cGo cfk|jfx klg sdhf]/ /xFbf nfdf]
;dob]lv g} rfn' vftf 3f6fdf /x]sf] lyof] . To:t}, ubf{ ljb]zL ljlgdo ;l~rlt ;lsg] l:ylt;Dd cfpF5 .
j}b]lzs C0f e'QmfgLsf] bfloTj / rfn' vftf 3f6fsf rf}yf], ;/sf/n] cfDbfgLcg'¿k vr{ ug]{u/L ah]6
sf/0f zf]wgfGt/ l:ylt klg nuftf/ 3f6fdf /Xof] . Joj:yfkg ug{'kb{5 . >LnÍfdf ;/sf/L vr{cg'¿k
o;f] x'Fbf g} ljb]zL ljlgdo ;l~rlt sl/asl/a /fh:j a9\g ;s]g, pN6} s/ s6f}tL ul/of] . ;g\
l/lQg k'u]sf] lyof] . @)!@ b]lv @)@! ;Dd >LnÍfsf] ;/sf/L vr{
@)@) cu:6sf] lgjf{rgkZrft\ ag]sf] ;/sf/n] cf};tdf !) k|ltztn] t/ ;/sf/sf] /fh:j cf};tdf
>LnÍfnfO{ …cuf{lgs b]zÚ agfpg] p2]Zon] /;foflgs kfFr k|ltztn] dfq a9\of] . ;f] cjlwdf 3f6f k"lt{
dnsf] cfoftdf k|ltaGw nufof], h;n] ubf{ s[lif ug{ s]Gb|Lo a}+s / cGo jfl0fHo a}+saf6 lnPsf] C0f
pTkfbg 36]/ vfBfGg cefjsf] cj:yf l;h{gf ePsf]n] ;f] cjlwdf cf};tdf @@ k|ltztn] a9]sf] lyof] .
a9\bf] ¿kdf vfBfGg cfoft ug{'k/]sf] lyof] . o;sf cy{tGqsf] cj:yfnfO{ gh/cGbfh u/L >LnÍfdf
;fy} ;/sf/n] s/ s6f}tL u¥of], h;n] ubf{ C0f
/fhgLlts nfesf nflu ;/sf/L vr{sf] a9f]Q/L t/
e'QmfgLsf nflu ;d]t kof{Kt /fh:j ;Íng x'g ;s]g .
;g\ @)!( / ;g\ @)@) df cl3Nnf] jif{sf] t'ngfdf /fh:j s6f}tLn] ubf{ C0f e'QmfgLsf] nflu g} kof{Kt
/fh:j ;Íng 36]sf] lyof] . ;g\ @)@) df t /fh:j /fh:j gx'g] l:yltdf k'Uof] .
;Íng @* k|ltztn] 36\of] . ;g\ @)@) df Aofh
e'QmfgLdf dfq ;f] jif{ ;Ílnt /fh:jsf] &@ k|ltzt #= g]kfndf ljQLo :yfloTjsf] ;jfn
vr{ ePsf] lyof] . rfn' vftf / zf]wgfGt/ l:ylt g]kfndf clxn];Dd 7"nf] ljQLo ;Í6 cfPsf]
3f6fdf eP klg ljlgdo b/nfO{ nfdf] ;do;Dd sl/a 5}g . Ps bzs cufl8 s]xL ljQLo ;+:yfdf ;d:of
l:y/ /flvof] eg] Aofhb/ sf]le8–!( ;'? x'g'eGbf
cfP/ ;d:ofu|:t 3f]lift eP eg] s]xL ljQLo ;+:yf
cufl8b]lv g} 36fOof] . o;n] ubf{ ;dli6ut cfly{s
lnlSj8];gdf uPsf lyP . t/, ;du| ljQLo k|0ffnLdf
l:ylt yk vnalng uof] .
To;n] Tolt 7"nf] k|efj k/]sf] lyPg . kl5Nnf jif{df
ljQLo pbf/Ls/0f;Fu} g]kfnsf] ljQLo If]q tLj| ¿kdf
l;sfPsf] kf7 lj:tf/ ePsf] 5 . a}+s tyf ljQLo ;+:yfsf] ;ª\Vof,
blIf0f Pl;ofdf cfly{s ljsf;df cufl8 /xL zfvf dfq xf]Og shf{ k|jfxsf] b/ klg tLj| 5 .
dWod cfo ePsf] b]zdf k'u]sf] >LnÍfdf ;g\ @)@@ jfl0fHo a}+s, ljsf; a}+s / ljQ sDkgLaf6 lghL If]qdf
df cfPsf] ljQ Pjd\ cfly{s ;Í6af6 s]xL kf7 k|jflxt shf{ s'n ufx{:Yo pTkfbgsf] () k|ltzteGbf
l;Sg'kg]{ x'G5 . klxnf], ;/sf/n] cy{tGqdf k|ToIf a9L k'u]sf] 5 . o;afx]s n3'ljt, ;xsf/L / cGo
/ ck|ToIf cfo j[l4df ;xof]u gk'¥ofpg] 7"nf cfof] u}/–a+}lsª ljQLo ;+:yfn] klg pNn]Vo dfqfdf shf{
hgfx¿ j}b]lzs C0fdf ;~rfng ul/g'x'Fb}g . j}b]lzs k|jfx u/]sf 5g\ . sf]le8–!( sf] dxfdf/Lsf] ;dodf
C0fdf ;~rfng ul/g] 7"nf cfof]hgfn] ljb]zL d'b|f cjnDag ul/Psf] nrs df}lb|s / lgofdsLo gLltsf
cfh{gdf ;xof]u gk'¥ofpg] xf] eg] j}b]lzs C0fsf] sf/0f shf{ k|jfx pNn]Vo dfqfdf a9]sf] 5 . dxfdf/Lsf]
e'QmfgLdf sl7gfO k5{ . bf];|f], nfdf] ;do;Dd rfn' / ;dodf cfly{s ultljlw k'g?Tyfg ug{ shf{sf] g} a9L
8
g]kfn /fi6« a}+s ;dfrf/
k|of]u ul/Psf] b]lvG5 . cGo ljsl;t b]zdf h:tf] v:sFbf] /fh:j kl/rfng / a9\bf] ;/sf/L vr{n]
g]kfndf ;/sf/n] ;j{;fwf/0fnfO{ dxfdf/Lsf] ;dodf ;/sf/L ljQ Joj:yfkg pRr bjfadf /x]sf] 5 .
gub x:tfGt/0f u/]sf] lyPg . clxn] sf]le8 dxfdf/Lsf] kl5Nnf jif{ ;fj{hlgs C0f tLj| b/df a9]sf] 5 .
cGTo eP klg cfly{s ultljlw lzlyn ePsf] oxL b/df ;fj{hlgs C0f a9\b} hfg] xf] ;/sf/nfO{
kl/k|]Iodf C0fLn] C0f ltg{ g;ls/x]sf], a}+s tyf C0fsf] ;fFjf Aofh e'QmfgL ug{ g;Sg] cj:yfdf k'Ug
ljQLo ;+:yflj?4 C0f gltg]{ cleofg rnfOPsf], a+}+s ;S5 . o:tf] ;/sf/L ljQ If]qaf6 cy{tGqdf ;Í6
tyf ljQLo ;+:yfsf] lgliqmo shf{sf] cg'kft a9\b} cfpg] ;Defjgf b]lvG5 .
uPsf] / gfkmfsf] b/ 36\b} uPsf] l:yltn] g]kfnsf] g]kfnn] nfdf] ;dob]lv l:y/ ljlgdob/
ljQLo If]q clxn];Dd gef]u]sf] bafadf /x]sf] b]lvG5 . cjnDag u/] klg k'FhL vftf kl/jTo{ gu/]sf
kof{Kt k'FhLsf]if /x]sf], lwtf]df cfwfl/t shf{ lbg] sf/0f blIf0fk"jL{ Pl;ofnL b]zdf h:tf] cNksfnLg
k/Dk/fut a}+lsª k|0ffnL /x]sf] / alnof] lgodgn]] afXo k'FhLsf] cfk|jfx 5}g . To:t}, k'FhL alxu{dg
ubf{ tTsfn} ljQLo ;Í6 cfpg] l:ylt t b]lvFb}g . klg lgolGqt cj:yfd} /x]sf] 5 . csf]{tkm{
t/, ljQLo If]qsf] lj:tf/cg'¿k cy{tGqdf pTkfbg, g]kfndf ljk|]if0f cfk|jfx pRr /x]sf] 5 . o;n] ubf{
pTkfbsTj / pTkfbgzLntf ga9\g] xf] eg] ljQLo blIf0fk"jL{ Pl;ofnL b]zx¿df h:tf] ljlgdo b/sf]
If]q yk bjfadf kb}{ hfg] b]lvG5 . ljQLo If]qdf dfWodaf6 tTsfn ;Í6 cfpg] ;Defjgf b]lvFb}g . t/,
;'zf;gdf b]lvg] sdhf]/L, 3/hUufsf] d"Nodf ePsf] ljk|]if0f cfk|jfx k|efljt x'g uPdf l:y/ ljlgdo b/
pRr j[l4;Fu}sf] lzlyntfn] ubf{ ljQLo If]q bjfadf sfod /fVg sl7g x'g;S5 .
/xg] ;Defjgf b]lvG5 . k|efjsf/L lgodg / g]kfndf ljZjdf b]vfk/]sf ljQLo ;Í6af6
;'kl/j]If0fsf] cefjdf ljQLo ;xsf/Ldf b]lvPsf] c/ kf7 l;s]/ ;f]cg'¿k cfly{s / ljQLo Joj:yfkg
fhstfn] klg ljQLo If]qnfO{ g/fd|f];Fu wSsf lbg] ul/g' h?/L 5 . pko'{Qm km/skm/s k|s[ltsf tLg
b]lvG5 . kl5Nnf] ;do ljQLo If]qlj?4 b]lvPsf] j6f ljQLo ;Í6n] l;sfPsf kf7 g]kfnsf] nflu
pR5[ª\vn ultljlwn] ljQLo :yfloTj sfod /fVg] klg pkof]uL x'G5g\ . ;ª\If]kdf eGg'kbf{ ;:tf]
lbzfdf r'gf}tL ylkPsf] b]lvG5 . /fhgLlts nf]slk|otf k|]l/t unt gLlt, cNksfnLg
g]kfnsf] j}b]lzs C0f s'n ufx{:Yo pTkfbgsf] afXo k'FhLsf] cfk|jfx, ;fj{hlgs ljQ Joj:yfkg /
sl/a @@ k|ltzt /x]sf] / ljk|]if0f cfk|jfxn] ubf{ j}b]lzs C0fsf] k|of]u, ljb]zL ljlgdo ;l~rltsf]
ljb]zL ljlgdo ;l~rlt kof{Kt /x]sf] ;Gbe{df >LnÍfdf l:ylt / 3/hUufh:tf ;DklQsf d"Nodf b]vfkg]{
h:tf] ljb]zL C0f e'QmfgLsf] ;d:of tTsfnnfO{ kmf]sfsf ;DaGwdf ;hu gx'g] xf] eg] ljQLo :yfloTj
g]kfndf cfpg] b]lvFb}g . t/, cfoftd'vL cy{tGq, hf]lvddf kg]{ lglZrt x'G5 .



9
 g]kfn /fi6« a}+s ;dfrf/

af≈o Jofkf/;“u ;DalGwt d'Vo kl/;"rssf]

cj:yf / s]xL ;jfnx¿
 /fd' kf}8]n *

kl/ro rLg;Fusf] Jofkf/sf] cg'kft !@–!# k|ltzt xf/fxf/Ldf

ljZjsf] s'n Jofkf/ #) l6«lnogeGbf dfly k'u]sf] /x]sf] b]lvG5 . d'n'ssf] cGt/f{li6«o Jofkf/nfO{
5 . ;g\ @)@@ df ljZjJofkL ¿kdf cfoft / cf}krfl/s k|0ffnLdf Nofpg g;s]sf sf/0f To;sf]
lgof{tsf] If]qdf v'nfkg cjnDag u/]sf b]zx¿sf] c;/ ;/sf/L /fh:j ;Íng / ljb]zL ljlgdo
ljZn]if0f ubf{ ;a}eGbf a9L xªsª -rLg_ k|yd ;l~rltdf k/]sf] b]lvG5 .
:yfgdf 5 eg] To;kl5 l;Ëfk'/ nufotsf b]zx¿ :jb]zL pTkfbg / ljt/0f k|0ffNfL v:sFbf] 5 eg]
5g\ . ljZjJofkL d'b|f:kmLlt, ;du| dfudf cfPsf] sdL cfoft cTolws a9]sf sf/0f Jf:t' Jofkf/ 3f6f r'lnFb}
/ Jofkf/ cj/f]w tyf åGåsf sf/0fn] ;g\ @)@$ UfPsf], ;]jf cfoft tLj| ¿kdf a9]sf] / v'nf l;dfgfsf
sf] k]ma|'c/Ldf ;g\ @)@@ sf] ;f]xL cjlwsf] t'ngfdf sf/0f cglws[t Jofkf/ km}nFb} UfPsf] 5 . o;sf]
lgof{tdf sl/a Ps k|ltzt ljGb'n] ;ª\s'rg cfPsf] kl/0ffd:j¿k ljb]zL d'b|f cfh{gdf ljk|]if0fafx]ssf
b]lvG5 . ;g\ @)@@ df ljsf;zLn tyf ljsf;f]Gd'v cGo ;|f]tx¿M h:t} j}b]lzs nufgL, j}b]lzs ;xfotf,
d'nsdf ePsf] k|ToIf j}b]lzs nufgL cd]l/sL 8n/ ko{6g, lgof{t h:tf cfwf/x¿ v'lDrFb} uPsf 5g\ .
@@ ca{sf] xf/fxf/Ldf ;Lldt /x]sf] b]lvG5 . g]kfnsf] rfn' vftfsf] l:ylt xfn}sf lbgdf cg's'n eP
s'n ufx{:Yo pTkfbgdf s'n Jofkf/sf] of]ubfg sl/a klg zf]wgfGt/ l:ylt / ljb]zL ljlgdo ;l~rltdf
#@ k|ltzteGbf a9L eP tfklg cToGt} sd d"No 5f]6f] ;dodf ptf/r9fj eO{ Jofkf/sf] ;du|
clej[l4 x'g] j:t'x¿ lgof{t x'g] u/]sf] / To:tf j:t'sf] :f+/rgf sdhf]/ /xg] u/]sf] ljutsf] cg'ejn] b]vfpF5 .
pTkfbg klg sdhf]/ /x]sf] b]lvG5 . s'n Jofkf/ o;af6 afXo If]q Joj:yfkg w]/}h;f] ;do bafadf
cGtu{t s'n ufx{:Yo pTkfbg;Fu cfoftsf] cg'kft /xg] / ;do;dodf ljleGg hf]lvdsf] cj:yf;d]t
sl/a #) k|ltztsf] xf/fxf/Ldf /x]sf] b]lvG5 eg] l;h{gf x'g] u/]sf] 5 .
k|To]s jif{ o;sf] ult a9\bf] qmddf 5 . ljut nfdf] ;dob]lv g]kfnsf] cy{tGq cTolws
d'n'ssf] cfoft j[l4 k|To]s jif{ bf]xf]/f] cÍdf cfoft / Go"g pTkfbgsf sf/0fn] ;+/rgfut ;d:ofdf
eO/x]sf] 5 . d'n'ssf] jflif{s ah]6eGbf a9Lsf] cfoft /x]sf] b]lvG5 . :jb]zL pTkfbgdf k|f]T;fxg sd x'g', ahf/
x'g yfn]sf] 5 eg] lgof{thGo j:t'sf] sdhf]/ Ifdtf k|0ffnLsf] ;+oGq k|efjsf/L gx'g', sd u'0f:t/Lo j:t'sf]
/ pTkfbgsf ljleGg r/0fdf /x]sf] s/, eG;f/ / lgjf{w cfoft x'g', s/ k|0ffnL a9L cg';Gwfgsf/L x'g',
sdhf]/ kf/jxg ;+/rgfsf sf/0f s'n Jofkf/df Jofkf/;DaGwdf :ki6 c8fg gx'g'sf] sf/0fn] Jofkf/
lgof{t If]qsf] of]ubfg sdhf]/ /x]sf] b]lvG5 . kmntM k|0ffnL lbg k|ltlbg w/fzfoL aGb} uPsf] b]lvPsf] 5 .
ljb]zL ljlgdo ;l~rltdf lgof{t If]qsf] of]ubfg Go"g g]kfnL cy{tGqsf] cfwf/e"t ;d:of eg]s} Go"g
5 . g]kfnsf] ^) k|ltzteGbf Jofkf/ lx:;f ef/t;Fu pTkfbg / clgolGqt cfoft xf] . pkef]us]lGb|t cfoft
eP tfklg xfn}sf lbgdf rLg;Fusf] Jofkf/ klg a9\b} hfFbf Go"gtd s[lifhGo pkh;d]t cfoftaf6 k"lt{
qmdzM lj:tf/ x'Fb} uPsf sf/0f cf};tdf s'n Jofkf/df eO/x]sf] b]lvG5 .
* sfo{sf/L lgb]{zs, g]kfn /fi6« a}+s
o; n]vdf JoQm ljrf/ n]vssf lghL wf/0ff x'g\ . k|:t't ljrf/n] lgh sfo{/t ;+:yfsf] k|ltlglwTj ub}{g .
10
g]kfn /fi6« a}+s ;dfrf/

j}b]lzs Jofkf/df ljutsf] ;+/rgf tyf k|j[lQ ;g\ !(&%÷&^ df s'n ?=tLg ca{ !& s/f]8sf]
Jofkf/ ;g\ !(*) df ?=5 ca{, ;g\ !(() df
?=#) ca{, ;g\ @))) df ?=!&! ca{, ;g\ @)!)
df ?=$^) ca{, ;g\ @)@) df ?=!,^*) ca{ xF'b}
;g\ @)@! Dff xfn;Dds} ;aeGbf j9L ?=@,!@) ca{
k'Uf]sf] b]lvG5 . clgolGqt cfoftsf sf/0f :jb]zL
pTkfbg / cfk"lt{ Joj:yf g} vnalng k'u]sf] 5 .
;g\ !(&%÷&^ sf] cjlwdf s'n lgof{t cfh{gaf6
sl/a ^) k|ltzt cfoftnfO{ wfGg ;Sg] Ifdtf
d'n'ssf] jt{dfg cfoft Jofkf/sf] ;+/rgfnfO{
/x]sf] d'n'ssf] ;f] Ifdtf qmdzM 36\b} UfO{ sl/a %)
b[li6ut ubf{ cfoft qmdzM j[l4 x'Fb} uO/x]sf], lgof{t
jif{eGbf sd cjlwsf] aLrdf !) k|ltzteGbf sddf
ToxL cg'kftdf ga9]sf sf/0f To;n] Jofkf/ 3f6fnfO{
k|>o lbPsf] 5 . cfly{s jif{ @)#!÷#@ otfsf] cjlwdf ;Lldt x'Fbf;d]t cy{Joj:yfsf] g]t[Tjdf /xg]x¿nfO{
g]kfnsf] afXo If]qsf] cj:yfnfO{ ljZn]if0f ubf{ s'g} crDd gnfu]sf] b]lvPsf] 5 .
klg jif{ Jofkf/ art x'g g;s]sf], cfoft–lgof{t
cg'kft sl/a ^) k|ltztaf6 ^=% k|ltzt;Dd k'u]sf], j}b]lzs Jofkf/df xfnsf] ;+/rgf tyf k|j[lQ
ef/t;Fusf] Jofkf/sf] c+z sl/a *@ k|ltztaf6 j:t' Jofkf/sf] kIfaf6 d'n'ssf] Jofkf/ k|0ffnL,
@@=% k|ltzt;Dd em/] tfklg k'gM ^) k|ltzteGbf ;+/rgfTds cj:yf, ljBdfg gLlt tyf lgod /
dfly k'u]sf] b]lvG5 . rfn' vftf ljleGg jif{;lxt #@ sfof{Gjogsf] cj:yfnfO{ b[li6ut ubf{ s]xL ;dokl5
k6s;Dd 3f6fdf /x]sf] / !& k6s artdf /x]sf] g]kfnsf] Jofkf/ k|0ffnL cfoftdf dfq ;Lldt x'g] lbzfdf
tyf zf]wgfGt/ l:ylt ljleGg gf} jif{ 3f6fdf /x]sf] cufl8 a9]sf] a'‰g sl7g 5}g . lgof{tsf] KfIfnfO{
cj:yfn] s]xL ckjfbnfO{ 5f8\g] xf] eg] k|To]s jif{
ljZNf]if0f ubf{ d'n's cGt/f{li6«o ¿kdf 6f«G;km/ Jofkf/
Jofkf/ 3f6f P]ltxfl;s /]s8{df k'u]sf] b]lvG5 . ;g\
cGtu{t s]jn Dffgj lgof{tsf] ;"rLdf dfq cfpg ;Sg]
!((@÷(# df g]kfnsf] s'n lgof{t ?=!^ ca{ #&
s/f]8 lyof] eg] s'n cfoft ?=#( ca{ @! s/f]8 cg'dfg ul/Fb}5 . oBlk d'n'ssf] j}b]lzs Jofkf/sf]
x'Fbf Jofkf/ 3f6f ?=@@ ca{ *$ s/f]8 /x]sf] lyof] . ljut bz jif{ cufl8 cyf{t\ cf=j= @)&)÷&! b]lv
d'n'ssf] cGt/f{li6«o Jofkf/sf] k|j[lQ ljZn]if0f ubf{ ;g\ xfn;Ddsf] cj:yf, ;+/rgf / k|j[lQnfO{ dfq b[li6ut
@)@!÷@@ df cfoft r'lnP/ ?=!( va{ @) ca{ k'u]sf] ubf{ klg afXo If]qsf] sf/f]af/ ;du|df ;Gtf]ifhgs
lyof] eg] lgof{t ?=b'O{ va{df ;Lldt /Xof] . ;f] /x] tfklg lgof{tsf] t'ngfdf cfoftsf] pRr j[l4sf
jif{sf] s'n Jofkf/ 3f6f ?=!& va{ @) ca{ k'u]sf] sf/0f j:t' Jofkf/ 3f6f pRr /xg UfPsf] b]lvG5 .
lyof] . ;du|df cf=j=@)&)÷&! df vf;u/L ko{6g cfo,
Table 1: Trade Structure of Nepal (Rs. in Million)
Growth (%) Share with GDP
Fiscal Trade
Exports Imports Total Trade Trade Trade Total
Year Deficit Imports Imports
Balance Deficit Trade
1975/76 1,185.8 1,981.7 -795.9 3,167.5 9.2 14.0 11.4 -4.6 18.2
1980/81 1,608.7 4,428.2 -2,819.5 6,036.9 27.2 -21.0 16.2 -10.3 22.1
1990/91 7,387.5 23,226.5 -15,839.0 30,614.0 26.7 -20.3 19.3 -13.2 25.4
2000/01 55,654.1 115,687.2 -60,033.1 171,341.3 6.6 -2.3 26.2 -13.6 38.8
2010/11 64,338.5 396,175.5 -331,837.0 460,514.0 5.8 -5.8 25.4 -21.2 29.5
2020/21 141,124.1 1,539,837.1 -1,398,713.0 1,680,961.2 28.7 -27.3 35.4 -32.1 38.6
2021/22 200,031.0 1,920,448.4 -1,720,417.4 2,120,479.3 24.7 -23.0 38.9 -34.9 43.0
2022/23 157,140.7 1,611,731.8 -1,454,591.1 1,768,872.5 -16.1 -15.5 30.0 -27.0 32.9

11
 g]kfn /fi6« a}+s ;dfrf/

cg'bfg / ljk|]if0f cfodf ePsf] pNn]Vo j[l4sf sf/0f b]lvG5 . cf=j=@)&#÷&$ df j:t' lgof{t Go"g b/n]
rfn" vftf tyf ;du| zf]wgfGt/ l:ylt pRr:t/sf] a9]sf] / j:t' cfoftsf] pRr j[l4sf sf/0f Jofkf/
artdf /x]sf] / @)&) c;f/ d;fGtsf] t'ngfdf 3f6f yk a9\g uPsf] lyof] . ;f]xL cjlwdf ;jf/L
@)&! c;f/ d;fGtdf s'n ljb]zL ljlgdo ;l~rlt ;fwg / k]6«f]lnod kbfy{sf] cfoftdf ePsf] pRr j[l4
@$=* k|ltztn] j[l4 eO{ ?=^^% ca{ $! s/f]8 k'u]sf] Pjd\ k'glg{df{0f / ljsf; lgdf{0f sfo{sf nflu lgdf{0f
b]lvG5 . tyflk Jofkf/sf] ;+/rgf / lgof{tsf] hu eg] ;fdu|Lsf] cfoft a9\bf j}b]lzs Jofkf/df pRr lj:tf/
qmdzM sdhf]/ g} aGb} UfO/x]sf] b]lvG5 . ePsf] kl/0ffd:j¿k @)&$ c;f/ d;fGtdf s'n
cf=j=@)&!÷&@ df j}b]lzs Jofkf/tkm{ j:t' ljb]zL ljlgdo ;l~rlt ;LdfGt ¿kn] dfq j[l4 EfPsf]
lgof{tdf sdL cfPsf] t/ j:t' cfoftdf j[l4 lyof] . TfTsfnLg cj:yfsf] ljb]zL ljlgdo ;l~rltsf]
ePsf] sf/0f Jofkf/ 3f6f a9\g UfPsf] Pjd\ ;fdYo{ !#=@ dlxgfsf] j:t' cfoft / !!=$ dlxgfsf]
ToxL cjlwdf lglDtPsf] e"sDksf sf/0f j:t'sf] j:t' tyf ;]jf cfoft wfGg k'Ug] lyof] .
cfoft sd lj:tf/ ePsf] tyf cg'bfg / ljk|]if0f cf=j=@)&$÷&% df s'n j:t' Jofkf/ 3f6f @^=&
cfodf j[l4 ePsf sf/0f rfn' vftf tyf ;du| k|ltztn] j[l4 eO{ ?=!,!^! ca{ ^$ s/f]8 k'u]sf]
zf]wgfGt/ l:ylt pRr artdf lyof] . d'n'ssf] tyf Jofkf/ 3f6f / s'n ufx{:Yo pTkfbgaLrsf]
j}b]lzs Jofkf/ Joj:yfkg / afXo If]q :yfloTj cg'kft #*=^ k|ltzt k'u]sf] lyof] eg] @)&%÷&^ df
sfod ug]{tkm{ ;/sf/sf gLlt tyf sfo{qmd / ljQLo s'n ljb]zL ljlgdo ;l~rlt @)&% c;f/ d;fGtsf]
gLlt tyf s]Gb|Lo a}+ssf] df}lb|s gLltsf] th'{df tyf t'ngfdf %=* k|ltztn] sdL cfO{ ?=!,)#* ca{
sfof{Gjogsf] cg'ejnfO{ ljZn]if0f ubf{ /fhgLlts (@ s/f]8 sfod tyf ;f] cjlwsf] s'n cfoftnfO{
g]t[Tj / GfLlt lgdf{tfx¿n] bL3{sfnLg b[li6sf]0f /fvL cfwf/ dfGbf @)&^ c;f/ d;fGtdf sfod ljb]zL
Jofkf/ :f+/rgfsf] ;d:of ;dfwfg ug]{ p2]Zon] eGbf ljlgdo ;l~rltn] *=( dlxgfsf] j:t' cfoft / &=*
cNksfnLg ;d:of ;dfwfg ug]{ lgotn] lg0f{ox¿ ub}{ dlxgfsf] j:t' tyf ;]jf cfoft wfGg] cj:yfdf lyof] .
hfFbf of] ;d:of jiff}{+b]lv oyfjt\ /x]sf] b]lvG5 . cf=j=@)&^÷&& df j}b]lzs Jofkf/cGtu{t j:t'
lgof{tdf ;fdfGo j[l4 tyf j:t' cfoftdf cfPsf]
;ª\s'rgsf sf/0f Jofkf/ 3f6fdf ;'wf/ cfPsf] tyf
sf]le8–!( ;ª\qmd0f lgoGq0f tyf /f]syfdsf nflu
cjnDag ul/Psf pkfosf sf/0f j}b]lzs Jofkf/df
sdL cfPsf] lyof] .
;f]xL cjlwdf cGt/f{li6«o ahf/df sRrf t]nsf]
d"Nodf cfPsf] lu/fj6, Jofkf/ 3f6fdf ;'wf/;Fu}
cf=j=@)&@÷&# df j}b]lzs Jofkf/cGtu{t j:t' ljk|]if0f cfk|jfxsf] j[l4b/ klg ;sf/fTds /x]sf] tyf
lgof{tdf pRr b/n] lu/fj6 cfPsf] t/ cfoftdf eg] ;/sf/sf] j}b]lzs C0f cfk|jfxdf j[l4nufotsf sf/0f
;LdfGt ¿kdf dfq sdL cfPsf]n] Jofkf/ 3f6f a9\g ;du| zf]wgfGt/ l:ylt pRr artdf /x]sf] lyof] .
UfPsf] tyf ;Ldf gfsfdf ePsf] cj/f]wnufotsf @)&& c;f/ d;fGtdf sfod s'n ljb]zL ljlgdo
sf/0f j}b]lzs Jofkf/df sdL cfPsf] lyof] . of] ;l~rlt #$=( k|ltztn] j[l4 eO{ ?=!,$)! ca{
cjlwdf Jofkf/ 3f6fdf s]xL lj:tf/ eP tfklg *$ s/f]8 k'u]sfn] ;f] cjlwdf sfod /x]sf] ljb]zL
j}b]lzs cg'bfg / ljk|]if0f cfo a9]sf] sf/0f rfn' ljlgdo ;l~rltn] !$=$ dlxgfsf] j:t' cfoft /
vftf / ;du| zf]wgfGt/ l:ylt pRr artdf !@=& dlxgfsf] j:t' tyf ;]jf cfoft wfGg] cj:yf
12
g]kfn /fi6« a}+s ;dfrf/

/x]sf] lyof] . cf=j=@)&&÷&* df cfoftdf EfPsf] cjlwdf s'n j:t' Jofkf/ 3f6fdf !=* k|ltztn] sdL
j[l4 tyf lgof{tdf s]xL ;'wf/ eP klg sf]le8–!( sf cfO{ ?=*!! ca{ !! s/f]8 k'u]sf] 5 . cfoft a9\b}
sf/0f g]kfnL >lds :jb]zd} lkmtf{ ePsf]n] ljk|]if0f hfFbf lgof{t–cfoft cg'kftdf klg s]xL sdL cfO{ (=&
cfk|jfx g]kfnL ?k}ofFdf (=* k|ltztn] dfq j[l4 eO{ k|ltztdf /x]sf] cj:yfn] d'n'ssf] j}b]lzs Jofkf/sf]
?=(^! ca{ % s/f]8 tyf rfn' vftf ?=### ca{ ;+/rgf cfufdL lbgdf cem} sdhf]/ x'Fb} hfg] ;Í]tsf]
^& s/f]8n] 3f6fdf /x]sf] eP klg zf]wgfGt/ l:ylt ¿kdf a'‰g ;lsG5 . @)*) c;f/ d;fGtdf !!
?=Ps ca{ @# s/f]8n] artdf /x]sf]n] To; cfly{s ca{ &! s/f]8 cd]l/sL 8n/ /x]sf] ljb]zL ljlgdo
jif{df ePsf] cfoftnfO{ cfwf/ dfGbf a}+lsª If]q;Fu ;l~rlt @)*) Dff3 d;fGtdf !# ca{ *( s/f]8 k'u]sf]
/x]sf] ljb]zL ljlgdo ;l~rltn] !!=@ dlxgfsf] j:t' / xfnsf] cfoft k|j[lQnfO{ cfwf/ dfGbf a}+lsª
cfoft / !)=@ dlxgfsf] j:t' tyf ;]jf cfoft wfGg If]q;Fu /x]sf] ljb]zL ljlgdo ;l~rltn] !$=& dlxgfsf]
k'Ug] cj:yf lyof] . j:t' cfoft / !@=# dlxgfsf] j:t' tyf ;]jf cfoft
cf=j=@)&*÷&( df afXo If]qsf kl/;"rsx¿ wfGg kof{Kt /xg] b]lvG5 . o;af6 ljb]zL ljlgdo
g/fd|/L k|efljt ePsf]n] pQm cf=j=sf] cfoftnfO{ ;l~rltsf] l:yltdf ;'wf/ b]lvP tfklg afXo If]qsf]
cfwf/ dfGbf a+}lsª If]q;Fu /x]sf] ljb]zL ljlgdo hu bl/nf] gePsf sf/0fn] cfoft Jofkf/ tyf
;l~rltn] &=* dlxgfsf] j:t' cfoft / ^=( dlxgfsf] ljk|]if0f cfk|jfxdf x'g;Sg] s'g} klg em8\sfn]
j:t' tyf ;]jf cfoft wfGg dfq kof{Kt /xg] cj:yfn] vnaNofpg ;Sg] ;Defjgf sfod} 5 .
a9\bf] cfoft tyf 36\bf] ljk|]if0f cfk|jfxaLrsf] vf8n
k"/f ug{ ;+/If0fdf /x]sf] ljb]zL ljlgdo ;l~rltsf] afXo If]qsf ;d:of / r'gf}tL
pkof]u ug'{k/]sf] cj:yf b]lvG5 . cf=j=@)&(÷*) g]kfnsf] Jofkf/ c;Gt'ng / afXo If]q :yfloTjdf
df cfoft–lgof{t b'j}df sdL cfPsf] tyf lgof{teGbf b]lvPsf ljBdfg ;d:of / r'gf}tLnfO{ o;k|sf/ pNn]v
cfoftdf t'ngfTds ¿kdf sdL t/ ljk|]if0f cfk|jfx ug{ ;lsG5 .
bf]xf]/f] cÍsf] j[l4sf sf/0fn] rfn' vftf / zf]wgfGt/ != d'n'sdf clxn] klg :jb]zL s[lif tyf cGo pTkfbg
l:ylt b'j}df ;'wf/ eO{ s'n ljb]zL ljlgdo ;l~rltdf Ifdtfdf qmlds x|f; b]lvFbf cfoft lbgfg'lbg
;d]t j[l4 eof] . s'n ljb]zL ljlgdo ;l~rltdf cd]l/sL a9\b} UfPsf] 5 eg] s'n Jofkf/df lgof{tsf]
8n/ @ ca{ @) s/f]8sf] j[l4 x'Fbf pQm ;l~rlt of]ubfg 36\bf] qmddf 5 . d'n'sdf ;/sf/ /
cd]l/sL 8n/ !! ca{ &$ s/f]8 k'uL !!=& dlxgfsf] gLlt lgdf{tfsf] Wofg cfoft a9fpg] k|s[ltsf
j:t' cfoft / !) dlxgfsf] j:t' tyf ;]jf cfoft cfly{s tyf df}lb|s gLlt Pjd\ sfo{qmdsf] th'{df
wfGg ;Sg] :t/df k'u]sf]n] afXo If]q;Fu ;DalGwt ug]{ / :jb]zL pTkfbg tyf pTkfbsTjnfO{
kl/;"rsdf ;'wf/ EfPsf] b]lvG5 . xtf]T;fxL agfpg] / ;du|df /fHonfO{ cfly{s
xfn}sf jif{ / rfn' cfly{s jif{sf] xfn;Ddsf] k|j[lQ j[l4 / ljsf;sf] cfwf/df cToGt} sdhf]/ ;fljt
ljZn]if0f ug]{ xf] eg] b]zsf] j}b]lzs Jofkf/df cem} ug{]tkm{ cu|;/ /x]sf] eGg] ;j{;fwf/0fsf] a'emfO
;'wf/sf ;Í]t b]lvPsf 5}gGf\ . rfn' cf=j=@)*)÷*! /x]sf] cj:yfnfO{ DfWogh/ ub}{ tbcg'¿k ;d:of
df k|sflzt ;ft dlxgfsf] tYofÍnfO{ x]bf{ s'n j:t' ;dfwfgsf] lbzftkm{ s]lGb|t x'g'kg]{ b]lvG5 .
lgof{tdf &=! k|ltztn] sdL cfO{ ?=*^ ca{ *# @= cf=j=@)&*÷&( sf] ;'?cftb]lv g} ljk|]if0f
s/f]8 k'u]sf] tyf uGtJosf cfwf/df ef/t / cGo cfk|jfxdf ;':ttf b]lvg' / cfoft pNn]Vo a9\g'
d'n'stkm{ ePsf] lgof{t qmdzM !!=# k|ltzt / b'O{ tyf cfoftdf jiff}{+b]lvsf] Go"g lahsLs/0fnufotsf
k|ltztn] sdL cfPsf] b]lvG5 . of] cjlwdf rLgtkm{sf] sf/0fn] cgf}krfl/s ljb]zL ljlgdo ahf/ h:t}M
lgof{tdf ##*=* k|ltztn] j[l4 ePsf] 5 . o;}
13
 g]kfn /fi6« a}+s ;dfrf/
x'08Lnufotsf cj}w sf/f]af/;d]tsf cfwf/df cj:yf lrGtfhgs b]lvG5 . o;}n], cg's"n
d'n'sn] :jfefljs ¿kdf ljb]zL d'b|f ;l~rltdf ;dodf nlrnf] gLlt tyf sfo{qmddfkm{t dflQg]
x|f; Joxf]g'{k/]sf] cj:yfdf xfn} dfq ;'wf/ / k|lts"n ;dodf s7f]/ gLlt tyf pkfodfkm{t
eO{ s]xL ;Gtf]ifhgs /x] klg o:tf] ;d:of cflQg] b[li6sf]0faf6 d'Qm x'g cfjZos 5 .
efljiodf bf]xf]l/g ;Sg] ePsfn] xf]l;of/Lk"j{s
^= s]xL ;do cufl8 >LnÍfdf b]vfk/]sf] c;fdfGo
gLltut Joj:yfsf] kl/rfng tyf k'g/fjnf]sg
/ cToGt sl7g afXo If]q c;Gt'ngsf] cj:yfdf
ug{ cfjZos 5 .
cem} klg ;'wf/ x'g g;s]sf], kfls:tfg klg o:t}
#= d'n'sn] cf=j=@)&&÷&* sf] dª\l;/–k'; dlxgfdf ;Í6af6 u'lh|/x]sf] / s]xL Pl;ofnL, clk|msL /
!@=&* ca{ cd]l/sL 8n/ /x]sf] ljb]zL ljlgdo blIf0f cd]l/sL d'n'sdf ;/sf/ / /fhgLlts
;l~rlt cfoftdf ePsf] j[l4, ljk|]if0f / ko{6g g]t[Tjk|lt r/d cljZjf; l;h{gf ePsf] cj:yfnfO{
cfodf ePsf] sdL tyf Jofkf/ c;Gt'ngsf ;dLIff u/L g]kfnn] plrt lg0f{o ug'{kg]{ b]lvG5 .
sf/0f qmdzM u'dfpFb} cf=j=@)&&÷&* r}t÷ &= bzsf}+b]lvsf] gLltut cl:y/tf, l:y/ gLlt tyf
j}zfv dlxgf;Dd cfOk'Ubf (=@# ca{ cd]l/sL sfo{qmd sfof{Gjogsf] cefj / ;do ;dodf
8n/df cfO{ ;f] cljlwdf d'n'sn] #=% ca{ zflGt;'/Iff vnaNofpg] ultljlw, cGt/f{li6«o
cd]l/sL 8n/ ljb]zL ljlgdo ;l~rlt u'dfpg'k/]sf] hut\df g]kfnn] lgof{t ub}{ cfPsf j:t'dflysf]
b]lvG5 . oBlk, To;kl5sf ljleGg ;dodf ;'ljwfdf s6f}tL tyf cfly{s dGbL / sf]le8af6
cjnDag ul/Psf gLltut ;'wf/sf k|of;n] of] l;lh{t k|lts"n l:yltsf sf/0fn] ;d]t lgof{t
cj:yf cfPsf] ljifodf pkfo tyf ljsNktkm{ Jofkf/sf] lj:tf/ tyf bfo/f km/flsnf] x'g
kof{Kt ljrf/–ljdz{ x'g cfjZos b]lvG5 . g;s]sf] cj:yfnfO{ dWogh/ u/L cfufdL cfly{s
$= g]kfnsf] j}b]lzs Jofkf/sf] ;+/rgf klg afXo gLlt tyf sfo{qmd / df}lb|s tyf ljQLo gLlt
If]q :yfloTjsf ;Gbe{df dxŒjk"0f{ dflgG5 . th'{df x'g'kg]{ b]lvG5 .
g]kfnsf] e"–agf]6, pTkfbgsf] l:ylt tyf ;fwg *= ljk|]if0f cfk|jfx / k|ToIf j}b]lzs nufgLdf
;|f]tsf] sdL x'g' / g]kfn–ef/t v'nf ;Ldf ePsf] hlt k|of; u/] klg cfˆg} c;Ifdtfsf sf/0fn]
sf/0fn]] ef/t;Fu Jofkfl/s ;DaGw cf/fdbfoL cg's"neGbf k|lts"n cj:yf a9L Joxf]g{'k/]sf]
/xg uPsf] xf] . oBlk, ;g\ !(&) sf] bzsdf cj:yfnfO{ a'em]/ nufgL ;Ddn]gaf6 xf]Og, cg's"n
Jofkf/ ljljwLs/0fsf k|of; yfn]kl5 g]kfnsf] gLltut Joj:yfsf] th'{df tyf k'g/fjnf]sg
j}b]lzs Jofkf/ cGo d'n's;Fu klg lj:tf/ x'Fb} / :fIfd, kf/bzL{ ;+/rgfTds ;'wf/ k|zf;lgs
uPsf] s]xL ;fdfGo tYofÍn] b]vfPsf 5g\ . lg0f{oaf6 ;d:of ;dfwfgsf] af6f] vf]Hg'kg]{
oBlk, jf:tljs ¿kdf g]kfnsf] Jofkf/sf] b]lvG5 .
;+/rgf km/flsnf] Pjd\ ljljwLs/0f ePsf] 5 eg]/
(= ljutsf s'g} jif{df tyf s]xL ljlzi6 ;dodf
Jofjxfl/s ¿kdf eGg ;lsg] cj:yf gePsf]
s'g} j:t' ljz]ifdf ljz]if sf/0fjz ef/ttk{msf]
x'Fbf ;d:of / ;dfwfgsf] s]Gb|df /x]/ gLltut
lgof{tdf pNn]Vo j[l4 ePsf] b]lvP klg ;g\ @))@
Joj:yfsf] sfof{Gjog x'g'kg]{ cfjZostf 5 .
dfr{df ePsf] jfl0fHo ;lGwsf gofF k|fjwfg /
%= Jofkf/ ljljwLs/0fsf] gLlt tyf sfo{qmd k|efjsf/L To;kl5sf ;Demf}tfsf sf/0f k'gM To;tk{msf]
sfof{Gjogsf] cefj / lgof{t Jofkf/ qmdzM lgof{t Jofkf/df lzlyntf cfPsf] b]lvG5 . ;fy},
;ª\s'lrt x'Fb} uPsf] / cGo d'n'stk{m;d]t cfoft ljleGg ;dodf ePsf Jofkf/;DaGwL a}7s, ;lGw /
tLj| ultdf a9\b} uPsf]n] afXo If]q :yfloTjsf] ;Demf}tfsf] Joj:yfn]] ef/t;Fusf] lgof{t Jofkf/nfO{

14
g]kfn /fi6« a}+s ;dfrf/
k|f]T;fxg u/L Jofkf/ 3f6fnfO{ sd ug]{] lbzftkm{ ;Gbe{df To:tf pTkfbgnfO{ ;+j]bgzLn ;"rLdf
;/sf/L tyf s'6gLlts If]qaf6 ;fy{s kxn x'g /fvL p:t} k|sf/sf cfofltt j:t'df sfpG6/e]lnª
h?/L 5 . s/ nufpg'kg]{ b]lvG5 . o;} u/L, sltko
!)= g]kfnn] ;g\ @))$ df ljZj Jofkf/ ;Ë7gsf] lrlgofF tof/L kf];fs jf:tljs d"NoeGbf ;:tf]df
;8sdf kfOG5Gf\ . eG;f/af6 Go"g lahsLs/0f
;b:otf k|fKt ul/;s]kl5 klg /fli6«o d"No
u/L NofOPsf j:t'df o; k|sf/sf] PlG68lDkª
clej[l4 x'g] / t'ngfTds nfe ePsf gofFgofF
8\o'l6hx¿ nufO{ g]kfnL cf}Bf]lus pTkfbgnfO{
lgof{thGo j:t'sf] klxrfg, ljsf; tyf lj:tf/ ;+/If0f ug{' / To:tf ljb]zL j:t' tyf ;]jfsf]
ug]{ tyf lgof{tdf pNn]vgLo of]ubfg /x]sf cfoftnfO{ lg?T;flxt ug'{kg]{ cfjZostf 5 .
j:t'sf] lgof{tdf j[l4 eO{ ljb]zL d'b|f cfh{g
ug{ ;lsg] ck]Iff lyof] . ;fy}, To;af6 d'n'ssf]
lgisif{
afXo If]q dha't eO{ cGt/f{li6«o hut\df ;fv
j:t' cfoftsf] j[l4n] :jb]zL pTkfbg, pkef]u /
j[l4 x'g] ck]Iffljk/Lt lgof{tsf] v:sFbf] k|j[lQ lgof{tnfO{ g/fd|/L k|efljt kf/]sf] cj:yf 5 . cfoft
emg\emg\ v/fa eO{ u'0ffTds tyf kl/df0ffTds Jofkf/sf] ;+/rgfdf o:t} k|j[lQ cyf{t\ clgolGqt
pTkfbg / lgof{t lj:tf/ k|efljt x'Fb} uP/ afXo cfoft / ljb]zL j:t'÷;]jfk|ltsf] df]x a9\b} hfg] /
If]q :yfloTjsf] Pp6f dxŒjk"0f{ cË lgof{tsf] ljb]zL d'b|f cfh{gsf] lbuf] tyf e/kbf]{ ;|f]t vf]Hg]tk{m
lbuf] cfwf/ l;h{gf x'g g;Sgfn] klg afXo If]q gLlt lgdf{tf / /fhgLlts g]t[Tjn] cu|;/tf gb]vfpg]
:yfloTjdf ;w}F r'gf}tL b]lvg] u/]sf] 5 . xf] eg] yk hf]lvd l;h{gf x'g ;S5 . ljb]zL nufgL,
t;y{, ;a} j:t' tyf ;]jfsf] v'nf Jofkf/ / ljb]zL ;xfotf tyf ko{6g If]qsf] kl5Nnf] cj:yfn]
k|f]T;fxgd"ns cfoft Jofkf/ ;d:of ;dfwfgsf] xfn} ePsf] s]xL ;'wf/sf] ckjfbafx]s lg/Gt/ kl//x]sf]
ljsNk xf]Og /x]5 eGg] tYonfO{ ;g\ !(*) kl5 vf8ndf bl/nf] cf8 / e/f];f lbg;Sg] cj:yf TfTsfn
Jofkf/sf gfddf ul/Psf ;'wf/af6 kf7 l;Sg'kg]{ b]lvFb}g . ljb]zL nufgLsf] k|j{4g / k|f]T;fxgsf nflu
jiff+}{b]lv hsl8P/ /x]sf sfg'gL, ;+:yfut / ;+/rgfut
b]lvG5 .
cj:yf tyf xfn}sf ;dodf k|ljlwsf] r'gf}tL;Fu
!!= xfn}sf lbgdf cem} cfoftljgf cy{tGq rnfodfg /lQe/ klg ;xsfo{ ug{ g;s]sf ;DalGwt ljb]zL
x'g ;Sb}g eGg] wf/0ff :fa}df ljsf; u/]/ nufgLsf] k|zf;g;Fu ;DalGwt rf]l6nf ;d:ofsf]
cfoftdfkm{t g} cy{tGqsf ;a} ;d:ofsf] xn ;dfwfg nufgL ;Dd]ng / ;do;dodf cfof]hgf
x'g;Sg] ;'emfj s]xL zf:qLo cy{zf:qL tyf ul/g] p2]ZoxLg 5nkmn / pRr:t/Lo e]63f6af6 dfq
gLlt lgdf{tfaf6 k|:t't x'g] u/]sf] b]lvFb}5, h'g ;dfwfg x'g ;Sg] b]lvFb}g .
cToGt} vt/gfs 5 . o;n] afXo If]q ;'wf/sf] ljb]zL nufgLnfO{ k|j{4g tyf k|f]T;fxg ug{
gLlt tyf sfo{qmd / :yfloTjnfO{ yk bzsf}F ;j{k|yd sfg'gL, ;+:yfut / ;+/rgfut ;d:ofsf]
kl5 ws]Ng;Sg] x'gfn] eljiodf ;+j]ufTds ;dfwfg ug{'kg]{ b]lvG5 . d'n'sdf ljBdfg cfly{s
geO{ lbuf] ;'wf/ / ;sf/fTds k|efj l;h{gf gLlt tyf sfo{qmdx¿M h:t}, jfl0fHo a}+ssf] Aofhb/
x'g];Sg] ljQ tyf df}lb|s gLlt÷sfo{qmdsf] th'{df tyf v's'nf] shf{ gLlt;lxt cgf}krfl/s cy{tGqsf]
kx'Fr cflb ;d]tsf sf/0f ;xh kmfOgflG;ªsf] ;'ljwf,
/ sfof{Gjogdf Wofg lbg cfjZos 5 .
ef/tsf] eG;f/ tyf s/ gLltsf] t'ngfdf g]kfnsf]
!@= ef/tLo cg'bfgsf sf/0f ;:tf]df g]kfn cfPsf ;f];DaGwL Joj:yf v's'nf] Pjd\ g]kfn ;/sf/ /
/ lj:yflkt x'g] cj:yfdf k'u]sf s[lif pTkfbgsf] ;DalGwt lgsfosf] cg'udg, lg/LIf0f / sf/afxLsf]
15
 g]kfn /fi6« a}+s ;dfrf/

cefj;lxt ljk|]if0f cfk|jfxnfO{ cgf}krfl/s tyf IfdtfnfO{ ;fwg, ;|f]t, :fLk / bIftfsf] b[li6sf]0faf6
cglws[t Jofkfl/s lqmofsnfk tyf ultljlwdf k|of]u ug]{ k'g;{+/rgf u/L ;'wf/ ug]{, cGt/f{li6«o ljdfg:ynsf]
k|j[lQsf sf/0fn] klg afXo If]q ;Gt'ngsf] cj:yf e08f/0f Ifdtf clej[l4 / ltgsf] cfw'lgsLs/0f ug{
k|lts"n aGb} hfg'df lhDd]jf/ /x]sf] b]lvG5 . cfjZos 5 . afXo If]q :yfloTjcGtu{t Jofkf/
g]kfnsf] sdhf]/ oftoft tyf kf/jxg c;Gt'ng tyf cGo kl/;"rsdf ;do;dodf b]lvg]]
;+/rgfsf] sf/0fn] b'O{ 7'nf l5d]sL d'n's ef/t / tLj| bafasf] ;d:ofnfO{ c:yfoL ¿kdf dfq ;dfwfgsf]
rLgaLrsf] Jofkf/df d"Noz[ª\vnf -Value Chain_ gLltut Joj:yf ug]{] k|j[lQsf] sf/0fn] g} d'n's
6«flGh6 ljGb'sf] ¿kdf /xg;Sg] ;Defjgf ePsf]n]
clxn];Dd klg k|r'/ ;Defjgfsf afah'bJofkf/
o;af6 nfe kfpgsf nflu Jofkf/;FUf ;DalGwt ;Lkd]G6
nfOgx¿;Fusf] ;DaGwnfO{ ;anLs/0f ug]{, k"jf{wf/sf] c:fGt'ngsf] vf8naf6 aflx/ lg:sg g;]s]sf] ljZn]if0f
ljsf; / cfw'lgsLs/0f ug]{, eG;f/ sfof{nosf] ug{ ;lsG5 .



16
g]kfn /fi6« a}+s ;dfrf/

cfly{s ljsf; / ljb]zL ljlgdo ;l~rltsf]

;DaGw
 /fd]Zj/L kGt *
!= ljifo k|j]z
;fdfGotof cy{Joj:yf dGbLtk{m hfFb}5 eGg] ;Gbe{ k|ltaGw lyof] . o;n] ljZj cy{Joj:yfnfO{ g} gsf/fTds
s]xL dlxgf cufl8sf] cfly{s ultljlwsf] tYofÍsf] c;/ kf/]sf] eP tfklg ljz]if u/]/ ko{6g / ljk|]if0f
cWoogaf6 cg'dfg ug{ ;lsG5 . dGbLsf] cj:yfdf cfo g} k|d'v cfDbfgLsf] ;|f]t ePsf b]zx¿df eg]
pTkfbg, jf:tljs cfo, cf}Bf]lus pTkfbg, /f]huf/L / g/fd|f] c;/ kg{ uof] . tL b]zdf ljb]zL ljlgdo
Jofkf/ 36\bf] qmddf x'G5 . ;fdfGotof nuftf/ b'O{ ;l~rlt 36\g yfNof] . sf]le8–!( sf] sf/0fn] ljb]zL
qodf;;Dd s'n ufx{:Yo pTkfbgsf] j[l4b/ 36\b} uPdf ljlgdo ;l~rlt 36]/ cy{Joj:yf hl6n cj:yfdf
Tof] cy{Joj:yfnfO{ …dGbLtk{m pGd'vÚ eGg ;lsG5 . k'u]sf] pbfx/0fsf] ¿kdf blIf0fk"jL{ Pl;ofsf] ;'Gb/ 6fk'
vf;u/L dGbL Jofkf/rqm;Fu ;DalGwt x'G5 / h;sf b]z >LnÍfnfO{ lng ;lsG5 . >LnÍfn] ljb]zL ljlgdo
sf/0f cfly{s ultljlwdf ptf/r9fj x'g] ePsfn] ;l~rltsf] cefjdf vfBfGg / OGwgnufot cTofjZos
cfly{s a[l4b/ klg ;w}F Psgfzsf] ultdf guO{ cf}iflw;d]t lsGg ;s]g . cTofjZos ;lh{sn ;]jf;d]t
cy{Joj:yf dGbLsf] cj:yftk{m hfG5 . cfly{s ultljlw lbg ;s]g . @)@@ dfr{df ljBfyL{sf] k/LIffsf] nflu
a9]/ pRrtd ljGb'df k'Ug] / k]ml/ 36]/ Go"gtd cfjZos sfkL / lk|G6 ug]{ d;L cfoft ug{;d]t ;s]g .
ljGb'df emg]{ / k'gM pRrtd ljGb'df k'Ug] k|lqmofnfO{ OGwgsf] cefjn] ;/sf/L :s'nx¿ aGb ePsf ;dfrf/
…Jofkf/ rqmÚ elgG5 . cfof] .
ljZjdf x/]s jif{ s'g} g s'g} b]zdf cfly{s dGbL o;n] >LnÍfnfO{ cfly{s ¿kdf dfq geP/ ToxfF
b]vf k/]sf] kfOPsf] 5 . t/ k"jf{g'dfg gul/Psf] / /fhgLlts ¿kdf klg c;/ b]lvPsf] lyof] . ;/sf/
ljZjs} Wofgfsif{0f ug]{ cyf{t\ ljZje/ g} x'g] dGbL kl/jt{g eO/x] . /fi6«klt k|wfgdGqLnufot s}of}F g]tfn]
eg] s'g}s'g} ;dodf dfq b]vf kb{5g\ . o:tf dGbLsf] b]z 5f]8\g'kg]{ afWotf b]vfk¥of] . pgLx¿sf] 3/;d]t
HjnGt pbfx/0f eg]sf] ;g\ @)!( sf] cGTolt/ hnfOof] . 6]lnlehgnufot ;+;f/sf ;~rf/ dfWoddf
cyf{t\ cfly{s jif{ @)&^÷&& sf] dWofjlwdf b]vfk/]sf] ToxfFsf] ;dfrf/n] k|fyldstf kfof] . Oltxf;df klxnf]
ljZjJofkL dGbL cyf{t\ sf]le8–!( af6 b]vfk/]sf] k6s ljb]zL d'b|fdf lnPsf] C0fsf] Aofh;d]t ltg{
dGbLnfO{ lng ;lsG5 . dGbL cfPdf a]/f]huf/L b]vfkg]{ ;s]g / b]z nueu 6f6 klN6of] .
x'gfn] tL d'n'ssf afl;Gbfx¿ sfdsf] vf]hLdf cGo o;} cjlwdf g]kfndf klg ljleGg uf]i7Lx¿ cfof]hgf
b]ztk{m hfG5g\ / To:tf d'n'sdf j:t' / ;]jfsf] d"No ul/Fbf g]kfnsf] cy{Joj:yf klg >LnÍfh:t} x'g nfu]sf]
sd x'g] / ;:tf]df ;]jf–;'ljwf pkef]u ug{sf] nflu cyf{t\ >LnÍfs} af6f]df lxFl8/x]sf] eg]/ l6Kk0fL
ko{6sx¿ e|d0f ub{5g\ . ul/GYof] . lsgls g]kfns} klg ljb]zL d'b|fsf] k|d'v
sf]le8sf] dGbLdf eg] j}b]lzs /f]huf/Lsf nflu ;|f]t ljk|]if0f / ko{6g cfo ePsf] / ltgsf] cfk|jfx
uPsfx¿ 3/ kms{g nfu]sf lyP . cGt/f{li6«o l;dfgf 36]sf sf/0f ljb]zL d'b|f ;l~rltdf rfk kb}{ uPsf]
aGb ul/Psfn] oftfoft cj?4 ePsf] lyof] . olt lyof] . lsgls cfly{s jif{ @)&&÷&* sf] klxnf]
dfq geO{ :jb]zd} klg Psaf6 csf]{ :yfgdf hfg dlxgf;Ddsf] cfoftnfO{ cfwf/ dfGbf a}+lsª If]q;Fu
* Kf"j{ sfo{sf/L lgb]{zs, g]kfn /fi6« a}+s
17
 g]kfn /fi6« a}+s ;dfrf/

/x]sf] ljb]zL ljlgdo ;l~rltn] !&=# dlxgfsf] j:t' /fi6« a}+s / g]kfn ;/sf/n] cjnDag u/]sf
cfoft / !%=^ dlxgfsf] j:t' tyf ;]jf cfoft gLltut Joj:yf / k|of;sf sf/0f rf}w dlxgfkl5
wfGg kof{Kt ePsf]df cfly{s jif{ @)&*÷&( sf] 5 @)&( c;f]haf6 zf]wgfGt/ l:ylt art eO{ ljb]zL
dlxgfsf] cfoftnfO{ x]bf{ ljb]zL ljlgdo ;l~rltn] d'b|fsf] ;l~rltdf ;'wf/ b]lvg yfNof] . oBlk oL ;a}
&=@ dlxgfsf] j:t' cfoft / ^=^ dlxgfsf] j:t' tyf k|ltaGwx¿ clxn] xl6;s]sf 5g\ . ;fy} cfly{s jif{
;]jf cfoft wfGg dfq k'Ug] b]lvPsf] lyof] . oBlk @)&(÷*) sf] df}lb|s gLltdfk{mt ljb]zL ljlgdo
cGt/f{li6«o d'b|f sf]ifn] g]kfnh:tf] b]zsf] nflu 5 ;l~rltn] j:t' tyf ;]jfsf] cfoft wfGg] Ifdtf
dlxgfsf] j:t' tyf ;]jf cfoft ug{ k'Ug] ljb]zL d'b|f / d'b|f:kmLltnfO{ gLltut b/ lgwf{/0f ug]{ k|d'v
;l~rlt /xg cfjZos /x]sf] atfpFb} cfPsf] 5 . o;/L cfwf/sf] ¿kdf lnOg] Joj:yf to ul/Psf] 5 .
nuftf/ ¿kdf zf]wgfGt/ l:ylt 3f6fdf /xg] / ljb]zL d'b|f:kmLlt / cfoft wfGg] Ifdtfdf rfk kbf{ gLltut
d'b|f ;l~rlt 36\b} hfg] cj:yfnfO{ eg] lrGtfhgs b/ sl;nf] agfOg] / rfkdf sdL cfpFbf gLltut b/
dfGg ;lsG5 . lsgls g]kfndf cfly{s jif{ @)&*÷&( ;xh agfOg] Joj:yfsf sf/0f df}lb|s gLltsf] sfo{lbzf
sf] klxnf] dlxgf cyf{t\ ;fpgb]lv g} rfn' vftf / to ug]{ sfo{ tYofÍ / l;4fGtdf cfwfl/t ePsf] 5 .
zf]wgfGt/ l:ylt klg 3f6fdf /x]sf]] / o;kl5 k|To]s log} gLltsf] kmn:j¿k cfly{s jif{ @)*)÷*! sf] 5
dlxgfdf rfn' vftfnufot zf]wgfGt/ l:yltdf 3f6f dlxgf cyf{t\ k'; dlxgfsf] cfoftnfO{ cfwf/ dfGbf
a9\b} uPsf] lyof] . cf=j=@)&(÷*) sf] c;f]hb]lv a}+lsª If]q;Fu /x]sf] ljb]zL ljlgdo ;l~rlt !$=%
eg] zf]wgfGt/ l:ylt artdf lyof] / rfn' vftf eg] dlxgfsf] j:t' cfoft / !@=! dlxgfsf] j:t' tyf ;]jf
cfly{s jif{ @)*)÷*! sf] klxnf] dlxgf cyf{t\ ;fpg cfoft wfGg kof{Kt /x]sf] b]lvG5 . gLltut ;'wf/sf
dlxgfb]lv dfq artdf /Xof] . cltl/Qm j}b]lzs /f]huf/df hfg] sfdbf/sf] ;ª\Vof
a9\bf] zf]wgfGt/ 3f6fnfO{ Go"g ug{ / 36\bf] a9]sf sf/0f ljk|]if0f cfk|jfx a9]sf] / h;sf] sf/0fn]
qmddf /x]sf] ljb]zL ljlgdo ;l~rltnfO{ hf]ufpgsf ubf{ zf]wgfGt/ l:yltdf ;'wf/ ePsf] xf] . cfly{s
nflu b]zaf6 ljb]zL d'b|f aflxl/g] k|j[lQnfO{ Go"g ug]{ jif{ @)*)÷*! sf] 5 dlxgfsf] cyf{t\ k'; dlxgfsf]
/ ljb]zL d'b|f leq\ofpg cfjZos ePsf]n] g]kfn tYofÍcg';f/ klg ljk|]if0f cfk|jfx @%=# k|ltztn]
/fi6« a}+s / g]kfn ;/sf/af6 ljleGg gLltut k|of; j[l4 eO{ ?=&## ca{ @@ s/f]8 k'u]sf] 5 .
eof] . o:tf k|of;df s]xL j:t' -s]xL pkef]Uo tyf
ljnfl;tfsf j:t'df_ sf] cfoft k|tLtkq vf]Nbf @= cfly{s ljsf;
clgjfo{ ¿kdf gub dflh{g /fVg'kg]{ Joj:yf ul/of] . cfly{s ljsf; eg]sf] cTofw'lgs k|ljlwsf] k|of]u
rfFbL cfoftsf nflu ljb]zL d'b|f ;6xL ;Ldf tf]lsof] u/]/ cy{Joj:yfsf] ;+/rgfTds kl/jt{g u/L >dsf]
eg] ;'g cfoftsf] sf]6f 36fOof] . ljb]z e|d0f ubf{ pTkfbsTj, /f]huf/L / cfodf j[l4 u/L hgtfsf]
/fxbfgLafkt lbOg] ljb]zL d'b|fsf] ;6xL ;'ljwf;d]t hLjg:t/df ;'wf/ Nofpg' xf] . o;sf ;fy} ef}lts /
s6f}tL ul/Psf] lyof] . g]kfn ;/sf/n] klg b; j6f ;fdflhs k"jf{wf/sf] ljsf;sf ;fy} ;+:yfut / sfg'gL
ljnfl;tfsf j:t'sf] cfoftdf k|ltaGw nufPsf] lyof] . ;'wf/ klg x'g'kb{5 . cfly{s k"jf{wf/ eGgfn] oftfoft,
j}b]lzs /f]huf/Ldf /x]sf g]kfnLn] a}+lsª k|0ffnLdfk{mt ;~rf/, ljB't\, OGwg tyf ;fdflhs k"jf{wf/ eGgfn]
ljk|]if0f k7fP/ a}+s tyf ljQLo ;+:yfdf hDdf lzIff, :jf:y / lkpg] kfgLsf] pknAwtf / o;df
u/]df Go"gtd Ps k|ltzt laGb'n] cltl/Qm Aofh ;j{;fwf/0fsf] ;d]t ;dfg kx'Fr x'g'kg]{ eGg] a'lemG5 .
kfpg] Joj:yf ldnfOof] . u}/cfjf;Lo g]kfnL / pgLx¿ o;}sf cfwf/df s'g} b]znfO{ ljsl;t, s'g}nfO{
;+nUg ljb]zL ;+:yfnfO{ ljb]zL d'b|fdf lgIf]k vftf ljsf;f]Gd'v / s'g}nfO{ cljsl;t b]z eGg] ul/G5 .
vf]Ng ;xhLs/0f ul/of] . h:tf] ljsl;t b]zsf ;Dk"0f{ If]qdf oftfoft /
18
g]kfn /fi6« a}+s ;dfrf/

ljZjfl;nf] ;~rf/ ;]jf, ljB't\nufot u'0f:t/Lo lzIff, o;} P]gn] g]kfn /fi6« a}+snfO{ ljb]zL ljlgdo
pRr k|ljlwo'Qm :jf:Yo ;]jf / :jR5 lkpg] kfgLsf] ;l~rltsf] kl/rfng ug]{ clwsf/ lbOPsf] 5 .
;'ljwf k'u]sf] x'G5 / ljt/0f klg lgoldt ¿kdf x'G5 . P]gcg';f/ a}+sn] ljb]zL ljlgdo ;l~rltsf] kl/rfng
oL b]zsf] cfly{s j[l4b/ 36] tfklg o:tf] ;'ljwf ub{5 . ljb]zL ljlgdo -lgoldt ug]{_ P]g, @)!( n]
lbg] ;+:yfx¿n] lgoldt ¿kdf ;]jf lbO/x]sf x'G5g\ . klg ljb]zL ljlgdo;DaGwL ;Dk"0f{ sf/f]af/ ug]{
o:tf] cj:yfdf cfk"lt{df s'g} klg cj/f]w cfpFb}g . clwsf/ /fi6« a}+snfO lbPsf] 5 . cGt/f{li6«o d'b|f
;j{;fwf/0fn] ;'zf;g / sfg'gL /fHosf] dx;'; ug{ sf]ifsf cg';f/ ;l~rltsf] ¿kdf cd]l/sg 8n/,
kfPsf x'G5g\ . cGt/f{li6«o d'b|f sf]ifn] eg] o:tf o'/f], kfp08 :6ln{ª, hfkfgL o]g, ci6«]lnog 8n/,
b]znfO{ …pGgt cy{Joj:yf (Advanced Economies)Ú Sofgfl8og 8n/, l:j; k|]mÍ, rfOlgh cf/PgaLdf
eGg] ub{5 . cGo b]zx¿nfO{ pbLodfg cy{Joj:yf / /fVg] ul/P tfklg ljZjsf w]/} b]zn] ;g\ @)@# sf]
ljsf;zLn cy{Joj:yf egL kl/eflift ul/Psf] kfOG5 . cGTo;Dd sl/a ^) k|ltzt cd]l/sL 8n/df ljb]zL
ljlgdo ;l~rlt /fv]sf 5g\ .
#= ljb]zL ljlgdo ;l~rlt
ljb]zL d'b|f / ljb]zL ljlgdonfO{ Ps} h:tf] $= cfly{s ljsf;df ljb]zL ljlgdo ;l~rltsf]
dflgP tfklg g]kfn /fi6« a}+s P]g, @)%* df …ljb]zL dxŒj
d'b|fn] g]kfnL d'b|fafx]s cGo d'b|f / cGt/f{li6«o $=! k|ydtM :jb]zL d'b|f lgisf;g ug{sf] nflu ;d]t
d'b|f sf]ifaf6 /sd lemSg] ljz]if clwsf/ Pl;og ljb]zL ljlgdosf] cfjZostf kb{5 . g]kfn
s/]G;L o'lg6, o'/f]lkog s/]G;L o'lg6 tyf a+}sn] /fi6« a}+s P]g, @)%* df pNn]v ePcg';f/ a+}sn]
cfjZostfcg';f/ ;fj{hlgs ;"rgf k|sfzg / k|;f/0f g]kfnL gf]6 lgisf;g ubf{ ;'/If0f /fv]/ dfq lgisf;g
u/L tf]lslbPsf] cGo pks/0f;d]tnfO{ hgfpg]Ú pNn]v ug{]5 / o:tf] lgisfl;t gf]6sf] bfloTj ;'/If0fafkt
5 . o:t}, ljb]zL ljlgdo eGgfn] …ljb]zL d'b|f, ljb]zL /flvPsf] ;DklQsf] d"Noa/fa/ x'g]5 . ;'/If0fafkt
d'b|fdf e'QmfgL x'g] jf k|fKt x'g] ;a} lsl;dsf] lgIf]k, /flvg] ;DklQsf] sd;]sd %) k|ltzt ;'g, rfFbL,
shf{, df}Hbft, ljb]zL lwtf]kq / ljb]zL d'b|fdf e'QmfgL ljb]zL d'b|f, ljb]zL lwtf]kq / ljb]zL ljlgd]o
x'g] jf x'g;Sg] cGt/f{li6«o k|rngdf /x]sf] r]s, clwsf/ kqdWo] Ps jf PseGbf a9Ldf / c¿
8«fˆ6, 6«fen;{ r]s, On]S6«f]lgs km08 6«fG;km/, qm]l86 l;Ssf -df]x/, 8an / ;f]eGbf a9L b/sf]_,
sf8{, k|tLtkq, ljlgdokq, k|lt1fkq ;D´g'k5{ / ;f] g]kfn ;/sf/n] lgisf;g u/]sf] C0fkq / a}+saf6
zAbn] a}+sn] cfjZostfcg';f/ ;fj{hlgs ;"rgf k'gM e'QmfgL lbPsf] a9Ldf c7f/ dlxgfleq
g]kfndf g} e'QmfgL x'g] k|tL1fkq jf ljlgdokqdWo]
k|sfzg / k|;f/0f u/L tf]lslbPsf] cGo h'g;'s} df}lb|s
Ps jf PseGbf a9Ldf /flvg] pNn]v 5 .
pks/0f;d]tnfO{ hgfpF5Ú eGg] pNn]v 5 . o;/L
t/ g]kfn ;/sf/n] :jLs[lt lbPdf ;'/If0fafkt
ljb]zL ljlgdodf ljb]zL d'b|fsf] cltl/Qm ljb]zL
/flvg] ;DklQsf] sd;]sd $) k|ltzt ;'g, rfFbL,
ljlgdosf cGo pks/0f klg ;dfj]z x'G5g\ . oL
ljb]zL d'b|f, ljb]zL lwtf]kq / ljb]zL ljlgd]o
pks/0faf6 cfjZos k/]sf] ;dodf ljb]zL d'b|f k|fKt
clwsf/kqdWo] Ps jf PseGbf a9Ldf /fvL g]kfnL
ug{ ;lsG5 . of] s'g} b]zsf] s]Gb|Lo a}+s tyf df}lb|s
gf]6 lgisf;g ug{ ;lsg] pNn]v ul/Psf] 5 .
clwsf/L;+Fu ePsf] afXo ;DklQ xf] h;nfO{ pgLx¿n]
;lhn};Fu lgodg / lgoGq0f ug{ ;S5g\, To;sf] $=@ cfly{s ljsf;sf] nflu ef}lts tyf ;fdflhs
ljlgdo b/ tf]Sg / afXo c;Gt'ngsf] nflu k|of]u k"jf{wf/sf] ljsf; cfjZos kb{5 . o;sf] nflu
ug{ ;S5g\ . 7"nf] wg/flz cfjZos kg'{sf ;fy} sltko j:t' tyf

19
 g]kfn /fi6« a}+s ;dfrf/

;]jfx¿ cGo b]zaf6 cfoft ug'{kg]{ x'G5 . ;+;f/sf] nu]sf sf/0fn] ljb]zL ljlgdo ;l~rlt 36\g
;a} b]zsf d'b|fx¿ ;a} b]zdf ljlgdosf nflu yfNof] . h;n] ubf{ tL b]zsf d'b|fsf] cd]l/sL
pko]fu ug{ ;lsFb}g . o;}n] b]zdf pTkfbg x'g 8n/;Fusf] ljlgdo b/ 36\g yfn]sf] xf] .
g;Sg] j:t'x¿M h:t}– OGwg, kmnfdnufotsf cGo $=% ljZjsf clwsf+z d'n'sn] låkIfLo jf ax'kIfLo
sRrf kbfy{ cfoft ug{sf nflu ;d]t ljb]zL s'g} g s'g} lsl;daf6 cg'bfg ;xfotf / C0f
ljlgdo ;l~rltsf] cfjZostf kb{5 . lnO/x]sf x'G5g\ . cg'bfgafx]s C0fsf] Aofh /
$=# s'g} b]zsf] df}lb|s gLlt lgdf{0f / vf;u/L ljb]zL ;fJffF;d]t ;do;dodf ltg'{kb{5 . o;sf] nflu
ljlgdo gLlt ;~rfngdf ljb]zL ljlgdo ;l~rltn] ljb]zL ljlgdo cfjZos k5{ . ljb]zL C0fsf]
c;/ ub{5 . ljb]zL ljlgdo ;l~rlt sd x'g' Aofh ltg{ g;s]df b]zsf] k|lti7f 36\5 /
eg]sf] zf]wgfGt/ l:yltdf gsf/fTds c;/ kg'{ cGt/f{li6«o ahf/af6 C0f dfUg sl7g x'G5 .
xf] cyf{t\ b]zn] k|fKt ug]{eGbf b]zaf6 aflxl/g] ;g\ @)@@ df >LnÍfn] ljb]zL C0fsf] Aofh klg
ljb]zL ljlgdo a9L x'g' xf] . nfdf] ;do;Dd ltg{ ;s]sf] cj:yfnfO{ pbfx/0fsf] ¿kdf lng
of] cj:yf /x]df zf]wgfGt/ l:ylt 3f6fdf ;lsG5 . cGt/f{li6«o ljQ ;d"xaf6 ;'ljwfo'Qm
/xG5 h;sf sf/0f :jb]zL d'b|fsf] ljlgdob/df C0f lnPsf d'n'sdf eg] o:tf] cj:yf sd} ePsf]
c;/ kb{5 . vf;u/L sf]le8–!( kl5 ljsf;zLn b]lvPsf] 5 .
b]zx¿df :jb]zL d'b|fsf] ljlgdob/ cjd"Nog x'g'sf] $=^ ljZjdf ljb]zL d'b|f ;l~rlt x]bf{ h'g b]zn] a9L
Pp6f k|d'v sf/0f ljb]zL ljlgdo ;l~rltdf lgof{t u/]sf] 5 cyf{t\ Jofkf/ artdf /x]sf] 5,
sdL x'g' /x]sf] 5 . cGo b]zaf6 j:t' tyf ;]jf tL b]zdf g} w]/} ;l~rlt /x]sf] 5 . k|z:t ljb]zL
cfoft ug{ ljb]zL d'b|f cfjZos kb{5 / cfoft ljlgdo ;l~rlt ePsf] b]zn] cfˆgf] cfly{s
sd ug{sf nflu ljb]zL j:t' / ;]jfsf] d"No cj:yfsf] cfwf/df :jb]zL d'b|fsf] ljlgdob/
a9fpg :jb]zL d'b|f cjd"Nog ug'{kb{5 . ljb]zL clwd"Nog jf k'gd"{Nog ug{ ;S5 . h:tf] ljZjdf
ljlgdo ;l~rltsf] cj:yfn] s]Gb|Lo a}+sn] df}lb|s ;a}eGbf j9L ljb]zL ljlgdo ;l~rlt ePsf] b]z
gLlt sl;nf] jf v's'nf] agfpg] eGg] cfwf/ to rLg xf] / o;n] lgof{t a9fpg o'ofg cf/PdaLsf]
ub{5 . ljutsf jif{df ;dli6ut dfu 36fO{ ljlgdob/ lgwf{/0f ub{5 . h;n] ubf{ lrlgofF
cy{Joj:yfdf :yfloTj Nofpg g]kfn /fi6« a}+sn] j:t'x¿ ljZjdf ;a}eGbf ;:tf] j:t'sf] ¿kdf /x]sf
sl;nf] df}lb|s gLlt cjnDag u/]sf] lyof] . 5g\ . ljZjsf ljsl;t b]zdf klg rLgsf j:t'sf]
$=$ ljb]zL ljlgdo ;l~rlt sd ePsf] b]zdf ljb]zL 7"nf] dfqfdf lsga]r x'G5 / lrlgofF ahf/
nufgLstf{n] klg cfˆgf] nufgL 8'Ag] 8/n] nufgL ljZjsf] h'g;'s} ;x/df klg b]Vg ;lsG5, hf]
ug{ rfxFb}gg\ / ;fy} eO;s]sf] nufgL lkmtf{ …rfOlgh dfs]{6Úsf]] ¿kdf k|rlnt 5 . rLgn]
n}hfg ;S5g\ . t/ ljb]zL ljlgdo ;l~rlt ljb]zL d'b|f ;l~rlt dfq a9fPsf] geO{ o;sf]
kof{Kt ePdf s]Gb|Lo a+}sn] ljb]zL nufgLstf{nfO{ ;b'kof]u u/]/ ef}lts / ;fdflhs k"jf{wf/sf] ;d]t
pgLx¿sf] nufgL g8'Ag] ljZjf; lbg ;S5 / ljsf; u/L ;"rgf k|ljlw;lxt s[lif / cf}Bf]lus
pgLx¿n] nufgL lkmtf{ n}hfFb}gg\ . o;/L kof{Kt pTkfbgdf ;d]t ;f/f ljZjnfO{ cfZro{df kfg]{
dfqfdf ;l~rlt ePdf cfly{s ;Í6nfO{ 6fg{ u/L ljsf; u/]sf] 5 . o;}sf sf/0f rLgdf
;lsG5 . ;g\ !(() sf] bzsdf blIf0f k"jL{ pRr lzIff cWoog ug{ hfg] ljb]zLsf] ;ª\Vof
Pl;ofnL b]zx¿df dGbLsf] cj:yf b]lvPkl5 ljb]zL a9]sf] 5 / gofF k':tfdf Dof08l/g efiff l;Sg]
nufgLstf{n] cfˆgf] nufgL 8'Ag] 8/n] nufgL lkmtf{ nx/ a9]sf] 5 .

20
g]kfn /fi6« a}+s ;dfrf/

%= pk;+xf/
s'g} b]zsf] nflu olt g} ljb]zL d'b|f ;l~rlt /x]/ ;+;f/sf x/]s b]zaf6 pkef]u ug{ ;lsG5 .
x'g'kb{5 eGg] s'g} klg ;j{dfGo kl/efiff eg] 5}g . ljZjsf s'g} klg b]zn] cfˆgf gful/snfO{ ljb]zL
ljb]zL ljlgdo ;l~rlt yf]/} ePsf cyf{t\ lgof{t j:t' / ;]jfsf] pkef]u ug{af6 /f]Sg ;Sb}}g . 3/af6
cfwf/ ;fgf] ePsf cy{Joj:yfn] aflx/L wSsf / df]afOnsf] k|of]udfk{mt cgnfOg sf/f]af/ ul//x]sf
sf]le8–!( h:tf] dxfdf/LnfO{ y]Ug g;Sg] /x]5g\ eGg] x'G5g\ . ljsf;zLn d'n'saf6 pRr lzIff cWoog
pbfx/0f eg] ljZjsf s]xL b]zsf] cg'ejaf6 :ki6 ug{sf nflu k|To]s jif{ xhf/f}F ljBfyL{x¿ cd]l/sf,
x'G5 . oBlk gLlt lgdf{tfx¿n] ljlgdo ;l~rlt gfk ci6]«lnof, Sofg8f, a]nfotnufot cGo o'/f]k]nL d'n's
ug]{ ljleGg a]~rdfs{x¿ tof/ u/]sf 5g\ . l:y/ hfg] qmd a9]sf] 5 . o;n] ubf{ 7"nf] dfqfdf ljb]zL
ljlgdob/ x'g] b]zn] kl/jt{gzLn ljlgdob/ x'g] d'b|f aflxl/g] u/]sf] 5 . g]kfnsf] ;Gbe{df x]bf{ klg g]kfn
b]zsf] t'ngfdf ;l~rltsf] :t/ a9L x'g'kb{5 eGg] /fi6« a+}saf6 k|sflzt cfly{s @)*)÷*! sf] 5 dlxgf
dfGotf 5 . ljleGg j]~rdfs{dWo] cfoft wfGg kof{Kt cyf{t\ k'; dlxgfsf] tYofÍcg';f/ e|d0f Joo ?=(@
x'g] / cNksfnLg ljb]zL C0f ltg{ kof{Kt x'g] ljb]zL ca{ *& s/f]8 k'u]sf] 5 . o;dWo] lzIfftk{msf] Joo
;l~rltnfO{ k|d'v cfwf/ dflgPsf] 5 . ch]{lG6gfsf dfq ?=%* ca{ (% s/f]8 /x]sf] 5 . lzIffsf] nflu
k"j{ cy{dGqL / kfAnf] u'O8f]6L / km]8/n l/hj{sf aflxl/Psf] /sdsf] ljutsf] tYofÍ x]bf{ of] /sd x/]s
k"j{ cWoIf cnfg lu|G;kfgsf] lgodcg';f/ s'g} dlxgf al9/x]sfn] eljiodf klg a9\g ;Sg] cg'dfg
b]zsf] ljb]zL ljlgdo ;l~rlt cNksfnLg afXo C0f ug{ ;lsG5 . ;fy}, ljut jif{b]lv 5f]/f5f]/L ljb]zdf
e'QmfgL ug{ kof{Kt x'g'kb{5 . cNksfnLg afXo C0f a:g] afa'cfdf pgLx¿sf] ;xof]usf nflu ljb]z hfg]
eGgfn] Ps jif{ / Tof]eGbf sd e'QmfgL ePsf] ljb]zL k|j[lQn] klg xjfO l6s6 / /fxbfgL ;'ljwfjfkt kfpg]
C0f eGg] a'lemG5 . k/Dk/fut dfGotfcg';f/ -?n ljb]zL d'b|f ;6xLsf] kl/df0f a9]sf] 5 . ko{6ssf]
ckm yd_ tLg dlxgfsf] cfoft wfGg k'Ug] ljb]zL x}l;otn] ljb]z 3'Dg hfg] nx/ klg rn]sf] 5 .
ljlgdo ;l~rlt ePdf To;nfO{ ;'ljwfhgs dflgG5 . cf}ifwf]krf/sf nflu klg ;'ljwf;DkGg / pRr k|ljlw
pbLodfg b]zx¿sf nflu eg] 5 dlxgfsf] cfoft wfGg ePsf b]ztk{m hfg] k|j[lQn] klg ljb]zL d'b|f aflxl/Psf]
k'Ug] / cNksfnLg C0fsf] @)) k|ltzt;Dd ljb]zL
5 . o;}n] cfoft / ljb]zL C0f e'QmfgLsf] nflu dfq
d'b|f ;l~rlt cfjZos x'g] 7flgG5 . t/ ljutsf
ljb]zL d'b|f ;l~rltsf] cfjZostf k5{ eGg] dfGg
jif{df ljleGg b]zdf b]lvPsf] cfly{s ;Í6 / To;}sf
;lsFb}g . ljk|]if0f cfo klg sfd ug{ hfg] b]zsf]
sf/0f ljb]zL d'b|f ;l~rltdf k/]sf] rfknfO{ x]bf{ eg]
cfjZostf / gLltdf lge{/ /xg] ePsf] x'Fbf of] ljb]zL
o:fnfO{ g} cfwf/ dfGg sl7g x'g] b]lvG5 .
d'b|fsf] lbuf] / e/kbf]{ ;|f]t xf]Og . o;}n] ljsf;zLn
o;sf] ;fy} ljBdfg cj:yfdf ;"rgf / l8lh6n b]zn] ljb]zL ljlgdo ;l~rltsf] dfqf a9fpg lbuf]
k|ljlwsf] k|of]un] ubf{ ljZj ahf/ PsLs[t eO;s]sf] ;|f]t agfpg' kg]{ / To;sf] kl/rfng ug]{ sfo{ r'gf}tLsf]
5 / Ps b]zdf pTkflbt j:t' tyf ;]jf 3/df g} ¿kdf /x]sf] b]lvG5 .


21
 g]kfn /fi6« a}+s ;dfrf/

;fj{hlgs C0f kl/rfng M cj:yf, r'gf}tL /

;dfwfgsf pkfo
 b'u]{zuf]kfn >]i7 *

ljifo k|j]z ;/sf/L a}+s jf ljQLo ;+:yf jf Ph]G;L;Fu ljb]zL

g]kfnh:tf] ljsf;f]Gd'v d'n'ssf nflu a9\bf] d'b|fdf lnOg] C0fnfO{ j}b]lzs C0f elgG5 h'g
ljsf; lgdf{0fsf sfo{df kof{Kt vr{ ug{ tyf cfly{s låkIfLo / ax'kIfLo lgsfoaf6 k|fKt x'G5 eg] g]kfnL
;fdflhs bfloTj k"/f ug{ /fh:j / cg'bfg cfo gful/s, ;Ël7t ;+:yf, a}+s jf ljQLo ;+:yfaf6 lnOg]
dfq kof{Kt gx'g] x'Fbf ;/sf/n] k|To]s jif{ /fh:j / C0fnfO{ cfGtl/s C0f egL kl/eflift u/]sf] 5 .
cg'bfgaf6 k|fKt x'g] cfDbfgLeGbf a9L vr{ ug]{u/L
3f6f ah]6 Nofpg] ub{5 . o;/L x'g] a9\bf] vr{ / ;fj{hlgs C0f M ljut tyf jt{dfg l:ylt
;Lldt cfDbfgLaLr tfbfTDo tyf ;Gt'ng ldnfpg] g]kfndf ;fj{hlgs C0f kl/rfng / Joj:yfkgsf]
u/L NofOg] 3f6f ah]6 k"lt{ ug]{ dfWodsf ¿kdf Oltxf; cfwf ztfAbLeGbf a9L eO;s]sf] / o; qmddf
;fj{hlgs C0f p7fpg] ul/G5 . ljut cfwf ztfAbLb]lv ;f] Joj:yfkgsf ljljw cfofd / hf]lvdsf If]qx¿
;fj{hlgs C0f ;/sf/sf] Go"g ljQ kl/k"lt{ ug]{ k|d'v klg lj:tf/ x'Fb} uPsf 5g\ . g]kfndf ;fj{hlgs C0f
cf}hf/ tyf pks/0fsf] ¿kdf /xFb} cfPsf] ;Gbe{df kl/rfngsf] ljut tyf jt{dfg l:yltnfO{ b]xfosf
;fj{hlgs C0f kl/rfngsf] sfo{ ;/sf/sf] Ps k|d'v a'Fbfdf k|:t't ug{ ;lsG5M
tyf dxŒjk"0f{ sfo{sf] ;"rLdf /xg] ub{5 . » g]kfnsf] Oltxf;df klxnf] k6s lj=;+= @))* df
;fj{hlgs C0f Joj:yfkg P]g, @)&( df ah]6 k|0ffnLsf] ;'?cft ePsf] eP tfklg cfly{s
;fj{hlgs C0fnfO{ …cfGtl/s jf j}b]lzs C0f / jif{ @)!*÷!( sf] ah]6df klxnf] k6s cfGtl/s
To:tf] C0f kl/rfng ubf{ l;h{gf ePsf] ljQLo bfloTjÚ C0f ah]6sf] lx:;f ag]sf] lyof] .
egL kl/eflift ul/Psf] 5 . ;fj{hlgs vr{ / ;Lldt » g]kfnn] j}b]lzs ;xfotf lnO{ klxnf] ah]6af6 g}
/fh:j tyf cg'bfgaLr tfbfTDo sfod ug{ g]kfn vr{ u/]sf] Oltxf; /x]sf] kfOP tfklg cfly{s jif{
;/sf/n] cfGtl/s Pjd\ j}b]lzs C0fnfO{ lg/Gt/ @)@)÷@! af6 dfq} j}b]lzs C0f lnO{ ;fj{hlgs
kl/rfng ub}{ cfPsf] 5 . ljb]zL ;/sf/, ljb]zL vr{ u/]sf] b]lvG5 .

* lgb]{zs, g]kfn /fi6« a}+s

22
g]kfn /fi6« a}+s ;dfrf/
» s'n ufx{:Yo pTkfbg;Fu ;fj{hlgs C0fsf] ;Íng k|efljt x'g'sf ;fy}, sf]le8 ;ª\qmd0f
cg'kft cWoog ubf{ cfly{s jif{ @)#!÷#@ df Go"gLs/0fsf nflu cfjZos vf]k tyf :jf:Yo
;a}eGbf sd %=& k|ltzt /x]sf] lyof] h'g k"jf{wf/df vr{ ug{ ;/sf/n] ;fj{hlgs C0fsf]
/sdsf] lx;fadf ?=($ s/f]8 lyof] eg] cfly{s lx:;fnfO{ pRr ultdf a9fPsf] b]lvG5 . o;n]
jif{ @)$&÷$* df pRrtd ^^=* k|ltzt;Dd ubf{ cfly{s jif{ @)&(÷*) sf] cGTo;Dddf s'n
k'u]sf] b]lvG5 h'g /sdsf] lx;fjdf ?=*) ca{ ufx{:Yo pTkfbg;Fu ;fj{hlgs C0fsf] cg'kft
#^ s/f]8 lyof] -dfly lrqdf b]vfOPsf] afofFaf6 $!=@ k|ltzt k'u]sf] b]lvG5 .
qmdzM klxnf] / bf];|f] /]vf_ . » cfly{s jif{ @)&(÷*) df /x]sf] s'n ;fj{hlgs
» cfly{s jif{ @)$^÷$& df s'n ufx{:Yo pTkfbg;Fu C0f cg'kft $!=@ k|ltztdWo] cfGtl/s C0fsf]
;fj{hlgs C0fsf] cg'kft $(=* k|ltzt /x]sf]df @)=( / j}b]lzs C0fsf] @)=# k|ltzt c+z
Ps}k6s pRr !& k|ltzt ljGb'n] j[l4 eO{ /x]sf] 5 .
cfly{s jif{ @)$&÷$* df ;f] cg'kft pRrtd
» /sdsf] lx;fan] cfly{s jif{ @)&(÷*)
^^=* k|ltzt k'u]sf] Oltxf; 5 .
df ;fj{hlgs C0fsf] s'n aSof}tf /sd
» cfly{s jif{ @)%&÷%* df ;f] cg'kft %(=@ ?=@,@!*=% ca{dWo] cfGtl/s C0ftkm{ ?=!,!@%=@
k|ltzt /x]sf]df b]zleq /fhgLlts cl:y/tf / ca{ / j}b]lzs C0ftkm{ ?=!,)(#=# ca{ lx:;f
;z:q åGåsf sf/0f ljsf; vr{x¿ a9\g g;Sbf /x]sf] 5 .
To;kl5sf s]xL jif{df ;fj{hlgs C0fsf] j[l4b/
» ;+3Lo ;+/rgfadf]lhd lbuf] / pRr k|ltkmno'Qm
sd} /x]sf] b]lvG5 .
If]qdf ;fj{hlgs C0f kl/rfng u/L pRr cfly{s
» g]kfndf bf];|f] hgcfGbf]ng kl5 cfly{s jif{ j[l4sf] nflu cfjZos Go"g ljQ kl/rfng ug]{tkm{
@)^#÷^$ df ;f] cg'kft $#=$ k|ltzt g]kfnsf] kG„f}F of]hgf -@)&^÷&& – @)*)÷*!_
x'Fb} @)&@ ;fnsf] e"sDkcl3sf] cfly{s jif{
s]lG›t /x]sf] 5 . ;f] of]hgfn] jflif{s ;fj{hlgs
@)&!÷&@ ;Dd nuftf/ 36]/ @@=# k|ltztdf
C0f s'n ufx{:Yo pTkfbgsf] $=# k|ltztleq
em/]sf] lyof] . e"sDkn] Iflt k'¥ofPsf ef}lts
;Lldt /fVg] / /fli6«o k|fyldstfk|fKt If]qdf k'FhL
;+/rgfsf] k'gMlgdf{0f / k'g:yf{kgf ug{'kg]{ Pjd\
lgdf{0f tyf pTkfbgzLn If]qdf ;fj{hlgs C0f
;+3Lo ;+/rgfcg';f/ k|b]z / :yfgLo txdf
ljsf; lgdf{0fdf sfo{x¿df ug'{kg]{ 7"nf] nufgLsf kl/rfng eO{ pRr cfly{s j[l4df of]ubfg k'Ug]
sf/0f cfly{s jif{ @)&#÷&$ b]lv ;fj{hlgs ck]Iff u/]sf] 5 .
C0fsf] c+z k'gM qmlds ¿kdf a9\g yfn]sf] » x/]s jif{ ;/sf/n] ah]6 jQmJodfkm{t cfufdL
b]lvG5 -dfly lrqdf b]vfOPsf] afofFaf6 t];|f] cfly{s jif{sf] nflu ;fj{hlgs C0f kl/rfngsf]
/]vf_ . Joj:yf ub{5 . rfn' cfly{s jif{ @)*)÷*! sf]
» cfly{s jif{ @)&%÷&^ df ;fj{hlgs C0f ;ª\3Lo ah]6df g]kfn ;/sf/n] j}b]lzs C0f
s'n ufx{:Yo pTkfbgsf] @&=@ k|ltzt /x]sf]df ?=@!@=&% ca{ / cfGtl/s C0f ?=@$) ca{
cfly{s jif{ @)&^÷&& sf] cGTolt/ b]ze/ kl/rfng ug]{ nIo /fv]sf] 5 .
km}lnPsf] sf]le8–!( dxfdf/Lsf sf/0f cfly{s
l:ylt aGbfaGbLsf] cj:yfdf k/]sf]n] /fh:j

23
 g]kfn /fi6« a}+s ;dfrf/

tflnsf – ! M ;fj{hlgs C0fsf] k|j[lQ -ljut b; jif{sf] tYofÍdf cfwfl/t_

-/sd ?= ca{df_
;fj{hlgs C0f -/sd_ s'n C0f c+z -k|ltztdf_
cfly{s jif{
cfGtl/s C0f j}b]lzs C0f -/sd_ cfGtl/s C0f j}b]lzs C0f
2070/71 201.8 346.8 548.6 36.8 63.2
2071/72 196.8 343.3 540.0 36.4 63.6
2072/73 234.2 388.8 622.9 37.6 62.4
2073/74 283.7 414.0 697.7 40.7 59.3
2074/75 390.9 526.2 917.1 42.6 57.4
2075/76 453.0 594.9 1,047.9 43.2 56.8
2076/77 613.2 819.7 1,432.9 42.8 57.2
2077/78 800.3 934.7 1,735.0 46.1 53.9
2078/79 984.3 1,025.8 2,010.1 49.0 51.0
2079/80 1,125.2 1,093.3 2,218.5 50.7 49.3
cf};t 528.3 648.7 1,177.1 42.6 57.4
;|f]t M jt{dfg cfly{s tyf ljQLo l:ylt, g]kfn /fi^« a}+s

tflnsf – @ M s'n ufx{:Yo pTkfbg;Fu ;fj{hlgs C0fsf] cg'kft

-k|ltztdf_
cfGtl/s
cfly{s jif{ j}b]lzs C0f s'n C0f
C0f
2070/71 9.0 15.5 24.6
2071/72 8.1 14.2 22.3
2072/73 9.0 14.9 23.9
2073/74 9.2 13.5 22.7
2074/75 11.3 15.2 26.5
2075/76 11.7 15.4 27.2
2076/77 15.8 21.1 36.8
2077/78 18.4 21.5 39.9
2078/79 20.0 20.8 40.7
2079/80 20.9 20.3 41.2
;|f]t M jt{dfg cfly{s tyf ljQLo l:ylt, g]kfn /fi^« a}+s

ljut !) jif{sf] ;fj{hlgs C0fsf] k|j[lQnfO{ jif{ @)&(÷*) df s'n ;fj{hlgs C0fdWo] cfGtl/s
ljZn]if0f / cWoog ubf{ cfGtl/s C0fsf] t'ngfdf C0fsf] %)=& / j}b]lzs C0fsf] $(=# k|ltzt c+z 5 .
j}b]lzs C0f lng] k|j[lQ a9\bf] ¿kdf /x]sf] kfOP !) jif{sf] cf};t tYofÍnfO{ lnFbf cfGtl/s C0fsf]
tfklg qmlds ¿kdf j}b]lzs C0fsf] c+z 36\b} uO{ c+z $@=^ k|ltzt / j}b]lzs C0fsf] c+z %&=$
cfGtl/s C0fsf] c+zdf j[l4 ePsf] b]lvG5 . cfly{s k|ltzt /x]sf] 5 -x]= tflnsf–!_ . o;} u/L, s'n

24
g]kfn /fi6« a}+s ;dfrf/

ufx{:Yo pTkfbg;Fusf] ;fj{hlgs C0f cg'kft;DaGwL » ;/sf/n] 3f]if0ff u/]sf] 3f6f ah]6 k"lt{ u/L
ljut !) jif{sf] tYofÍnfO{ ljZn]if0f ubf{ cfly{s jif{ ah]6df plNnlvt sfo{of]hgf tyf sfo{qmdsf]
@)&!÷&@ df @@=# k|ltztaf6 qmlds ¿kdf j[l4 sfof{Gjog ug{,
x'Fb} @)&(÷*) df pRrtd $!=@ k|ltzt k'u]sf] » ljsf; lgdf{0f sfo{sf nflu cfjZos k'FhL
b]lvG5, h;dWo] cfGtl/s C0fsf] c+z @)=( k|ltzt h'6fpg,
/ j}b]lzs C0fsf] c+z @)=# k|ltzt /x]sf] 5 -x]= » k|fyldstfk|fKt If]qdf kof{Kt ;|f]t ;'lglZrt u/L
tflnsf–@_ . /fli6«o p2]Zo xfl;n ug{,
;fdfGotof, s'g} klg d'n'sdf /x]sf] …lkm:sn » ;Gt'lnt cfly{s ;fdflhs ljsf;sf nflu
:k];Ú cfsng ug{sf nflu s'n ufx{:Yo pTkfbg;Fu cy{tGqsf ;a} If]qdf nufgL ug{ nflu cfjZos
;fj{hlgs C0fsf] cg'kftnfO{ x]g]{ ul/G5 . cy{tGqsf kg]{ ;|f]tsf] k|Tofe"t ug{,
nflu ;fj{hlgs C0fsf] c+z slt pko'Qm x'G5 eGg] » sNof0fsf/L /fHosf] cjwf/0ffnfO{ d"t{ ¿k lbg
;Gbe{df Ps¿ktf g/x]sf] x'Fbf cy{tGqsf] cfsf/ / tyf lbuf] cfly{s ;fdflhs ¿kfGt/0fsf nflu
;f]sf] j[l4b/, lgof{t tyf ljb]zL d'›f cfh{gsf ;|f]t, kof{Kt ljQLo ;|f]t ;'lglZrt ug{,
C0fsf] pTkfbgzLn k|of]u / ;f]sf] Joj:yfkg Ifdtf » lghL If]qaf6 x'g] nufgLnfO{ k|ltkmno'Qm agfpg
cflbdf lge{/ /xL ;fj{hlgs C0fsf] ;Ldf ;f]xLadf]lhd oy]i6 cj;/sf] l;h{gf u/L cy{tGqsf] Ifdtf
lgwf{/0f x'g] ub{5 . g]kfndf ;fj{hlgs C0fsf] k|j[lQ clej[l4 ug{,
x]bf{ lg/Gt/ ¿kdf a9\b} uPsf] / j}b]lzs C0fsf] » k|fs[lts ljkb\ / dxfdf/Lsf sf/0f x'g] Ifltsf]
t'ngfdf cfGtl/s C0fsf] ult pRr /xL lx:;fdf k'glg{df{0f / k'gM:yfkgfsf sfo{x¿ ;~rfng ug{,
;d]t a9\bf] cj:yfdf /x]sf] b]lvG5 . » ul/a, ;LdfGts[t / lk5l8Psf ju{, If]q /
;d'bfosf] cfly{s / ;fdflhs hLjg:t/ psf:gsf
cy{tGqdf ;fj{hlgs C0f kl/rfngsf] e"ldsf nflu cfjZos nufgL h'6fpg,
;/sf/sf] Gog" ljQ kl/k"lt{ ug{, ;dli6ut » gful/ssf] xs clwsf/ ;'lglZrt x'g]u/L
cfly{s j[l4 tyf :yfloTj xfl;n ug{, j}b]lzs k'FhL ljsf;sf sfo{nfO{ ultzLn agfpg / /f]huf/L
tyf k|ljlwsf] pkof]u / cGt/k':tf ;dtf sfod tyf cfo cfh{gsf cj;/x¿ l;h{gf ug{,
ug{ ;fj{hlgs C0fsf] dxŒjk"0f{ e"ldsf /x]]sf] x'G5 . » cy{tGqnfO{ rnodfg agfO{ cfly{s sf/f]af/nfO{
;/sf/n] ljQ gLltdfk{mt cfly{s j[l4 xfl;n ug]{, ultzLntf k|bfg ug{ ahf/df cfjZos t/ntf
cfly{s :yfloTj sfod ug]{, /f]huf/Lsf cj;/ l;h{gf tyf df}lb|s Joj:yfkgdf ;xof]u k'¥ofpg,
ug]{ / ;dfgtf sfod ug]{tkm{ ;/sf/ ;b}j cu|;/
» ljleGg pks/0fdfkm{t d'b|f / k'FhL ahf/sf]
tyf k|of;/t /x]sf] x'G5 . ljQ gLltsf ljleGg ljsf; tyf lj:tf/nfO{ ult lbg .
pks/0fx¿Ù h:t}M ;/sf/L vr{, /fh:j / ;fj{hlgs
C0fdWo] ;fj{hlgs C0f Ps dxŒjk"0f{ cf}hf/ tyf ;fj{hlgs C0f kl/rfng M r'gf}tL tyf
pks/0fsf] ¿kdf /x]sf] / /fli6«o cfjZostf /
;dfwfgsf pkfo
k|fyldstfsf If]q Pjd\ ;Defljt If]qsf] ljsf; /
g]kfndf ;fj{hlgs C0f kl/rfngdf b]lvPsf
lj:tf/ ug{ dxŒjk"0f{ dfWod /x]sf]n] cy{tGqdf o;sf]
r'gf}tL / ;f]sf] ;dfwfgsf pkfonfO{ b]xfosf a'Fbfdf
ljz]if e"ldsf /x]sf] 5, h;nfO{ a'Fbfut ¿kdf k|:t't ul/Psf] 5 M
b]xfoadf]lhd k|:t't ug{ ;lsG5 M

25
 g]kfn /fi6« a}+s ;dfrf/
» ;fj{hlgs C0f kl/rfng tyf Joj:yfkg;DaGwL » låkIfLo÷ax'kIfLo bft[ lgsfon] u/]sf
:ki6 /0fgLlt th'{df eOg;s]sf] x'Fbf tTsfn ;f]sf] k|lta4tfcg';f/sf] ;x'lnotk"0f{ C0f ;dod} k|fKt
nflu cNksfnLg, dWosfnLg / bL3{sfnLg gx'g] k|j[lQ /x]sf] x'Fbf k|lta4 ;x'lnot C0f
/0fgLlt th{'df u/L k|efjsf/L ¿kdf sfof{Gjogdf oyf;dod} k|fKt ug{]tkm{ g]kfn ;/sf/ lqmofzLn
Nofpg'kg]{ . x'g'kg]{ . k|fKt C0f pRr k|ltkmno'Qm ljsf;
» ;fj{hlgs C0f Joj:yfkg P]gnfO{ lqmofzLn agfO{ ultljlwdf pkof]u eP, gePsf] ;'lglZrt x'g'kg]{ .
k|efjsf/L ¿kdf sfof{Gjogdf Nofpg ;fj{hlgs » ;fj{hlgs C0f kl/rfng / pkof]usf] Ifdtf
C0f Joj:yfkg lgodfjnL ckl/xfo{ /x]sf] clej[l4 ug{ ;fj{hlgs C0f Joj:yfkg
x'Fbf oyfzL3| th{'df u/L sfof{Gjogdf
sfof{nosf] ;+:yfut Ifdtf ljsf; ug'{sf ;fy},
Nofpg'kg]{ .
sfo{/t sd{rf/Lsf] ;Lk, bIftf Pjd\ ;|f]t;fwgsf]
» ;+3Lo sfg'gadf]lhd k|b]z ;/sf/ / :yfgLo pRrtd k|of]u ub}{ ;fj{hlgs C0fnfO{ lbuf] /
txn] ;d]t cfGtl/s C0f kl/rfng ug{;Sg] pRr k|ltkmnd'vL agfpg]tkm{ kl/rfng ug'{kg]{ .
Joj:yf /x]sf] eP tfklg ;f]sf] sfof{Gjogsf nflu
xfn;Dd cfjZos sfg'gL k|lqmof k"/f eOg;s]sf] » j}b]lzs C0f clws kl/rfng x'Fbf C0f ltg{
x'Fbf Joj:yfksLo Pjd\ ;+:yfut kIfnfO{ ;'b[9 yk C0f lng'kg]{ cj:yf cyf{t\ …C0fsf] hfnf]
agfpFb} cfGTfl/s C0f kl/rfngsf nflu PsLs[t (Debt Trap)Ú df b]z km:g;Sg] hf]lvd /xg] x'Fbf
sfg'gL Joj:yf th'{df u/L tTsfn} sfof{Gjogdf ;fj{hlgs C0fnfO{ k|efjsf/L ¿kdf glthfd'vL
Nofpg k|of; ug'{kg]{ . nufgLsf If]qdf kl/rfng ug'{kg]{ .
» d'n'ssf] ljQLo bfloTj j[l4 x'g hfg'sf ;fy} » cfGtl/s C0f clws kl/rfng ubf{ lghL
efjL k':tfdfly cfly{s ef/ ylkFb} hfg] x'Fbf pRr nufgLstf{nfO{ ljQLo ;|f]tsf] cefj x'g uO{
k|ltkmn k|fKt x'g] k|fyldstfsf If]qsf] klxrfg nufgLdf ;ª\s'rg cfpg;Sg] cj:yf cyf{t\
u/L tL If]qdf nufgL ug{ ;fj{hlgs C0f Crowding Out c;/ kg]{ x'Fbf ahf/df kof{Kt
kl/rfng ug'{kg]{ . t/ntf /xg] ;'lglZrt x'g] u/L df}lb|s Joj:yfkg
» ;fj{hlgs C0f kl/rfng tyf Joj:yfkgdf ug'{kg]{ .
Go"g k|efjsfl/tf b]lvPsf] ;Gbe{df ;du| » cfGtl/s C0f kl/rfngdf /x]sf] Aofhb/sf]
cfly{s ljsf; tyf :yfloTj xfl;n ug{] lbzfdf hf]lvd tyf j}b]lzs C0f kl/rfngdf /x]sf]
/fli6«o k|fyldstfk|fKt pTkfbgzLn If]qsf] klxrfg ljb]zL ljlgdo b/sf] hf]lvdnfO{ k|efjsf/L
u/L tL If]qdf ;fj{hlgs C0fnfO{ k|efjsf/L Joj:Yffkg ug{ ;fj{hlgs C0f nufgLsf] ;Ldf
¿kdf glthfd'vL agfpg]tkm{ kl/rfng ug]{ tf]Sg] / ;f]sf] lbuf]kgfsf] cWoog / k|If]k0f
s'zntf / bIftf clej[l4sf nflu ljz]if sbd ug'{sf ;fy} pTkfbgzLn If]qnufot ;x/L tyf
rfNg'kg]{ . u|fdL0f k"jf{wf/ ljsf;, s[lif / ko{6g h:tf pRr
» b]zsf] cfjZostf ljk/Lt ljsf; ;fem]bf/sf cfly{s j[l4df ;3fp k'¥ofpg] / /f]huf/L l;h{gf
k|lts"n ;t{x¿ dfGg'kg]{, afXo k|efj a9\g] / ug]{ If]qdf pkof]u Ifdtf a9fpg'kg]{ .
;|f]tsf] b'?kof]u eO{ e|i6frf/;d]t a9\g;Sg] » cy{tGqdf lbuf] cfly{s tyf ;fdflhs ljsf;sf]
ePsfn] ;fj{hlgs C0f lng'k"j{ ;f]sf] k|efjsf/L nflu lghL If]q Ps d]?b08sf] ¿kdf /x]sf] x'Fbf
pkof]lutf Pjd\ ;b'kof]lutfsf af/]df lj:t[t lghL If]qsf] nufgLnfO{ xtf]T;flxt gug]{ ;'lglZrt
ljZn]if0f tyf cWoog u/L /fHosf] lxt x'g]df x'g]u/L cfGtl/s C0f kl/rfng ug'{kg]{ .
ljZj:t tyf ;'lglZrt /x]sf] cj:yfdf dfq C0f
lng];DaGwL lg0f{o ug'{kg]{ .
26
g]kfn /fi6« a}+s ;dfrf/

cfufdL af6f] ug{ kfO/x]sf sf/0f Aofhb/ Go"g /xL ;f]sf] ljQLo
g]kfndf cfGtl/s /fh:j tyf cg'bfgaf6 k|fKt bfloTjsf] ef/ sd /x]sf] eP tfklg s]xL jif{kl5
x'g] cfDbfgL kof{Kt gePsf] cj:yfdf k'FhL lgdf{0f g]kfn cNkljsl;taf6 ljsf;zLn /fi6«df :t/f]Gglt
u/L cfly{s ljsf; ug{ ;fj{hlgs C0fn] dxŒjk"0f{ ePsf] cj:yfdf ;x'lnot j}b]lzs C0f k|flKtsf] cj;/
e"ldsf lgjf{x ub}{ cfPsf] 5 . kl5Nnf] ;dodf g/xg] x'Fbf xfn;Dd pknAw ePsf ;fj{hlgs C0fnfO{
;fj{hlgs C0fsf] k|j[lQ a9\b} hfg'sf d'Vo sf/0fdf ;xL / k|efjsf/L ¿kdf pkof]u u/L cy{tGqsf] Ifdtf
@)&@ ;fnsf] e"sDkkl5sf] k'glg{df{0f / k'g;{+/rgf, clej[l4 ug]{tkm{ cu|;/ x'g'kg]{ cfhsf] cfjZostf xf] .
gofF /fhgLlts Joj:yfkl5 a9\g uPsf] ljsf; lgdf{0f
sfo{x¿, ;ª\3Lotf sfof{Gjogdf ePsf] vr{, a9\bf] lgisif{
;fdflhs ;'/Iff / @)&& kl5 sf]le8–!( dxfdf/Lsf cy{tGqnfO{ :jM:km"t{ rnfodfg agfO/fVg, ljsf;
sf/0f /fh:j ;Íngdf k/]sf] k|lts"n c;/ tyf o;n] lgdf{0fsf sfo{nfO{ ;'rf? /fVg / cfly{s ;fdflhs
:jf:Yo If]qdf a9fPsf] vr{nfO{ lng ;lsG5 . bfloTj k"/f ug{ cfjZos Go"g ljQ kl/k"lt{ ug]{
lbzfdf ;fj{hlgs C0f kl/rfng Ps dxŒjk"0f{ dfWod
g]kfnh:tf] ljsf;f]Gd'v d'n'ssf nflu ;fj{hlgs
xf] . b]zleq /x]sf ;Defljt pTkfbgzLn If]qdf
C0fsf] k|j[lQ a9\b} hfg'nfO{ c:jfefljs dfGg ;lsFb}g
nufgL ug{, ;x/L tyf u|fdL0f k"jf{wf/ ljsf;nfO{ ult
lsgeg] g]kfnn] ;+ljwfgsf] dd{ tyf efjgfcg'¿ksf]
lbg, s[lif / ko{6g h:tf pRr cfly{s j[l4df 6]jf
cfly{s ;fdflhs ljsf; tyf b]z / hgtfsf] ;d[l4 k'¥ofpg] / /f]huf/L l;h{gf ug]{ If]qsf] a[xQ/ pkof]
xfl;n ug{sf nflu y'k|} sfdx¿ ug{ afFsL /x]sf] u, ljsf; / lj:tf/ ug{ ;fj{hlgs C0f kl/rfngsf]
/ ;g\ @)#) ;Dddf g]kfnnfO{ ljsf;zLn /fi6«df dxŒjk"0f{ e"ldsf /xFb} cfPsf] 5 .
:t/f]Gglt u/L dWod cfo ePsf d'n'ssf] :t/df
k'¥ofpg cfjZos cfly{s j[l4b/ a9fpgsf nflu g]kfn ;/sf/n] /fli6«o cfjZostf /
ul/g] k'FhLut vr{sf] a9f]Q/L dfu /x]sf]n] o;tkm{ k|fyldstfsf If]qx¿– ef}lts k"jf{wf/ lgdf{0f,
;/sf/L vr{ cem} a9\g hfg] b]lvG5 . /fli6«o pTkfbg / pTkfbsTj clej[l4, /f]huf/L
l;h{gf / ul/jL lgjf/0f, jftfj/0f ;+/If0f /
t/, d'Vo s'/f] ;/sf/n] lng] ;fj{hlgs C0f
hnjfo' kl/jt{g, ljkb\ Joj:yfkg, dfgj Ifdtf
sxfF k|of]u eO/x]sf] 5 eGg] ljifodf rgfvf] x'g'kg]{
ljsf;, ;fj{hlgs–lghL ;fem]bf/Ldf nufgLnufot
cj:yf sfod} /xG5 . ;fj{hlgs C0fsf] ;b'kof]u
;/sf/L–lghL, ;xsf/L / ;fd'bflos If]qsf] ljsf; /
gug]{ xf] eg] C0fsf] ef/ a9\g uO{ bL3{sfnLg
lj:tf/ ug]{tkm{ ljz]if k|fyldstf lbg'kg]{ bfloTj /x]sf]
¿kdf C0f e'QmfgLsf] ;d:of;lxt b]z C0fsf] kf;f]df
/ ;g\ @)#) ;Dddf g]kfnnfO{ ljsf;zLn
kg{;Sg] hf]lvdtkm{ eg] ;hu x'g'kg]{ b]lvG5 . t;y{,
pTkfbgzLn If]qdf nufgL, pRr k|ltkmno'Qm ljsf; /fi6«df :t/f]Gglt u/L dWod cfo ePsf d'n'ssf]
lgdf{0f tyf k'FhLut vr{df k|of]u ul/g] ;fj{hlgs :t/df k'¥ofpg k|efjsf/L Joj:yfkg ug'{kg]{
C0fn] cy{tGqsf] Ifdtf a9fO{ pTkfbg / pTkfbsTj ;Gbe{df cfjZos ;|f]t ;fwg / k'FhLsf] kl/k"lt{
a9fpg] x'Fbf ;fj{hlgs C0fnfO{ /fli6«o p2]Zo xfl;n ug]{ k|d'v pks/0fsf] ¿kdf ;fj{hlgs C0f
ug]{tkm{ ;'lglZrt x'g]u/L ljj]szLn 9Ën] k'FhL lgdf{0fdf kl/rfngsf] sfo{ dxŒjk"0f{ /x]sf] x'Fbf ;DalGwt ;a}
pkof]u ug'{kg]{ cfjZostf b]lvG5 . kIfn] ;fj{hlgs C0f kl/rfngdf b]lvPsf ljBdfg
r'gf}tLsf] tTsfn ;dfwfg ug]{tkm{ cfjZos kxn
clxn]sf] cj:yfdf låkIfLo÷ax'kIfLo bft[ lgsfoaf6
ug'{kg]{ b]lvG5 .
g]kfnn] ;x'lnot k|s[ltsf] j}b]lzs C0f pkof]u

27
 g]kfn /fi6« a}+s ;dfrf/

;fj{hlgs C0fnfO{ pTkfbgzLn If]qdf, kl/rfng 8f= k|sfzs'df/ >]i7 -@)&*_, g]kfndf ;fj{hlgs
ug{ tyf /fli6«o pTkfbg / pTkfbsTj Ifdtf clej[l4 C0fsf] t'ngfTds cj:yf, …ldld{/]Ú k"0ff{Í #%$,
g]kfn /fi6« a}+s, sf7df8f}+ .
ug]{ lbzfdf ljj]sk"0f{ 9Ën] pkof]u ug{ g;s] C0fsf]
hfnf] (Debt Trap) df km:g ;Sg] ePsf]n] ;'zf;g, bIftf b]zsf] jt{dfg cfly{s tyf ljQLo l:ylt -cfly{s jif{
@)&(÷*) sf] jflif{s tYofÍdf cfwfl/t_, g]kfn
Pjd\ s'zntfk"j{s ;fj{hlgs C0f kl/rfng ug{'kg]{
/fi6« a}+s, sf7df8f}+ .
tyf ;+:yfut Ifdtf / Joj:yfkgnfO{ ;d]t ;'b[9
g]kfnsf] ;+ljwfg, @)&@ .
agfpg'kg]{ cfjZostf b]lvG5 .
kGw|f}F of]hgf -@)&^÷&& – @)*)÷*!_, /fli6«o of]hgf
cfof]u, sf7df8f+} .
;Gbe{ ;fdu|L
cGt/f{li6«o ljsf; ;xfotf kl/rfng gLlt, @)&^, cy{ /d]z cof{n -@)*)_, g]kfndf ;fj{hlgs C0f
dGqfno, sf7df8f}+ . kl/rfngsf] cj:yf / r'gf}tL, …g]kfn /fi6« a}+s
;dfrf/Ú, sf7df8f}+ .
cfly{s jif{ @)*)÷*! sf] ah]6 jQmJo, cy{ dGqfno,
sf7df8f}+ . ;fj{hlgs C0f Joj:yfkg P]g, @)&(, sfg'g lstfa
Joj:yf ;ldlt, sf7df8f}+ .



28
g]kfn /fi6« a}+s ;dfrf/

g]kfndf ælko/ 6' lko/ n]lG8ªÆ tyf æqmfp8

kmlG8ªÆM ;Defjgf / r'gf}tLx¿
 k|Nxfb lu/L *

k|ljlwsf] b'|tt/ ljsf;;Fu} ljQLo sf/f]af/sf JolQmaLr ljQLo sf/f]af/sf] cfbfgk|bfg xf] . o;df
pks/0fx¿ klg k|ljlwdo ePsf 5g\ . ljZje/ g} k};f lbg] Pp6f kIf -lko/_ / k};f lng] kIf -lko/_
df]afOn kmf]g b'|t ;~rf/sf] dfWod dfq geO{ n]gb]g, x'g] u5{ . ljQLo sf/f]af/sf] cy{df lko/ 6' lko/
sf/f]af/, e'QmfgL / /sdfGt/df bl/nf] ;fwgsf ¿kdf eGgfn] Pp6} ju{ jf ;d"xsf JolQm eGg] a'lemG5 .
:yflkt ePsf] 5 . k||ljlw emfFlub} hfFbf ljQLo ;fwgsf cyf{t\ k};f lng] / lbg] kIf jf egf}F k};f nufgL ug]{
j}slNks ;|f]tsf] klg vf]hL ug{ yflnPsf] 5 . / C0f lng] kIf ;dfh / ;d'bfos} JolQm x'g\ .
k/Dk/fut ljQLo pks/0fsf] t'ngfdf pbfPsf ljQLo Pp6fn] k};f nufgL u/L wg cfh{g u5{ eg] csf]{n]
j}slNks ;fwgn] sf/f]af/df ;'ljwf, zL3| kx'Fr, C0f lnO{ cfˆgf] cfjZostf k"/f u5{ . Tof] cfjZostf
nrstf / nufgLsf dfWodaf6 ljQLo ;]jfsf] bfo/f k};f cfh{g jf s]xL ;dosf] nflu ljQLo cfjZostf
a9fpFb} nu]sf] kfOG5 . j}slNks ljQLo ;|f]tx¿ vf]Hb} -uhf]{_ k"/f ug{sf nflu k|of]u ul/G5 . of] cy{df
hfFbf clxn] ljZjel/ g} …lko/ 6' lko/ -kL6'kL_ n]lG8ªÚ lng] / lbg] JolQm oxL ;dfhdf Joj;fo, cfly{s
/ …qmfp8 kmlG8ªÚsf] k|of]u a9]sf] b]lvG5 . kL6'kL ultljlw, b]zsf P]g, sfg'g / gLlt lgodx¿ a'e]msf
n]lG8ª sf/f]af/ ug]{ JolQmx¿ ;–;fgf Joj;fosf nflu dfG5] x'G5g\ . Pp6} ;dfhdf 3'nldn ePsf lng] /
k/Dk/fut ljQLo ;+:yfx¿ljg} ljQLo sf/f]af/ ug]{ lbg] JolQmx¿n] Pscsf{sf] ljQLo Jojxf/ a'em]sf klg
dfWod ePsf]n] a}+s jf ljQLo ;+:yf;Dd k'lu/xg'kb}{g . x'G5g\ . t/, of] cfn]vdf eGg vf]lhPsf] lko/ 6'
o;sf nflu k|ljlwn] ;lhnf] agfOlbPsf] 5 . lko/ n]lG8ªdf k|rlnt lgod sfg'gsf] kl/lwdf /xL
lgofdsLo Joj:yfåf/f lgb]{lzt 9Ën] ljQLo sf/f]af/
s] xf] lko/ 6' lko/ -kL6'kL_ n]lG8ª < ug'{ xf] .
vf;u/L lko/ 6' lko/ n]lG8ª eg]sf] lko/b]lv dfly plNnlvt ;Í]tdf n]Gh, @)!^ n] kL6'kL
lko/;Dd cyf{t\ Pp6} tx jf ;dfg k|s[ltsf b'O{ n]lG8ª KNof6kmd{sf] sfo{k|s[ltnfO{ lrq0f ug]{ sf]l;;

lko/ 6' lko/ n]lG8ª tyf qmfp8 kmlG8ª sfo{k|s[ltsf] Ps emns

Aofh e'QmfgL

C0fL n]lG8ª KNof6kmd{ qmfp8 kmG8/ -C0fbftf_

hf]lvd d"NofÍg, d"No lgwf{/0f ckm/ / nufgL k|lta4tf

z'Ns e'QmfgL
;|f]t M n]Gh -@)!^_

* pk–lgb]{zs, g]kfn /fi6« a}+s

29
 g]kfn /fi6« a}+s ;dfrf/

u/]sf 5g\, h;cg';f/ C0fL / C0fbftfaLr n]lG8ª ;+:yfaf6 ljQLo ;fwg kl/k"lt{ ug]{ k4ltnfO{ hgfpF5 .
KNof6kmd{dfk{mt sf/f]af/ x'G5 . C0fL / C0fbftfn] pbfx/0fsf nflu s'g} Pp6f JolQmsf] s'g} Joj;fo jf
KNof6kmd{ k|of]u u/]afkt z'Ns e'QmfgL u5{g\ eg] sfo{sf nflu eL8af6 k};f h'6fOlbg] dfWod h:t} xf],
C0fLn] C0fbftfnfO{ C0f pkof]u u/]afkt Aofh of] cjwf/0ff . em§ x]bf{ of] rGbf lng]lbg] h:tf] klg
e'QmfgL u5{ . b]lvG5 . k/f]ksf/L sfo{, e|d0f sfo{, ;]ldgf/ jf ;Dd]ngdf
;xeflutf, cfsl:ds :jf:Yo ;]jf jf s'g} Pp6f
lko/ 6' lko/ n]lG8ª Pp6f cef}lts :yn xf],
;d'bfo jf Joj;fosf] pTyfgsf nflu qmfp8 kmlG8ª
h;nfO{ k|ljlwsf] efiffdf …KNof6kmd{Ú eGg] ul/G5 .
sfo{ ljZjel/ g} rlr{t 5 . g]kfndf @)&@ ;fnsf]
lko/b]lv lko/;Dd ul/g] ;a} sf/f]af/ lgtfGt
ljgfzsf/L e"sDksf a]nf uf] kmG8 dL, OlG8uf]uf],
df]afOnsf] Pk jf 8]S;6k e;{gdf j]adf cfwfl/t
lss:6f//, Kofl6«og, /s]6xa h:tf qmfp8 kmlG8ª
KNof6kmd{af6 g} ug]{ ul/Psf] kfOG5 . gjk|jlt{t ¿kdf KNof6kmd{df e"sDk kLl8tsf nflu cfsl:ds ;xof]u
ljQLo ;]jfnfO{ ljljwLs/0f ug]{ j}slNks ljQLo ;Íng ul/Psf] lyof] . t/, o:tf KNof6kmd{df ;Íng
¿k g} kL6'kL n]lG8ª xf] . o;n] JolQm tyf ;fgf ul/g] /sdx¿ ldl>t p2]Zosf nflu x'G5 . vf;u/L
Joj;foLnfO{ k/Dk/fut z}nL a}+lsªdf cfa4 gu/Lsg k/f]ksf/L jf cfsl:ds :jf:Yo nfesf nflu ul/g]
ljQLo ;|f]tx¿ pknAw u/fpF5 -6\ofª, @)!(_ . of] /sd ;Íngsf sfo{ cg'bfgdf cfwfl/t x'G5g\, h;df
KNof6kmd{af6 k};fsf] cfjZostf ePsf JolQm jf kmd{ nufgL eGg] x'Fb}g . o;df bfgsf dfWodaf6 JolQm
-;Defljt C0fL_ nfO{ k};f nufgL ug]{ JolQm jf kmd{ jf ;+:yfsf] lglZrt p2]Zosf ;fy k'FhL h'6fpg] sfo{
-n]G8/_ n] k};f nufgL u5{ . To;sf nflu C0fLn] x'G5 . ;fy}, qmfp8 kmlG8ª KNof6kmd{x¿df pTkfbgzLn
Aofh nufgLstf{nfO{ Aofh lt5{ / KNof6kmd{n] s'g} If]qsf kl/of]hgfsf] :jfldTjdf ;d]t ;xeflutf /xg]
lglZrt z'Ns lnG5 . of] k4ltdf C0fL, nufgLstf{ u/L -OlSj6L kfl6{l;k];g_ nufgL ug]{ u/]sf] kfOG5 .
/ C0f lbg] dfWod cyf{t\ KNof6kmd{ u/]/ tLg kIf o;df :6f6{ck kl/of]hgf jf rln/x]sf] kl/of]hgfdf
x'G5g\ . t/, o;sf ;/f]sf/jfnf w]/} x'G5g\, h;df s/, yk k'FhL h'6fpgsf nflu qmfp8 kmlG8ªsf] ;xf/f lng]
/fh:j k|fKt ug]{ ;/sf/L lgsfo, lgod sfg'g nufpg] ul/G5 . o; cy{df lko/ 6' lko/ n]lG8ª / qmfp8
lgofdsLo lgsfo, KNof6kmd{ ;~rfns, KNof6kmd{sf] kmlG8ª Aofh cfDbfgL, ;]o/ :jfldTj / bfg÷bftJo
;]6nd]G6stf{ a}+s jf ljQLo ;+:yf cflb 5g\ . u/L tLg j6f cfwf/df j}slNks ljQLo ;fwgsf]
cfk"lt{ ug]{ dfWodsf] ¿kdf kl/lrt /x]sf] b]lvG5 .
s] xf] qmfp8 kmlG8ª < lko/ 6' lko/ n]lG8ªsf klg ljleGg dfWod -:6«LD;_
csf]{tkm{ ljQLo ;|f]tsf] vf8n k"lt{sf lglDt w]/} x'g] ub{5g\, h;df ahf/df cfwfl/t nufgL -dfs]{6
hgf ldn]/ k|efjsf/L kl/of]hgfdf nufgL ug]{ dfWod Kn]; n]lG8ª_, Aofn]G; zL6 nufgL, lan÷aLhsdf
qmfp8 kmlG8ª xf] . gofF pBdsf nflu ljQLo ;|f]t nufgL -OGEjfO; kmfOgflG;ª_, clxn] lsg kl5lt/
-afO gfp k] n]6/_, uf]bfdsf] ;fdfgdf nufgL
h'6fpg] gjLgtd dfWod qmfp8 kmlG8ª xf], h;n]
-j]o/xfp; kmfOgflG;ª_ z"Go z'Nssf] ;dls:tf k|0ffnL
PSnf] ;+:yfksnfO{ gfkmfd"ns ;+:s[lt jf ;fdflhs
-gf] s:6 OPdcfO{_ cflb k|d'v 5g\ .
kl/of]hgf ;~rfngsf nflu 7"nf] ;~hfnsf JolQmaf6
k|foM kl5 k|fKt x'g] j:t' jf ;+:yfsf] ;]o/ :jfldTj
k|flKtsf p2]Zosf ;fy /sd ;Íng ub{5 -df]lns, cGt/f{li6«o cEof;
ljZjdf kL6'kL n]lG8ªsf] Oltxf; Tolt w]/} k'/fgf]
@)!$_ .
5}g . ;g\ @))) kl5 a]nfotdf hf]kf / cd]l/sfdf
qmfp8 kmlG8ªsf] cjwf/0ffn] s'g} Pp6f lglZrt k|f]:k/ eGg] sDkgLn] kL6'kL n]lG8ª k|rngdf NofPsf]
k'FhL cfjZostfsf nflu PseGbf a9L JolQm jf b]lvG5 . oL KNof6kmd{x¿n] C0fbftf / ;Defljt

30
g]kfn /fi6« a}+s ;dfrf/

C0fLsf] cfjZostf ldnfg ug{ gjLgtd k|ljlw / 8]6f / ljQLo ;+:yfx¿nfO{ k/Dk/fut ljQLo dWo:ytfsf]
Pgflnl6S;sf dfWodaf6 C0f k|jfxsf] ;'?cft u/]sf k'g/:yflkt ug]{ cfjZostf dx;'; u/fPsf] 5 .
lyP . clxn] cd]l/sfdf n]lG8ª Sna / k|f]:k/ eGg] g]kfn /fi6« a}+ssf k|d'v gLltut k|fjwfg klg
sDkgLx¿ kL6'kL ahf/ -dfs]{6Kn];_ sf 7"nf v]nf8Lsf gub/lxt ;dfhtkm{ cl3 a9\g / ljQLo ;~hfn
¿kdf b]lvPsf 5g\ . rLg, dn]l;of, OG8f]g]l;of, -Osf]l;:6d_ df l8lh6n cfljisf/ / gofF k|ljlwnfO{
ef/tnufot Pl;ofnL b]zx¿df klg lko/sf dfWodaf6 cg's"ng ug]{tkm{ s]lG›t 5g\, h;df kL6'kL n]lG8ª
C0f nufgL lgs} k|rlnt 5 . cd]l/sfdf ;]So'l/l6h ;xfosl;4 x'g;S5 -g]kfn /fi6« a}+s cWoog, @)*)_ .
P08 PS;r]~h sld;g -P;O{;L_ n] nufgLtkm{sf
KNof6kmd{ cg'udg u5{ eg] C0fLtkm{ pkef]Qmf ;+/If0f lgofdsLo z}nL
Ao"/f] / km]8/n 6«]8 sld;g lhDd]jf/ x'G5g\ -g]df]6f] ljleGg d'n'ssf] cEof;nfO{ x]bf{ kL6'kL n]lG8ª
/ cGo, @)!(_ . ;g\ @))* sf] ljQLo ;Í6kl5sf / qmfp8 kmlG8ªsf nflu lgodg ug]{ ;dfg k|s[ltsf
jif{df kL6'kL n]lG8ª cd]l/sL ljQLo ahf/df j/bfg;/x 5}gg\ . a]nfotdf ljQLo ;+:yf lgodgsf/L lgsfo
eof], h;n] ubf{ ToxfF pkef]Qmf ahf/df o;sf] dfu -Pkm;LP_, cd]l/sf ;]So"l/l6h P08 PS;r]~h sld;g
a9]/ uof] . k|foM b]zdf lko/ 6' lko/ n]lG8ªdf -P;O{;L_ / ci6«]lnofdf ci6«]lnog ;]So"l/l6h P08
gofFvfn] a}+lsª Joj:yf nfu" ul/Psf 5g\ . t/, klg
OGe]i6d]G6 sld;g -PP;cfO{;L_ 5g\ . o;sf ;fy}
cjnDag ul/Psf gLlt, lgod / lgb]{zgx¿ ahf/nfO{
ljQLo ;+/If0f ug]{ lgsfo, ;]So'l/6L ug]{ lgsfo /
k|ljlwaf6 k"0f{ ¿kdf ;sf/fTds cj/f]w -l8K;/K;g_
kof{Kt 5}g -g]kfn /fi6« a}+s cWoog, @)*)_ . s]Gb|Lo a}+s klg lgofdsLo lgsfo x'g\ . sf/f]af/sf
lx;fan] lko/ 6' lko/ n]lG8ª dfs]{6 Kn];df cfa4
oBlk, oL pbLodfg KNof6kmd{x¿sf] lg/Gt/ ;+:yfx¿sf] lgodgsf/L lgsfo, ltgsf] r'Qmf k'FhL /
lgodg, cg'udgsf] cfjZostfaf/] ;a} b]zsf] ;femf
clwstd C0f nufgL ;Ldf b]xfoadf]lhd 5g\ M
wf/0ff / ;xdlt /x]sf] b]lvG5 . rn]sf kL6'kL
n]lG8ª Joj:yf -df]8fln6L_ dWo] C0fdf cfwfl/t,
OlSj6Ldf cfwfl/t a9L k|of]udf 5g\ . bfg÷bftJodf kL6'kL n]lG8ª / qmfp8 kmlG8ªsf nfex¿
cfwfl/t df]8fln6L k|foM qmfp8 kmlG8ªdf rn]sf 5g\ . k|ljlwsf] a9\bf] k|of]u;Fu} k|ljlwd}qL ljQLo sf/f]af/
lkmg6]ssf] pbon] kL6'kL C0f / qmfp8 kmlG8ªdf -lkmg6]s_ df e'QmfgL / /sdfGt/sf cnfjf nufgL
gjk|jt{gsf] pbo u/fPsf] 5 . o;n] lgofds lgsfo / shf{ k|jfxsf] klg cfjZostf 5 . o;} ;Gbe{df
lko/ 6' lko/ KNof6kmd{sf] Go"gtd r'Qmf k'FhL / clwstd C0f nufgL ;Ldf
clwstd C0f nufgL
b]z d'b|f lgofdsLo lgsfo Go"gtd r'Qmf k'FhL
;Ldf
ef/t :yfgLo ef/tLo l/hj{ a}}+s @ s/f]8 % nfv
kmfOgflG;on cyf]l/6L,
OG8f]g]l;of :yfgLo @% ca{ @ ca{
OG8f]g]l;of
yfONof08 :yfgLo a}+s ckm yfONof08 %) nfv % s/f]8
kmfOgflG;on ;le{;]h
;fpy sf]l/of :yfgLo %) s/f]8 % s/f]8
sld;g, ;fpy sf]l/of
kmfOgflG;on ;le{;]h
rLg :yfgLo % s/f]8 % nfv
sld;g, ;fpy sf]l/of
;|f]t M g]kfn /fi6« a}+s cWoog, @)*) / ljleGg lgofds lgsfox¿
31
 g]kfn /fi6« a}+s ;dfrf/

g]kfnsf] lkmg6]s ;~hfndf j}slNks ljQLo ;fwgsf] -u_ ljQLo kx'Frdf shf{ nufgL ;'lglZrt x'g hfg],
cfjZostf dx;'; ub}{ g]kfn /fi6« a}+sn] kL6'kL n]lG8ª -3_ :6f6{ck, ;"Id, ;fgf tyf demf}nf -PdP;PdO{_
/ qmfp8 kmlG8ªsf] cWoog ;DkGg u/]sf] 5 . Joj;fo lj:tf/ ug{ ;xh x'g],
of] cWoogdf kL6'kL n]lG8ªsf] k|rlnt lgofdsLo -ª_ s]Gb|Lo a}+s lgodg aflx/ /x]sf k|rlnt JolQmut
Joj:yf, hf]lvd, k|efj / of] nfu" ug'{cl3 x'g'kg]{ n]gb]g, r]sdf cfwfl/t n]gb]g, ld6/AofhL
tof/Lsf af/]df klg rrf{ ul/Psf] 5 . lkmg6]s sf/f]af/ h:tf c;'/lIft / u}/sfg'gL sf/f]af/
sDkgLsf] pbo;Fu ljQLo ahf/sf] ;Gt'lnt ;~hfn sd x'Fb} hfg],
k|efljt ePsf] 5, h;df kL6'kL n]lG8ª klg d'Vo -r_ pTkfbgzLn Joj;fosf nflu ahf/Ls/0fdf
5 . To:t}, lgofds lgsfo / ljQLo ;+:yfx¿ b'j} ;–;fgf ;|f]tsf] tTsfn cefj k"lt{ ug{ ;d:of
kIfn] k/Dk/fut ljQLo dWo:ytfnfO{ k'g/fjnf]sg ug{ gx'g],
cfjZos dx;'; u/]sf 5g\ -n]Gh, @)!^_ . csf]{tkm{, -5_ pkef]QmfnfO{ sf/f]af/ ug{ ;xh x'g], h;n] ubf{
qmfp8 kmlG8ª lgs} cfqmfds ePdf jfl0fHo a}+sx¿sf] pTkfbg, pkef]u, art / nufgLsf] rqm Jofks
d'b|f lgdf{0f ug]{ Ifdtfdf sdL cfpF5 . o;n] ¿kdf rnfodfg x'g;Sg],
cGttf]uTjf df}lb|s gLltsf] k|;f/0f ;+oGqdf ;d]t
-em_ pkef]ud'vL dfu / cfk"lt{df /sdsf] cefj
c;/ k'¥ofpg ;S5 . To;}n] s]Gb|Lo a}+sx¿n] cfjZos
-kmlG8ª Uofk_ sf] kl/k"lt{ x'g;Sg],
d'b|f l;h{gf ug{ gofF / j}slNks Rofgnsf] vf]hL ug{
-~f_ pBdzLn Joj;fo, Jofkf/ / pBf]ux¿ a9\g], h;n]
cfjZos 5 -n]Gh, @)!^_ .
ubf{ /f]huf/L / /fh:j cfodf j[l4 x'g;Sg] .
of] k4ltn] ufpFufpFdf ljQLo kx'Frdf shf{sf]
cfjZostfnfO{ ;'lglZrt u5{ . g]kfndf ljQLo kx'Frdf
cem} klg shf{sf] c+z w]/} sd 5 . cfly{s ultljlw g]kfndf ;Defjtf / r'gf}tL
k|ltljlDat x'g] ;"Id, ;fgf demf}nf -PdP;PdO{_ lkmg6]sdf shf{ nufgLnfO{ k"0f{ ¿kdf sfof{Gjogdf
pBdsf nflu kL6'kL n]lG8ª j/bfg;/x ag]sf 5g\ . Nofpg s]xL k"j{;t{x¿ kfngf ug{ cfjZos 5, h;df
o;sf ;fy}, oy]i6 a}+lsª ;]jf x'Fbfx'Fb} cTolws Aofh cÍdf cfwfl/t shf{ dfkg k|0ffnL -qm]l86 :sf]l/ª_,
lnO{ clgoldt tj/n] JolQmut n]gb]g ul/g] kl/kf6L shf{sf] cg'ej tyf Oltxf;, ;DklQsf] :jfldTj,
klg of] Joj:yf cfPkl5 sd x'Fb} hfg] ;Defjgf xfnsf] C0f, cfo cg'kftdf C0fsf] l:ylt, /f]huf/Lsf]
b]lvG5 . hfgsf/L, a}+lsª sf/f]af/sf] l:ylt / hfgsf/L, a}+s
lko/ 6' lko/n] ;fdflhs tx / tKsfdf /x]sf ;+Vofsf] km]xl/:t h:tf u|fxs;DaGwL hfgsf/L kL6'kL
/sdsf] pknAwtf / pBdzLntfsf nflu rflxg] / n]lG8ª tyf qmfp8 kmlG8ªsf k"j{;t{x¿ x'g\ -g]kfn
sdsf] cfjZostf klxrfg cfk}Fmn] k|0ffnLut tj/df /fi6« a}+s cWoog, @)*)_ . oL ljj/0fn] C0fLsf]
a'em\g] sfo{ ub{5 / KNof6kmd{s} dfWodaf6 Jofj;flos ljZj;gLotfsf] cem ;6Ls d"NofÍg ug{ / hf]lvd
jftfj/0fdf /x]sf] /sd cefjsf] vf8n -kmlG8ª Go"gLs/0f k|lqmofdf of]ubfg k'¥ofpF5g\ . kL6'kL
Uofk_ nfO{ k"/f ug]{ nIo af]s]sf] x'G5 . o; cy{df n]lG8ªdf ul/Psf ljleGg cWoogn] klg pQm KNof6kmd{
g]kfndf clxn] a9L rrf{df /x]sf] …ld6/AofhLÚ sf/f]af/ ;~rfngdf Nofpg'cl3 oL k"j{;t{x¿ k"/f ug{ g;lsPdf
klg of] Joj:yf nfu" ePdf qmlds ¿kdf sd x'Fb} hfg] ;Defljt C0fLx¿sf] ck"/f] tyf c;Gt'lnt hfgsf/L /
ck]Iff 5 . lko/ 6' lko/ n]lG8ª Joj:yf nfu" ePdf C0fLx¿sf] unt rog h:tf hf]lvdx¿ KNof6kmd{df
x'g;Sg] kmfObfnfO{ lgDgfg';f/ a'Fbfa4 ug{ ;lsG5 M cfpg ;S5g\ .
-s_ g]kfnsf] k|ljlwd}qL ljQLo sf/f]af/ -lkmg6]s_ ef/t, rLg / cGo b]zdf nfu" ul/Psf] dfs]{6
df shf{ k|jfxsf] ljlwjt ;'?cft x'g], Kn]; n]lG8ª tyf kL6'kLdf klg qm]l86 :sf]l/ªnfO{ g}
-v_ k|ljlwsf] pRrtd pkof]udf nufgL ug{ ;xh x'g], d'Vo cfwf/ dflgPsf] 5 . t/, a}+s tyf ljQLo ;+:yf /
32
g]kfn /fi6« a}+s ;dfrf/

:jod\ shf{ ;"rgf s]Gb|n] :sf]l/ª sfo{ ug]{ u/] tfklg ;S5 . ca o;df kfFr–bz hgf g} C0f ltg{ c;dy{
pQm sfo{ :jod\ pgLx¿sf] cfGtl/s k|of]hgsf nflu -l8kmN6_ ePdf w]/} gf]S;fgL x'Fb}g . o; lx;fan]
dfq b]lvPsf] 5 / :sf]l/ªsf] Tof] hfgsf/L ;fj{hlgs nufgLstf{sf] hf]lvd sd x'G5 . To;f] t, kL6'kL
ul/g] Joj:yf 5 . s]xL a}+s tyf ljQLo ;+:yfn] shf{ KNof6kmd{df C0f nufgLsf] ;Dk"0f{ hf]lvd nufgLstf{n]
k|jfx ug]{ a]nfdf ug]{ qm]l86 :sf]l/ª lgtfGt ¿kdf g} jxg ug'{kg]{ x'G5 . o;df KNof6kmd{n] s'g} klg
pgLx¿sf] ;Defljt C0fLnfO{ C0f lbg] jf glbg] lsl;dsf] hf]lvd jxg gug]{ x'Fbf nufgLstf{sf] Psflt/
eGg] lg0f{osf nflu k|of]u x'g] / o:tf] :sf]l/ª ToxL k|ltkmn a9L x'g] / To; cg'kftdf hf]lvd klg Psn
C0fLnfO{ c? 7fpFdf ;d]t pkof]u x'g g;Sg] cj:yfn] ¿kdf cGt/lg{lxt x'G5 . kL6'kL n]lG8ª KNof6kmd{af6
g]kfndf qm]l86 :sf]l/ª ;Lldt / ck"/f] b]lvG5 . o; x'g] nufgL pTkfbgzLn If]qtkm{ pGd'v x'g h?/L
cy{df kL6'kL n]lG8ª / qmfp8 kmlG8ª KNof6kmd{sf 5, h;df :6f6{ck, ;"Id, ;fgf tyf demf}nf pBd
nflu ;fj{hlgs ¿kdf u|fxssf] hfgsf/L jf qm]l86 -PdP;PdO{_ x¿ KNof6kmd{sf k|fylds nlIft ;d'bfo
:sf]l/ª lgs} dxŒjk"0f{ x'g] x'G5 . ef/tdf qm]l86 x'g ;S5g\ -g]kfn /fi6« a}+s cWoog, @)*)_ .
:sf]l/ª k|0ffnL shf{ ;"rgf sDkgL -lgodg_ P]g, @))%
-l;qmf_ sf dfWodaf6 ef/tLo l/hj{ a}+sn] ub{5 . o; kL6'kL KNof6kmd{sf nflu clxn] ahf/ tfTg ;Sg]
P]gcg';f/ ef/tdf xfn ;~rflnt 6«fG;o'lgog l;lan, ;Í]t b]lvPsf] 5 . lsgeg], lgDgdWod / dWod
OlSjˆofS;, PS;k]l/og / ;Lcf/cfO{Pkm xfOdfs{ ju{sf JolQm jf ;d"xsf ;fy} ;"Id, ;fgf tyf demf}nf
h:tf sDkgLx¿ k|ToIf ¿kdf ef/tLo l/hj{ a}+ssf] pBf]u, :6f6{ck / km'6kfysf v'b|f ljqm]tfnfO{ x/]s
lgofdsLo 3]/fdf 5g\ . pQm P]gadf]lhd ef/tLo l/hj{ lbgh;f] ul/g] au|]NtL JolQmut n]gb]g otf k|ljlwdf
a}+sn] Ohfhtkqk|fKt ;a} a}+s tyf u}/–a}+lsª ljQLo cfwfl/t KNof6kmd{lt/ ;g]{ w]/} ;Defjgf 5 . To:Tf},
sDkgLsf] qm]l86 :sf]l/ª ug]{ rf/ j6f sDkgLnfO{ v'b|f :df6{kmf]gsf] Jofks k|of]u / jfn]6, df]afOn a}+lsªsf]
C0fsf] hfgsf/L lbg ckl/xfo{ agfP/ cg'kfngfnfO{ pknAwtfn] kL6'kL n]lG8ªsf] pkof]u x'g;Sg] ;DefJotf
;'lglZrt u/fPsf] 5 . l;qmf P]gn] a}+s tyf u}/–a}+lsª lgs} ePsf] k|of]ustf{x¿sf] egfO b]lvG5 .
ljQLo sDkgLnfO{ pkef]Qmfsf] C0f ltg]{ Jojxf/ pQm ;DefJotf;Fu} r'gf}tL emg\ w]/} 5g\ . ;f]Rg ;lhnf]
rf/ :sf]l/ª sDkgLnfO{ pknAw u/fpg klg lbzflgb]{z 5 . sfd u/]/ b]vfpg ljBdfg cj:yfn] cK7\of/f]
u/]sf] 5 . o;sf/0f ef/tdf kL6'kL n]lG8ªsf] KNof6kmd{ agfpg] b]lvG5 . vf;df kL6'kL n]lG8ªsf] sfof{Gjogdf
;~rfng ;Dej eP/ :6f6{ck, v'b|f tyf demf}nf b]lvPsf r'gf}tLnfO{ b]xfoadf]lhd pNn]v ug{ ;lsG5 M
kmd{x¿n] ;–;fgf] shf{df ;lhn} kx'Fr agfPsf 5g\ .
-s_ sdhf]/ ljQLo k"jf{wf/ / ;+/rgf,
g]kfndf C0fdf cfwfl/t kL6'kL n]lG8ªsf] -v_ KNof6kmd{sf nflu sfg'gL tyf lgofdsLo 9fFrfx¿
;DefJotf g]kfn /fi6« a}+ssf] cWoogn] b]vfPsf] 5 . kl/jt{g ug'{kg]{, h'g tTsfn ;Dej 5}g,
l5d]sL d'n's ef/tdf nf]slk|o ePsf] n]gb]g Snasf] -u_ ;/f]sf/jfnfaLr ;dGjo, P]Soa4tf / ;fem]bf/Lsf]
k|\mofS;gn Dofr d]lsª Knfg a9L pko'Qm x'g] b]lvG5, cefj,
h;df w]/} C0fLdf km}lnP/ nufgL x'g] ePsf]n] s]xL -3_ emGeml6nf] sfo{k4lt / nfdf] ;do nfUg] lg0f{o
C0fLx¿ C0f ltg{ c;dy{ eP tfklg nufgL u/]sf] / k|lqmof,
sd 8'Ag ;Sg] ;Defjgf Go"g x'G5 . h:tf] lsÙ s'g} -ª_ k|zf;lgs l9nf;':tL,
nufgLstf{n] Ps nfv ?k}ofF kL6'kL n]lG8ªsf] dfWodaf6 -r_ ;/sf/L / lgofdsLo ;+:yfdf ljQLo k|ljlw;DaGwL
nufgL u¥of] eg] p;sf] nufgLsf] ;fgf] ;fgf] c+z w]/} 1fgsf] cefj,
C0fLnfO{ hfg ;S5 . %)) hgfnfO{ Ps nfv ?k}ofFsf] -5_ lkmtnf] ;~hfn / g]t[Tjdf sdL sdhf]/L,
nufgL uof] eg] Ps hgfnfO{ @)) ?k}ofFsf] nufgL x'g -h_ s]Gb|Ls[t u|fxs klxrfg ljlwsf] cefj,
33
 g]kfn /fi6« a}+s ;dfrf/
-em_ ;/sf/sf ;Lldt gLltut bfo/f / sfo{z}nL, cfjZos 5 . cWoogn] o;nfO{ cg'kfngfsf] lgod,
-~f_ ahf/df cfpg;Sg] ;Defljt kl/jt{g, sfg'g agfpg] ;Gb]z lbg;S5 . km]l/, sfg'gsf nflu
-6_ kL6'kL KNof6kmd{sf j:t'x¿ k|of]u sd x'g;Sg] ;/f]sf/jfnfx¿ h'6\g / d:of}bf agfpg cfjZos 5,
cj:yf, h;sf] nflu lgs} ;do vr{ x'G5 . cWoogkl5 To;df
5nkmn / ;/f]sf/jfnf;lxtsf] Pp6f s]Gb|Ls[t ;+oGq
lgisif{ tyf ;'emfj u7g ug'{kg]{ b]lvG5 . ;+oGqn] :sf]l/ªsf] Jofjxfl/stf
kL6'kL n]lG8ªn] ;dfj]zL / ;Gt'lnt ljQLo / ;DefJotfsf nflu k|of]ustf{ -o'h/_, shf{bftf
;dfj]zLs/0fsf] cjwf/0ffnfO{ cfTd;ft u5{ . kL6'kL -n]G8/_, nufgLstf{, k|ljlw cfk"lt{stf{ -;n';'g
KNof6kmd{ k|ljlwsf dfWodaf6 ljQLo ;dfj]zLs/0fsf] k|f]efO8/ jf e]G8/_ ;Fu lj:t[t 5nkmn ug'{ csf]{
lj:tf/df 7"nf] km8\sf] dfg{ ;lsG5 . a}+s tyf ljQLo dxŒjk"0f{ kIf xf] . oL ;a} sfdsf lglDt w]/} ;do
;+:yfaf6 C0f lng of]Uo gx'g] u|fdL0f e]usf JolQm, nfUg]5 .
pBd jf ;+:yfsf] C0f ;'ljwfdf ;xh kx'Fr a9\g]
b]lvG5 . oBlk, ;Lldt ljQLo k"jf{wf/ / JolQmx¿sf] ;Gbe{ ;fdu|L
cnucnu ljQLo / JolQmut hfgsf/Lsf] cg'knAwtfn] Kirby, E., & Worner, S. (2014). Crowd-funding:
kL6'kL Kn]6kmd{nfO{ hlxNo} klg hf]lvd lglDtg ;Sg] An Infant Industry Growing Fast.
vt/f eg] /lx/xG5 . lko/ 6' lko/ n]lG8ªsf Lenz, R. (2016). Peer-to-Peer Lending:
;Gbe{df ul/Psf cGo cWoogn] klg of] k|0ffnL Opportunities and Risks. European Journal
s]Gb|Lo a}+saf6 k|ToIf lgodg, ;'kl/j]If0f / cg'udg of Risk Regulation, 7(4), 688–700. https://
doi.org/10.1017/S1867299X00010126
ug]{ ul/Psf a}+s tyf ljQLo ;+:yfeGbf leGg ePsf]n]
Mollick, E. (2014). The dynamics of
o;df k|ljlwn] lgDTofpg] k|efj / hf]lvdx¿ ;do;Fu}
crowdfunding: An exploratory study. Journal
kl/jt{gzLn x'g] / To;sf nflu lgodgsf/L Joj:yf of Business Venturing, 29(1), 1–16. https://
klg ;dofg';f/ cBfjlws ub}{ n}hfg'kg]{ b]vfPsf 5g\ . doi.org/10.1016/j.jbusvent.2013.06.005
kL6'kL n]lG8ªsf nflu qm]l86 :sf]l/ªsf] Joj:yf Nepal Rastra Bank (2024): Consultative
Document on Peer-to-Peer Lending &
x'g cfjZos b]lvG5 . qm]l86 :sf]l/ªsf dfWodaf6 Crowdfunding
shf{ k|jfx ubf{ v'b|f shf{ lng] JolQm tyf n3', ;fgf Tang, H. (2019). Peer-to-Peer Lenders Versus
/ demf}nf pBdnfO{ cf}krfl/s ljQLo ;]jfsf] bfo/fdf Banks: Substitutes or Complements? Review
;d]t cfpg;Sg] ;Defjgf b]lvG5 . o; k4ltn] of Financial Studies, 32(5), 1900–1938.
;Defljt C0fLsf] JolQmTj, ljutdf ul/Psf] ljQLo https://doi.org/10.1093/rfs/hhy137
sf/f]af/sf] ;dLIff / dgf]j}1flgs ljz]iftfsf] tYofÍLo Wang, H., & Greiner, M. E. (2011). Prosper—
the eBay for money in lending 2.0.
ljZn]if0fsf cfwf/df ;d]t hf]lvd k|f]kmfOn tof/ ug{
Communications of the Association for
;Ifd agfO{ cf}krfl/s ljQLo ;]jfdf ;dflxt x'g Information Systems, 29. https://doi.
;]jfu|fxLnfO{ C0f pkef]u ug{ cfslif{t / ;/n agfpg] org/10.17705/1CAIS.02913
5 . o;af6 klxn] a}+lsª kx'Fr gk'u]sf ;]jfu|fxLdf UNESCAP. (2020). Micro, small and medium-
ljQLo ;]jf lj:tf/;d]t ;xh x'g]5 . t/, kL6'kL sized enterprises’ access to finance in
Nepal. United Nations Economic and Social
n]lG8ª ;'? ul/xfNg tTsfn qm]l86 :sf]l/ª k4lt nfu"
Commission for Asia and the Pacific MSME
ug{ ;Dej 5}g . klxn] t o;af/] lj:t[t cWoog x'g Financing Series No. 3



34
g]kfn /fi6« a}+s ;dfrf/

g]kfnsf] j}b]lzs Jofkf/sf] k|j[lQ /

;'wf/sf pkfo
 gGbs'df/ 9sfn *

!= k[i7e"ld
j}b]lzs Jofkf/nfO{ cfly{s j[l4sf] OlGhgsf] j[l4b/df ptf/r9fj /x]sf] eP tfklg cfoftsf]
¿kdf lng] ul/G5 . cy{tGqdf pTkfbg / pTkfbsTj t'ngfdf lgof{t j[l4 a9L eO/x]sf] b]lvG5 . lgof{t
clej[l4, k|lt:kwL{ Ifdtfsf] ljsf; u/L Go"g nfutdf / cfoftsf] o; k|j[lQn] ljleGg ;Í]t ub{5 .
/fd|f] u'0f:t/sf j:t' tyf ;]jfsf] pTkfbg, t'ngfTds g]kfndf cf}Bf]lus If]q lj:tf/ x'g g;Sg', lgof{thGo
nfesf] ;b'kof]u, ahf/sf] kx'Fr lj:tf/, j}b]lzs j:t'sf] pTkfbg / pTkfbsTj sdhf]/ /xg', pbf/Ls/0f;Fu}
Jofkf/nfO{ cfly{s s'6gLltsf] dfWod agfO{ j}b]lzs cfofltt j:t';Fusf] k|lt:kwf{df k5fl8 k/]sf] sf/0f
nufgL cfsif{0f, lg/Gt/sf] cg';Gwfg / ljsf;sf] lgof{thGo pBf]ux¿ aGb xF'b} uPsf 5g\ . ;fy},
dfWodaf6 ahf/nfO{ hf]ufO/fVg / cfGtl/s cy{tGqdf /fhgLlts cl:y/tf / sdhf]/ >d ;DaGwsf sf/0f
cg's"n Jofj;flos jftfj/0f sfod /fVg ;lsPdf j}b]lzs /f]huf/Ldf hfg]sf] ;ª\Vof a9]sf]n] >ldssf]
j}b]lzs Jofkf/n] cfly{s j[l4df ;3fp k'¥ofpg ;S5 . cefj x'g'nufotsf sf/0fn] lgof{t If]q ;'b[9 x'g'sf]
;§f sdhf]/ ag]sf] b]lvG5 . o;n] ubf{ g]kfnsf]
g]kfndf lj=;+= @)$) sf] bzsaf6 cfly{s pbf/Ls/0f
lgof{t Jofkf/sf] ;'b[9 cfwf/ :yflkt x'g ;s]sf] 5}g .
gLlt cjnDag ul/P;Fu} j}b]lzs Jofkf/ lj:tf/ x'g
cfofttk{msf] cfwf/ eg] km/flsnf] x'g', ahf/sf] lj:tf/
uof] . j}b]lzs Jofkf/sf] nflu yk v'nf x'g lj=;+=
x'Fb} hfg' / cf}Bf]lus lj:tf/eGbf Jofkfl/s lqmofsnfkn]
@)^! df ljZj Jofkf/ ;Ë7gsf] ;b:otf lnOof] .
k|fyldstf kfPsf sf/0f cfoft lg/Gt/ a9\b} uPsf]
g]kfnsf] j}b]lzs Jofkf/sf] cg'ej eg] ;Gtf]ifk|b 5}g .
b]lvG5 . @)%* ;fnkZrft\ clwsf+z jif{df lgof{tsf]
cy{tGqsf] j}b]lzs k/lge{/tf a9\bf] 5 . cy{tGqsf]
t'ngfdf cfoftsf] j[l4b/ a9L /x]sf] b]lvG5 -rf6{–!_ .
lg/k]If cfTdlge{/tf cfhsf] pbf/ / e"d08nLs[t
o;n] d'n'ssf] j}b]lzs Jofkf/df k/lge{/tf yk a9\b}
cy{Joj:yfdf ;Dej geP tfklg lglZrt j:t' tyf
uPsf] ;Í]t ub{5 . j}b]lzs Jofkf/df b]lvPsf] of]
;]jfdf :jlge{/ x'g] dfu{ klxNofOPdf dfq} lbuf] cfly{s
k|j[lQdf ;'wf/ cfpg] nIf0f;d]t b]lvPsf] 5}g . d'n'ssf]
j[l4 / ;d[4 cy{tGqsf] cfsfª\Iff k"/f ug{ ;lsG5 .
ljBdfg cfGtl/s pTkfbg k|0ffnLdf kl/jt{gdfkm{t
o; n]vdf g]kfnsf] j}b]lzs Jofkf/sf] k|j[lQ ljZn]if0f
lgof{t Jofkf/df lbuf] ;'wf/ gcfP;Dd g]kfnsf] Jofkf/
ub}{ ;'wf/sf k|oTgx¿ / ;'wf/sf s]xL pkfox¿
3f6fdf ;'wf/ x'g] ;Defjgf b]lvFb}g . /fh:jsf] cfwf/
;ª\If]kdf k|:t't ul/Psf] 5 .
g} cfoft ePsfn] cfoft Jofkf/df ;ª\s'rg cfpFbf
tTsfn ;d:of ef]Ug'kg]{ b[i6fGt sf]le8–!( / ?;–o'qm]g
@= j}b]lzs Jofkf/sf] k|j[lQ
o'4kZrft\sf] kl5Nnf] /fh:j k|j[lQn] pbfËf] kf/]sf]
g]kfnsf] j}b]lzs Jofkf/leq lgof{t / cfoft b'j}sf]
5 .
* pk–lgb]{zs, g]kfn /fi6« a}+s
35
 g]kfn /fi6« a}+s ;dfrf/

;|f]tM b]zsf] jt{dfg cfly{s tyf ljQLo l:ylt -@)*), c;f/_, g]kfn /fi6« a}+s

g]kfndf j}b]lzs Jofkf/ 3f6fsf] k|j[lQdf ;'wf/ ug'{sf] ;§f d'n's /fhgLlts cl:y/tfdf
;'wf/sf] ck]Iff ul/P klg kl5Nnf] bzsdf yk km;]sf] / j}b]lzs /f]huf/Laf6 k|fKt ljk|]if0fn]
k|lts"n b]lvG5 . cf=j= @)#!÷#@ b]lv @)&(÷*) cfoft lj:tf/df ;xof]u k'¥ofPsf] b]lvG5 . g]kfnn]
;Ddsf] jflif{s tYofÍnfO{ tLg j6f sfnv08df ljZj Jofkf/ ;Ë7gsf] ;b:otf kfPkZrft\ j}b]lzs
juL{s/0f u/L ljZn]if0f ubf{ cf=j= @)$^÷$& Jofkf/dfkm{t nfe lng] cj;/ / r'gf}tL b'j} kfPsf]df
cl3 s'n ufx{:Yo pTkfbgsf] t'ngfdf lgof{teGbf To;otf Jofkf/ c;Gt'ng yk a9\g'n] cj;/nfO{
cfoft sl/a tLg u'0ff a9L /x]sf] b]lvG5 eg] ;b'kof]u ug{ g;lsPsf] k|i6 x'G5 .
cf=j= @)$&÷$* b]lv @)^@÷^# sf] cjlwdf g]kfnsf] j}b]lzs Jofkf/sf] tYofÍn] lj=;+=
Jofkf/ 3f6fsf afah'b o:tf] cg'kft ;fdfGo @)^@÷^# kZrft\ ljk|]if0f cfk|jfxdf ePsf] lg/Gt/sf]
;'wf/ ePsf] b]lvG5 . @)^#÷^$ otfsf] cjlwdf ;'wf/;Fu} cfoft Jofkf/ Jofks lj:tf/ ePsf]
j}b]lzs Jofkf/ yk c;Gt'lnt ag]sf]] b]lvG5 . b]vfpF5 . of] cjlwdf lgof{tdf eg] ;'wf/ x'g g;]sf]
ljz]ifu/L kl5Nnf] !& jif{sf] cjlwdf lgof{t If]q yk b]lvG5 -rf6{–@_ . ljk]|if0f cfk|jfx a9];Fu} cy{tGq
sdhf]/ ag]sf] 5 . @)$^ kl5sf] Jofks cfly{s Joj:yfkgdf ;xhtf a9]sf], j}b]lzs /f]huf/Ln] yk
pbf/Ls/0fkZrft\ s]xL ;do lgof{t / cfoft b'j} k|fyldstf kfPsf], cfGtl/s pTkfbgd"ns Joj;fo /
lj:tf/ ePsf] b]lvG5 -tflnsf–!_ . t/ cjnDag /f]huf/L cf]em]ndf kb}{ uPsf]n] lgof{t yk sdhf]/
ul/Psf] v'nf cy{gLltadf]lhd pTkfbg k|0ffnLdf ePsf] b]lvG5 .

tflnsf–! M j}b]lzs Jofkf/sf] l:ylt

s'n ufx{:Yo pTkfbg;Fu cg'kft -cf};t_
cfly{s jif{
lgof{t cfoft Jofkf/ ;Gt'ng
@)#!÷#@ b]lv @)$^÷$& 5.3 15.4 -10.1
@)$&÷$* b]lv @)^@÷^# 9.6 26.1 -16.5
@)^#÷^$ b]lv @)&(÷*) 4.1 31.1 -26.9
;|f]t M g]kfn /fi6« a}+s
36
g]kfn /fi6« a}+s ;dfrf/

;|f]tM b]zsf] jt{dfg cfly{s tyf ljQLo l:ylt -@)*), c;f/_, g]kfn /fi6« a}+s

a}+lsª If]qsf] shf{ k|jfxn] jf:tljs If]q cfoft / lgof{tsf] k|j[lQn] shf{ ;xhLs/0fsf] pkof]u
vf;u/L pTkfbg / /f]huf/Ldf of]ubfg ug{ g;s]sf] cfoft lj:tf/df a9L k|efjsf/L ePsf] ;Í]t ub{5 .
eGg] ts{nfO{ s'n ufx{:Yo pTkfbgsf] t'ngfdf lghL o;n] g]kfnsf] sdhf]/ pTkfbg / pTkfbsTjsf]
If]qtkm{sf] shf{ / j}b]lzs Jofkf/sf] cg'kftn] klg ;Í]t cj:yfdf clws df}lb|s ;xhLs/0f ul/g' pko'Qm gx'g]
u/]sf] 5 . a}+s tyf ljQLo ;+:yfaf6 lghL If]qtkm{ tkm{ ;d]t ;Í]t u/]sf] 5 .
k|jfx ePsf] shf{sf] lj:tf/ / cfoft j[l4sf] alnof]
;DaGw b]lvG5 -rf6{–@_ . s[lif, pmhf{, ;fgf tyf demf}nf #= r'gf}tL / cj;/
pBdnufotsf pTkfbgzLn If]qnfO{ shf{ k|jfxdf cfhsf] pbf/ / e"d08nLs[t cy{Joj:yfdf
k|fyldstf lbOFb} cfPsf] / oL If]qdf shf{ lj:tf/ x'Fb} j}b]lzs Jofkf/nfO{ cg's"n agfpg'sf] ljsNk 5}g .
uPcg'¿k lgof{t lj:tf/ x'g g;Sg'n] shf{sf] ;b'kof]lutf j}b]lzs Jofkf/ cg's"n /xg k|lt:kwf{Tds Ifdtf a9fpg}
k|efjsf/L x'g g;s]sf]tkm{ klg ;Í]t ub{5 . kb{5 . k|lt:kwf{ a9fpg] eg]sf] pTkfbg / pTkfbsTj
cf=j= @)%&÷%* kl5sf] ;dodf s'n ufx{:Yo a9fP/ g} xf] . cy{tGqdf pknAw k|fs[lts / dfgj ;|f]t
pTkfbgsf] t'ngfdf lghL If]qtkm{ k|jfx ePsf] shf{, ;fwg, t'ngfTds nfe, cGt/f{li6«o ;Demf}tfadf]lhd

;|f]tM b]zsf] jt{dfg cfly{s tyf ljQLo l:ylt -@)*), c;f/_, g]kfn /fi6« a}+s

37
 g]kfn /fi6« a}+s ;dfrf/

k|fKt ;x'lnot cflbn] j}b]lzs Jofkf/ cg's"n agfpg ul/of] eg] JolQmut / kfl/jfl/s k|fyldstf /fHon]
;xof]u ug]{ eP tfklg d'Vo s'/f o:tf cj;/nfO{ lnPsf k|fyldstf glhs x'g] ;Defjgf eg] /xG5 .
Jofjxfl/s ¿kdf ;b'kof]u ug]{ xf], h'g cfhsf] k|d'v t/ xfn o;f] eO/x]sf] b]lvFb}g . /fHosf gLltut
r'gf}tL xf] . ck]Iffcg'¿k sfo{qmd / lqmofsnfk k|efjsf/L gePsf
cy{tGqsf] ljBdfg ;+/rgf kl/jt{g ug{ ;lhnf] sf/0f cy{tGq ;xL lbzftk{m pGd'v b]lvFb}g . cy{tGqdf
5}g . j}b]lzs /f]huf/Laf6 ljk|]if0f cfk|jfx a9];Fu} k/lge{/tfsf] h8 oxL xf] .
g]kfnL ;dfhsf] pkef]Qu ;+:s[lt o:tf] ljsf; eO;Sof] ljQLo ;fwgnfO{ s[lif, pmhf{, ;fgf tyf demf}nf
ls o;nfO{ kl/jt{g ug{ sl7g 5 . cyf{t\ cfoftsf] pBdnufot ljleGg k|fyldstfk|fKt If]qtkm{ k|f]T;fxg
ljBdfg k|j[lQ kl/jt{g ug{ ;xh 5}g . Psflt/ xfdLn] ug]{ gLltn] o:tf If]qdf shf{ k|jfx a9\b} uPsf] 5 .
cjnDag u/]sf] gLltut Joj:yfdf cfoft lgoGq0f oL If]qdf shf{ k|jfx ug{ a}+s tyf ljQLo ;+:yfnfO{
ug]{ :k]; Go"g 5 eg] csf]{lt/ cf}krfl/s cfoft ul/Psf afWosf/L lgofdsLo Joj:yf 7Ls gePsf]
lgodg s8fO ug{ vf]lhFbf cgf}krfl/s cfoft df}nfpg] egL k|Zg klg p7\g] u/]sf] 5 . jf:tjdf o:tf Joj:yf
/ cy{tGq tTsfn ;d:ofdf kg]{ x'G5 . To;}n] cfoft g]kfnsf] kl/j]zdf cf}lrTok"0f{ eP/ g} cjnDag
Joj:yfkgsf] bL3{sfnLg /0fgLlt th'{df u/L sfof{Gjog ul/Psf x'g\ . To;}n] lognfO{ lg/Gt/tf lbOg'k5{ .
ug'{sf] ljsNk b]lvFb}g . b]z cfTdlge{/ x'g;Sg] j:t' tyflk, o:tf Joj:yf cy{tGqsf] lxtdf /x]sf] k'li6 ug{
tyf ;]jfsf] pTkfbg k|j4{g ug]{, t'ngfTds nfesf shf{ ;b'kof]lutfsf] ;'lglZrttf cfjZos 5 . o:tf
If]qsf] pRrtd ;b'kof]u ug]{, cfly{s /fi6«jfbnfO{ Joj:yfn] tf]lsPsf If]qsf] pTkfbg tyf lgof{t k|j4{g
/fhgLlts If]qn] ckgTj lnO{ pkef]Qmf hfu/0f Nofpg] / cfoftdf ;'wf/ x'g'kg]{ ck]Iff /flvPsf] x'G5 .
/ :jb]zLkgnfO{ /fli6«o ;+:s[ltsf] ¿kdf cufl8 a9fpg]
pkfo cjnDag ug{ h?/L 5 . $= ljBdfg gLltut Joj:yf / ;'wf/sf k|of;
lgof{t k|j4{g ug{ ;fgf tyf demf}nf pBf]u / g]kfnsf] ;+ljwfg, @)&@ n] t'ngfTds nfesf
pTkfbgd"ns pBf]unfO{ ;+/If0f ug{ cfjZos 5 . If]qsf] klxrfg u/L pBf]usf] ljsf; / lj:tf/åf/f
/fHon] o:tf If]qsf] nflu ljleGg k|f]T;fxgd"ns lgof{t k|j4{g ub{} j:t' tyf ;]jfsf] ahf/ ljljwLs/0f
sfo{qmd nfu" u/]sf] eP tfklg To;sf] glthf / lj:tf/ ug{] gLlt lnPsf] 5 . o;} u/L, ;+ljwfgdf
lg/fzfhgs 5 . o;n] Psftkm{ xfn k|bfg ul/Psf /fli6«o lxtcg's"n cfoft k|lt:yfkg, lgof{t k|j4{gsf
;x'lnotx¿ k|efjsf/L gePsf] ;Í]t ul//x]sf] 5 If]qdf j}b]lzs k'FhL tyf k|ljlwsf] nufgLnfO{ cfslif{t
eg] csf]{lt/ jf:tljs pBdLnfO{ /fHoaf6 ;xhLs/0f ub{} k"jf{wf/ ljsf;df k|f]T;fxg Pjd\ kl/rfng ug]{
/ k|f]T;fxg gx'Fbf cf}Bf]lus cfwf/ v:sFb} uPsf] pNn]v 5 .
b]lvG5 . To;}n] ;fj{hlgs gLltut k|f]T;fxgsf] jfl0fHo gLlt, @)&@ n] lg/Gt/ al9/x]sf] Jofkf/
;b'kof]u x'g]u/L k'g/fjnf]sg ug'{kg]{ b]lvG5 . 3f6fnfO{ jfl~5t ;Ldfdf Nofpg'nfO{ d'Vo r'gf}tLsf]
ljk|]if0fnfO{ pTkfbgzLn If]qdf ;b'kof]u ug]{ gLlt ¿kdf :jLsf/ u/]sf] 5 . pQm gLltn] lgof{tsf] d"Noj[l4
/fHon] lnP tfklg To;cg'¿ksf] kl/0ffd cfPsf] b]lvFb}g . sdhf]/ x'g', ;du| pTkfbg / pTkfbsTj sdhf]/
jf:tjdf JolQmut 3/ kl/jf/n] j}b]lzs /f]huf/Laf6 x'g', cf}Bf]lus If]qsf] pTkfbg 36\g', g]kfn Jofkf/
k|fKt u/]sf] ljk|]if0f /sd pgLx¿sf cfˆgf cfjZostf PsLs[t /0fgLlt, @)!) n] klxrfg u/]sf j:t' tyf
jf k|fyldstf k"/f ug{ pkof]u x'g] xf] . To;}n] ;]jfsf] lgsf;L pT;fxhgs gx'g', u'0f:t/ k/LIf0f,
o:tf] /sdnfO{ /fHon] lgwf{/0f u/]sf k|fyldstfcg'¿k k|df0fLs/0f, n]jlnª / Kofs]lhªsf] cj:Yff sdhf]/
kl/rfng ug{ ;xh x'Fb}g . t/ pko'Qm gLltut Joj:yf x'g', Jofkf/hGo ef}lts k"jf{wf/sf] cj:yf sdhf]/

38
g]kfn /fi6« a}+s ;dfrf/

x'g', ljz]if cfly{s If]qsf] sfof{Gjogdf l9nfO x'g', cg'dfgof]Uo / k|efjsf/L Joj:yfkg u/L ultzLn /
kof{Kt dfqfdf pmhf{sf] cfk"lt{ gx'g', >d ;DaGw ;an cy{tGq lgdf{0f ug]{ pNn]v 5 . o;} u/L, ljb]zL
/ ;+:yfut ;dGjo dha't gx'g'nufotsf sf/0fn] nufgL tyf k|ljlw x:tfGt/0f P]g, @)&% df klg
g]kfnsf] lgsf;L Jofkf/sf] cfk"lt{hGo Ifdtfdf ck]lIft d'n'sdf pknAw ;fwg ;|f]tsf] clwstd kl/rfng ub}{
;'wf/ gePsf] pNn]v u/]sf] 5 . o; gLltn] lgsf;L /fli6«o cy{tGqnfO{ k|lt:kwL{, ;'b[9 tyf /f]huf/d"ns
k|j4{g u/L ;dfj]zL / lbuf] cfly{s j[l4 xfl;n ug{] agfpg / pTkfbg j[l4 u/L cfoft k|lt:yfkg
nIo /fVb} cfk"lt{hGo Ifdtfsf] ;'b[9Ls/0f ug]{ / ljZj / lgof{t k|j4{g tyf k"jf{wf/ ljsf; / j:t' jf
ahf/df d"No clej[l4o'Qm k|lt:kwL{ j:t' tyf ;]jfsf] ;]jfsf] pTkfbgsf If]qdf ljb]zL k'FhL, k|ljlw / nufgL
lgsf;L a9fO{ Jofkf/ 3f6f sd ug]{ / If]qLo tyf cfslif{t ug]{ pNn]v 5 .
ljZj ahf/df j:t', ;]jf / af}l4s ;DklQsf] kx'Fr kGw|f}F of]hgfdf lgof{t k|j4{g, j}b]lzs Jofkf/
j[l4 ug{] p2]Zo /fv]sf] 5 . ;Gt'ng / zf]wgfGt/ art sfod ug]{ nIo;lxt
cf}Bf]lus gLlt, @)^& n] u'0f:t/Lo tyf pTkfbg clej[l4, cfoft Joj:yfkg tyf lgof{t
k|lt:kwf{Tds cf}Bf]lus pTkfbg Pjd\ pTkfbsTj k|j4{gsf] nflu b]zut tyf j:t'ut ljljwLs/0f u/L
clej[l4af6 /fli6«o cfo / /f]huf/Ldf a9f]Q/L;lxt Jofkf/ 3f6f sd ug]{ p2]Zo /fv]sf] 5 . of] p2]Zo
cf}Bf]lus j:t'sf] lgof{t a9fpg] p2]Zo /fv]sf] 5 . k|flKtsf nflu t'ngfTds nfe ePsf s[lif, hnljB't\,
o;sf nflu cf}Bf]lus j:t' tyf ;]jfsf] k|lt:kwf{Tds ko{6g h:tf If]qsf] ljsf; u/L pTkfbg clej[l4 ug]{,
Ifdtf, u'0f:t/ tyf pTkfbsTj a9fpg /fli6«o Pjd\ j:t' tyf ;]jfsf] pTkfbg clej[l4 / cgfjZos
cf}Bf]lus PsfOsf] txdf gofF k|ljlwsf] ljsf; / cfoft lgoGq0f u/L cfoft Joj:yfkg ug]{ / j:t'ut
k|flKtnfO{ k|fyldstf lbOg], pTkfbsTj j[l4 x'g]u/L tyf b]zut lgof{t ahf/ lj:tf/ / ljljwLs/0f ug]{
nlrnf] >d gLlt agfO{ /f]huf/bftf / >ldsaLrsf] /0fgLlt / sfo{gLlt /x]sf] 5 . of]hgfn] s'n ufx{:Yo
;DaGwnfO{ ;'dw'/ agfpg tyf yk /f]huf/L ;[hgf / pTkfbgsf] cg'kftdf j:t' tyf ;]jfsf] lgof{t !%
;'lglZrttf k|bfg ug{ >d sfg'gn] lglb{i6 u/]adf]lhd k|ltzt / cfoft $( k|ltzt k'u]sf] x'g] ck]lIft
sfd gubf{sf] kfl/>lds lbg'gkg]{ l;4fGtnfO{ cËLsf/ pknlAw /fv]sf] 5 .
ul/g]], lgof{td"ns pBf]u, ljz]if cfly{s If]qdf :yflkt g]kfn Jofkf/ PsLs[t /0fgLlt, @)*) n] lgof{t
pBf]u, k|fyldstfk|fKt pBf]u, / clt cljsl;t, ;Defjgf ;"rs -PS;kf]6{ kf]6]lG;on OG8]S;_ sf] k|of]u
cljsl;t / sdljsl;t If]qdf :yflkt pBf]unfO{ u/L] pRr lgof{t ;Defjgf ePsf %) j6f j:t'sf]
k|f]T;fxg:j¿k yk ;'ljwf Pjd\ ;x'lnot pknAw ;"rL tof/ kf/]sf] 5 . o;} u/L, o; /0fgLltn] ljleGg
u/fOg], ljZjdf gofF ;Defjgfsf] ¿kdf cufl8 lgof{t ;Defjgf ePsf j:t' / pbLodfg j:t'sf] Ifdtf
al9/x]sf] cf}Bf]lus ;"rgf tyf ;~rf/, pko'Qm ljZn]if0f;d]t u/]sf] 5 . Jofkf/ 3f6f Go"gLs/0f;DaGwL
k|ljlw Pjd\ h}ljs k|ljlwsf] If]qdf cg';Gwfg tyf /fli6«o sfo{of]hgf, @)&( n] g]kfnsf] j:t' tyf ;]jfsf]
ljsf;;DaGwL sfo{ ;~rfng ug{ k|f]T;fxg ul/g] lgof{t s'n ufx{:Yo pTkfbgsf] cg'kftdf cfwf/ jif{
pNn]v 5 . @)&*÷&( sf] ^=# k|ltztaf6 kfFr jif{leq @)
cf}Bf]lus Joj;fo P]g, @)&^ sf] k|:tfjgfdf k|ltzt k'¥ofpg] nIo lnPsf] 5 . o; sfo{of]hgfn]
cf}Bf]lus jftfj/0fnfO{ nufgLd}qL tyf k|lt:kwL{ agfO{ Jofkf/ 3f6f Go"gLs/0f ug]{ d'Vo p2]Zosf ;fy
cf}Bf]lus j:t' jf ;]jfsf] pTkfbg / /f]huf/Lsf t'ngfTds nfe / k|lt:kwf{Tds Ifdtf ePsf j:t'
cj;/df clej[l4 ug{ d'n'sdf pknAw ;|f]t;fwgsf] tyf ;]jfsf] pTkfbg / pTkfbsTj j[l4 ug]{, j:t' tyf
clwstd kl/rfng u/L qmdzM cfoft k|lt:yfkg ahf/sf] ljljwLs/0f u/L lgof{t k|j4{g ug]{, s[lif tyf
/ lgof{t k|j4{gdf hf]8 lbFb} pBf]u If]qsf] ;xh, cf}Bf]lus j:t'sf] pTkfbg / pkef]u j[l4 ug]{, lgof{t
39
 g]kfn /fi6« a}+s ;dfrf/
k|j4{gsf] nflu ax'kIfLo, If]qLo / låkIfLo jftf{, kxn -v_ k|fyldstfk|fKt If]q shf{sf] bfo/f lj:tf/ ug]{ M
/ ;Demf}tf ug]{, Jofkf/ ;xhLs/0f u/L Jofkf/ tyf xfn s[lif, pmhf{, ;fgf tyf demf}nf pBdnufotsf
kf/jxg nfut sd ug]{nufotsf ljleGg p2]Zo;lxt If]qnfO{ a}+s tyf ljQLo ;+:yfaf6 shf{ k|jfxdf
sfo{of]hgf to ub}{ lhDd]jf/ lgsfo, lgsfout sfo{, k|fyldstf lbFOb} cfPsf]df o;sf] bfo/f lj:tf/
;do;Ldf / ck]lIft pknlAw;d]t tf]lslbPsf] 5 . u/L cfoft k|lt:yfkgdf pRr of]ubfg ug]{
lgof{t k|j4{g, cfoft Joj:yfkg / Jofkf/ 3f6f cf}Bf]lus If]qnfO{ ;d]6\g] . o:tf] shf{sf]
Go"gLs/0f /fli6«o rf;f]sf] d'2f ePs} sf/0f x/]s jif{ ;b'kof]lutf ;'lglZrt ug{ shf{ ;'kl/j]If0fnfO{
g]kfn ;/sf/sf] jflif{s gLlt tyf sfo{qmd / ah]6df yk k|efjsf/L agfpg] .
of] ljifo ;d]l6Psf] x'G5 eg] g]kfn /fi6« a}+sn] klg -u_ cfly{s /fi6«jfbnfO{ Jojxf/df nfu" ug]{ M
df}lb|s gLltdfkm{t ;Daf]wg ul//x]sf] x'G5 . o;afx]s cfTdlge{/ cy{tGqsf] ljsf; eP dfq lbuf] ;d[l4
Jofkf/ 3f6f Go"gLs/0fsf nflu lgof{tnfO{ gub k|fKt x'g] / /fli6«o :jfledfg prf] x'g] ePsf]
cg'bfg lbg], lgof{thGo pBf]ux¿nfO{ s/ 5'6 / cGo x'Fbf o;sf] nflu :jb]zL j:t'sf] pTkfbg pkof]u
;x'lnot tyf k|f]T;fxg lbg] ul/Psf] 5 . Jofkf/ ug]{ ;+:s[ltsf] ljsf; ug]{ . ;a} /fhgLlts bnn]
3f6f Go"gLs/0f;DaGwL /fli6«o sfo{of]hgfdf ;dfj]z cfly{s /fi6«jfbnfO{ cjnDag ug]{ nIosf ;fy
ePsf lgsfon] cfk"mnfO{ k|fKt lhDd]jf/Lcg'¿k sfo{ sDtLdf Ps bzssf] nflu cleofg rnfpg] .
ul//x]sf x'G5g\ . olt x'Fbfx'Fb} klg Jofkf/ 3f6f
-3_ cfly{s s'6gLltsf] pkof]u ug]{ M g]kfnsf] xfnsf]
Go"gLs/0fdf ;Gtf]ifhgs glthf eg] k|fKt eO/x]sf]
j}b]lzs ;xfotfdf ;Lldt cfly{s s'6gLltnfO{
5}g .
pGgt agfpFb} Jofkf/ s'6gLltsf] ¿kdf ljsf;
ug]{ . j}b]lzs Jofkf/df b]zut / j:t'ut
%= ;'wf/sf yk s]xL pkfo ljljwLs/0f ug{ cfly{s s'6gLltnfO{ pkof]u ug]{ .
g]kfndf Jofkf/ 3f6f sd ug]{ ljifo ;+j}wflgs,
-ª_ /fli6«o k|fs[lts ;fwg / ;|f]tsf] k|efjsf/L
gLltut, sfg'gL, of]hgf ;a} kIfaf6 pRr k|fyldstfdf
pkof]u ug]{ M g]kfndf /x]sf] hn;|f]t, jghËn,
/x]sf] b]lvG5 . lgof{t k|j4{g, cfoft Joj:yfkg / Jofkf/
vlgh ;Dkbf cflbsf] k|of]u ug]{ lbuf] /fli6«o gLlt
3f6f Go"gLs/0fsf] nflu ePsf k|of;sf] glthf ck]lIft agfO{ sfof{Gjog ug]{ . hnljB't\sf] ljsf; ub}{
¿kdf k|fKt ePsf] 5}g . ahf/ k|lt:kwf{df Jofkf/af6 k]6«f]lnod kbfy{sf] cfoft sd ug]{ /0fgLltnfO{
nfe lng k|lt:kwf{Tds Ifdtf a9fpg'sf] ljsNk b]lvFb}g . k|efjsf/L ¿kdf sfof{Gjog ug]{ .
j}b]lzs Jofkf/ ;'wf/sf] nflu b]xfoadf]lhdsf yk
-r_ ljz]if cfly{s If]q, cf}Bf]lus u|fd, cf}Bf]lus
s]xL pkfox¿ cjnDag ug{ ;lsG5 M
kfs{sf] ljsf; / pkof]u ug]{ M g]kfndf cf}Bf]lus
-s_ lgof{thGo j:t'sf] pTkfbg / pTkfbsTj a9fpg] M ljsf;sf] nflu kof{Kt k"jf{wf/ gePsf],
pRr t'ngfTds nfe ePsf / lgof{t ;DefJo pBf]usf] :yfkgfsf] nflu hUuf tyf cGo ef}lts
egL klxrfg ePsf If]qsf] pTkfbg / pTkfbsTj k"jf{wf/sf] nfut pRr /x]sf], ;fdflhs tyf
a9fpg pGgt k|ljlw, ljB't\, ;8s, aLdfnufot jftfj/0fLo kIfaf6 pBf]u :yfkgf hl6n
/x]sf] ;Gbe{df ljBdfg ljz]if cfly{s If]qx¿sf]
cfjZos k"jf{wf/sf] Joj:yf ul/lbg] . 7"nf]
k|efjsf/L ;b'kof]u ug]{, cf}Bf]lus u|fdsf]
kl/df0fdf pTkfbg ug]{ kmd{ tyf pBf]unfO{
cjwf/0ff sfof{Gjogdf Nofpg], cf}Bf]lus kfs{
k"jf{wf/ lgdf{0fdf ;x'lnot lbg] . lgdf{0f ug]{ .

40
g]kfn /fi6« a}+s ;dfrf/
-5_ k|b]z / :yfgLo ;/sf/dfkm{t lgof{t k|j4{g ;lsPsf] 5}g . d'n'ssf] ljBdfg cfGtl/s pTkfbg
sfo{qmd Nofpg] M k|b]z ;/sf/ / :yfgLo txn] k|0ffnLdf kl/jt{gdfkm{t lgof{t Jofkf/df lbuf] ;'wf/
:yfgLo ;DefJotf ePsf pBf]ux¿sf] k|j4{gsf] gcfP;Dd g]kfnsf] Jofkf/ 3f6f ;'wf/ x'g] b]lvFb}g .
nflu gLlt, sfo{qmd / of]hgf sfof{Gjogdf lgof{t k|j4{g ug{ ;fgf tyf demf}nf pBf]u /
Nofpg] . pTkfbgd"ns pBf]unfO{ ;+/If0f ug{ h?/L 5 . Jofkf/
3f6f Go"gLs/0f;DaGwL /fli6«o sfo{of]hgfdf ;dfj]z
-h_ lgof{t k|j4{gsf] nflu u}/eG;f/ cj/f]w x6fpg] M
ePsf lgsfon] cfk"mnfO{ k|fKt sfo{of]hgf lhDd]jf/
u}/eG;f/ cj/f]wsf sf/0f g]kfnL pBdLx¿n]
eP/ k"/f ug]{ xf] eg] s]xL ;'wf/ x'g;S5 . tyflk
pTkfbg u/]sf lrof, cn}FrL, cb'jfh:tf j:t'sf]
lbuf] ;'wf/sf] nflu eg] cfly{s /fi6«jfbnfO{ Jojxf/df
lgof{tdf ;d:of kg'{sf ;fy} Joj;foLx¿ lg/fz
nfu" ug]{ / /fli6«o k|fs[lts ;fwg / ;|f]tsf] k|efjsf/L
x'g] cj:yf 5 . s'6gLlts pkfodfkm{t o;sf]
pkof]u ug]{ bL3{sfnLg dfu{ to ug}{kg]{ b]lvG5 . cGoyf
lbuf] ;dfwfg vf]Hg] .
;dfhdf ljsfl;t ePsf] pkef]Qmfjfbsf] ;+:s[lt lr/]/
-em_ cgf}krfl/s cfoft lgoGq0f ug]{ M eG;f/ cfTdlge{/ cy{tGqsf] ;kgf b]Vg'sf] cy{ /xFb}g .
k|zf;gnfO{ ;'b[9 agfpg], v'nf ;Ldfaf6 x'g]
cj}w cfoft lgoGq0f ug{ ;'/Iff k|zf;g ;'b[9 ;Gbe{ ;fdu|L
agfpg] / gubdf sf/f]af/sf] ;Ldf 36fpg] . g]kfnsf] ;+ljwfg, @)&@
-`_ Jofkf/ 3f6f Go"gLs/0f;DaGwL /fli6«o sfo{of]hgf, Jofkf/ 3f6f Go"gLs/0f;DaGwL /fli6«o sfo{of]hgf,
@)&( sf] sfof{Gjog ug]{ . @)&(
g]kfn Jofkf/ PsLs[t /0fgLlt, @)*)
kGw|f}F of]hgf -@)&^÷&& – @)*)÷*!
^= lgisif{ cf}Bf]lus Joj;fo P]g, @)&^
g]kfnsf] j}b]lzs Jofkf/ c;Gt'ng cgk]lIft cf}Bf]lus gLlt, @)^&
¿kdf a9\b} uPsf] 5 . cg]sf}F k|oTgsf afah'b jfl0fHo gLlt, @)&@ .
j}b]lzs Jofkf/df b]lvPsf] of] k|j[lQdf ;'wf/ Nofpg



41
 g]kfn /fi6« a}+s ;dfrf/

;'zf;g k|j4{gdf ;+:sf/sf] e"ldsf

 8f= efujt cfrfo{ *

ljifok|j]z ;+:sf/ s] xf] <

;+od, cg'zf;g, gLlt–k4lt, k|0ffnLsf] cjnDag, CUj]bdf ;+:sf/sf] 7fpFdf ;+:s[t zAbsf] k|of]u
;bfrf/ cflb ;'zf;gsf cfwf/x¿ x'g\ . ;Ë7gsf] pTkfbsTj kfOG5, h;sf] cy{ …z'4 ul/Psf]Ú eGg] x'G5 . h}ldgL
;'zf;gdf cfwfl/t x'G5 . ;'zf;gsf ;DaGwdf cg]sg ;"qdf ;+:sf/ zAbsf] tfTko{ o1nfO{ kljq / lgd{n
cjwf/0ff tyf l;4fGt k|ltkfbg ePsf 5g\ . ;+o'Qm /fi6« agfpg] dfWodsf] cy{df k|of]u u/]sf] 5 . -:jefj;'Gb/+
;+3n] ;'zf;gsf nIf0f ;DaGwdf hjfkmb]lxtf, kf/blz{tf, j:t' g ;+:sf/dk]Ift] -;'eflifte08fuf/_ .
pQ/bfoL, ;dtf÷;dfj]lztf, s'zntf, sfg'gL zf;g, ;+:sf/nfO{ ;+:s[ltsf] kof{ojfrL cy{df klg
hg;xeflutf, ;xdltd"ns lg0f{o egL kl/eflift JofVof ug]{ ul/Psf] 5 . wd{;+:sf/ eg]/ wd{sf] k"/s
u/]sf] 5 . oL nIf0fnfO{ x]bf{ oL ;a} pRr dfgjLo u'0f, cy{df klg ;+:sf/nfO{ JofVof ul/Psf] 5 . k"jL{o
:jefj, dgf]j[lQ cflbdf e/kg]{ b]lvG5 . k|:t't n]vdf ;gftg k4ltdf uef{wfg ;+:sf/b]lv d[To';+:sf/;Ddsf
eg] ;'zf;gnfO{ dfgjLo dgf]j[lQ, :jefj jf ;+:sf/;Fu iff]8; ;+:sf/ ljwfg ul/Psf] 5 . x'gt bzM ;+:sf/,
hf]8]/ JofVof ljZn]if0f ug]{ k|of; ul/Psf] 5 . kRrL; ;+:sf/ x'Fb} rfnL; / c7\rfnL; ;+:sf/sf]
klg JofVof ul/Psf] 5, t/ klg iff]8; ;+:sf/ a9L
dfgj :jefj jf dgf]j[lQsf] csf]{ gfd ;+:sf/ xf] . k|rlnt /x]sf] 5 . hltj6f JofVof ul/P klg afns
;+:sf/nfO{ oxfF ;';+:sf/ jf c;n ;+:sf/sf] cy{df -jf lszf]/–o'jf;d]t_ df c;n ;+:sf/sf] aLhf/f]k0f
lnOPsf] 5 . oxfF ;';+:sf/nfO{ ;'zf;gsf] cfwf/sf] jf ljsf; ug'{ g} pko'{Qm ;+:sf/ sd{sf] p2]Zo xf] .
cy{df lnOPsf] 5 . sd{rf/Lsf] :jefj / ;f]cg';f/
p;sf] sd{ Pjd\ Jojxf/ lgdf{0fdf ls /fHo jf ;+:yfn] ;+:sf/ eg]sf] sd{sf] hgs xf] . dfG5]sf hlt
lgdf{0f u/]sf sfg'g jf ljlwn] e"ldsf v]N5 ls p;sf] klg sd{, Jojxf/ x'G5g\ ;+:sf/s} k|ltkmn x'g\ . dfgj
cfGtl/s :jefj jf ;+:sf/n] lgwf{/0f ubf]{/x]5 . hLjg ;~rfngdf ;+:sf/sf] cxd\ e"ldsf /xG5 .
afXo gLlt jf ljlwnfO{ kfng gu/] sfg'g nfU5 / ;+:sf/ klxn] :jefj / kl5 Jojxf/sf ¿kdf k|s6
sf/afxLdf kl/G5 eGg] Ps vfnsf] 8/n] klg p;sf] x'G5 . :jefj, afgL, j[lQ, dgf]j[lQ, k|j[lQ cflb ;+:sf/s}
Jojxf/ jf sfo{ lgwf{/0f x'g] / of] d]/f] st{Jo xf], cnucnu gfd x'g\ . ;+:sf/ dfG5]sf] hLjgsf] ;~rfns
o;nfO{ k"/f gu/]df d]/f] Odfg /xFb}g o;}n] d}n] xf] . ;+:sf/n] g} dfG5]sf b'Mv, ;'v, zflGt, ;b\efj,
Odfgbf/Lk"j{s ljlw / lgod k"/f ug'{k5{ eGg] sd{rf/Lsf] d}qL, s?0ff cflb :jefj lgwf{/0f ub{5 . dfG5]nfO{
;+:sf/ jf dgf]j[lQn] sfd ubf]{/x]5 . k|:t't n]vdf sd{zLn, lg8/, ;]jfk/fo0f jf ;du|df eGg'kbf{ dfgj
;+:sf/ jf :jefj lgdf{0f, lhDd]jf/Lcg'¿k ;f]sf] hLjgdf ;fy{stf xfl;n ug]{ lgwf{/s tŒj ;+:sf/ g}
kl/jt{gsf af/]df JofVof ljZn]if0f ul/Psf] 5 . ;fy}, xf] .
sd{rf/Lsf] sfo{nfO{ oxfF cGtMk|]/0ff jf ;+:sf/nfO{
;+:sf/ zAbsf] o; k|sf/sf cy{ nufOPsf] 5 M
cfwf/ dflgPsf] 5 . o;} u/L, ;'zf;gsf nflu ;+:sf/
kl/jt{g / lrQsf] z'4Ls/0fsf j:t'ut, Jofjxfl/s / != bf]if, b'u'{0f cflb k~5fpg', ;'wfg'{ jf
cfEofl;s pkfosf af/]df k|sfz kfl/Psf] 5 . kl/isf/ ug'{,

*pk–lgb]{zs, g]kfn /fi6« a}+s

42
g]kfn /fi6« a}+s ;dfrf/
@= z'l4 jf rf]vf] kfg]{ sfd, pTklQ, o;sf] jf;:yfg, o;sf] k|j4{g / sfo{¿kfGt/0f
#= d'v jf z/L/sf] ;kmfO, z[ª\vnf, o;sf] Go"gLs/0f jf lg/fs/0fsf pkfoaf/]
$= dgf]j[lQ jf :jefj ;'wfg'{ . 1fg ePdf g} dflg; jf:tljs 1fgL x'G5 . xfdLn]
of]uzf:qsf cg';f/ k"j{hGdsf] c;n jf v/fa 1fgnfO{ ;xL cy{df lnPsf 5}gf}F . 1fg cfGtl/s x'G5,
sd{sf] o; hGddf x'g cfPsf] jf;gf jf k|efj cyf{t\ cg'ejdf cfwfl/t x'G5 . xfdLn] clxn] ljBfno jf
k|f0fLn] k"j{ jf o; hGddf hlt sd{ u/]sf] x'G5 tL ljZjljBfnodf k9]sf ljifo 1fgeGbf a9L hfgsf/L
;a} p;sf cGtMs/0fdf ;+:sf/ ¿kn] hDdf ePsf x'g\ .
x'G5g\ .
1fgn] dfG5]sf] :jefj lgdf{0f x'G5 . lgdf{0f
;|f]tsf cfwf/df ;+:sf/ :jtM k|fKt / cflh{t
eO;s]sf] :jefj 5 eg] klg 1fgn] kl/jt{g ul/lbG5 .
u/L b'O{ lsl;dsf x'G5g\ . :jtM cfh{g ePsf] ;+:sf/
Tof] tfut 1fgdf x'G5 . pko'{Qm klxnf] o'jfsf] ;+:sf/
hGdf}FhGdsf ;+:sf/ Ps6\7 eP/ cfPsf x'G5g\ eg]
cflh{t ;+:sf/ JolQmn] oxL hLjgdf kfl/jfl/s, 1fghGo /x]sf] x'Fbf ;f] ;+:sf/n] ;'sd{nfO{ hGd lbof]
;fdflhs jftfj/0f, ;/;Ët, lzIff cflbdfkm{t cfh{g eg] bf];|f] o'jfsf nflu hfgsf/L dfq /Xof], h;n]
u/]sf ;+:sf/x¿ x'g\ . :jtM k|fKt ePsf] ;+:sf/ ;'sd{df ptfg{ ufx|f] eof] .
:jefjsf] ¿kdf k|s6 x'G5, h;n] JolQmsf] hLjgsf] 1fgaf6 g} dg'iohLjgdf cfpg] cg]s ef}lts,
prfO, hLjgsf] :t/, cfufdL hLjgsf] lbzfaf]w ub{5 zf/Ll/s tyf dfgl;s em6\sfsf] Joj:yfkg ug{
eg] cflh{t ;+:sf/sf] e"ldsf klg o;} k|s[ltsf] x'G5 . ;lhnf] x'G5 . 1fgn] dfG5] tgfj/lxt x'g hfG5 .
JolQmsf] hLjgsf] k|ult, pGglt, hLjg:t/ tyf dfG5]sf] hLjgdf ;'v–b'Mv, cfF;'–xfF;f], cfn:o, pT;fx,
hLjgsf] ;fy{stf lgwf{/0f ug]{ x'Fbf oL b'j} k|s[ltsf] kf}/v cflb :jefjsf] lgwf{/s tŒj sd{;+:sf/ g} xf] .
;+:sf/sf] e"ldsf clt dxŒjk"0f{ x'G5 . sfof{nodf cfk;df d}qLk"0f{ Jojxf/, d[b[efliftf,
Pp6f pbfx/0f x]/f}F – Ps hgf afnsnfO{ zfnLgtf, ;xof]u cflb ;';+:sf/s} pTkfbg x'g\ .
lzIff cfh{gsf nflu u'?s'ndf k7fOof] . p;sf]
sd{;+:sf/ dfG5]sf] dgsf] leqL txdf /x]sf] x'G5 .
k7gkf7g, vfgkfg, hLjgz}nL ;a} u'?s'nsf] jftfj/0f
cfr/0fcg's"n x'g uof] . csf]{ Ps afnsn] ef}lts sd{;+:sf/sf] af;:yfg dfgj z/L/ xf] . k|mfo8sf
lzIff cfh{g u¥of] . pm k|ltefzfnL klg lyof] . k"jL{o cg';f/ dfG5]sf OR5f, rfxgf, sfdgf cflb hf]
lzIffk4ltk|ltsf] cfsif{0fn] p;nfO{ kl5Nnf] b'O{ jif{df sd{;+:sf/sf ;Gtfg x'g\ cjr]tg dgdf jf;gf jf
u'?s'ncg's"nsf ;+od, cg'zf;g, ;bfrf/, gLlt, ljlw, ;+:sf/sf ¿kdf /xG5 . ;f] ct[Kt rfxgf k"/f xf];\
k4lt cflbsf af/]df k9fOof] / hfgsf/ klg agfOof] . eg]/ r]tg dgnfO{ b'Mv lbO/xG5 . o;}n] cjr]tg
dgsf] ;+:sf/ g} dfG5]sf] hLjgsf] ;~rfns xf] . hf]
b'j} hgf o'jfj:yfdf k|j]z u/] . klxnf] u'?s'n
lzIffjfnf o'jfn] pko'{Qm afXo tyf cfGtl/s b'j} :jefjsf] ¿kdf k|s6 x'G5 -/]UdL M @)$*, k[i7_ .
kIfdf hLjgnfO{ ;Gt'lnt agfof] . t/ bf];|f] o'jfn] o;}n] :jefj jf ;+:sf/ g} dfG5]sf] sd{sf]
klxnf]sf] h:tf] cg's"n agfpg ;s]g . lsgeg] hggL xf], h'g sd{df dfG5] k|j[Q x'G5 ;f]xLcg';f/
hfgsf/Ln] dfq hLjgdf sd{ jf Jojxf/df pqg ;St}g . p;n] kmn kfpF5 . dflg;sf] jl/kl/sf jftfj/0fdf
To;nfO{ :jefj jf ;+:sf/n] ;xof]u k'¥ofpg'kb{5 . c;neGbf v/fa tŒjx¿ a9L b]lvPsf 5g\ . v/fa
bf];|f] o'jfnfO{ ;f]cg's"n Jojxf/df ptfg{ ufx|f] eof] . tŒjx¿df cfsif{0f a9\tf x'G5 . ltgLx¿sf] k|efj
afns Pjd\ lszf]/sf] dgdf l56f] k5{ . kl5 lj:tf/}
sd{;+:sf/ g} sd{kmnsf] cfwf/ of] k|efj dgdf hd]/ a:g yfN5 . 7"nf] ePkl5
sd{;+:sf/ / sd{kmnaf/]sf] lgod a'em\g' dflg;n] o; k|efjnfO{ rfx]/ klg x6fpg ufx|f] x'G5 .
dfgjdfqsf nflu clt cfjZos 5 . sd{;+:sf/sf] k|frLg Clifx¿n] o; sl7gfOnfO{ a'em]/ Ps cToGt

43
 g]kfn /fi6« a}+s ;dfrf/

;'Gb/ / j}1flgs pkfo lgsfn]sf lyP . Tof] xf] k|To]s b'Mv jf ;'v eGg] s'/f dgsf] l;h{gf xf] -dgMPj
afnsnfO{ cfdfafa'sf cltl/Qm Ps cGo o:tf] dg'Zof0ff+ sf/0f+ aGwdf]Ifof]_ eg] dgaf6 g} ;f]sf]
;';+:sfl/t JolQmsf] lhDdf nufpg] h;nfO{ Joj:yfkg ug'{kg]{ x'G5 . o;sf nflu 1fg ;xfos
dgf]lj1fgsf ;"Idtfsf] hfgsf/L xf];\ . afnsleq x'G5, t/ clt cfjZos x'G5 . 1fg ;fwgfsf] pmhf{
ePsf /fd|f g/fd|f ;+:sf/ tTsfn kQf nufO{ JolQmsf] xf], 1fg ePkl5 ljZjf; x'G5, ljZjf; eP >4f x'G5,
k|j[lQcg';f/ ;'wf/ ug{;Sg] xf];\ . o:tf] dfgl;s e|dx¿ x6\b} hfG5g\, k|1f v'Nb} hfG5, ;fws cfgGb
lgoGq0fstf{nfO{ …u'?Ú jf …cfrfo{Ú egL lrlgG5 . dfu{df cl3 a9\5 .
JolQmsf] ;+:sf/ lgdf{0fdf k"j{hGdsf] klg k|efj / sd{;+:sf/sf] hgs dg xf] . dgsf] cj:yfn]
xG5 . s'g} b'O{ h'DNofxf afns of}6} cfdfaf6, of}6} u|x g} sd{;+:sf/ lgdf{0f x'G5 . dgnfO{ cf>o agfP/
gIfqsf] kndf hGdG5g\, pxL dfof, lzIff, jftfj/0f, /xg] clgolGqt OR5f, nf]e, qmf]w, cxÍf/, O{iof{,
;Ët, kfgL, vfgf cflb ;]jg u/] klg :jefj km/skm/s
8fx g} sd{;+:sf/sf hgs x'g\ . tL dfG5]sf]
x'G5g\ . o:tf] lsg / s;/L x'G5 t < lsgls xfdL
leGg sd{;+:sf/ lnP/ hGd]sf x'G5f}F . dgsf] ;f]rfO -Thinking_, jf0fL -Expression_ /
sfo{ -Action_ sf ¿kdf k|s6 x'G5g\ . of] 36gf jf
cGo k|f0fLeGbf dfgj km/s / ljz]if Ifdtf lnP/
;Gbe{k|lt JolQmsf] dgsf] k|ltlqmof xf] . k|ltlqmofnfO{
hGd]sf] x'G5 . cfTdlg/LIf0fdfkm{t cfˆgf sdL sdhf]/LnfO{
g} b'Mvsf] lgdf{0f / sd{;+:sf/sf] hgs dflgG5 .
lgofNb} lg/Gt/ dgdf hd]/ /x]sf ljsf/nfO{
lg/Gt/ kl/isf/ ug{ ;Sg] ljj]s / Ifdtf dfG5]nfO{ k|ltlqmof ghgfpg] xf] eg] sd{;+:sf/ aGg kfpFb}g .
dfq 5 . kz'kG5L / dfG5]df oxL km/s 5 .
kz'kG5LnfO{ klg vfgf, 5fgf, dgf]/~hg, /ltlqmof s'g} klg kfksd{ gu/L klg s;/L sd{;+:sf/
cfjZos 5, t/ pgLx?df cfˆgf] hLjgnfO{ pHofnf] lgdf{0f x'G5 <
tkm{ n}hfg] 1fg x'Fb}g . sf]7]af/Ldf vghf]tkZrft\ dnvfb k|of]u u/L ;fu
sd{;+:sf/nfO{ j:t'ut ¿kdf cg'ej ug{ ;lsG5 . /f]lkG5, t/ ;fueGbf klxNo} df]y] pld|P/ 9flslbG5 .
ha xfdL Wofg ub{5f}F, cyf{t\ z/L/ / lrQ:sGwsf] lsg < a|Xdf08df xfd|f] OlGb|on] cg'ej ug{ g;Sg]
j:t'ut lg/LIf0f ub{5f}F, dgsf] cGt/txdf /x]sf ;sf/fTds Pjd\ gsf/fTds tŒj ljBdfg /xG5g\ .
jf;gf jf ;+:sf/x¿ ;+j]bgfsf ¿kdf k|s6 x'G5g\ . k|s[ltdf h:t} dfgj dgdf klg gsf/fTds tŒj :jtM
of] k|s[ltsf] lgod xf] . Wofgsf] qmddf dgf]lj1fgsf] pTkfbg eO{ lj:tf/ x'G5 -ot\ lk08] tt\ a|Xdf08]_ .
cGt/txdf u|GyLsf ¿kdf /x]sf cjr]tg dg ;txdf xfd|f] dg sd{ gu/L /xg ;St}g . sd{ dg, arg
k|s6 x'g yfN5g\ . hlt hlt j:t'ut bz{g x'G5, tyf afXo sd{ u/L tLg y/L x'G5g\ . t;y{, xfdLn]
h;nfO{ oyfe"t 1fgbz{g elgG5, ToltTolt pQm u/]sf] tLg} vfn] sd{sf] /]s8{ xfdLleq eO/x]sf] x'G5 .
sd{;+:sf/ Ifo x'g yfNb5g\ . oxL /]s8{ e08f/ g} sd{ ;+:sf/ xf] . h'g :jefj jf
x/]s hLljt j:t'nfO{ pmhf{ -vfgf_ cfjZos x'G5, ;+:sf/sf] ¿kdf dfG5]df k|s6 x'G5 . sd{;+:sf/sf]
h;n] ;f] j:t'nfO{ hLjGt, dha't / cfjZostfcg';f/ Ifo s;/L x'G5 eGg] ;Gbe{df >Ldb\eujb\uLtfdf
j[l4;d]t u/fpF5 . xfdLleq /x]sf] sd{;+:sf/nfO{ eujfg\ >Ls[i0f o;/L k|i6 kfg{'x'G5 M
klg xfd|f] dgn] pmhf{ lbO/x]sf] x'G5 . h;af6
oy}wf+l; ;ld4f]slUge{:d;fb\ s'?t]sh'{g
sd{;+:sf/n] zlQm k|fKt ub{5 . ha xfdL Wofg ub{5f}F,
;f] sd{;+:sf/sf] vfgf aGb x'G5 / of] b'a{n tyf 1fgflUgM ;j{sdf{l0f eid;ft\ s'?t] g/ .
sdhf]/ x'g k'U5 . sd{;+:sf/ g} dfG5]sf] b'Mv jf >Ldb\eujb\uLtf M $÷#&
;'vsf] sf/s xf] .
44
g]kfn /fi6« a}+s ;dfrf/
-h;/L bGbgL bGs]sf] k|bLKt clUgn] sf7 bfp/f ug'{k5{ eGg] ;f]r agfpF5 . ;+:yf k|j]z ubf{sf] kb tyf
hnfP/ eid kfb{5, To;/L g} 1fg¿kL clUgn] sd{jf;gf uf]kgLotfsf] zkyu|x0f p;sf] ;ÍNk x'G5 /
-sd{;+:sf/_ nfO{ hnfP/ eid kfb{5 ._ o;nfO{ p;n] hLjge/ cfTd;ft\ ub{5 .
OlGb|o:o]lGb|o:ofy]{ /fuå]iff} Jojl:ytf} . & p;sf] dg, jf0fL, ;f]r, ljrf/, sd{ Pjd\
Jojxf/ lgoGq0fdf x'G5 . p;df dgdf pTkGg
tof]g{ JozdfuR5]tf} Xo:o kl/klGygf} . x'g] cfj]u, ;+j]ux?af/] pm hfgsf/ / ;hu
>Ldb\eujb\uLtf M #÷#$ x'G5 . To;k|sf/sf dfgl;s ptf/ r9fjaf/]
-;a} OlGb|osf zAbflb ljifodf /fu–å]if l:yt 5g\ . ;hu ePkl5 pQm ;+j]uaf6 pm ljrlnt x'Fb}g .
To;}n] s'g} klg k'?if /fu å]ifsf] jzdf gk/f];\ . dgdfly p;sf] lgoGq0f x'G5 . dgdf pTkGg x'g]
lsgeg] tL b'j} ;Tsd{ jf sNof0fdfu{df lj3\g ug]{ gsf/fTds ljrf/af6 pm 6f9} /xG5 . ;fgfltgf
7"nf zq' x'g\ ._ emd]nf, emu8f jf ljjfbnfO{ p;n] dtna ub}{g .
o:tf sfo{nfO{ p;n] a]jf:tf ul/lbG5 . o;n]
leBt] x[bou|lGylZrGBGt] ;j{;+zof . sfof{no jf ;+:yfdf ;'zf;g k|j4{g x'G5 . h;sf]
IfLoGt] rf:osdf{l0f b[i6 PjflTdlgZj/] . >Ldb\ kmn:j?k pTkfbsTj clej[l4 eO{ ;+:yfsf] p2]Zo
efujt M !÷@÷@! xfl;n x'g ;S5 .
-x[bodf cfTd:j¿k eujfg\ ;fIffTsf/ ePkl5 & sd{rf/Lsf] sfo{s'zntf p;sf] ;sf/fTds lrGtg,
x[bosf u|GyL 6'6\b5g\, ;f/f ;Gb]x d]l6G5 Pjd\ cg'zf;g, a'l4dQf, ;xof]uL efjgf, ;fd"lxs
sd{aGwg IfL0f x'G5 ._ ;xeflutf, ;xsfo{ cflbdf lge{/ /xG5 . oL
dfgjLo u'0f ljsf; ug{sf nflu p;df :jR5
o;/L k"jL{o ;+:sf/sf dxŒjk"0f{ pko'{Qm u|Gy;Fu} a'l4sf] ljsf; x'g'kb{5 . a'l4;DkGg tLj| d]wfjL
j]b, pklgifb\nufot ;a} jfª\do u|Gyn] dfG5]sf JolQmn] g} ;+:yfdf ;'zf;g lbg;S5 .
;+:sf/, sd{;+:sf/ tyf dfG5]sf] :jefj kl/jt{gsf & tgfj Joj:yfkgdf efjgfTds a'l4dQfsf] 1fg
pkfosf ;DaGwdf o;} k|sf/n] lj:t[t k|sfz kf/]sf / ljsf; ckl/xfo{ x'G5 . cfk"mdf pTkGg x'g]
5g\ . dfG5]sf] d"n :jefj :jR5, lgd{n Pjd\ ;kmf ;sf/fTds jf gsf/fTds efjgfnfO{ hfGg] JolQm
g} x'G5, t/ ef}lts jftfj/0fdf 3'nldn x'Fb} uPkl5 g} efjgfTds ¿kdf ;an x'G5 / sfof{nodf
p;sf] dgdf ljljw :jefj, ;+:sf/ ljsl;t x'G5g\ . ljleGg kl/l:yltsf sf/0f pTkGg efjgfnfO{
tL ;+:sf/nfO{ 1fg / cEof;åf/f kl/jt{g ug{ ;lsG5 lgoGq0fdf /fVg ;S5 .
eGg] ;Gb]z lbPsf 5g\ . & JolQmdf l/;, /fu, å]if, jf;gf, cxÍf/,
o;k|sf/ rfx] afNosfnb]lv g} 1fgL / ;';+:sfl/t nf]e cflb efj pTkGg x'Fbf sd{rf/Ldf b'O{ j6f
dfG5] xf];\ jf 1fg jf cEof;åf/f ;+:sf/ kl/jt{g l:ylt b]vfkb{5 . klxnf] l:ylt xf] dfG5] ;f]xL
ul/Psf] xf];\, p;sf] cfr/0f Pjd\ Jojxf/ ;Ë7gsf efjgfdf aUb} Psfsf/ x'g] cj:yf h;nfO{
nflu cg's"n x'G5 . p;n] ;Ë7g k|lts"n Jojxf/ ug]{ o;nfO{ ef]uj[lQ klg elgG5 . bf];|f] cj:yf xf] M
;Defjgf sd /xG5 / ;Ë7gdf ;'zf;g k|j4{g ug{ ;f] efjgfk|lt ;hu eP/ o:tf k|j[lQaf6 6f9f
cg's"n x'G5 . ;';+:sf/o'Qm JolQmn] ;Ë7gdf o;k|sf/ /xg] cj:yf . bf];|f] cj:yf eg]sf] a'l4 jf
;'zf;gdf ;xof]u k¥ofpF5 M ljj]ssf] cj:yf xf], cfTdf]Ggltsf] cj:yf xf] .
JolQmleq /x]sf] cfTdf jf r]tgf :jod\n] p;nfO{
& JolQm ;Ë7gdf k|j]z ugf{;fy p;n] ;Ë7gdf va/bf/L ub{5, gsf/fTds efjgfaf6 kLl8t eO{
cfkm"nfO{ 9flnxfN5 . p;n] ;+:yfsf] p2]Zocg's"n ktg x'gaf6 ;hu u/fpF5, o;}nfO{ cfTdf]Gglt
d ;+:yfsf] x'F, d}n] ;+:yfsf] dof{bf cg's"n cfr/0f klg elgG5 .

45
 g]kfn /fi6« a}+s ;dfrf/

& sd{ ;+:sf/sf] lgdf{0f / IfoLs/0f;DaGwL 1fg ;Gbe{ ;fdu|L

cWofTdsf] clt dxŒjk"0f{ ljifo xf] . dfG5]n] h'g uf]oGsf, ;Togf/fo0f -@)&$_ M k|jrg ;f/f+z,
h'g sd{ ub{5, ;f]sf] /]s8{ pm :jod\leq k|fs[lts g]kfn ljkZogf s]Gb|, sflGtky, sf7df8f}+ .
k|0ffnLn] g} ub{5 .
lagf8L, lzjgfy -@)^!, cg'=_ k"jL{o bz{gsf]
& sfof{no jf ;+:yfdf pknAw ;|f]t / ;fwgsf] ;fdfGo kl/ro, sf7df8f}+ M gjLg k|sfzg .
b'?kof]u x'g glbg' / ;f]sf] ;jf]{Qd pkof]u
;'lglZrt ug'{ sd{rf/Lsf] k|fylds sfo{ xf] . /fd;'vbf;, :jfdL -@)^)_ >Ldb\eujb\uLtf -;fws–
sd{;+:sf/;DaGwL 1fg ePsf] sd{rf/Laf6 ;~hLjgL_, uf]/vk'/ M uLtf k|]; .
e|i6frf/ ug{ ;Dej g} x'Fb}g . pm :jod\leq /]UdL, d'/fl/k|;fb -@)$*_, dgf]lj1fgk/s
sfg'g¿kL clVtof/ hfu[t x'g k'U5 . a? p;n] ;dfnf]rgf, ;femf k|sfzg, nlntk'/ .
;+:yfaf6 lng]eGbf ;+:yfnfO{ lbg] lrGtg ug{ /]UdL, ;"o{z/0f -@)*)_, zf;g / ;+:sf/,
yfN5 . p;sf] r]tgf jf cfTdfn] clgoldttf
;fdflhs ;f+:s[lts cWoog ;+3åf/f
ug{ lbFb}g, ug{ ldNb}g . ;fj{hlgs ;]jf wf/0f
cfof]lht sfo{qmddf k|:t't sfo{kq, sf7df8f}+ .
ug]{n] lhDd]jf/L axg /fd|f];Fu u5{, ug}{k5{ .
gq :jod\n] b08 lbG5 eGg] s'/f p;n] /fd|/L >Ldb\efujtdxfk'/f0f M uLtfk|]; uf]/vk'/ .
a'em\b5 . oxL g} ;'zf;gsf] d'Vo cfwf/ xf] . l;Gxf, x/]Gb|k|;fb -;g\ @)!)_, ef/tLo bz{gsL
& cWofTd1fg ;DkGg JolQmaf6 ;'zf;g vNalng] ¿k/]vf, lbNnL M df]tLnfn agf/;Lbf; .
;Defjgf sd x'G5 . pm cNk pkef]udf g} ;'zf;g -Joj:yfkg tyf ;~rfng_ P]g, @)^$ .
;Gt'i6 /xG5 . ;flTjs ef]hg u|x0f ub{5 . Weinstein, Bruce (2011), Ethical Intelligence:
jftfj/0fnfO{ /fd|/L a'em\5 / clk|o kl/l:yltnfO{ Five Principles for Untangling Your
Joj:yfkg ub{5 . cfkm"df lzi6tf / zfnLgtf Toughest Problems at Work and Beyond,
:yflkt ub{5 eg] c¿k|lt ;Ddfgsf] efjgf New World Library.
ljsf; eO{ sfof{noLo jftfj/0f zflGtk"0f{, d}qL
tyf ;'Jojl:yt x'g] ;Defjgf /xG5 . o;af6
;'zf;g :yflkt x'g uO{ cfˆgf] dfq xf]Og, c¿
sd{rf/Lsf] pTkfbsTj clej[l4;d]tdf ;xof]u
k'U5 .



46
g]kfn /fi6« a}+s ;dfrf/

g]kfnsf] ;Gbe{df df}lb|s gLltsf] bfo/f,

ck]Iff / jf:tljstf
 k|]dk|;fb cfrfo{ *

k[i7e"ld
!= cy{tGqsf] ;Gt'lnt / ck]lIft ljsf;sf nflu #= vf;u/L df}lb|s / ljQ b'O{ a[xt\ cfly{s
a[xt\ cfly{s gLlt lgdf{0f u/L sfof{Gjog ug]{ gLltsf aLrdf s]xL d"ne"t ljifodf ;fd~h:otf
ul/G5 . o;} ;Gbe{df ;/sf/n] ljQ gLlt /
/xG5 . b'j} gLltsf] d'Vo Wo]o eg]sf] cy{tGqnfO{
s]Gb|Lo a}+sn] df}lb|s gLltdfkm{t cy{tGqnfO{ ;xL
l:y/, ultzLn / k|ultkydf lxF8fpg' g} xf] .
lbzfdf cu|;/ u/fpg k|oTg ub{5g\ . g]kfndf
g]kfn ;/sf/, cy{ dGqfnodfkm{t ljQ gLlt / cem :ki6 ¿kdf eGg'kbf{ g]kfnh:tf] b]zdf ljQ
g]kfn /fi6« a}+sdfkm{t df}lb|s gLlt lgdf{0f eO{ gLltn] ;fwg ;|f]tsf] clwstd kl/rfngdfkm{t
sfof{Gjog x'Fb} cfPsf] 5 . g]kfn ;ª\3Lotfdf pRr cfly{s j[l4 xfl;n ug]{ p2]Zo /fv]sf]
uP;Fu} &%# :yfgLo tx, ;ft j6f k|b]zx¿ / x'G5 h;af6 /f]huf/L l;h{gf x'g], ;|f]t ;fwgsf]
Pp6f ;ª\3n] ;/sf/sf] lhDd]jf/L ;XdfNb} cfPsf ;d'lrt pkof]usf] jftfj/0f aGg] / cy{tGqn]
5g\ -g]kfnsf] ;+ljwfg, @)&@_ . log} lgsfoaf6 ultzLntf k|fKt ug]{ kl/j]z lgdf{0f x'G5 .
ljQ gLlt lgdf{0f / sfof{Gjog x'g] u/]sf] 5 df}lb|s gLltn] cy{tGqdf clws jf Go"g ljQ
eg] g]kfn /fi6« a}+sn] df}lb|s Joj:yfkssf ¿kdf kl/rfngsf] sf/0faf6 l;h{gf x'g;Sg] dfunfO{
g]t[TjbfoL e"ldsf lgjf{x ub}{ cfO/x]sf] 5 . Jojl:yt u/L d"No, zf]wgfGt/ / ljQLo :yfloTj
@= ;fj{hlgs gLltsf ¿kdf a9L dxŒjsf ;fy xfl;n ug]{ nIo /fv]sf] x'G5 h;af6 k|fKt
lnOg] / jflif{s ¿kdf cBfjlws ub}{ cufl8 k|ltkmnsf] ;dGoflos ljt/0fdf d2t k'U5 .
a9\g'kg]{ gLltsf ¿kdf df}lb|s / ljQ gLltnfO{ $= o; n]vdf ljz]ifu/L pko'{Qm b'O{ gLltsf
lng] ul/G5 . ;fj{hlgs gLlt eg]sf lxhf]sf] ;}4flGts cfwf/nfO{ ;ª\lIfKtdf s]nfpg] sfd
lzIff, cfhsf] OR5f / ef]lnsf ck]Iff;lxt ul/Psf] 5 . ;fy}, g]kfnsf] kl/j]zdf df}lb|s
agfOPsf ;fj{hlgs b:tfj]h x'g\ . logLx¿n] gLltaf6 ul/g] ck]Iff, ck]lIft k|ltkmn k|fKt
;/sf/sf] tk{maf6 hgtfdf lbg'kg]{ ;]jf k|jfxnfO{ ug{ g;lsgfsf sf/0f / jf:tljstfsf af/]df
Jojl:yt ¿kdf k:sg] cfwf/ tof/ ub{5g\ . ljZn]if0f ub}{ eljiodf ckgfpg'kg]{ /0fgLlt af/]
h;df ljutdf ul/Psf k|of;sf] ;dLIff, jt{dfg ;ª\lIfKtdf k|sfz kfl/Psf] 5 .
cj:yfsf] lrq0f / eljiosf] uGtJosf af/]df
:ki6 /f]8Dofk /fVg] ul/G5 . o:tf b:tfj]h
hlt k"j{cg'dfgof]Uo / kf/bzL{ x'G5g\, Tolt g} ;}4flGts kIf
cy{tGqdf k|efjsfl/tf a9\g] dfGotf /flvG5 . ljQ gLlt
ljQ gLlt / df}lb|s gLlt klg a[xt\ cfly{s %= ;/sf/sf] tkm{af6 ug'{kg]{ sfdnfO{ Jojl:yt
gLlt ePsf] x'Fbf logLx¿ klg hlt Jojl:yt, tj/n] ;Dkfbg ug{sf nflu /fh:j / vr{sf
sfof{Gjogof]Uo / k"jf{g'dfgof]Uo eof] Tolt g} cfofdnfO{ ;d]6]/ tof/ kfl/g] gLltnfO{ ljQ
k|efjsf/L x'g] ub{5g\ . gLlt elgG5 . cy{tGqnfO{ :jrflnt k|0ffnLdfkm{t

* pk–lgb]{zs, g]kfn /fi6« a}+s

47
 g]kfn /fi6« a}+s ;dfrf/

;Gt'ngdf cfpg] wf/0ff P8d l:dyn] lbg'eGbf df}lb|s clwsf/Ldfkm{t lgdf{0f u/L a}+s tyf
klxn] jfl0fHojfbL cjwf/0ff / k|s[ltjfbL ljQLo ;+:yf, dlgr]~h/, pBf]uL–Joj;foL, /]ld6]G;
cy{zf:qLx¿sf] cjwf/0ff k|rngdf /x]sf] kfOG5 . sDkgLx¿ cflbsf] dfWodaf6 sfof{Gjog ug]{
jfl0fHojfbL -Mercantilist_ x¿n] vf;u/L Jofkf/ ul/G5 . dflg;sf cfjZostf a9\b} hfFbf
/ ax'd"No wft'sf] ;~roaf6 /fi6«sf] cfo a9fpg] ljlgdosf] cfotg klg a9\b} hfg] ub{5 . o;sf]
s'/fdf hf]8 lbPsf lyP . pgLx¿n] gfkmfsf] ;xhtfsf nflu ljlgdosf] dfWodsf ¿kdf
Jofkf/ ug]{ / ax'd"No wft'x¿sf] ;~ronfO{ d'b|fsf] cfljisf/ ePsf] xf] . kl5 cfP/ o;nfO{
/fi6«sf] wg / ;d[l4;Fu bfFh]/ x]g]{ ub{y] . ljlgdosf] ;fy;fy} d"Nosf] dfks, ;DklQsf]
k|s[ltjfbL -Physiocrats_ cy{zf:qLsf cg';f/
wf/s, eljiosf] e'QmfgLsf nflu dfWodsf ¿kdf
s[lif, jg k}bfjf/, kz'kfng, k|fs[lts ;|f]t ;fwg
ljsf; ul/Psf] b]lvG5 . of] ljlgdonfO{ hlt
cflbsf] pkof]usf dfWodaf6 cfo cfh{g ug]{
ljifodf hf]8 lbg'k5{ eGg] dfGotfnfO{ jsfnt ;/n, ;xh, nfut k|efjL / kx'Frof]Uo agfof]
Tolt g} cy{tGqnfO{ ;xhLs/0f x'g] ub{5 .
u/]sf] kfOG5 .
o;af6 ljQLo dWo:ytfsf] nfut sd x'g uO{
^= ;g\ !&&^ df P8d l:dysf] 'Welth of Nation' ;|f]t ;fwgsf] k|efjsf/L pkof]udf tLj|tf cfpF5 .
gfds k':ts k|sfzgdf cfP;Fu} cy{tGqnfO{
:jtGq ;+jfxssf ¿kdf cËLsf/ ul/Psf] / *= d'b|fsf] kl/df0fnfO{ kl/jt{g ub}{ cy{tGqdf dfu
cx:tIf]ksf/L gLltsf] kIfkf]if0f u/]sf] kfOG5 . kIfnfO{ ;Daf]wg ug]{ k|of; df}lb|s gLltdfkm{t
o;df h]=aL=;] nufotsf cy{zf:qLn] ahf/df ug]{ ul/G5 . zf:qLo cy{zf:qLx¿n] d'b|fnfO{
cfk"lt{n] cfˆgf] dfusf] l;h{gf cfk}Fm ug]{ h:tf ljlgdosf] dfWodsf ¿kdf dfq lnPsf lyP .
ljifodf hf]8 lbPsf lyP . ;g\ !(!! lt/ pgLx¿sf cg';f/ d'b|fsf] sfd s]jn ljlgdonfO{
hf];]km ;'lDk6/ gfds cy{zf:qLn] …lqmol6e ;xhLs/0f ug]{ dfq xf] . h]=Pd= lsG;sf cg';f/
l8:6«S;g -Ogf]e]l6e u|f]y Yof]/L_Úsf] cjwf/0ff d'b|fsf] dfu ljlgdosf] nflu, e}k/L cfpg]
lbPkl5 pknAw ;|f]t ;fwgnfO{ gofF tl/sfn] cfsl:ds vr{sf nflu / eljiosf] nufgLsf]
pkof]udfkm{t cy{tGqdf pRr j[l4 / cfocfh{g hf]xf] ug{sf nflu ug]{ ul/G5 . afpdf]n /
ug{ ;lsg] ljrf/ cufl8 a9]sf] b]lvG5 . ;g\ h]D; 6ljgsf cg';f/ klg d'b|fnfO{ cfo cfh{gsf]
!(#) sf] dGbLkZrft\ :jrflnt ¿kdf ahf/ nflu cg's"ng x'g] dfWodsf ¿kdf lnOPsf]
cy{tGqn] ;Gt'ng ldnfpg g;Sg] ljifo phfu/ b]lvG5 . To:t}, ldN6g lk|m8d]gsf cg';f/ ;DklQ,
ePkl5 h]=Pd= lsG;n] cy{tGqdf dfusf] sdL x'g] dfgj ;+zfwg, Aofhb/, d'b|f:kmLlt, ;+:yfut
/ To;nfO{ ;/sf/L ljQ kl/rfngsf] gLltdfkm{t ;+/rgf cflbsf] cfwf/df d'b|fsf] dfu lgwf{/0f
a9fpg'kg]{ / k|efjsf/L dfusf] l;h{gf ug'{kg]{ x'g] ub{5 . d]lsggsf cg';f/ ef}lts ;DklQ /
wf/0ff cufl8 ;f/]sf lyP . To;kl5 dfq ljQ d'b|fsf] aLrdf x'g] ;DaGwnfO{ lnP/ d'b|fsf] dfu
gLltsf] cf}krfl/s ¿kdf sfof{Gjog tyf k|of]udf lgwf{/0f x'g] ub{5 .
a9L hf]8 lbOPsf] cj:yf b]lvG5 .
ljQ / df}lb|s gLltsf aLrdf ;dGjo
df}lb|s gLlt (= cy{tGqnfO{ ;xh ¿kdf cufl8 a9fpgsf nflu
&= d'b|f k|bfo / o;sf ljleGg r/dfkm{t cy{tGqnfO{ ljQ gLlt / df}lb|s gLltsf aLrdf plrt
k|efj kfg]{u/L lgdf{0f ul/g] gLlt df}lb|s gLlt lsl;dsf] ;dGjo x'g'kg]{ x'G5 . ;fdfGotof
xf] . ;fdfGotof o;nfO{ b]zsf] s]Gb|Lo a}+s jf pRr cfly{s j[l4, cfosf] ;dGoflos ljt/0f /

48
g]kfn /fi6« a}+s ;dfrf/
:yfloTj b'j} gLltsf d'Vo Ph]G8f x'g\ . oL tLg / :yfgLo txn] x/]s jif{sf] c;f/ !) ut] ah]6
j6f Ph]G8f k|flKtsf lglDt Psn] csf]{nfO{ kl/k"/ k|:t't ug'{kg]{ sfg'gL Joj:yf 5 .
ssf] ¿kdf ;xof]u ub}{ ;Gt'lnt 9Ën] sfd !!= g]kfn /fi6« a}+snfO{ df}lb|s gLlt lgdf{0f ug]{,
ug'{kg]{ x'G5 . lj:tf/sf/L ljQ gLlt x'Fbf df}lb|s sfof{Gjog ug]{ u/fpg] k"0f{ clwsf/ /x]sf]
gLlt ;ª\s'rgsf/L / ljQ gLlt ;ª\s'rgsf/L 5 . a}+sn] x/]s jif{ ut cfly{s jif{sf] df}lb|s
x'Fbf df}lb|s gLlt lj:tf/sf/L agfO{ sfof{Gjog ;dLIff;lxt cfufdL jif{sf nflu df}lb|s gLlt agfO{
ubf{ cy{tGqdf ;Gt'ng sfod x'g hfG5 . cfly{s jif{sf] ;'?cftL ;dodf 3f]if0ff ub{5 .
;fy}, o;sf] csf]{ df]8]ndf o;sf] ljk/Lt o;df vf;u/L d"No l:y/tf, ljQLo :yfloTj,
kl/j]zdf oL b'j} gLltsf] sfof{Gjogsf] ck]Iff /xg] e'QmfgL ;Gt'ng / afXo If]q ;Gt'ngsf] p2]Zo
ub{5 . h;nfO{ tnsf] df]8]n -rf6{_ åf/f cem /flvPsf] x'G5 . P]gk|bQ clwsf/sf] k|of]u u/L
:ki6 ¿kdf a'e\mg ;lsG5 . a}+såf/f gLlt lgdf{0f ug]{ / ;/f]sf/jfnf lgsfosf]
;xsfo{ / ;dGjodf sfof{Gjog ul/G5 . ;fy},
g]kfnsf] ;Gbe{ kl5Nnf] ;dodf df}lb|s gLltnfO{ ;do ;fGble{s
¿kdf ultzLn agfpg] clek|fosf ;fy q}dfl;s
!)= g]kfndf ljQ gLlt agfO{ sfof{Gjog ug]{ sfd
;dLIff ug]{ ul/Psf] 5 .
;/sf/sf] tkm{af6 cy{ dGqfnon] ug]{ ub{5 eg]
!@= d"No l:y/tf, ljQLo :yfloTj, afXo If]q ;Gt'ng
df}lb|s gLltsf] lgdf{0f / sfof{Gjogsf] sfo{ g]
/ e'QmfgL k|0ffnLsf] ;anLs/0fsf] p2]Zo
kfn /fi6« a}+sdfkm{t ub}{ cfOPsf] 5 . g]kfnsf] k|flKtdf df}lb|s gLlt slQsf] ;kmn 5 egL
;+ljwfgcg';f/ ;+3Lo ;/sf/sf] ah]6dfkm{t ljQ ljZn]if0f u/]/ dfq df}lb|s gLltsf] k|efjsfl/tfsf
gLlt sfof{Gjog ug]{ / To;sf] 3f]if0ff x/]s jif{ af/]df n]vfhf]vf ug{ ;lsG5 . To;sf
h]7 !% ut] ;+3Lo ;+;bdf k]; ug]{ k|fjwfg 5 . nflu xfdLn] s] s;/L df}lb|s emf]Ssfx¿
To:t}, cGt/;/sf/L ljQ Joj:yfkg P]g, @)&$ jf:tljs cy{tGq;Fu hfg] ;+oGq agfPsf 5f}F /
tL ;+oGqdfk{mt xfdLn] u/]sf gLltut kl/jt{g
sf cg';f/ k|b]zx¿n] x/]s jif{sf] c;f/ ! ut]
jf:tljs cy{tGqdf k|;fl/t x'g] u/]sf 5g\ egL

rf6{ – ! M ljQ / df}lb|s gLltsf aLrdf ;dGjo

49
 g]kfn /fi6« a}+s ;dfrf/

rf6{ – @ M df}lb|s k|;f/0f ;+oGq

Aofhb/

x]g'{kg]{ x'G5 . df}lb|s r/x¿ s;/L jf:tljs ef?;Fu l:y/ ljlgdob/ sfod ul/Psf] sf/0fn]
cy{tGq;Dd rnfodfg x'G5g\ egL b]vfpg] df}lb|s ljlgdosf] dfWodaf6 Tolt k|efj kg]{ cj:yf
k|;f/0f ;+oGq rf6{ – @ df x]g{ ;lsG5 . /xFb}g . oL k[i7e"ldsf cfwf/df g]kfndf df}lb|s
!#= gLltut b/df ul/g] kl/jt{g s'g dfWod k|;f/0f ;+oGq o;/L g} k|;fl/t eO/x]sf] 5 egL
eP/ jf:tljs cy{tGq;Dd k|;f/0f jf t/lËt olsgsf ;fy eGg Tolt ;xh b]lvFb}g . oBlk,
x'G5 eGg] ljifo df}lb|s k|;f/0f ;+oGqdf x]g{ a9L dfqfdf shf{sf] dfu / Aofhb/ g} df}lb|s
;lsG5 . o;df cfGtl/s dfudf c;/ kfg]{ k|;f/0f ;+oGqdf cGo ;+oGqsf] t'ngfdf a9L
r/x¿ Aofhb/, shf{ / ;DklQ d"No x'g\ . k|efjsf/L b]lvG5g\ .
afXo dfudf c;/ kfg]{ tŒjx¿ eg]sf ck]Iff
/ ljlgdob/ x'g\ . g]kfndf Aofhb/sf cfwf/df df}lb|s gLltsf] k|efjsfl/tf
ahf/df shf{ dfu sd jf a9L x'g] kl/j]z sd} !$= gLltut b/df ul/g] kl/jt{g / To;af6
b]lvG5 . pRr Aofh x'Fbf klg shf{ dfudf j[l4 ;~rfng nIodf kg]{ k|efj klxnf] r/0fdf x]l/G5
ePs} b]lvG5 . To:t}, shf{ ;+oGqdf klg shf{sf] eg] bf];|f] r/0fdf ;~rfng nIosf cfwf/df
;xhtf tyf c;xhtfn] d'Vo e"ldsf v]Ng] u/]sf] cGtl/d nIodf kg]{ k|efjnfO{ ljZn]if0f ul/G5 .
b]lvG5 . o;df Aofhb/sf cfwf/df shf{eGbf cGtl/d nIosf cfwf/df clGtd nIodf kg]{
klg shf{ lnFbf jf pkof]u ubf{ ckgfpg'kg]{ k|efjsf cfwf/df nlIft pknlAw xfl;n eP
ljlwn] o;sf] e"ldsf Pjd\ dfu lgwf{/0f ug]{ u/]sf] gePsf] ljZn]if0f ul/G5 . of] k|lqmofdf ;a} r/0f
cj:yf 5 . ck]Iff eg]sf] ljj]szLntf klg xf] . hlt 5f]6f / Psn] csf]{;Fu ;DalGwt eP Tolt
o;df gLltut b/df x'g;Sg] kl/jt{g jf g} df}lb|s gLlt k|efjsf/L x'g] ub{5 . df}lb|s
df}lb|s clwsf/Lsf wf/0ffnfO{ k|d'v tŒjsf ¿kdf gLltdf /flvg] a[xt\ nIosf cfwf/df g]kfnsf]
lng] ul/G5 . h'g g]kfndf cln sd} dfqfdf kl/j]z tkl;nadf]lhd b]lvG5 .
k|rngdf 5 . ljlgdob/sf] ;Gbe{df g]?nfO{

50
g]kfn /fi6« a}+s ;dfrf/
rf6{ – # M df}lb|s gLlt sfof{Gjog ;+/rgf

!%= d'b|f:kmLlt M jf:tjdf g]kfndf d'b|f:kmLlt Pp6f k|d'v p2]Zosf ¿kdf /xFb} cfPsf] 5 .
ck]lIft :t/df 5 t egL x]bf{ ldl>t cj:yf /x]sf] e'QmfgL k|0ffnL ;xh, ;/n, Jojl:yt, ljZj;gLo
b]lvG5 . df}lb|s gLlt ;fj{hlgs ¿kdf 3f]if0ff / k|efjsf/L x'Fbf ljQLo dWo:ytfsf] nfutdf
ubf{sf] ;do -cf=j= @)%(÷^)_ b]lv otfsf] sdL cfpF5 . ljljw sf/0fn] o; sfo{df klg
;Gbe{nfO{ ljZn]if0f ubf{ clwsf+z ;do 5b]lv df}lb|s gLltsf] k"0f{ ;kmntf b]lvFb}g . oBlk, kl5Nnf]
cf7 k|ltztsf] aLrdf d'b|f:kmLlt /fVg] nIo ;do a}+sdf e'QmfgL k|0ffnL ljefusf] :yfkgf,
/xFbf/xFb} klg !) k|ltzt;Dd k'u]sf] -cf=j= l8lh6n k]d]G6df cfPsf] j[l4, cf/6LhLP;sf]
@)^(÷&) df_ / w]/}h;f] jif{df nlIft ;LdfeGbf k|of]u, g]kfn lSnol/ª xfp; lnld6]8sf]
a9L g} /x]sf] b]lvG5 . o;af6 d"No l:y/tfsf] k|efjsfl/tf, e'QmfgL k|0ffnL ;~rfns /
nIo xfl;ndf r'gf}tL /xFb} cfPsf] b]lvG5 . e'QmfgL ;]jf k|bfosn] e'QmfgL k|0ffnLsf ;Gbe{df
lbO/x]sf] cfwf/ tyf ;]jfnufotsf ljifon]
!^= ljQLo :yfloTj M ljQLo :yfloTjsf] s'/f ubf{
g]kfnsf] ljQLo e'QmfgL k|0ffnL yk kl/:s[t /
a}+s tyf ljQLo ;+:yfaf6 k|jfx x'g] ;]jf, ljQLo
k|efjsf/L aGb} uPsf] b]lvG5 .
uxgtf, k|lts"n ;dodf klg ;]jfdf x'g] lg/Gt/tf,
lgliqmo shf{sf] cg'kft, ljleGg cfo;Fu shf{, !*= afXo If]q :yfloTj M afXo If]q eGgfn] cfoft,
lgIf]k, If]qut shf{ cflbsf] cg'kftnufotnfO{ lgof{t, ljk|]if0f, ljlgdob/, ljb]zL nufgL,
lng ;lsG5 . o; k|sf/sf cg'kft / ;"rsdf rfn' vftf, zf]wgfGt/ tyf ljb]zL ljlgdo
g]kfnsf] ljQLo If]q ;an g} /x]sf] b]lvG5 . ;l~rltnufotsf] l:yltnfO{ a'lemG5 . g]kfnsf]
o;sf] HjnGt pbfx/0f eg]sf] e"sDk / kl/j]zdf cfoft pRr, ef?;Fusf] l:y/ ljlgdo
sf]/f]gfsf] ;dodf g]kfnsf a}+s tyf ljQLo b/ k4lt, lgof{t sd, a9\bf] ljk|]if0f, cfGtl/s
;+:yfsf] ;]jf k|jfxnfO{ lng ;lsG5 . tyflk, pTkfbgsf] cfwf/ / kl/df0f ;fgf], pkef]Uo dfu
u}/df}lb|s lqmofsnfk / cgf}krfl/s cy{tGqsf] pRr /x]sf sf/0f k|flKtsf ;|f]tx¿ sd t/
cfotg a9\b} hfFbf ljQLo sf/f]af/df k|lts"n e'QmfgLsf cfofdsf] cfotg a9L / kl/df0f klg
k|efj kb}{ hfg] sf/0f ljQLo :yfloTjdf r'gf}tL w]/} /x]sf] b]lvG5 . h;sf sf/0fn] k|flKteGbf
l;h{gf x'g] l:ylt /xG5 -clwsf/L / /fx't, e'QmfgLsf] cfotg a9L x'Fbf Jofkf/ 3f6f pRr
@)*)_ . /xFb} cfPsf] cj:yf 5 . kmn:j¿k rfn' vftf
k|foM bjfadf /xg] u/]sf] 5 . ;xhtfsf nflu
!&= e'QmfgL k|0ffnL ;anLs/0f M :j:y, k|efjsf/L,
zf]wgfGt/ / rfn' vftf ;Gt'ngsf] l:yltnfO{
;'/lIft / ljZj;gLo e'QmfgL k|0ffnLn] g} ljQLo
afXo If]q ;Gt'ngsf] dfgssf ¿kdf lng] ul/G5 .
dWo:ytfnfO{ ;xhLs/0f ub{5 . o; k|sf/sf]
o; lx;fan] g]kfnsf] afXo If]q s]xL l56k'6
k|0ffnL Jojl:yt ug'{kg]{ sfd klg df}lb|s gLltsf]
51
 g]kfn /fi6« a}+s ;dfrf/
kl/j]zafx]s ;Gt'lnt cj:yfd} 5 . tyflk, g s]xL q'l6 /x]sf], b]zsf] kl/j]z ;'xfpFbf]
ljut s]xL jif{b]lv al9/x]sf] pRr cfoftsf jftfj/0f agfpg g;lsPsf] / ;dod} ;Defljt
sf/0f rfn' vftfdf rfk k/L zf]wgfGt/df r'gf}tLnfO{ cfFsng u/L lg/fs/0fdf oy]i6 Wofg
klg bjfa l;h{gf ePsf] l:ylt 5 . en}, sf]le8sfndf lbg g;lsPsf] cj:yfnfO{ lrlqt ub{5 .
/ kl5Nnf] ;do cfoftdf cfPsf] lu/fj6
@)= /f]huf/L l;h{gf / cfly{s j[l4 M oL b'O{ sfo{sf
/ ljk|]if0fsf] a9f]Q/Lsf sf/0f rfn' vftf /
zf]wgfGt/ vftf artdf /xg uPsf] l:ylt 5 . nflu df}lb|s gLltsf] k|ToIfeGbf ck|ToIf e"ldsf
cfly{s jif{ @)&(÷*) sf] c;f/df ?=&@ ca{ /xg] ub{5 . g]kfnsf] ljsl;t kl/j]zsf cfwf/df
!^ s/f]8n] 3f6fdf /x]sf] rfn' vftf @)*)÷*! eGg'kbf{ oL b'j} sfo{df Tolt ;Gtf]ifhgs cj:yf
sf] df3;Dddf ?=!^! ca{ ^( s/f]8n] artdf /x]sf] kfOFb}g . o;df klg df}lb|s gLltn] cem}
/x]sf] 5 . ljb]zL ljlgdo ;l~rltnfO{ x]bf{ kl/:s[t ¿kn] k|efj hdfpg' cfjZos b]lvG5 .
@)*) c;f/df ?=!,%#( ca{ /x]sf]df @)*) /f]huf/Lsf] cj:yf gfh's 5 eg] cfly{s
sf] df3df sl/a ?=!,*$% ca{ /x]sf] l:ylt 5 j[l4n] klg pRr:t/ / lbuf]kgfsf] dfu{ ;dfTg
-b]zsf] jt{dfg cfly{s l:ylt, @)*)÷*!_ . ;s]sf] 5}g . g]kfndf snsf/vfgf, pBf]uwGbf,
s[lifdf Jofj;flostf Pjd\ cfw'lgstf, ;]jf
!(= ljQLo ;anLs/0f M ljQLo dWo:ytfsf] sfo{
If]qdf ljljwtf ck]lIft :t/df gx'Fbf /f]huf/Lsf
hlt sd nfut / e/kbf]{ tl/sfn] x'G5, Tolt
cfofd lj:tf/df pknlAw xfl;n gePsf] l:ylt
g} ljQLo If]qn] cGo If]qnfO{ ;xhLs/0f ug{
5 . ;fy}, pknAw ;|f]t ;fwgsf] k|efjsf/L
;S5 . o;sf nflu ljQLo kx'Fr, ljQLo ;fIf/tf,
/ ;d'lrt k|of]usf] jftfj/0f gaGbf / k'FhL
ljQLo uxgtf / ljZj;gLotf clej[l4 x'g'k5{ .
lgdf{0fsf] sfo{nfO{ k|efjsf/L agfpg g;s]
g]kfndf ;ª\VofTds lx;fan] a}+s tyf ljQLo
sf sf/0f pRr, km/flsnf], ;dfj]zL / lbuf]
;+:yfsf] j[l4 b]lvP tfklg uxgtf / ljQLo
cfly{s j[l4df klg xfd|f] k|of;n] ;fy{stf kfpg
;|f]tsf] ;dGoflos ljt/0fdf cem} a9L k|ult
;s]sf] 5}g .
ug'{kg]{ cfjZostf 5 . a}+ssf zfvf lj:tf/;Fu}
k|ltzfvf a}+lsª ;]jf lng] hg;ª\Vof 36\b} uO/x]sf] df}lb|s If]qsf r'gf}tLx¿
eP tfklg a}+lsª ;]jfsf] nfut sd ug'{ clxn]sf] @!= g]kfnsf] d'b|f ahf/df /x]sf s]xL ;+/rgfut /
d'Vo r'gf}tL xf] . To:t} shf{, lgIf]k, s]xL gLltut r'gf}tLx¿ b]xfoadf]lhd pNn]v ug{
If]qut nufgL, bL3{sfnLg /0fgLlt cflbnfO{ b]zsf ;lsG5M
d'Vo kl/;"rs -h:t}Ù s'n ufx{:Yo pTkfbg,
cfly{s j[l4b/, ljsf;sf] ult, ;|f]tsf] pknAwtf & lgofdsLo r'gf}tL
cflb_ ;Fu t'ngf u/L ljQLo ;anLs/0f dfkg – d'b|f ahf/sf] lgofdssf] ¿kdf g]kfn
ug{ ;lsG5 . o;df kl/df0ffTds ¿kdf ;an /fi6« a}+s /x] tfklg o;sf] lgofdsLo
b]lvg] u/]sf] eP tfklg jf:tljs kl/j]zdf To;sf] bfo/fleq ;a} k|sf/sf df}lb|s lqmofsnfk
l:y/tf / lbuf]kgf sfod ug{df ljQLo kl/;"rs kg{ ;ls/x]sf 5}gg\ .
;Ifd 5g\ t eGg] k|Zg uxg ¿kdf plAhg] – u}/–a}+lsª ljQLo ;+:yf, ;xsf/L, aLdf
u/]sf] b]lvG5 . kl5Nnf] ;do a'nGb ePsf] ;xsf/L, sDkgLnufotn] d'b|f ahf/sf] sfd u/]sf
n3'ljQ / ld6/Aofhsf ;Gbe{df cfGbf]ngn] klg eP tfklg ltgsf] lgodg ug]{ sfo{ s]Gb|Lo
of] If]qdf ;DalGwt lgsfox¿sf] sfd u/fOdf s]xL a}+ssf] If]qflwsf/leq 5}g .
52
g]kfn /fi6« a}+s ;dfrf/

& ;+:yfut r'gf}tL & k|0ffnLut r'gf}tL

– d'b|f ahf/ / k'FhL ahf/ cy{tGqsf] – g]kfn /fi6« a}+s, lwtf]kq af]8{, g]kfn
ljsf;sf lglDt cfjZos b'O{ j6f :6s PS;r]~h, cy{ dGqfno, ;ª\3Lo
dxŒjk"0f{ ljQLo ahf/x¿ x'g\ . t/ ;/sf/, k|fb]lzs / :yfgLo ;/sf/x¿,
g]kfndf oL b'O{ ahf/sf] ljsf;sf] cj:yf aLdf sDkgLx¿, aLdfsf] lgofds lgsfo,
km/skm/s /x]sf] 5 . u}/–a}+lsª ljQLo ;+:yf, ;xsf/Lnufotsf
– k'FhL ahf/df ;|f]tsf] ;'lglZrttf ug]{ aLrdf cfjZos ;dGjo ;+oGq gx'Fbf
dfWod klg a}+lsª If]q x'Fbf a}+lsª d'b|fahf/sf] sfo{ PsLs[t / Jojl:yt x'g
If]qdflysf] ;|f]tdf d'b|f ahf/ Joj:yfkg ;ls/x]sf] 5}g .
/ k'FhL ahf/sf] ;|f]t b'j}sf nflu sfd – df}lb|s gLltsf] ;Ldf, If]qut ljlzi6tf,
ug'{kg]{ bjfa k}bf ePsf] 5 . sfo{ut :ki6tf, k|;f/0f ;+oGqsf] sdhf]/
k|;f/0f Ifdtf / cGo lgsfosf] tbf?stfsf]
& ;|f]tsf] ;Lldttf
sdLsf sf/0f ;a} ;d:ofsf] h8 df}lb|s
– lgIf]ksf ;|f]tx¿ ;Lldt t/ shf{ dfu
gLlt / ;a} ;d:ofsf] ;dfwfgsf] pkfo
pRr x'Fbf dfu / cfk"lt{sf aLrdf
df}lb|s gLlt xf] eGg] e|dk"0f{ ;f]rfO xfjL
c;fd~h:otf sfod x'g uO{ c;Gt'ng
ePsf] 5 .
k}bf x'g] u/]sf] 5 .
– a[xt\ cfly{s gLltsf] ck]lIft k|efjsfl/tfsf]
– ljleGg sf/0fn] ;|f]tdf bafj kbf{ nfut
sdLsf sf/0f ;du| cfly{s kl/j]znfO{
a9\g uO{ Aofhb/ lg/Gt/ a9\g] u/]sf] 5 .
df}lb|s gLltn] g} ;sf/fTds nodf n}hfcf];\
h;af6 ljQLo dWo:ytfsf] sfo{ yk
eGg] hgck]Iff /xg', df}lb|s gLltsf] bfo/f
k]lrnf] aGb} uPsf] 5 .
nlIft If]qdf /xg] jf:tljstfsf afah'b
& Joj:yfksLo r'gf}tL klg o;sf] sfof{GjognfO{ tGsfpg] k|of;
– ljQLo ahf/sf k"jf{wf/, ;'/Iffsf k|aGw, /xg' / cy{tGqsf] ;+/rgfut kl/j]zsf
ljQLo kx'Fr, ljQLo ;fIf/tf, ljQLo sf/0f df}lb|s gLltsf] k|efjsfl/tf sd
pks/0fsf] ;xhtf, pknAwtf ;fIf/ b]lvg] u/]sf] 5 .
tf cflbdf ck]lIft lj:tf/ ug{ g;lsFbf – k|0ffnLdf gofFgofF cfofd -l8lh6n /
ljQLo ahf/ k|efjsf/L agfpgdf r'gf}tL k|fljlws_ sf] cfjfudg tyf ltgsf] plrt
ylkPsf] 5 . Joj:yfkgsf] df]8fln6L ljsf;df klg
– a}+s tyf ljQLo ;+:yfdf ;+:yfut ;'zf;g, r'gf}tL /x]sf] 5 .
kf/blz{tf, ldtJolotf, ;fdflhs pQ/
k|efj
bfloTjsf] ljifo cfzftLt ¿kdf ;'wf/ ug{
g;lsFbf ljQLo ahf/df ljleGg lsl;dsf @@= g]kfndf /x]sf clwsf+z lgsfodWo] ljQLo
clgoldttf x'g] u/]sf 5g\ . ahf/ / To;df klg vf;u/L d'b|f ahf/
– gLltut ¿kdf :ki6tf, ljleGg ;+oGqsf t'ngfTds ¿kdf Jojl:yt / kf/bzL{ b]lvG5 .
aLrdf ;dGjo, d'b|f ahf/ Joj:yfkgsf o;k|lt ;j{;fwf/0f, ;/sf/, ljb]zL, ljleGg
nflu cfjZos lj1tf, k|If]k0f Ifdtf lgsfosf] e/f];f pRr /x]sf] b]lvG5 . o;sf]
cflbdf klg ck]lIft ;'wf/ / Ifdtf ljsf; vf; sf/0fdf k|efjsf/L lgofdsLo ;+oGq g} xf] .
ug{ ;lsPsf] 5}g . ljQLo :yfloTjsf nflu k|efjsf/L lgodg ckl/xfo{

53
 g]kfn /fi6« a}+s ;dfrf/

;t{ xf] . ;do;dodf x'g] lgodg, ;'kl/j]If0f / :yfloTj, e'QmfgL k|0ffnL ;anLs/0f / afXo If]q
cg'udg sfo{n] ljQLo ;+:yfsf] :j:ytfsf] dfkg ;Gt'ng sfod x'g hfG5 . o;sf nflu b]xfosf
ul//x]sf] x'G5 . g]kfn /fi6« a}+s P]g, @)%* /0fgLlt cjnDag ug{ pko'Qm x'G5 M
n] g]kfn /fi6« a}+snfO{ Ps :jtGq / cljl5Gg & cy{tGqsf] ;+/rgfut cj:yfsf] ldxLg
pQ/flwsf/jfnf ;+:yfsf] ¿kdf :jfoQtf k|bfg ljZn]if0fdfk{mt df}lb|s gLltsf] k|;f/0f ;+oGqnfO{
u/]sf] 5 . h;sf sf/0f a}+s tyf ljQLo ;+:yfsf] k'gM kl/eflift u/L :ki6 k|;f/0f ;+oGq lgdf{0f
lgodg tyf ;'kl/j]If0fsf] sfo{ ug{ / ltgdf ug]{ .
cfjZos ljQLo :j:ytf sfod ug{ g]kfn /fi6« & df}lb|s gLltsf] ck]Iff / jf:tljstfsf cfwf/df
a}+s :jtGq 5 . d'b|f ahf/sf] If]q / sfo{qmd yk :ki6 kfg]{
@#= tyflk, k|ljlwdf l56f]l56f] x'g] kl/jt{g, gLltut tyf df}lb|s r/sf] k|If]k0f Ifdtf, lj1tf,
ljifodf lnOg'kg]{ lg0f{odf ljnDa, b"/blz{tfsf] k|fljlws kIfdf ;'wf/ ug]{ .
sdL, gLltut ljifodf eO/xg] kl/jt{g, & k'FhL ahf/sf] ljsf; / Jofj;flostf clej[l4
ug]{ / ;du| lgodg tyf ;'kl/j]If0f Ifdtf
;a} If]qsf] dfu d'b|f ahf/af6} ;Daf]wg x'g'k5{
clej[l4 ub}{ o;sf] bfo/f km/flsnf] kfg]{ .
eGg] ;f]rsf sf/0fn] d'b|f ahf/sf] ult & gLltut ljifodf uxg ljZn]if0f ug]{ kl/kf6L
k|efjsf/L aGgdf afwf k/]sf] b]lvG5 . ahf/df ljsf; ug]{ / ;fj{hlgs gLltx¿nfO{
t/ntf sd jf a9L x'Fbf, Aofhb/df ptf/r9fj k"jf{g'dfgof]Uo / sfof{Gjogof]Uo agfpg] .
x'Fbf, k'FhL ahf/df ;d:of cfpFbf, Jofkf/LnfO{ & ljifosf] ufDeLo{sf cfwf/df b"/blz{tf ckgfpg]
c;xhtf x'Fbf, ;/sf/nfO{ k};f cfjZos kbf{, tyf a}+sx¿df kf/blz{tf, ;+:yfut ;'zf;g /
7"nf7"nf kl/of]hgfdf nufgL ug'{kbf{ klg ljQLo Jofj;flos :j:ytf sfod ug]{ .
ahf/sf] ;|f]t g} ljsNksf ¿kdf b]lvg' eg]sf] of] & ljleGg lgsfosf aLrdf ;dGjo ;+oGq
If]qnfO{ yk bjfa lbg' xf] . o;af6 ahf/sf] lgdf{0f ug]{ / o;sf nflu cGt/lgsfo ;~rf/
t/ntfdf c;xhtf, a}+s tyf ljQLo ;+:yfaLrsf k|efjsf/L agfpg] tyf o;sf nflu :yflkt
c:j:y k|lt:kwf{, Aofhb/df tLj| ptf/r9fj, ;+oGqnfO{ yk kl/:s[t ug]{ .
ljQLo If]qk|ltsf] e/f];f 8udufpg] cj:yf l;h{gf & ljQLo ahf/ Joj:yfkgsf nflu pQ/bfoL
ePsf] b]lvG5, h;sf sf/0f ljleGg ;dodf gLlt tyf P]gx¿ agfpg] / df}lb|s tyf ljQLo
df}lb|s gLltdfkm{t ul/Psf k|of;x¿ klg ;ldltdf oy]i6 5nkmn u/L k|fljlws ljifodf
ck]Iffs[t k|ltkmndf kl/0ft x'g ;s]sf] 5}g . lg0f{o ug]{ .
& l8lh6n k|ljlwsf] k|of]u, lgodg tyf
s;/L k|efjsf/L agfpg] < Joj:yfkgsf nflu gjLgtd / kl/j]z ;'xfpFbf]
@$= d'b|f ahf/nfO{ Jojl:yt t'NofpFb} ljQLo gLlt lgdf{0f u/L sfof{Gjog ug]{ .
dWo:ytfsf] nfut hlt;Sbf] sd, k|efjsf/L /
Jojl:yt ug'{kg]{ x'G5 . o;sf nflu cNksfnLg lgisif{
Aofhb/df l:y/tf sfod ub}{} bL3{sfnLg Aofhb/sf]] @%= cy{tGqsf] ;Gt'lnt ljsf; / pknlAwsf]
;'lglZrttf, nufgLsf nflu cfjZos ;|f]tsf] Gofof]lrt ljt/0fsf] jftfj/0f lgdf{0f ug{ a[xt\
hf]xf] g} df}lb|s gLltsf] d'Vo p2]Zo agfOg'k5{, cfly{s gLltsf] dxŒjk"0f{ e"ldsf /xG5 . …;an
h;af6 dfq ahf/df d'b|f:kmLlt lgoGq0f, ljQLo / k|efjsf/L ljQLo ahf/ M ljQLo dWo:ytfsf]

54
g]kfn /fi6« a}+s ;dfrf/

cfwf/Ú eg]h:t} ljQLo dWo:ytfsf] nfut hlt gLlt / ;a} ;d:ofsf] ;dfwfg Pp6f gLltaf6
sd x'G5 To;n] cy{tGqnfO{ rnodfg agfpg xf];\ eGg] ck]Iff /fVg' c;fGble{s xf] . g]kfndf
/ ;xh ¿kdf ljQLo kl/rfng ug{df dxŒjk"0f{ o; k|sf/sf] k|j[lQ xfjL x'Fb} cfPsf] b]lvG5 .
of]ubfg k'¥ofpF5 . o;sf nflu k|:t't r'gf}tLnfO{ cfd hgdfg;b]lv /fHo ;~rfngsf] dflyNnf]
;dfwfg ug{ ;lsPsf] v08df dfq df}lb|s gLltdf txdf /x]sf JolQmdf o; k|sf/sf] ;f]rnfO{ abNg}
ul/g] k|of;af6 d'b|f ahf/ Jojl:yt / k|efjsf/L k5{ . kl5Nnf] ;do ljsf; x'Fb} uPsf] cGof]nk"0f{
agfpg ;lsG5 . o;af6 dfq df}lb|s gLltsf] jftfj/0fsf sf/0f cy{tGqdf cgk]lIft Iflt
k|efjsfl/tf clej[l4 x'G5 . x'g;S5 . h;sf] ;dfwfgsf] nfut kl/sNkgfeGbf
aflx/ klg x'g ;S5 . t;y{, If]qut gLltx¿sf]
@^= ;fdfGo c;xhtfdf klg cNksfnLg Aofhb/df
;dGjo, k|sfjsf/L sfof{Gjog / hjfkmb]xL
cl:y/tf cfpg], t/ntf c;Gt'ng x'g] / d"NofÍg k4ltn] dfq jt{dfgsf] ;f]r / gLltut
To;af6 bL3{sfnLg Aofhb/df c;/ kb}{ ;du| cndnsf] l:yltnfO{ lrg{ ;lsG5 . h;sf] hudf
cy{tGqd} gsf/fTds c;/ kg{ hfG5 . h;sf g} ;d[l4sf] ofqftkm{ d'n'snfO{ lxF8fpg ;lsG5 .
sf/0f df}lb|s gLltn] df}lb|s Joj:yfkg ug]{afx]s
cGo ljsNk b]lvFb}g . o;sf nflu ;a} ;DalGwt ;Gbe{ ;fdu|L
lgsfon] ljifosf] ufDeLo{tfnfO{ x[boËd u/L b]zsf] jt{dfg cfly{s tyf ljQLo l:ylt -cf=j=
sfFwdf sfFw ldnfP/ OdfGbfl/tfsf ;fy sfd @)*)÷*!_ g]kfn /fi6« a}+s, sf7df8f}+ .
ug]{ xf] eg] d'b|f ahf/nfO{ Jojl:yt ug{ ;lsG5 . cfly{s ;j]{If0f -@)&(÷*)_, cy{ dGqfno, sf7df8f}+ .
h;af6 d'b|f ahf/, Aofhb/, t/ntf, shf{, clwsf/L / /fx't -@)*)_, g]kfndf cgf}krfl/s
nufgL, k'FhL ahf/, pTkfbg, pTkfbsTj, cfo, cy{tGqsf] cfsf/, cy{zf:q s]Gb|Lo ljefu, lq=lj= .
/f]huf/L cflbdf ;sf/fTds k|efj k/L :yfloTjk"0f{ g]kfnsf] ;+ljwfg, @)&@ .
ljsf; ;Dej /xG5 . cGt/;/sf/L ljQ Joj:yfkg P]g, @)&$ .
e'QmfgL tyf km5\of}{6 P]g, @)&% .
@&= df}lb|s gLltsf] ljBdfg k|;f/0f ;+oGqnfO{ k'gM g]kfn /fi6« a}+s P]g, @)%* .
kl/eflift u/L k|;f/0f ;+oGq yk kl/:s[t df}lb|s gLlt -@)*)÷*!_ .
agfpg'kg]{ x'G5 . ;a} ;d:ofsf] h8 s'g} Ps


55
 g]kfn /fi6« a}+s ;dfrf/

;'zf;gsf] a}+lsª ;Gbe{

 k'is//fh e§/fO{ *

;'zf;gsf] cy{ ;'?df j}b]lzs ;xfotfsf] k|of]usf] ;t{x¿ -s_

;'zf;g Ps ax'cfoflds cjwf/0ff xf] . o;nfO{ v'nf, k|lt:kwL{ / ahf/d'vL cy{Joj:yfsf] k|j4{g ug{,
/fhgLlts, ;fdflhs, k|zf;lgs, cfly{s nufot -v_ nf]stfGqLs/0f tyf dfgj clwsf/sf] l:yltdf
ljleGg kIfdf JofVof ug]{ ul/G5 . ;'wf/ Nofpg ;xof]u ug{ / -u_ zf;g Joj:yfdf
/fHo ;+oGqnfO{ hgd'vL agfO{ gful/ssf] ;'wf/ Nofpgsf nflu ;'zf;gsf] cjwf/0ff cl3
ck]Iffcg'¿k l56f], 5l/tf] / k|efjsf/L ;]jfsf ;fl/Psf] lyof] . kl5 cfP/ ljsf;f]Gd'v d'n'ssf]
dfWodaf6 gful/snfO{ zf;gsf] ;'vb cg'e"lt lbnfpg' ;jf{ËL0f ljsf; ug]{ ;DaGwdf ;/sf/L, u}/;/sf/L
g} ;'zf;g xf] . o;nfO{ c;n, s'zn / hgd'vL zf;g / lghL If]q tyf gful/s ;dfh;d]tsf] ;xsfo{sf]
eg]/ klg lrlgG5 . zf;sLo kfqx¿df lglxt zlQm, dfWodaf6 dfq ;'zf;g sfod ug{ ;lsG5 eGg]
clwsf/ / bfloTj gful/s ;]jf / ;Gt'li6 ;fk]If lgisif{ lgsflnPsf] 5 .
ug]{ zf;g k|0ffnLnfO{ ;d]t ;'zf;g elgG5 . ;'zf;gsf cfofdx¿
;g\ !(&) sf] bzssf] pQ/f4{af6 b]lvg yfn]sf] & hg;xeflutfd"ns zf;g Joj:yf,
kl/jt{gsf] nx/n] 5f]6f] ;dodf g} ljZjsf] zf;g & hgpQ/bfoL ;/sf/ ;~rfng,
k|0ffnLdf cfd"n kl/jt{g NofOlbof] . /fhgLlts ¿kn] & zf;g k|lqmofdf kf/blz{tfsf] cjnDag,
nf]stfGqLs/0f, cfly{s tyf cf}Bf]lus If]qdf pbf/Ls/0f & sfg'gdf cfwfl/t zf;g Joj:yf,
/ Jofkf/sf If]qdf ljZjJofkLs/0f, k|zf;lgs & hjfkmb]xL zf;g ;~rfng,
If]qdf ;'b[9Ls/0f, ;/sf/sf] sfo{If]qdf Go"gLs/0f tyf & k|zf;gsf] ;/nLs/0f / lg0f{o k|lqmofdf
e"ldsfdf ;anLs/0f / gful/s ;dfh tyf lghL ;/f]sf/jfnfsf] ;xeflutf,
If]qsf] e"ldsfdf lj:tf/Ls/0f g} o; cjlwsf k|d'v & ;dfj]lztfdf cfwfl/t Gofok"0f{ ;dfh lgdf{0fdf hf]8,
kl/jt{g x'g\ . & e|i6frf//lxt ;dfhsf] kl/sNkgf,
& b08xLgtfsf] cGTo / sfg'gsf] kl/kfngf,
;g\ !(*( df ljZj a}+sn] ljsf; kl/of]hgf & sfg'g / lgodsf] k"0f{ kl/kfngf,
;~rfngsf nflu o;sf] cjwf/0ff cufl8 NofPsf] xf] . & ljQLo hjfkmb]lxtf k|j4{g,
of] hgd'vL zf;g Joj:yf xf] . g]kfnsf] ;+ljwfgn]
& :jtGq k|]; / cleJolQm :jtGqtfsf] k|Tofe"lt .
klg lbuf] zflGt, ;d[l4 / ;'zf;gdf hf]8 lbPsf] 5 .
;'zf;gsf] cjwf/0ff /fHosf] cjwf/0ff hlQs} k'/fgf] ;'zf;gsf k|d'v ;"rsx¿
eP tfklg zflAbs ¿kdf ;g\ !(() sf] bzssf] & gful/ssf] k|ToIf ;xeflutfdf hg;xeflutfd"ns
;'?b]lv klZrdL b]z tyf j}b]lzs ;xfotf k|bfg ug]{ zf;g Joj:yf,
;+:yfx¿åf/f t];|f] ljZjsf d'n'ssf] zf;g Joj:yfdf & hgtfk|lt k|ToIf pQ/bfoL ;/sf/ ;~rfng,
;'wf/ Nofpg] k|of]hgsf nflu ;xfotf ;t{sf] ¿kdf & ;du| zf;g k|lqmofdf kf/blz{tf cjnDag,
cl3 ;fl/Psf] xf] . & ljlw, k4lt / sfg'gdf cfwfl/t zf;g Joj:yf,
* pk–lgb]{zs, g]kfn /fi6« a}+s
56
g]kfn /fi6« a}+s ;dfrf/

& ;/f]sf/jfnfk|lt hjfkmb]xL zf;g ;~rfng, a}+lsª If]qdf ;'zf;g

& lg0f{o k|lqmofdf ;/f]sf/jfnfsf] ;xeflutf, a}+s tyf ljQLo ;+:yfsf] lgofds lgsfosf] ¿kdf
& k|zf;gsf] ;/nLs/0f / hgd'vL ;]jf k|jfx, /x]sf] g]kfn /fi6« a}+ssf] rfxgf ljQLo :yfloTj /
& ;fdflhs Gofo / ;dfj]lztfdf cfwfl/t ;dfh cfly{s ljsf;df ljQLo If]qsf] e"ldsf ;zQm t'Nofpg
lgdf{0fdf hf]8, a}+lsª k|0ffnLsf] sfo{s'zntf clej[l4 u/L art
& cfly{s clgoldttf / e|i6frf//lxt ;dfhsf] kl/rfng Pjd\ nufgLdf lj:tf/, ;'zf;g tyf ljQLo
kl/sNkgf, If]qsf] :yfloTjdf ;d]t ;sf/fTds k|efj l;h{gf
& /fHosf ;a} If]qdf b08xLgtfsf] cGTo / sfg'gsf] u/L k|fyldstfk|fKt If]qdf shf{ kl/rfng / ljQLo
kl/kfngf, ;dfj]zLs/0faf6 g]kfn ;/sf/n] lnPsf] cfly{s j[l4sf]
& k|rlnt d"No, dfGotf / lgod sfg'gsf] k"0f{ nIo k"/f ug{' x'G5 .
kl/kfngf, ;a} ;/f]sf/jfnfsf km/skm/s rfxgfnfO{
& cfly{s ¿kdf ljQLo hjfkmb]lxtf k|j4{g, ;Daf]wg ub}{ ;+:yfsf] ;kmn ;~rfng ug{ s'zn
& lgikIf, hgd'vL / :jtGq k|];sf] Joj:yf . Joj:yfksLo Ifdtfsf] cfjZostf kb{5 . o;sf] lglDt
cfˆgf JolQmut :jfy{eGbf dfly p7]/ kbLo dof{bf /
;'zf;g sfod ug{ g]kfndf ePsf sfg'gL lhDd]jf/Laf]wsf ;fy sfo{;Dkfbg ug{'kg]{ b]lvG5 .
k|of; ljQLo ahf/df o:tf] b"/b[li6sf ;fy cfˆgf] sfo{;Dkfbg
g]kfndf ljleGg sfnv08df ePsf /fhgLlts ug{ g;Sgfn] kl5Nnf] ;dodf ;'zf;gsf] sdLsf
kl/jt{gn] l;4fGttM ;'zf;gsf] kIfdf hf]8 lbPsf] sf/0f s'g} s'g} ;+:yfdf ;d:of pTkGg ePsf] ;dfrf/
kfOG5 . sfof{Gjog kIf sdhf]/ eP klg @)$&, cfpg] u/]sf] ;'lgG5 .
@)^# / @)&@ ;fndf hf/L ePsf ;+ljwfgn] g]kfn /fi6 a}+s P]g, @)%* sf] bkmf $-v_ df
/fhgLlts b[li6sf]0faf6 ;'zf;gsf] dd{nfO{ cfTd;ft\ ljQLo ;]jfsf] kx'Fr clej[l4 / a}+lsª tyf ljQLo
u/]sf] b]lvG5 . If]qsf] :yfloTj sfod u/L a}+lsª tyf ljQLo k|0ffnLk|lt
k|zf;lgs b[li6sf]0fn] klg ;'zf;gsf cjwf/0ffnfO{ ;j{;fwf/0fsf] ljZj;gLotf clej[l4 ug]{ p2]Zo
Jojxf/df ptfg{ lgs} /fd|f] k|of; ePsf] 5 . k|zf;lgs pNn]v ePsf]af6 ljQLo If]qdf ;'zf;g sfod ug]{
;'zf;gsf ;Gbe{df sfg'gL Joj:yfsf nflu ;'zf;g bfloTj;d]t s]Gb|Lo a}+ssf] xf] .
-Joj:yfkg tyf ;~rfng_ P]g, @)^$ sf] lgdf{0f
ePsf] 5 . o;n] g]kfndf ;'zf;g sfod ug]{ ;DaGwdf a}+lsª If]qdf ;'zf;g sfod ug{sf lglDt
7"nf] km8\sf] df/]sf] 5 . o; P]gn] ;'zf;gsf ljljw ePsf k|of;x¿
kIfdf ;'wf/sf dfu{x¿ :ki6 ¿kn] b]vfPsf] 5 . & g]kfn /fi6« a}+s P]g, @)%* df ;~rfns ;ldlt
o;sf cltl/Qm b]xfosf sfg'gL tyf gLltut / ueg{/sf] sfd, st{Jo / clwsf/, a}+s tyf
Joj:yfx¿ /x]sf] . ljQLo ;+:yfsf] cg'udg, lg/LIf0f tyf vf/]hL
(L to L - Licensing to Liquidation), k];fut
& g]kfnsf] ;+ljwfg, @)&@
cfrf/;+lxtf / kbLo bfloTjnufotsf Joj:yf .
& ;"rgfsf] xs ;DaGwL P]g, @)^$
& a}+s tyf ljQLo ;+:yf;DaGwL P]g, @)&# df a}+s
& e|i6frf/ lgjf/0f P]g, @)%(
tyf ljQLo ;+:yfsf sfd, st{Jo / clwsf/, ug{
& clVtof/ b'?kof]u cg';Gwfg cfof]u P]g, @)$*
gx'g] sfd, tL ;+:yfsf] ;du| hf]lvd Joj:yfkg
& dfgj clwsf/ P]g, @)%# cflb .
u/L lgIf]kstf{, u|fxsju{ tyf ;j{;fwf/0f ;]o/
57
 g]kfn /fi6« a}+s ;dfrf/

wgLsf] lxtdf ;+:yf ;~rfng ug{' Pjd\ a}+s ;'zf;g k|j4{gsf pkfox¿
jf ljQLo ;+:yfdf ;+:yfut ;'zf;g sfod u/L & sfg'gL tyf gLltut Joj:yfsf] ;d;fdlos ;'wf/
lgIf]k lng], shf{ lbg], nufgL ug{], sd{rf/L / ltgsf] k|efjsf/L sfof{Gjog,
Joj:yfkg ug{] / ah]6 vr{ ug{] h:tf a}+s jf & sfo{sf/L txdf cg'zf;g / gLltut :yfloTj
ljQLo ;+:yfsf] b}lgs sfdsf/afxLdf x:tIf]k gug{] sfod ug]{,
ljifosf] k|Tofe"lt ug{' ;~rfns ;ldltsf] st{Jo & clwsf/sf] ljs]G›Ls/0f, :jzf;gnfO{ cfTd;ft ug]{,
pNn]v ePsf] . & nf]stflGqs d"NodfGotfnfO{ k"0f{ ¿kdf cg'z/0f /
& ;DklQ z'4Ls/0f lgjf/0f P]g, @)^$, cfTd;ft ug]{,
& a}+lsª s;'/ tyf ;hfo P]g, @)^$, & k|zf;lgs ;+/rgf, ;+:sf/ / ;Eotfsf] cg';/0f
& g]kfn /fi6« a}+s sd{rf/L ;]jf ljlgodfjnL, @)^*, ug]{,
& g]kfn /fi6« a}+s ;"rgf tyf ;~rf/ gLlt, @)&&, & :jR5, k|ltikwL{, ;]jfd'vL, kl/0ffdd'vL Pjd\
& g]kfn /fi6« a}+s vl/b ljlgodfjnL, @)&!, kf/bzL{ / hjfkmb]xL ;]jfsf] k|j4{gsf] ;+oGq
& g]kfn /fi6« a}+s ;~rfns ;ldltsf] a}7s tyf ljsf; ug]{,
5fk;DaGwL ljlgodfjnL, @)^#, & ;"rgfsf] xs;DaGwL P]gdf ePsf Joj:yfx¿;Fu
& df}lb|s gLlt th'{df sfo{ljlw, @)&#, tfbfTDo x'g] Joj:yf u/L k"0f{ ¿kdf sfof{Gjog
& vr{ Joj:yf ljlgodfjnL, @)^$, ug]{,
& a}+s÷ljQLo ;+:yfsf k|d'v sfo{sf/Lsf] tna, eQf & sfo{;Dkfbg d"NofÍgsf] cfwf/df b08 k'/:sf/sf]
tyf cGo ;'ljwf;DaGwL dfu{bz{g, @)^* . Joj:yf ug]{,
& ;]jfu|fxLsf] lk/dsf{ a'‰g] plrt ;+oGq, lgsfosf]
PsLs[t lgb]{zg, @)*) df ePsf s]xL Joj:yf ub}{ u'gf;f] ;'g'jfOsf] Joj:yfnfO{ k|efjsf/L
Joj:yfx¿ agfpg],
& lgb]{zg g+ ^ sf] ( df Ohfhtkqk|fKt a}+s tyf & ljQLo ;fIf/tf clej[l4 ug{sf lglDt ;xsfo{df
ljQLo ;+:yfsf] ;d]t ;'zf;g sfod ug]{ sfo{df cfwfl/t sfo{qmd ;~rfng ug]{ .
e"ldsf /x]sf] x'Fbf ;+:yfdf cfrf/;+lxtf lgdf{0f
u/L nfu" ug'{kg]{ / cf–cfˆgf] ;+:yfdf ;'zf;g a}lsª If]qdf ;+:yfut ;'zf;g
OsfO u7g u/L ;'zf;gsf] l:yltaf/] dfl;s ¿kdf g]kfndf ;g\ !(*) sf] bzsaf6 ;+:yfut
cg'udg ub}{ hfg'kg]{ Joj:yf /x]sf] . ;'zf;gsf] ;'?cft ePsf] kfOG5 . g]kfnsf] gjf}+ of]hgfb]lv
& lgb]{zg g+ !$-#_-v_-7_ df ljb]zdf zfvf sfof{no ;'zf;gnfO{ ljsf; k|zf;gsf] cjwf/0ff;Fu cfa4
;~rfng ubf{ ckgfOg] a}+lsª sfo{ljlw, shf{ ul/Psf] 5 . ljZjsf] t'ngfdf g]kfnsf] ;'zf;gsf]
lgb]{lzsfnufotsf sfuhft oyf;do /fi6« a}+sdf cj:yf gfh's 5 . g]kfndf klg sd{rf/LtGq hgd'vL
k]; ug'{kg]{ tyf Host Country sf] lgofds x'g g;s]sf], hjfkmb]lxtf, s'zntf, k|efjsfl/tf,
jf ;'kl/j]Ifsn] nufPsf] b08, hl/jfgf tyf kf/blz{tf, e|i6frf/ lgoGq0fsf If]qdf ck]lIft ;'wf/
;'zf;g;DaGwL sf/jfxLsf] hfgsf/L !% lbgleq eg] b]lvFb}g . o;sf] ;f]emf] c;/ a}+lsª If]qdf ;d]t
a}+ssf] lgodg / ;'kl/j]If0f ljefudf k]; ug'{kg]{ kl//x]sf] 5 .
Joj:yf /x]sf] . ;+:yfut ;'zf;g Pp6f ax'cfoflds ljifo xf] .
& g]kfn /fi6« a}+s P]g, @)%* sf] bkmf #$ df of] ;+:yfnfO{ lgb]{lzt, lgoldt / lgolGqt ug]{ k|0ffnL
n]vfk/LIf0f ;ldltsf] Joj:yf / bkmf #% df xf] . c;n ;+:yfut ;'zf;gn] Jofj;flos k|lti7fgsf]
;ldltsf] sfd, st{Jo / clwsf/ pNn]v ul/Psf] . s'zntf / k|efjsfl/tf clej[l4 u5{ . ;'b[9 ;+:yfut
58
g]kfn /fi6« a}+s ;dfrf/
;'zf;gn] nufgLstf{sf] ;+:yfk|ltsf] ljZjf; / ;fv & ;/f]sf/jfnfnfO{ cfjZos ljQLo ;"rgf / tYofÍ
clej[l4 u/L ;du|df ;+:yfsf] ;kmntf ;'lglZrt u5{ . pknAw u/fpg,
;+:yfut ;'zf;gsf] 9fFrfleq ;~rfns ;ldlt, & cfjZos ;|f]t ;fwgx¿ k"0f{ ¿kdf kl/rfng ug{,
Joj:yfkg, ;]o/wgL / cGo ;/f]sf/jfnfsf] clwsf/, & lgodgsf/L lgsfosf] ;zQm e"ldsf lgjf{x ug{,
pQ/bfloTjsf] ls6fgL, ;+:yfut p2]Zo lgwf{/0f, p2]Zo & ljQLo hjfkmb]lxtf k|j4{g ug{,
k|flKtsf pkfo, k|efjsf/L cfGtl/s lgoGq0f, pRr:t/sf] & u|fxsnfO{ ljZj;gLo a}+lsª ;]jf k|bfg ug{,
kf/blz{tf, cfrf/;+lxtf, ;"rgfsf] kx'Fr, sfo{;Dkfbg & sf]ifsf] kl/rfng ug{,
cg'udgnufot ;du| ;+:yfut lg0f{o lngsf lglDt & Joj:yfkgsf sfo{x¿ Jojl:yt ¿kn] sfof{Gjog
lgod / sfo{ljlw ;d]l6Psf] x'G5 . ug{,
g]kfnsf] a}+lsª If]qdf ;+:yfut ;'zf;gsf] kfngf & egf{, tflnd, ljsf;, j[lQ, ;fdflhsLs/0fnufotsf
u/fpgsf nflu a}+s tyf ljQLo ;+:yf;DaGwL P]g, ljifonfO{ k|efjsf/L 9Ën] ;~rfng ug{ .
sDkgL P]gnufotsf sfg'gL Joj:yf ul/Psf] eP ;+:yfut ;'zf;gsf nflu g]kfn /fi6« a}+sn]
tfklg d"ntM s]Gb|Lo a}+sn] hf/L ug{] lgb{]zg /
u/]sf Joj:yf
kl/kqnfO{ g} o;sf] k|d'v cfwf/sf] ¿kdf lng] ul/Psf]
& a}+s tyf ljQLo ;+:yf;DaGwL P]g, @)&# df …a}+s
5 . g]kfn /fi6« a}+sn] klxnf] k6s @)%* ;fpg
jf ljQLo ;+:yfsf] ;du| hf]lvd Joj:yfkg u/L
! ut]b]lv nfu" x'g]u/L …jfl0fHo a}+sn] kfngf ug'{kg{]
lgIf]kstf{, u|fxsju{ tyf ;j{;fwf/0f ;]o/wgLsf]
;+:yfut ;'zf;g;DaGwL Joj:yf -lgb{]zg g+= ^_ hf/L
lxtdf a}+s tyf ljQLo ;+:yfsf] ;~rfng ug{'
u/]sf] lyof] . tt\kZrft ljQLo k|0ffnLdf b]lvPsf
Pjd\ tL ;+:yfdf pko'Qm ;+:yfut ;'zf;g sfod
unt cEof; / ;d:ofnfO{ ;d]t ;Daf]wg ub{} a}+sn]
u/L lgIf]k lng], shf{ lbg], nufgL ug{], sd{rf/L
pQm lgb{]zgdf ;do;fk]If kl/dfh{g ub{} cfPsf] 5 .
Joj:yfkg ug{] / ah]6 vr{ ug{] h:tf a}+s tyf
Organization for Economic Cooperative ljQLo ;+:yfsf] b}lgs sfd sf/f]af/df x:tIf]k
and Development (OECD) åf/f k|ltkflbt gug{] ljifosf] k|Tofe"lt ug{' ;~rfns ;ldltsf]
l;4fGtx¿ st{Jo x'g]Ú pNn]v 5 .
& ;+:yfut ;'zf;gsf] k|efjsf/L ;+/rgf tof/ ug{ & ;~rfnssf] of]Uotf, ;~rfns, sfo{sf/L k|d'v,
cfwf/ ;'lglZrt ug'{, n]vfk/LIfsn] ;]o/ lwtf] /fvL shf{ lng gx'g],
& ;]o/wgL tyf k|d'v :jfldTj sfo{df ;dfg clwsf/ ;~rfns ;ldltsf] a}7snufot a+}s ;~rfngsf
/ Jojxf/, ofjt\ kIfnfO{ lgoldt ug]{ ;DaGwdf cfjZos
& ;+:yfut nufgLstf{, ;]o/ ahf/ / cGo dWo:ystf{, k|fjwfg ;d]l6Psf] 5 .
& ;+:yfut ;'zf;gdf ;/f]sf/jfnfsf] e"ldsf, & g]kfn /fi6« a}+saf6 …sÚ, …vÚ / …uÚ ju{sf]
& v'nf;f tyf kf/blz{tf, Ohfhtkqk|fKt ;+:yfn] kfngf ug{'kg]{ ;+:yfut
& ;~rfns ;ldltsf] lhDd]jf/L . ;'zf;g;DaGwL O=k|f= lgb]{zg g+= ^÷)*) sf]
Joj:yfdf g]kfn /fi6« a}+s P]g, @)%* sf]
;+:yfut ;'zf;gsf] dxŒj bkmf &( n] lbPsf] clwsf/ k|of]u u/L] PsLs[t
& a}+sn] ;Dkfbg ug{'kg]{ sfo{x¿ Jojl:yt ¿kn] lgb]{zg;d]t hf/L ul/Psf] 5, h;df b]xfosf ljifo
;~rfng ug{, pNn]v ul/Psf 5g\ M
& cfGtl/s lgoGq0f k|0ffnL / cfGtl/s hfFraLr & ;~rfnsn] kfngf ug'{kg]{ cfr/0f;DaGwL Joj:yf,
;dGjo sfod ug{, & ;~rfns÷;~rfns ;ldltsf] st{Jo / pQ/
bfloTj,
59
 g]kfn /fi6« a}+s ;dfrf/
& ;~rfns lzIff sfo{qmd, & ljs]G›Ls/0f sfo{nfO{ k|efjsf/L agfpg g;Sg',
& sfo{sf/L k|d'vsf] lgo'lQm;DaGwL Joj:yf, & e|i6frf/ Pjd\ clgoldt sfo{df sdL gcfpg' tyf
& sd{rf/Ln] kfngf ug'{kg]{ cfr/0f;DaGwL Joj:yf, e|i6frf/ lgoGq0f ug]{ sfo{df ;+nUg lgsfox¿ yk
& sd{rf/L bIftf clej[l4 ;DaGwL Joj:yf, k|efjsf/L x'g g;Sg',
& cfGtl/s ;ldlt÷pk–;ldlt;DaGwL Joj:yf, & gful/s ;dfhsf sfo{ k|efjsf/L aGg g;Sg',
& shf{ k|bfg ug{ aGb]h;DaGwL Joj:yf, & ;fwg ;|f]tsf] cefj tyf pknAw ;fwg ;|f]tsf]
& cfrf/;+lxtf tyf ;'zf;g;DaGwL Joj:yf,
plrt k|of]u / kl/rfng x'g g;Sg',
& :jM3f]if0ff tyf ;DklQ ljj/0f;DaGwL Joj:yf,
& n3'ljQ ljQLo ;+:yfnfO{ hf/L ul/Psf] PsLs[t & lghL If]q ;an ;Ifd Pjd\ pQ/bfoL x'g g;Sg',
lgb]{zg, @)*), & ;]jfu|fxLdf r]tgfsf] cefj x'g',
& k"jf{wf/ ljsf; a}+snfO{ hf/L ul/Psf] PsLs[t & cg'udg tyf lg/LIf0f sfo{ k|efjsf/L x'g g;Sg' .
lgb]{zg, @)*),
& ljb]zL ljlgdo Joj:yfkg ljefuaf6 hf/L ePsf] ;+:yfut ;'zf;gsf ;DaGwdf b]lvPsf ;d:of
kl/kqsf] ;+u|x, @)*), tyf r'gf}tLx¿
& e'QmfgL k|0ffnL;DaGwL PsLs[t lgb]{zg, @)*), & jfl0fHo a}+s, ljsf; a}+s, ljQ sDkgLn]
& a}Í tyf ljQLo ;+:yf Ps cfk;df ufEg] ;~rfng;DaGwL hf]lvdsf] ck]lIft Go"gLs/0f ug{
ufleg] -dh{/_ tyf k|flKt -PlSjlhzg_ ;DaGwL g;Sg'
ljlgodfjnL, @)&#, & n3'ljQ ljQLo ;+:yfdf shf{sf] k"0f{ ;b'kof]udf
& a}+s tyf ljQLo ;+:yf l/hf]n';g ljlgodfjnL, @)&$, ;d:of x'g' .
& zL3| ;'wf/fTds sf/afxL;DaGwL ljlgodfjnL, & af]8{ / sfo{sf/Lsf] clwsf/, pQ/bfloTj / hjfkmb]
@)^$, lxtf :ki6¿kdf ls6fgL gePsf], ePsf] cj:yfdf
& a}s tyf ljQLo ;+:yfsf ;~rfns / sfo{sf/L
;d]t k"0f{ kfngf x'g g;Sg',
k|d'vsf] lgo'lQmsf nflu cfjZos of]Uotf tyf
& ;~rfns / sfo{sf/L k|d'vsf] lhDd]jf/L :ki6 gx'Fbf
sfo{ cg'ej;DaGwL ljlgodfjnL, @)&$,
sltko ;~rfnsn] ljz]if u/L sd{rf/L lgo'lQm,
& ;a} jfl0fHo a}+sdf hf]lvddf cfwfl/t ;'kl/j]If0f
sfof{Gjogdf NofOPsf], shf{ k|jfx, a9'jfh:tf kIfdf Joj:yfkgdfly
& sfo{;~rfng, shf{ Joj:yfkg, cfly{s k|zf;g x:tIf]k ug]{ u/]sf],
lgodfjnL, n]vf Dofg'cn, n]vfk/LIf0f Dofg'on, & ;+:yfsf kbflwsf/L / ;~rfnssf kl/jf/nfO{
nufgL gLlt, sd{rf/L ljlgofjnL, u'gf;f] k]l6sf, ;d]t ck|ToIf ¿kdf shf{ k|jfx x'g] u/]sf],
sfp06/ / eN6 aLdf, gub :yfgfGt/0f aLdf, & pko'Qm z}lIfs of]Uotf / a+}lsª cg'ej gePsf
hf]lvddf cfwfl/t n]vfk/LIf0f, hf]lvd Joj:yfkg JolQmx¿ ;~rfns h:tf] lhDd]jf/ kbdf lgjf{lrt
ljefu, a}+lsª sf/f]af/df u|fxs klxrfg ljj/0f x'g] t/ ;fdfGo a+}lsª Pjd\ ljQLo ljj/0fx¿
h:tf Joj:yf /x]sf] . a'‰g sl7g x'g] cj:yf ljBdfg /x]sf],
& ljQLo ;+:yfx¿df ;xL ljQLo ljj/0f gb]vfpg]
;'zf;gsf] k|efjsf/L sfof{Gjog x'g g;Sg'sf tyf lgliqmo shf{ sd b]vfpg] k|j[lQ a9]sf],
& cfly{s Pjd\ u}/cfly{s ;'ljwf lng] dfldnfdf
sf/0fx¿
;~rfnsaLr dte]b a9\g',
& ;'zf;g;DaGwL :ki6 P]g sfg'g gx'g' tyf ePsf]
& k|d'v sfo{sf/L;lxt pRr clwsf/Lx¿sf] pRr
P]g lgodsf] k"0f{ kfngf gx'g', kfl/>lds, pRr d'gfkmf b]vfpg c;'/lIft shf{
& ;'zf;g sfod ug]{ ;+:yfx¿ ;an ;Ifd tyf k|jfx, k|dv
' sfo{sf/LnfO{ cTolws shf{ k|jfxsf]
hgd'vL x'g g;Sg' tyf tL ;+:yfx¿ aLr sfo{ut nIo k|bfg ug]{ k|j[lQ /xg',
;dGjo gx'g',
60
g]kfn /fi6« a}+s ;dfrf/

& hf]lvdsf] klxrfg, ljZn]if0f / Joj:yfkgsf] :ki6 & cfly{s Pjd\ u}/cfly{s ;'ljwf lng] dfdnfdf
;+/rgfsf] cefj b]lvg', ;~rfnsaLr dte]b a9\g] u/]sf]df ;f]sf] cg'udg
& /0fgLlts lgoGq0fsf] ;+/rgf :yfkgf ug]{ / o;sf] lg/LIf0fnfO{ Jojl:yt agfpg] .
k|efjsfl/tfsf] lg/Gt/ ;dLIff ug]{ kl/kf6Lsf] cGTodf, ;+:yfsf] p2]Zo xfl;n ug{df ;'zf;g
ljsf; gx'g', cfwf/ xf] . ;'zf;gn] pknAw dfgjLo tyf
& gLlt lgdf{0f, sfof{Gjog / ;dLIff ug]{, lg0f{o lng], ef}lts ;|f]t ;fwgsf] ;jf]{Rr pkof]u x'g uO{ pTkfbg
cg'udg, lgoGq0f / l/kf]l6{ªsf nflu :ki6 b:tfj]h tyf pTkfbsTj clej[lQ x'g]dfq geO{ tL ;fwgnfO{ nIo
tyf kf/bzL{] Joj:yfkg k|lqmofsf] :yfkgf ug{ xfl;n ug{df s]lGb|t u/fpFb5 . ljBdfg ;+:yf lgsfox¿sf]
g;Sg' . sfo{Ifdtf clej[l4 u/]/ ltgsf] k|efjsfl/tfdf
hf]8 lbg' g]kfnsf] ;Gbe{df clt cfjZos eO;s]sf]
;+:yfut ;'zf;gnfO{ k|efjsf/L agfpg] 5 . c:yfoL k|s[ltsf cfof]u, ;ldlt, sfo{bn,
pkfox¿ 6f]nL u7g ug]{, k|ltj]bgx¿ tof/ u/fpg] t/ ltgsf]
& hf]lvd Joj:yfkgsf] nflu dha't ;+/rgfsf] lgdf{0f sfof{Gjogtkm{ eg] Wofg glbg] ljBdfg k|j[lQdf
ug]{ / sfof{Gjogdf Nofpg] . kl/jt{g u/L eO/x]sf ;+:yf tyf lgsfox¿sf] k|efjsf/L
& n3'ljQ ljQLo ;+:yfdf ePsf] shf{ ckrngsf kl/rfng ug{'k5{ . olb eO/x]sf ;+:yfaf6 sfd ;DkGg
36gfsf] Go"gLs/0fsf nflu sfo{bnn] lbPsf] x'g g;Sg] ePdf dfq gofF pkfo vf]Hg] ug{'k5{ .
;'emfjnfO{ qmdzM sfof{Gjog ub}{ n}hfg] . o;af6 tby{jfbL k|j[lQdf sdL cfpg], ;fwg /
& ;~rfns ;ldlt / sfo{sf/Lsf] clwsf/, pQ/ ;|f]tsf] ;b'kof]u x'g;Sg] / eO/x]sf ;+:yfsf]
bfloTj / hjfkmb]lxtf :ki6 ¿kdf ls6fg ug]{, k|efjsfl/tfdf j[l4 x'G5 . lgwf{l/t gLlt, of]hgf,
& ;~rfnsn] sd{rf/L lgo'lQm, shf{ k|jfx, ;?jf, sfo{qmdsf] sfof{Gjog :t/sf] k|efjsf/L cg'udg
a9'jfh:tf kIfdf Joj:yfkgdfly x'g] x:tIf]knfO{ / d"NofÍg k4ltsf] ljsf; ug{'k5{ . gful/s
lg:t]h t'Nofpg cfjZos ;+/rgf tof/ ug]{ . ;dfh;Fusf] ;xsfo{sf] nflu ;/sf/L, lghL If]q Pjd\
& ;+:yfsf kbflwsf/L / ;~rfnssf kl/jf/nfO{ ;d]t gful/s ;dfhsf] tkm{af6 cfjZos sfo{ ug{'k5{ .
ck|ToIf¿kdf shf{ k|jfx x'g] u/]sf] cj:yfnfO{ ;/sf/L If]qn] pko'Qm gLlt to ug]{ / lghL If]q tyf
ljz]if lgu/fgLdf /fVg] . gful/s ;dfh;Fu ;DalGwt ;+:yfx¿n] ;/sf/L gLltsf]
& pko'Qm z}lIfs of]Uotf / a+}lsª cg'ej gePsf dd{ cg'¿k hgtfdf ;]jf ;'ljwf k'¥ofpg] sfo{df
JolQmx¿ ;~rfnsh:tf] lhDd]jf/ kbdf lgjf{lrt pQ/bfoLk"0f{ tl/sfn] sfo{ ug]{ ;d'lrt jftfj/0f aGg'
x'g] k/Dk/fnfO{ Jojl:yt ug]{ . cfjZos b]lvG5 .
& ljQLo ;+:yfdf ljQLo ljj/0fx¿ k"0f{ ¿kdf ;xL
gb]vfpg] tyf lgliqmo shf{ sd b]vfpg] k|j[lQnfO{
lg?T;flxt ug]{ .


61
 g]kfn /fi6« a}+s ;dfrf/

jt{dfgsf] ;s;M lgof{t k|j4{g jf ahf/ l;h{gf

ug{] gjk|jt{g
 6Lsf/fd ltldlN;gf *
!= ljifo k|j]z Circular Economics cflb . To;}n], of] n]vdf d'n'sn]
jt{dfg o'u Jofkf/sf] o'u xf] . Jofkf/sf] cfFs8fn] cjnDag u/]sf] cfoft Joj:yfkg / lgof{t k|j4{g
dfq} klg b]zsf] jf:tljs Ifdtf w]/} xb;Dd k|i6 x'G5 . gLltsf] jf:tljs cj:yf, lgof{tsf sl7gfOsf] ljZn]if0f
g]kfn klg of] bf}8df kbrfk ldnfpg k|oTg/t 5 . tyf cfufdL sfo{lbzfaf/] rrf{ ul/Psf] 5 .
tyflk, jt{dfgsf] pknlAw ;Gtf]ifhgs eg] 5}g .
cfoft Joj:yfkg ub}{ lgof{t k|j4{gdfk{mt Jofkf/ @= cj:yf ljZn]if0f
;Gt'ng sfod ug]{ jfSof+z xfd|f x/]s cfly{s gLltdf s'g} lglZrt cfly{s jif{ jf dlxgfsf] tYofÍsf
e]l6G5 . clxn] k|of]udf /x]sf] zAb …cfoft Joj:yfkgÚ cfwf/df ul/g] ljZn]if0fn] jf:tljstfsf] lrq0f ub}{g .
s'g} a]nf cfoft k|lt:yfkgsf] ¿kdf k|rlnt lyof] . o; k|sf/sf] ljZn]if0f k"0f{;d]t x'Fb}g . tyflk,
t'ngfTds tyf k|lt:kwL{ nfesf cfwf/df j:t' /fhgLlts j[Qaf6 x'g] JofVof k|foM o:t} k|s[ltsf]
tyf ;]jf pTkfbg u/L e"d08nLs[t / pbf/ ljZj x'g] u/]sf] b]lvG5 . t/, t6:y cy{zf:qLo JofVofn]
cy{Joj:yfn] cGt/f{li6«o ahf/df lbg] kx'Frsf] /fi6«nfO{ cljl5Gg OsfOsf] ¿kdf u|x0f u/L ;du|df
;b'kof]udfk{mt cy{tGqsf] afXo If]q ;'b[9 ug'{kg]{ JofVof ub{5 . To;}n] tnsf] rf6{df g]kfnsf] ljut
kl/l:yltadf]lhd klxn]sf] cfoft k|lt:yfkgnfO{ clxn]sf] $( jif{sf] cfoft, lgof{t / Jofkf/ 3f6fsf] ljj/0f
cfoft Joj:yfkgn] u/]sf] ;+zf]wg ;do;fk]If 5 . k|:t't ul/Psf] 5 . pknAw tYofÍcg';f/ ljut kfFr
lgof{t k|j4{g cfˆgf] :yfgdf sfod} 5 . oBlk, bzsdf g]kfnn] Jofkf/ ug]{ ljZjsf d'n's;Fusf] s'n
s'g} lglZrt zAbsf] 6Lsfl6Kk0fLeGbf klg dxŒjk"0f{ Jofkf/ slxNo} gfkmfdf 5}g . o;sf] cy{ P]ltxfl;s
oyfy{sf] ljZn]if0f, jf:tljs ;d:ofsf] klxrfg / ;f]sf] ¿kd} g]kfnn] cfoftafkt ug]{ e'QmfgLeGbf lgof{taf6
;dfwfgdf rflng'kg]{ pkfodf s]lGb|t x'Fbf g} pkof]lutf k|fKt x'g] cfo sd g} lyof] eGg ;lsG5 . of] cj:yf
a9\g]df b'O{ dt 5}g . cfly{s jif{ @)^)÷^! df g]kfnn] ljZj Jofkf/
;Ë7gsf] ;b:otf k|fKt u/]kZrft\ emg} km/flsnf] aGb}
s'g} klg ;fj{hlgs gLltsf] k|efjsfl/tfsf] ljZn]
uPsf] 5 . of] b'O{ bzssf] cjlwdf g]kfnsf] cf};t
if0f tYo / tYofÍsf] cfwf/df ul/of] eg] dfq e/kbf]{
Jofkf/ 3f6f s'n ufx{:Yo pTkfbgsf] cg'kftdf sl/a
/ ljZjf;of]Uo x'G5 . tYo / tYofÍn] ljZn]ifsnfO{
@% k|ltzt 5 . cfly{s jif{ @)&(÷*) df Jofkf/
k"jf{u|xL x'gaf6 w]/} xb;Dd /f]S5 . oBlk k|fs[lts
3f6f / s'n ufx{:Yo pTkfbgsf] cg'kfn @& k|ltzt
lj1fgdf x'g] lglZrt JofVofsf] ljk/Lt cy{zf:qLo lyof] .
JofVof JolQmcg';f/ s]xL km/s kg'{nfO{ ;fdfGo ¿kdf
lnOG5 . o; k|sf/sf] km/s cy{zf:qsf] s]Gb|ljGb'df cfly{s jif{ @)&(÷*) df g]kfnn] s'n ?=!^
/xg] k|To]s JolQm / ;dfhsf] ljlzi6 u'0fn] l;h{gf va{ !! ca{sf] cfoft u/]sf] lyof] eg] hDdf ?=Ps
u/]sf] hl6ntfn] lgwf{/0f u/]sf] dfGg ;lsG5 . o:t} va{ %& ca{sf] lgof{t u/]sf] lyof] . o;/L cfoft
sl7gfOsf] JofVof ug]{ r]i6fn] cy{zf:qdf clxn] cf};t prfO ePsf] dflg;sf] xftsf] nDafOa/fa/sf]
5 eg] lgof{t cf}Fnfsf] ljQfsf] cfsf/df 5 . s'n
w]/} gofF ljwfx¿ ylkPsf 5g\ . h:t}M Behavioral
Economics, Climate Economics, Feminist Economics, cfoftdWo] ?= gf} va{ *& ca{ -sl/a ^) k|ltzt_
* pk–lgb]{zs, g]kfn /fi6« a}+s
62
g]kfn /fi6« a}+s ;dfrf/

;|f]tM g]kfn /fi6« a}+s, @)*)

@) k|sf/sf j:t'sf] vl/bdf vr{ ul/Psf] lyof] . o;} nfu" x'g;S5 jf ;Sb}g < ;du|df of] rqm eTsfpgsf
u/L, g]kfnaf6 pRr lgof{t x'g] aL; k|sf/sf j:t'sf] nflu j}slNks pkfo s] xf] < o:tf k|Zgx¿sf] pQ/
d"No ?=Ps va{ !# ca{ -sl/a &! k|ltzt_ lyof] . vf]Hg;s] ;d:of ;dfwfgtkm{ pGd'v x'g]df cfzfjfbL
;f] cfly{s jif{df ef/taf6 ?=!( ca{sf] ljB't\ x'g ;lsG5 .
cfoft ul/Psf] lyof] eg] !) ca{ lgof{t ul/Psf]
lyof] . o;/L r'lnPsf] Jofkf/ 3f6fnfO{ d'VotM #= sl7gfOsf] klxrfg
ljk|]if0f cfon] e/y]u ub}{ cfPsf] 5 . ut xfdLn] lsg ck]lIft pknlAw xfl;n ug{ ;s]gf}F
cfly{s jif{df d'n'sdf sl/a !@ va{ @) ca{ eg]/ a'e\mgsf nflu ;a}eGbf klxn] xfd|f ;+:yf /
ljk|]if0f lelqPsf] lyof] . sf]le8–!( n] ylnPsf] ko{6g xfd|f] ;+:s[ltaf/] a'e\mg h?/L 5 . ljsf; cy{zf:qsf
If]q klg lj:tf/} nodf kms{g yfn]sf] 5 . tyflk, k|fWofks Daron Acemoglu / o'lgel;{6L ckm l;sfuf]sf
ko{6g If]qaf6 k|fKt x'g] cfoeGbf j}b]lzs cWoogdf k|fWofks James Robinson åf/f lnlvt rlt{t k':ts
hfg] g]kfnL ljBfyL{sf] k9fO vr{sf nflu x'g] e'QmfgL Why Nation Fails df b]z ul/a x'g'sf k5fl8 tL
w]/} 5 . b]zsf sdhf]/ ;+:yfnfO{ cfF}NofPsf 5g\ .
o;/L csfl;Psf] Jofkf/ 3f6fsf nflu g]kfnsf] ljZj a}+ssf cg';Gwfgstf{x¿ Kate Bridge
bL3{sfnLg /0fgLlt s] x'g'k5{ eGg] ;DaGwdf ulx/f]
/ Michal Woolcock n] blIf0f clk|msL e"kl/j]li6t
ljZn]if0fsf] cfjZostf eO;s]sf] 5 . ljk|]if0fdflysf]
clws lge{/tfn] sfnfGt/df kfg{ ;Sg] hf]lvdsf af/]df b]z Malawi -hg;ª\VofM @ s/f]8 !@ nfv, If]qkmnM
5nkmn g} gePsf] eGg ;Sg] cj:yf 5}g . w]/} sl/a ! nfv !* xhf/ ju{ ls=ld= / k|ltJolQm s'n
;/sf]sf/jfnfx¿ o;af/] hfgsf/ g} 5g\ . cfGtl/s ufx{:Yo pTkfbg sl/a %*) cd]l/sL 8n/_ sf] s];
pTkfbg / pTkfbsTj k|j4{gsf nflu ;d]t ljleGg :68L u/]sf lyP . ljZj a}+sn] of] b]zdf ;g\ @))^
gLlt tyf sfo{qmd th'{df u/L sfof{Gjogdf NofOPsf] b]lv @)!! ;Dd ;+:yfut ;'wf/sf nflu sl/a %)
5 . tyflk, ck]lIft glthf lsg cfO/x]sf] 5}g < s] ca{ cd]l/sL 8n/ nufgL u/L !&! j6f kl/of]hgf
xfdLn] ef]u]sf ;d:ofsf] ;dfwfg g} 5}g jf ;lhn} ;~rfng u/]sf] lyof] . t/, ljsf;sf d'Vo If]q h:t}M
;dfwfg x'g]jfnf 5}g t < s'g} a]nf xfd|f] cfhsf] pBf]u tyf Jofkf/, s[lif, df5fkfng tyf hËn, :jf:Yo
h:t} cj:yfaf6 u'h|]sf b]zsf] ;kmntfsf] syf oxfF / ;fdflhs ;]jf / lzIffdf hDdf !%! kl/of]hgf

63
 g]kfn /fi6« a}+s ;dfrf/

dfq ;~rfngdf lyP . cWoogn] sfo{qmdkZrft\ ;f] xfn g]kfnL ;dfhdf tLg k|sf/sf efion]
b]zsf ;+:yfx¿sf] bIftf / kf/blz{tf k|j4{g x'g'sf] Jofkstf kfPsf] b]lvG5 . klxnf], :jb]zdf eljio
;f6f] ck]Iffljk/Lt e|d tyf e|i6frf/ df}nfPsf] tYo ;'/lIft ug{ ;lsg] cj:yf 5}g . sIff !@ jf
phfu/ u/]sf] lyof] . o;f] x'g'sf] sf/0f cWo]tfx¿n] :gfts;Ddsf] cWoog ;s]kZrft\ ljsl;t b]zx¿sf]
s'g} klg b]zsf] ;dfhsf] d"No / ;+:s[ltsf] :ki6 le;f ;'/lIft ug'{ g} ;kmn x'g] ;jf]{Qd pkfo xf]
hfgsf/Lljgf g} ljZjsf cGo b]zsf c;n cEof;nfO{ eGg] a'emfO 5 . g]kfnL ljBfyL{n] j}b]lzs cWoogsf]
af/Daf/ nfu" ug{ ul/Psf] k|oTgnfO{ cf}FNofPsf 5g\ . nflu lnPsf] No Objection Certificate (NOC) / ljb]zL
;fdfGotof z'qmaf/sf] ;fwf/0f klx/g, sfof{nod} d'b|f ;6xLsf] k|:t't tYofÍn] To:tf] a'emfOnfO{ an
lgMz'Ns lrof÷skmL, sfo{:yndf 3/kfn'jf hgfj/ k'¥ofPsf] b]lvG5 .
Nofpg kfpg] h:tf kIfnfO{ ;+:yfut ;+:s[ltsf] ¿kdf cfly{s jif{ @)&)÷&! Dff j}b]lzs cWoogdf
a'e\mg] ul/G5 . ;+:yfut ;'zf;gsf ljVoft cWo] hfg] ljBfyL{sf] ;ª\Vof sl/a @* xhf/ /x]sf]df
tf k|f= Edgar Schein n] o:tf] Joj:yfnfO{ ;+:yfut cfly{s jif{ @)&(÷*) df Ps nfv !) xhf/eGbf
;+:s[lt g/x]sf] ts{ ub{5g\ . pgn] ;+:s[ltnfO{ a[xt\ a9L ljBfyL{ cWoogsf nflu ljb]l;Psf 5g\ . ljut
9Ën] kl/eflift u/]sf 5g\ . ;+:s[lt eg]sf] ;femf bz jif{df j}b]lzs cWoogsf] nflu ljBfyL{ ljb]lzg]
nIosf nflu ;fd"lxs ¿kdf sfd ug]{ o:tf] tl/sf cf};t b/ #@ k|ltzt /x]sf] 5 eg] ;f]xL b/df
xf], h'g olt w]/} k6s / ;kmntfk"j{s k5\ofOG5 ls ljb]zL d'b|f;d]t ljb]lzg] u/]sf] 5 . ljb]z hfg]
JolQmx¿ ;f] sfdsf nflu cGo tl/sfn] k|of; ug]{ ljBfyL{sf] ;ª\Vofdf j[l4 eP;Fu} j}b]lzs cWoogsf
af/]df ;d]t ;f]Rb}gg\ . olb ;+:s[lt lgdf{0f ePsf] 5 eg] nflu ljb]zL d'b|f;d]t pNn]Vo ¿kdf vr{ ePsf] 5 .
dflg;x¿n] cfkm"nfO{ ;kmn x'g cfjZos kg]{ s'/fx¿ cfly{s jif{ @)&)÷&! Dff j}b]lzs cWoogafkt s'n
:jtM ug]{5g\ . cyf{t\, tkfO{+n] cfˆgf] ;Ë7g jf ?=!% ca{ aflxl/Psf]df cfly{s jif{ @)&(÷*) df
;dfhdf ;kmn x'g cfjZos 7fg]sf] tŒj g} ;f] ?=!)) ca{ aflxl/Psf] 5 . kl5Nnf] Ps bzsdf
;Ë7g jf ;dfhsf] ;+:s[lt xf] . j}b]lzs cWoogsf nflu dfq ?=#() ca{ /sd vr{

tflnsf – ! -/sd ?=ca{df_

ljBfyL{n] /fxbfgL j}b]lzs cWoogsf]
j}b]lzs cWoog j}b]lzs cWoogsf] gfddf
cfly{s jif{ ;'ljwfafkt lnPsf] gfddf ljb]l;Psf]
cg'dltkq hf/L ;ª\Vof ljb]l;Psf] /sd
ljb]zL d'b|f* s'n ljb]zL d'b|f
2070/71 28,126 15.12 2.76 17.88
2071/72 30,797 17.07 3.06 20.13
2072/73 37,148 20.14 3.95 24.09
2073/74 50,796 35.02 5.40 40.42
2074/75 58,758 38.09 6.13 44.22
2075/76 63,417 46.32 7.16 53.48
2076/77 33,196 25.81 3.86 29.67
2077/78 28,883 24.96 3.40 28.36
2078/79 1,02,504 67.70 12.39 80.09
2079/80 1,10,217 100.42 14.40 114.82

hDdf÷cf};t 5,43,842 390.66 62.58 453.17

g]kfn /fi6« a}+s ;dfrf/, @)*) ebf} cÍ k|sflzt n]vaf6 ;fef/ .
g]kfn /fi6« a}+s, b]zsf] jt{dfg cfly{s tyf ljQLo l:ylt, c;f/ @)*) .
* ljBfyL{n] /fxbfgL ;'ljwfafkt ;6xL u/]sf] ljb]zL d'b|f cf};tdf k|ltljBfyL{ cd]l/sL 8n/ !))) n] lx;fa ubf{ .

64
g]kfn /fi6« a}+s ;dfrf/

ePsf] 5 . cWoogsf] nflu hfg] ljBfyL{n] n}hfg] t];|f], ;/sf/n] lghL If]qd}qL jftfj/0f l;h{gf ug{
/fxbfgLafktsf] ;6xL ;'ljwf;d]t u0fgf ubf{ cfly{s ck]lIft ¿kdf ;s]sf] 5}g . kmn:j¿k, lghL nufgL
jif{ @)&(÷*) df sl/a ?=!!% ca{ / ljut bz k|j4{g x'g ;s]sf] 5}g . lghL nufgL k|f]T;fxg ub}{
jif{df ?=$%# ca{ cyf{t\ sl/a rf/ ca{ cd]l/sL 8n/ cy{tGqnfO{ ;d[l4sf] dfu{tk{m 8f]¥ofpgsf nflu ;/sf/sf]
-ljut bz jif{sf] cd]l/sL 8n/ / g]kfnL ?k}ofFsf] e"ldsf g} 5}g eg]/ a'e\mg' ;fGble{s x'Fb}g . ;d:of g}
jflif{s cf};t ljlgdo b/sf] cfwf/df_ ljb]zL d'b|f gePsf] /fd/fHosf] kl/sNkgf kl/kSj ;f]rfO xf]Og .
vr{ ePsf] 5 . x/]s ;dfh / b]zdf cfˆg} ljlzi6 k|sf/sf ;d:of
bf];|f], g]kfnleq nufgLsf ;|f]tsf] cefj /x]sf]n] /x]sf x'G5g\ . dfgfF}, b]zdf o'jfx¿ j:g] jftfj/0f
ljb]zL nufgL k|j4{g u/L pTkfbg tyf /f]uhf/L g} 5}g, ljb]zL nufgL cfsif{0fsf nflu xfd|f k|of;
l;h{gf ug]{ cj;/ ljBdfg 5 . g]kfndf cfGtl/s c;kmn ;flat eP / ;/sf/sf] sbd pBdzLntf
;|f]tsf] cefj /x]sf]df b'O{ dt x'g ;Sb}g . ;fy}, ljsf;sf nflu ;fy{s x'g ;s]gg\ . s] o;f] eGb}df
j}b]lzs nufgL eGg] ljlQs} ;lhn} cfOxfNg] klg g]kfndf s]xL klg ug}{ g;lsg] xf] < st} xfdL b]zsf]
xf]Og eGg] s'/f tnsf] tflnsfn] k|i6 ub{5 . jftfj/0fnfO{ b]vfP/ ;d:ofaf6 efUg] af6f] vf]lh/x]sf
t 5}gf} < l;4fGttM hxfF ;d:of x'G5g\, ToxfF cj;/
tflnsf–@ cg';f/ blIf0f Pl;ofdf Ps jif{df klg x'G5 .
sl/a %) ca{ cd]l/sL 8n/ k|ToIf j}b]lzs nufgL
cfPsf] b]lvG5 . o:tf] nufgLdWo] clwsf+z /sd
$= sfnf] afbndf rfFbLsf] 3]/f
ef/tn] k|fKt ub{5 eg] aËnfb]z bf];|f] :yfgdf 5 .
clxn] xfd|f] ;dfhdf x/]s s'/fsf] ;dfwfg
g]kfnn] k|fKt ug]{ j}b]lzs nufgL cf};tdf %)
;/sf/af6 dfq} vf]Hg] k|j[lQ JofKt /x]sf] b]lvG5 . t/
s/f]8 8n/ klg 5}g . nufgLstf{x¿ g]kfneGbf
ljZjdf s}of}F b]zsf ljleGg If]qsf] ljsf;sf] cj:yf
a9L kfls:tfg, dfNbLE; / >LnÍfdf cfslif{t ePsf]
x]bf{ lghL If]q cufl8 / ;/sf/ To;sf] k5fl8 /x]sf]
b]lvG5 . g]kfndf nufgL cfsif{0fsf lglDt w]/} ldlxg]t
b]lvG5 . h:t}, cd]l/sfd} klg s'g} a]nf ljnfl;tfsf]
/ ;'wf/sf] cfjZostf 5 .
j:t'sf] ¿kdf /x]sf] lghL sf/ pGgfO;f}F ztfAbLsf]

tflnsf – @
blIf0f Pl;ofdf j}b]lzs nufgL cfk|jfx -o'P; 8n/ ca{df_
jif{ 2017 2018 2019 2020 2021 2022 k|ltzt kl/jt{g @)@@_
blIf0f Pl;of 46.6 49.9 57.6 69.7 51.3 55.9 9.0
ckmuflg:tfg 0.1 0.1 0.02 0.01 0.02 0.0 -1000
aËnfb]z 2.2 3.6 2.9 2.6 2.6 3.5 20.2
e'6fg -0.01 0.01 0.003 0.001 0.001 0.01 -
ef/t 39.9 42.2 50.6 64.1 44.8 49.4 10.3
dfNbLE; 0.5 0.6 1.0 0.4 0.6 0.7 12.3
g]kfn 0.2 0.1 0.2 0.1 0.2 0.1 -66.8
kfls:tfg 2.5 1.7 2.2 2.1 2.1 1.3 -37.6
>LnÍf 1.4 1.6 0.7 0.4 0.6 0.9 51.7
;|f]tM g]kfn /fi6« a}+s, FDI Survey (2022)

65
 g]kfn /fi6« a}+s ;dfrf/
;'?cft;Fu} kmf]8{ df]6/n] cf};t cd]l/sLx¿sf] kx'Fr If]q;DaGwL sfg'g;d]t lyPg . sDkgLsf ;+:yfks
k'Ug] sf/sf] pTkfbg yfn]kl5 ;/sf/n] df]6/ af6f]sf] lblnk cu|jfn k|ljlw If]qsf] ljBfyL{ geO{ 5fqj[ltdf
lj:tf/nfO{ tLj| agfPsf] lyof] . g]kfnd} klg clxn] cd]l/sfaf6 afof]–s]d]i6«Ldf :gftsf]Q/ lyP . pgn]
s}of}F ;x/L o'jfnfO{ :j/f]huf/ agfpg ;kmn /fO8 cd]l/sfdf cfk"m cWoog/t ljZjljBfnoaf6 zf]w
;]ol/ª sDkgL …k7fcf]Ún] ev{/} dfq} sfg'gL dfGotf cWoogsf nflu k|fKt #,%)) cd]l/sL 8n/ 5fqj[lQsf]
kfPsf] 5 . sDkgLn] ;'?cftL ;dodf ljleGg If]qaf6 s]xL /sd hf]xf] u/L g]kfn kms]{/ sDkgLsf] ;'?cft
ef]u]sf] cj/f]w / sl7gfOsf] af/]df xfdL hfgsf/ g} u/]sf lyP . ;'?df Pp6f sf]7faf6 ;'? ePsf] pgsf]
5f}F . bf];|f] ljZjo'4af6 lynf]lynf] ePsf] hfkfgsf] ;]jf clxn] d'n'ss} cu|0fL OG6/g]6 ;]jf k|bfos
ljB'tLo ;fdfg pTkfbg ug]{ sDkgL …;f]gLÚnfO{ ;'?cftL sDkgLsf] ¿kdf :yflkt 5 .
r/0fdf ;/sf/sf] ;xof]u lyPg eGg] ul/G5 .
a'e\mg'kg]{ s'/f s] eg] ljZje/ g} ;/sf/L -v_ lgjf{xd'vL ls;fgnfO{ Jofj;flostftk{m
If]qdf l;h{gf x'g] /f]huf/Lsf cj;/ clt g} Go"g pGd'v u/fpg] k|of;M cf/h' /fO; ldn
x'G5g\ . /f]huf/L l;h{gf ug]{ d'Vo If]q lghL g]kfn s[lif k|wfg b]z eP tfklg jif]{lg 7"nf]
If]q g} xf] / o;n] g} cy{tGqsf] ljsf; / ;d[l4df kl/df0fdf s[lifpkh ef/t / cGo d'n'saf6 cfoft
d'Vo e"ldsf v]N5 . xfd|f kf7\oqmddf pBdzLntfsf x'g] u/]sf] tYofÍ xfdL;fd' 5 . xfn}sf jif{df
ljifoj:t' kof{Kt dfqfdf ;d]l6Psf] kfOFb}g . xfd|f] g]kfnn] cf};tdf jflif{s ?=$) ca{ xf/fxf/Lsf] rfdn
;dfh klg pBdzLntfsf] ax'cfoflds k|efjaf/] Tolt cfoft ug]{ u/]sf] 5 . rfn' cfly{s jif{sf] 5 dlxgfdf
hfgsf/ 5}g . t/, s] s'/f a'e\mg h?/L eO;s]sf] 5 eg] ?=!) ca{a/fa/sf] rfdn cfoft ePsf] 5 . s'g} a]nf
pBdzLntfsf] ljsf;ljgf s'g} klg ;dfhn] u'0ffTds g]kfnn] lgof{t ug]{ Ifdtf /fVg] rfdndf ;d]t
km8\sf] dfg{ ;Sb}g . To;}n], k|fWofks Edgar Schein k/lge{/tf a9\b} uPsf] 5 . g]kfnsf] t/fO{ tyf k"jL{
n] eg] e}Fm g]kfnL ;dfhdf pBdzLntf g} ;kmntfsf] If]qsf ls;fgn] wfg pTkfbgsf] l;hgdf ef/tLo
Pp6f dxŒjk"0f{ ;"q xf] eGg] :yflkt ug{ cfjZos 5 . Jofkf/LnfO{ ;:tf] d"Nodf wfg laqmL ug]{ tyf ;f]xL
To;n], ;'?cftL r/0fdf cfGtl/s ahf/ l;h{gf ub}{ wfg k|zf]wg u/L ef/tLo Jofkf/Ln] g]kfndf pRr
sfnfGt/df lgof{t k|jå{gsf] ;s; ;dfwfg ug{ ;S5 . d"Nodf rfdn laqmL u/]sf ;dfrf/ cfpF5g\ . oxL
g]kfnd} cj;/ l;h{gf u/L cfly{s tyf ;fdflhs ;d:ofdf cj;/ b]v]/ df]/ªsf] a]naf/Ldf g]kfns}
¿kdf of]ubfg ug{ ;kmn s]xL gjk|jt{gsf] ;ª\lIfKt klxnf] :jrflnt rfdn pTkfbg ug]{ ldn …cf/h' /fO;
rrf{ oxfF ul/Psf] 5 . ldnÚ :yfkgf ePsf] 5 .
g]kfnsf] cfGtl/s xjfO{ ;]jfsf] cu|0fL sDkgL
-s_ cu|0fL OG6/g]6 ;]jf k|bfosM jN8{lnÍ a'4 Po/sf sfo{sf/L cWoIf jL/]Gb|axfb'/ a:g]tn]
sDo'lgs];g k|f=ln= cf/h' /fO; ldn :yfkgf u/]sf x'g\ . clxn] b'O{
jN8lnÍ sDo'lgs];g k|f=ln= ;g\ !(() sf] xhf/eGbf a9L ls;fgx¿ ldn;Fu cfa4 5g\ . ldnn]
bzsdf g]kfndf Od]n ;]jf k|bfg ug]{ p2]Zon] :yfkgf g]kfnL ls;fgaf6 dfq pTkflbt wfgnfO{ ahf/;Ddsf]
ePsf] g]kfnsf] Ps ;kmn :6f6{ck sDkgL xf] . kx'Fr :yflkt ug]{ k|of; u/]sf] 5 . ldnn] ls;fg;Fu
jN8{lnÍdf xfn sl/a kfFr xhf/ hgfn] /f]huf/L xft]dfnf] ub}{ ls;fg pBdzLntf, s[lifdf cfw'lgsLs/0f
kfPsf 5g\ . ut cfly{s jif{ sDkgLsf] s'n laqmL / k|ljlwd}qL cEof;sf] yfngL u/]sf] 5 . ldnn]
cfo ?=!) ca{a/fa/ /x]sf] lyof] . crDd nfUbf] ls;fg;Fu g]kfn ;/sf/n] tf]s]sf] k|ltlsnf] wfgsf]
s'/f s] eg] sDkgL btf{ ubf{sf] ;dodf g]kfndf of] Go"gtd ;dy{g d"Nodf ?=@ .– yk u/L vl/b u/]sf] 5 .

66
g]kfn /fi6« a}+s ;dfrf/
ls;fgn] wfg ldndf k'¥ofPsf] bf];|f] lbg pgLx¿sf] 5 . Ps k6s k]ml/ larf/ u/f}F g Û cfˆg} b]zsf]
a}+s vftfdf /sd hDdf x'g] u/]sf] 5 . df6f]df x's]{sf] of] ;+:yfsf] ;fdflhs cfly{s k|efj
ldnn] ls;fg;Fu wfg pTkfbgsf ljleGg r/0fx¿Ù slt xf]nf < s] xfdL 8f= ?Ot / pgn] g]t[Tj u/]sf]
h:t}M laplahgsf] pknAwtf, xfe]{:6/ d]l;gaf6 wfg ltnuËfh:tf ;+:yf cGo If]qdf tof/ ug{ ;Sb}gf}F / <
sf6\g], bfpgL tyf ldn;Ddsf] 9'jfgLdf ;xsfo{ ub}{ o;sf nflu ahf/ l;h{gf ug{ ;Sg] gjk|jt{g pQd
cfPsf] 5 . o;sf ;fy}, ldnn] s[lif k|fljlwsx¿;Fu ljsNk x'G5 . o:tf] cj;/ g]kfnh:tf] ljsf;zLn
cGt/lqmof sfo{qmd ;~rfng u/L ls;fgnfO{ k|fljlws ;dfhdf cem a9L x'G5 .
k|lzIf0f;d]t lbg] u5{ . o:tf sfo{qmdaf6 ls;fgnfO{
wfgafnL nufpg], x]/rfx ug]{, dnhn ug]{ / afnLdf %= g]kfn /fi6« a}+ssf] e"ldsf
nfUg] /f]u / To;sf] /f]syfdaf/] hfgsf/L;d]t x'g] ljZj Ps k|sf/sf] csNkgLo sf]le8–!( sf]
u/]sf] 5 . ldnn] xfn dG;'nL / lh/f dl;gf] rfdn qf;bLaf6 qmdzM dfly pl7/x]sf] 5 . sf]le8sf] k|efj
pTkfbg ub}{ cfPsf] 5 eg] cfufdL lbgdf …nª u|]gÚ Go"gLs/0fsf nflu rflnPsf k|of;kZrft\ ljZjsf
r}t] wfg / af:dtL :t/sf cGo rfdn ahf/df clwsf+z s]Gb|Lo a}+sx¿ d'b|f:kmLlt;Fu h'Wg'kg]{ cj:yfdf
k7fpg] of]hgf agfPsf] 5 . k'u] . s]xL ;Í6sf afah'b ljZj cy{tGqn] km]l/ no
;dfPsf] b]lvG5 . tyflk, k|To]s ;Í6n] l;sfpg] kf7
-u_ ltnuËf cfFvf s]Gb| / 8f= ;Gb's ?Ot dxŒjk"0f{ x'g]df zÍf 5}g .
tfKn]h'ª lhNnfsf] cf]nfªr'ªuf]nfdf hlGdPsf l/hj{ a}+s ckm Ol08ofsf k"j{ ueg{/ /3'/fd
8f= ;Gb's ?OtnfO{ ;Ddfg:j¿k …b[li6sf] eujfg\ /fhgn] s]Gb|Lo a}+sn] yf]/} sfd ug]{ t/ To:tf] sfd
(God of sight)Ú ;d]t eGg] ul/G5 . sl/a Ps g} kof{Kt x'g] ts{ ub}{ cfPsf 5g\ . pbfx/0fsf nflu
nfveGbf a9L dflg;sf] df]ltlaGb'sf] zNolqmof u/L s]Gb|Lo a}+sn] Go"g / l:y/ d'b|f:kmLltsf] nIo xfl;n
b[li6 kmsf{pg 8f= ?Ot ;kmn ePsf 5g\ . pgsf] ubf{ g} cy{tGqnfO{ 7"nf] 6]jf lbg ;S5 . pgsf
cu'jfOdf ;~rflnt ltnuËf cfFvf s]Gb|n] ljZjd} cg';f/ a9L s]lGb|t t/ sd x:tIf]ksf/L s]Gb|Lo
;:tf] d"Nosf] Interocular lens (ILO) pTkfbg u/L a}+sn] g} /fd|f] sfo{ ug{ ;S5 . pgn] u}/k/Dk/fut
ljZjsf ljleGg d'n'sdf lgof{t ub}{ cfPsf] 5 . df}lb|s gLlt h:t}M kl/df0ffTds ;xhtfn] jf:tljs
;'?cftL r/0fdf b}lgs b'O{ ;o pTkfbg x'g] pQm If]qdf k|efj kfg]{ elgP tfklg shf{, ;DklQ tyf
n]G; clxn] sl/a b'O{ xhf/ xf/fxf/Ldf pTkfbg eO{ t/ntfsf] cj:yfnfO{ ljs[t ug'{sf ;fy} Psk6s
ljZjsf ljleGg d'n'sdf lgof{t eO/x]sf] 5 . xfn;Dd ;'ljwf k|bfg u/]kZrft\ To;af6 aflx/ lg:sg ufx|f]
of] n]G; ljZjsf $) nfveGbf a9L dflg;n] k|of]u kg]{ pNn]v u/]sf 5g\ .
ul//x]sf 5g\ . 8f= ?Ot / pgsf] ;d"xn] b]zljb]zsf d'b|f:kmLlt tyf o;;Fu ;DalGwt hl6ntfsf
ljleGg :yfgdf k'uL cfFvfsf] ;d:of ePsf ;DaGwdf gf]a]n k'/:sf/ ljh]tf cy{zf:qL Milton
lj/fdLsf] pkrf/ / zNolqmof ub}{ cfPsf] 5 . 8f= Friedman sf] egfO oxfF ;fGble{s b]lvG5 . pgn] eg]sf
?Otsf] b[li6;DaGwL dxfg\ sfo{sf lglDt Pl;ofsf] 5g\, æha tkfO{+ /S;L lkpg yfNg'x'G5 jf d'›f
gf]a]n k'/:sf/ dflgg] /f]dg Dofuf;f;], ef/t ;/sf/n] k|bfo (Money Supply/Money Printing) a9fpg
k|bfg ug]{ kbd>L, yfONof08 ;/sf/sf] pRr ;Ddfg, nfUg'x'G5, b'j} cj:yfdf ;'?df /fd|f c;/x¿ b]lvG5g\
ljZj cfly{s d~r / e'6fg ;/sf/sf] cjf8{ tyf eg] To;kl5 v/fa c;/x¿ . To;}n], /S;L ;]jg jf d'›f
ljZjs} k|l;4 O;f cjf8{ / ;Ddfgaf6 pgL lje"lift k|bfosf] j[l4 b'j}df alnof] k|nf]eg (Strong Temptation)
ePsf 5g\ . ltnuËfsf] lZfIff tyf tflnd ljefun] z}lIfs /x]sf] kfOG5 . ha ;'wf/sf] s'/f cfpF5, af6f] km/s
sfo{qmd / 5f]6f] cjlwsf tflnd ;~rfng ub}{ cfPsf] x'G5 . lsgls, ha tkfO{+ /S;L lkpg 5f]8\g'x'G5 cyjf
67
 g]kfn /fi6« a}+s ;dfrf/
clws d'›f k|bfo /f]Sg'x'G5, klxnf v/fa c;/x¿ ;g\ !(() kl5sf] sfnv08df b]zdf ePsf ljleGg
b]lvG5g\ eg] /fd|f c;/x¿ To;kl5 dfq} . To;}n] /fhgLlts ptf/r9fjsf afah'b klg 7"nf] ;ª\Vofdf
;'wf/sf] dfu{df l6ls/xg cToGt} sl7g x'G5 .Æ /f]huf/L l;h{gf u/L Jofj;flos ;kmntf k|fKt ug{
dflysf] k|;Ëaf6 klg g]kfn /fi6« a}+s P]g, ;lsg]df jN8{lnÍ sDo'lgs];g k|f=ln=sf] pbfx/0fn]
@)%* df lgwf{/0f ul/Psf] nIo d"No :yfloTj, afXo k|i6 kfb{5 . g]kfnnfO{ rfdndf cfGdlge{/ agfpg]
If]q :yfloTj / ljQLo If]q :yfloTjsf] uxgftfnfO{ u/L cf/h' /fO; ldnn] b]v]sf] cj;/ klg cy{k"0f{ 5 .
dx;''; ug{ ;lsG5 . casf lbgdf klg a}+sn] ljQLo g]kfnh:tf] ljsf;zLn b]zdf o:tf cg]sf}+ cj;/
jhf/df plrt :t/sf] t/ntf sfod ub}{ Aofhb/df x'G5g\ . o;sf nflu ahf/ l;h{gf ug{;Sg] gjk|jt{g
slxn]sfxLF b]lvg] c:jfefljs ptf/r9fjnfO{ dWogh/ g} ;kmntfsf] ;"q xf] eGg] ;+:s[lt :yflkt ug'{ cfhsf]
ub}{ o;nfO{ jfl~5t ;Ldfdf /fvL d'n'ssf] ;du| d"No clgjfo{ ;t{ xf] . of] k|of;df s]Gb|Lo a}+ssf] ¿kdf
tyf afXo If]q :yfloTjsf nflu ug]{ k|efjsf/L k|of; g]kfn /fi6« a}+sn] d"No :yfloTj, afXo If]q :yfloTj /
g} a[xt\ ¿kdf g]kfn /fi6« a}+ssf nflu kof{Kt b]lvG5 . ljQLo If]q :yfloTjdfkm{t of]ubfg ug{ ;S5 .
o; k|sf/sf] :yfloTjn] cy{tGqdflysf] ljZj;gLotf
a9\g uO{ gjk|jt{g tyf o'jf pBdzLntfdf dxŒjk"0f{ ;Gbe{ ;fdu|L
6]jf k'U5 . ;'j]bL, rf]ksfGt -@)*)_, j}b]lzs cWoogM k|ltef;Fu} k'FhL
klg knfog, g]kfn /fi6« a}+s ;dfrf/ M ebf} cÍ,
g]kfn /fi6« a}+s .
&= lgisif{ Yatra., (2024). Buddha air. Issue # 48. Page (72-73)
cGTodf k]ml/ Psk6s d"n zLif{s …jt{dfgsf] Nepal Rastra Bank. (2022). A survey report on foreign
direct investment in Nepal. Economic research
;s;M lgof{t k|jå{g jf ahf/ l;h{gf ug{] gjk|jt{gÚ department.
af/]df dgg u/f}F . n]vsf] cf;o lgof{t k|j4{gdf Nepal Rastra Bank. (2024). Current Macroeconomic
clxn] eO/x]sf k|of; lg/y{s eP eGg] xf]Og . and Financial Situtaion. Economic Research
Department.
tyflk, ;f]r] h:tf] ;kmntf k|fKt gePsf] tYo rf6{–! Rajan, R. (2023). For Central Banks, Less is more.
n] k|i6 kf/]sf] 5 . j}b]lzs nufgL k|j4{gdfkm{t cfly{s Finance & Development. International Monetary
;d[l4 xfl;n ug]{ nIodf r§fgL hl6ntfx¿ /x]sf] tYo Fund.
Rajan, R., & Lamba, R. (2023). Breaking the Mould:
tflnsf–@ n] l;4 u/]sf] 5 . clxn]sf] d'Vo ;s; Reimagining India's Economic Future. Penguin
eg]sf] tflnsf–! df k|:t't o'jf hgzlQmnfO{ sfnf] Random House India Private Limited.
Robinson, J. A., & Acemoglu, D. (2012). Why nations
afbndf rfFbLsf] 3]/fsf ;DaGwdf hfgsf/ u/fpg'
fail: The origins of power, prosperity and poverty.
g} xf] . o;af6 g} xfdL bL3{sfndf rf6{–! df k|:t't Christensen, C., Ojomo, E., & Dillion,K., (2019). The
Jofkf/ 3f6fsf] ;s; / tflnsf–@ df k|:t't j}b]lzs Prosperity Paradox: How Innovation Can Lift
Nations Out of Poverty. Harper Business.
nufgLsf] hl6ntfnfO{ ;dfwfg ug{ ;S5f}F . cfGtl/s Youtube Link
ahf/sf] cfjZostfnfO{ h/faf6} ;Daf]wg ug{ ;s]df https://www.youtube.com/watch?v=j0mC3Lx9-
ljZj ahf/df lj:tf/ x'g ;lsg] 8f= ?Otn] ljsf; j4&t=1s
https://www.youtube.com/watch?v=TPQh6Mcvyew
u/]sf] Inter Ocular Lens (IOL) af6 klg k|dfl0ft x'G5 .


68
g]kfn /fi6« a}+s ;dfrf/

;§]afhL pT;fx / lg/fzf M Ps ;fdflhs

dxfdf/L
 d'/fxl/ k/fh'nL *

cª\u|]hLdf …:k]s'n]l6e aanÚ elgg] zAbfjnLnfO{ k|jfx lbO/x]sf 5g\ . ahf/sf] cfsf/ xfn #@ va{
g]kfnLdf …;§]afhL kmf]sfÚ eg]/ cg'jfb ug{ t ;lsG5 t/ ?k}ofF k'u]sf] 5 . b}lgs cf};t rf/ ca{ ?k}ofFa/fa/sf]
o;n] lbg vf]h]sf] efjnfO{ a'emfpg eg] sl7g x'G5 . sf/f]af/ x'g] u/]sf] 5 .
xfdLsxfF k|rngdf gePsfn] klg x'g ;S5 …;§]afhL kmf]sfÚ a}lsª sf/f]af/sf] Oltxf; ;]o/ ahf/sf] eGbf
cy{xLg nfU5 . w]/} k'/fgf] 5 . /fi6« a}+saf6 Ohfhtkq lnP/ !!@
avf{df xfjf el/Psf] kfgLsf kmf]sf p7\5g\ / j6f a}+s tyf ljQLo ;+:yf ;~rflnt 5g\ . tL
km'6\5g\ . cy{tGqdf ;DklQx¿sf] d"Nodf pR5n cfpg] ;+:yfsf] zfvf !! xhf/ %&) k'u]sf] 5 . &%#
/ rsgfr'/ x'g] k|j[lQnfO{ cf}FNofpg ljsl;t d'n'sx¿df kflnsfdWo] aemfªsf] ;fOkfnafx]ssf ;a} kflnsfdf
ToxL laDasf] k|of]u ul/G5 . tL d'n'sx¿df ljleGg sDtLdf Pp6f a}+s zfvf k'u]sf] 5 . of] cfn]v
;dodf cfPsf h:t} ulx/f] / km/flsnf] lsl;dsf ljQLo tof/ kfbf{;Dd a}+s tyf ljQLo ;+:yfn] ^!=*! va{
;Í6 a]xf]g'{ gk/]sf]n] klg x'g;S5 xfdL of] laDa;Fu ?k}ofF lgIf]k ;Íng / %)=** va{ ?k}ofF shf{ nufgL
w]/} kl/lrt 5}gf}F . u/]sf 5g\ .
s]xL bzsb]lv xfd|f] cy{tGqsf] df}lb|sLs/0f x'Fb} aLdf ;]jf lbg] sDkgLsf] ;ª\Vof #$ k'u]sf] 5 .
uPsf] 5, sf/f]af/x¿ cf}krfl/s x'Fb} uPsf 5g\ . e"ld, ltgsf] zfvf ;ª\Vof em08} tLg xhf/ k'u]sf] b]lvG5 .
>d, j:t' tyf ljQ ahf/ Pscsf]{;Fu ;3g ¿kdf hf]l8g logLx¿n] cl3Nnf] jif{ Ps va{ *@ ca{ lk|ldod
yfn]sf 5g\ . To;}n] Pp6f If]qdf cfpg] ;d:of csf]{ If]qdf ;Íng u/]sf lyP . hLjg aLdfn] $$ k|ltzt
km}lng ;S5 . hg;ª\VofnfO{ ;d]6]sf] g]kfn aLdf k|flws/0fsf] bfaL]
Ps bzscl3;Dd xfd|f] ;]o/ ahf/nfO{ …sf7df8f}+sf] 5 . sd{rf/L ;~ro sf]if, gful/s nufgL sf]if
l/ª/f]8leq ;Lldt 5Ú elgGYof] . To;a]nf ;]o/ ahf/sf] / ;fdflhs ;'/Iff sf]ifn] pkbfg tyf cjsfz sf]ifsf]
ptf/r9fjn] k|efljt x'g] hg;ª\Vof yf]/} lyof] . Joj:yfkg ul//x]sf 5g\ . pknAw kl5Nnf] tYofÍcg';f/
clxn] ufpFufpFdf ;]o/ ahf/ k'u]sf] 5 . ltnx/L, ;~ro sf]ifn] rf/ va{ &) ca{ ?k}ofF, gful/s nufgL
afv|f, s'v'/f a]r]/ ;]o/df nufgL u/]sf] ;dfrf/ sf]if b'O{ va{ %) ca{ ?k}ofF / ;fdflhs ;'/Iff sf]ifn]
k9\g kfOG5 . ljb]lzPsf g]kfnLx¿sf] klg ;]o/ %) ca{ ?k}ofF a/fa/sf] ;DklQ kl/rfng u/]sf 5g\ .
ahf/df plQs} ?lr /x]sf] b]lvG5 . k|fylds tyf b]ze/ sl/a #% xhf/ ;xsf/L btf{ ePsf] / tLdWo]
bf];|f] ahf/df pgLx¿n] nufgL ul//x]sf 5g\ . !# xhf/n] art tyf C0fsf] sf/f]af/ u5{g\ elgG5 .
;]o/ hDdf ug{sf nflu ^! nfv l8Dof6 vftf vf]lnPsf logLx¿n] slt /sd kl/rfng ul//x]sf 5g\ eGg]
5g\ . bf];|f] ahf/df ;]o/ sf/f]af/ ug]{ cgnfOg olsg tYofÍ xfdL;Fu 5}g . ljut Ps bzssf]
k|of]ustf{sf] ;ª\Vof @) nfv k'u]sf] 5 . ;]o/ a|f]s/n] tYofÍnfO{ x]g]{ xf] eg] klg qmlds ¿kdf ljQLo If]qsf]
!() sf/f]af/ ljGb' -6«]l8ª 6ld{gN;_ jf zfvfaf6 ;]jf lj:tf/ eO/x]sf] b]lvG5 . cfly{s jif{ @)&!÷&@ ;Dd

*k|jQmf, g]kfn :6s PS;r]Gh lnld6]8

69
 g]kfn /fi6« a}+s ;dfrf/
d'n'ssf] s'n ufx{:Yo pTkfbgdf ljQLo If]qsf] lx:;f ub}{gg\ . pgLx¿n] l;4fGt agfpFbf jf ljZn]if0f
rf/ k|ltztsf] xf/fxf/Ldf lyof] eg] @)&(÷*) df ubf{ jf gLltut l;kmfl/; ubf{ xf]df] Osf]gf]ldS;
of] lx:;f ;ft k|ltztsf] glhs k'u]sf] b]lvG5 . ljQLo -ljj]szLn cfly{s dfgj_ nfO{ cfwf/ agfpg] u5{g\ .
If]qsf] lj:tf/n] ;du| cfly{s j[l4sf] ultnfO{ ;§]afhL pT;fx Ps dgf];fdflhs r'gf}tL xf] .
;xof]u k'¥ofpg ;S5, ;Fu;Fu} o;n] tLj| ptf/r9fjsf] o;sf] lgbfg ;lhnf] x'Fb}g . lsgls of] ;d:of km/s
hf]lvdnfO{ klg a9fpF5 . lgjf{xd'vL cy{tGqdf ljQLo ;do / ;Gbe{df km/s lsl;dn] k|s6 x'G5 . dfgl;s
If]qsf] dxŒjk"0f{ e"ldsf x'Fb}g . t/ xfd|f] cy{tGq ca lrlsT;fdf /ut lb;flk;fa k/LIf0f jf PS;/] cflbaf6
ljQLo If]qsf] e"ldsfnfO{ gh/cGbfh ug{ ;lsg] txdf /f]usf] lgbfg ug{ g;lsg] x'gfn] nIf0fx¿sf] ;"rL
5}g eGg] dflysf cfFs8fn] ;Í]t ub{5g\ . agfOG5 / w]/} nIf0f ldNg uPdf /f]usf] cg'dfg
kl5Nnf s]xL jif{df xfdLsxfF a}+lsª k|0ffnLsf] u/]/ pkrf/ yflnG5 . o:t} lsl;dsf] r'gf}tL cfly{s
t/ntf, ;]o/ ahf/sf] Hjf/ef6f, 3/hUuf ptf/r9fjnfO{ ;Daf]wg ug]{ ;Gbe{df klg cfpF5 .
sf/f]af/sf] cj:yfnfO{ Pscsf{;Fu hf]8]/ rrf{ x'g
yfn]sf] 5 . of] ljifo pkNnf] txsf] gLlt th{'df ;fdflhs dxfdf/L
/ sfof{Gjogdf ;Lldt geP/ cfd rrf{sf] d'2f t/ ;§]afhL pT;fx JolQmut eGbf klg ;fdflhs
ag]sf] 5 . To;}n] o; n]vdf ljQLo If]qsf] tLj| ;d:of xf] . gf]a]n k'/:sf/ ljh]tf cy{zf:qL /a6{
ptf/r9fjn] lgDTofpg] hf]lvdsf] ;fdfGo rrf{ ug{ l;n/sf cg';f/ of] ;d:of w]/} dfG5]sf] cGt/lqmofaf6
vf]lhPsf] 5 . ;fdfGotof kmf]sf aGg] / km'6\g] pTkGg x'G5 . o;df sf]xL hfgL a'lemsg nfu]sf x'G5g\,
s'/fnfO{ ;]o/ ahf/;Fu hf]8\g] ul/G5 . t/ ;]o/ ahf/ sf]xL c~hfgdf . ;DklQx¿sf] d"No a9\g yfn]sf]
cl:tTjdf cfpg' cl3b]lv g} ;DklQx¿sf] d"No XjfQ} b]v]kl5 a9LeGbf a9L dflg;x¿ o;df k|j]z ub{5g\ .
a9\g] / 36\g] clg cy{tGqdf ;d:of v8f x'g] u/]sf] cfd;~rf/ dfWod, kfl/jfl/s hd36, ;fj{hlgs
36gf ljZj Oltxf;df kfOG5 . ;df/f]x ;a}lt/ o;sf] rrf{ x'g yfN5 . o;n]
;sf/fTds rqm l;h{gf u5{ . d"No yk a9\g yfN5 .
;§]afhL pT;fx w]/}sf] ;f]rfO klxn]sf] d"No a9fO / clxn]sf]
o;df ;DklQsf] d"No j[l4sf] ;dfrf/n] km/s xf] eGg] x'G5 . ahf/df cg]sf}F lsl;dsf syfx¿
nufgLst{fsf] pT;fx a9fpF5 . of] dgf]lj1fg Ps JofKt ePsf x'G5g\ . o;df ;xefuL geP cj;/
JolQmaf6 csf]{df tLj| ultdf ;ª\qmfds ¿kdf u'D5 eGg] 8/ klg x'G5 . ;DklQsf cfsfª\IfLx¿sf]
km}lnG5 . o; k|lqmofdf d"Noj[l4nfO{ hfoh 7x¥ofpg] cGt/dgdf d"No j[l4 lbuf] xf]Og eGg] zÍf x'g ;S5 .
syfx¿sf] /rgf / k|rf/k|;f/ klg Jofks ¿kdf
Tof] cj:yfdf p;n] c¿ s;}nfO{ a]r]/ plDsG5' eGg]
eO/x]sf] x'G5 . nufgLstf{x¿sf] ;d'bfo km/flsnf]
hf]lvd p7fpF5 . l7s o;} u/L gsf/fTds rqm klg
aGb} hfG5 . ;DklQsf] jf:tljs d"No;Fu s;}nfO{
pTkGg x'G5 . of] r/0fdf d"No 36\g ;'? ePkl5
jf:tf x'Fb}g . c¿sf] ;kmntfn] k}bf u/]sf] O{iof{efjaf6
gsf/fTds syfx¿ JofKt x'g yfN5g\ . ;DklQ laqmLnfO{
k|]l/t eO{ ;DklQsf] ahf/df h'jf v]Ng] pQ]hgf xfjL
k|f]T;fxg ug]{u/L lg/fzf / ljklQsf syfx¿ JolQmut
x'G5 .
tyf ;fj{hlgs rrf{df cfpg] u5{g\ . w]/}sf] WofpGg
pT;fx, zÍf, O{iof{, c8\snafhL h:tf w]/} gf]S;fgL sd ug]{tk{m x'G5 .
dgf]j}1flgs jf efjgfTds tŒjx¿n] o;df sfd u/]sf
o;nfO{ cj;/sf] ¿kdf a'e\mg]x¿ sd x'G5g\ .
x'G5g\ . ax';ª\Vos cy{zf:qLx¿n] o;df vf;} hf]8
cj;/sf] ¿kdf a'e]m/ dfq} x'Fb}g . :jfldTj u|x0f ug]{
lbFb}gg\ . lsgls pgLx¿n] cfly{s lg0f{odf dfgjLo
Ifdtf klg x'g'k5{ . To;}n] vl/b ug]{ rfxgf / ;|f]t
efjgfn] e"ldsf v]N5 eGg] dfGotfnfO{ :jLsf/
ePsfx¿ sd x'G5g\ . csf]{ s'/f gsf/fTds xf];\ ls

70
g]kfn /fi6« a}+s ;dfrf/

;sf/fTds rqm slxn] ;dfKt x'G5 eGg] olsg hfgsf/L k'i6Ls/0f / k"j{bzL{ k"jf{u|xn] klg ahf/
s;};Fu klg xF'b}g . cNksfnsf] ;lRrg] k|j[lQ -al9/x]sf] ;xefuLnfO{ em'SofpF5 . xfdLn] h] b]Vg jf ;'Gg rfx]sf
eP 36\g], 3l6/x]sf] eP a9\g]_n] ahf/ ;xefuLnfO{ xf}F, ToxL b]Vg] jf ;'Gg] u5f}{+ . nufgLstf{nfO{ s'g}
e'mSofpF5 . To;}n] ;DklQsf] d"No 36\bf] jf a9\bf] ;DklQ u|x0f ug{ dg nflu/x]sf] 5 eg] p;n] To;sf
k|j[lQsf lj?4df hfg' 7"nf] hf]lvd df]Ng' x'G5 . af/]df ;sf/fTds s'/f dfq} ;'G5 jf b]V5 . oxfFg]/
JolQmut ;xefuLsf] s'/} 5f]8f}F ;+:yfut / ;DklQ c;n eP/ p;n] /fd|f s'/f yfxf kfPsf]
xf]Og, a? klxNo} Ps lsl;dsf] wf/0ff agfP/ ;f]wvf]h
k];]j/ ahf/ ;xefuLnfO{ klg ;DklQsf] l7sl7s
u/]sfn] /fd|f] xf] eGg] k'li6 x'g uPsf] xf] .
d"NofÍg ug{ sl7g x'G5 . k|rlnt ljQLo ;"rsfÍ
klg k"0f{ ¿kdf j:t'ut x'g g;Sbf ;DklQsf] olsg k"j{bzL{ cfu|xaf6 k|efljt ahf/ ;xefuLn]
d"NofÍg u/L vl/b jf laqmL ug]{ lg0f{o dgf]ut x'g cfk"mnfO{ ahf/sf] ptf/r9fjaf/] klxNo} hfgsf/L
hfG5 . lyof] eGg] :jfª kf5{ . h:tf] lsÙ p;nfO{ ;]o/
ahf/ a9\5 jf 36\5, 3/hUufsf] efp a9\5 jf
36\5, Aofhb/ a9\5 jf 36\5 eGg] klxNo} yfxf
dxfdf/Lsf nIf0f
lyof] . h'jf8] q'l6 csf{] dgf]j}1flgs ;d:of xf] .
dgf]ut lg0f{odf ;+1fgfTds q'l6x¿ x'g;Sg] xfd|f] b}lgs hLjgdf, xfd|f 6f]nl5d]sdf o:tf
ljåfg\x¿n] cf}FNofPsf 5g\ . o;dWo] klxnf] xf], s}of}F kfq km]nf k5{g\ . ;]o/ ahf/df nuftf/ rf/
cª\s'z] k|efj . of] o:tf] dgf]j}1flgs cª\s'z xf] lbg a9]sf] sDkgLsf] ;]o/ kfFrf}F lbg klg a9\5
h;n] xfdLnfO{ Pp6f ljGb'df c8\ofP/ /fV5 . xfd|f] eGg] dfgl;stfaf6 k|efljt eP/ nufgL ug]{x¿ of]
cjr]tg dg s'g} ;"rgf, ;Í]t, ljDa, cÍ, 36gf ju{df k5{g\ . ;do ljefhgsf] cfwf/ eg] lbg,
cflbdf c8\lsPsf] x'G5 . To;/L c8\lsPsf] dgn] ;ftf, dlxgf jf jif{ s'g} klg x'g;S5 . nf]enfnrn]
lrhx¿ kl/jt{gzLn x'G5g\ eGg] x]Ssf /fv]sf] x'Fb}g . cGwf] agfPkl5 dfG5]n] le8nfO{ k5\ofpF5 . xfd|f]df
To;}n] xfdLn] s'g} a]nf ;xL 7x¥ofPsf] j:t', 36gf o:tf] 36gf un}+rfsf] Jofkf/, klZdgfsf] lgof{t,
jf pkfo ;w}F ;xL x'G5 . ;DklQsf] d"NofÍgdf of] 3/hUuf sf/f]af/, j}b]lzs /f]huf/nufotsf If]qdf
sdhf]/L xfjL x'g;S5 . csf]{ ;d:of dgf]ut n]vfÍg b]vfk/]sf] 5 . o:tf] k"jf{u|xkLl8t dfG5]n] jf:tjdf
s'g} lrhn] s;/L sfd ul//x]sf] 5 eg]/ leqL s'/f
xf] . k};fsf] pkof]unfO{ k|fKt ;|f]tcg';f/ dfgl;s
a'e\mg] si6 ub{}g .
¿kdf cnUofpg] o; lsl;dsf] k|j[lQn] ;xefuLnfO{
;DklQaf6 k|fKt x'g;Sg] ;Defljt pRrtd k|ltkmn cgk]lIft ;dfrf/ cfpg] lalQs} ;DklQ
xft kfg{af6 /f]S5 . a]lrxfNg] / cfk"mnfO{ dgkg]{ lsl;dsf] ;dfrf/ jf
cfˆgf] cfu|xnfO{ k'li6 ug]{ lsl;dsf] ;dfrf/ cfP
clt cfTdljZjf;af6 k|efljt eP/ klg ahf/ lslgxfNg] k|j[lQsf JolQm klg ahf/df x'G5g\ .
;xefuLn] w]/} uNtL u5{g\ . s'g ;DklQ lsGg], s'g a]Rg], ;"rgfx¿df o; lsl;dsf] tTsfn / tLj| k|ltlqmof
slxn] lsGg], slxn] a]Rg] eGg] s'/f c¿nfO{ eGbf lbg] ;xefuLn] clwstd nfe ;'lglZrt ug{ ;Sb}gg\ .
dnfO{ a9L yfxf 5 eGg] clt ljZjf; s]xL ahf/ o:tf nufgLstf{ xfjL x'Fbf gofF ;"rgfn] ahf/ XjfQ}
;xefuLdf x'G5 . ljsl;t ahf/df ul/Psf cWoogcg';f/ a9\g], XjfQ} 36\g] x'g;S5 .
o:tf ;xefuLn] cgfjZos ¿kdf ;DklQ lsg]a]r xfn;fn}sf] 36gfaf6 clt k|efljt x'g] /
ub{5g\ / pgLx¿sf] sf/f]af/ nfut a9\5, k|ltkmn s]xL ;dokl5 To;nfO{ k"/} lal;{lbg] dgf]j}1flgs
sd x'G5 . ;d:of klg ahf/ ;xefuLdf x'G5 . o:tf] ;d:of

71
 g]kfn /fi6« a}+s ;dfrf/
ePsf ;xefuL cNksfnLg nufgLdf /dfpF5g\ . ;f]leot ;+3n] ;g\ !(@( df >d, e"ld,
bL3{sfnLg nufgL b[li6sf]0fsf] ;j{yf cefj x'G5 . k'FhLh:tf pTkfbgsf ;fwgx¿ /fHosf] :jfldTjdf
o;n] pgLx¿nfO{ bL3{sfnLg nufgLaf6 k|fKt x'g] ;xh lnP/ of]hgfa4 cfly{s cleofg ;'? u¥of] .
tyf ;'/lIft nfeaf6 jl~rt agfpF5 . of]hgfdfk{mt s[lifsf] Jofks k'gu{7g eof] . ;–;fgf
JolQmut s[lif sd{nfO{ ljzfn ;fd"lxs v]tLdf
dfG5]n] pknlAwnfO{ eGbf gf]S;fgLnfO{ a9L ef/ ¿kfGt/0f ul/of] . s[lifsf] ofGqLs/0f / pTkfbsTj
lbG5g\ . cg';Gwftfsf cg';f/ o:tf] dfgl;s ;d:ofaf6 a9fpg] elgof] . of] of]hgf ;kmn x'G5 eGg] k|f/lDes
u|:t JolQmn] g/fd|f] ;]o/ nfdf] ;do;Dd lnP/ cg'dfg / pT;fx 5Ss kfg]{ lsl;dsf lyP .
a:5g\, To;nfO{ laqmL u/]/ gf]S;fgL 36fpFb}gg\ . dfG5]x¿ olt pT;fxL lyP ls s;}s;}n] cfˆgf aRrfsf]
o;} u/L, pgLx¿ /fd|f] ;]o/ clnslt d"No a9\b}df gfd …q\ofSt/Ú, …On]lSqlkmStfl;ofÚ ;Dd /fv] elgG5 .
cflQP/ a]lrxfN5g\ / gfkmf sd u5{g\ . >d, k'FhL, e"ld s'g}sf] klg ahf/ d"No lyPg .
To;}n] ahf/ d"Nodf ptf/r9fj cfpg] k|Zg} ePg .
nfe–xflg jf ljho–k/fhosf] s'g} klg v]ndf jf;nft, gub k|jfx, gfkmf gf]S;fgsf ljj/0f ;fj{hlgs
k|j]z ul/;s]kl5 ;fdfGo dfG5]df tfls{stfeGbf x'Gy]gg\ . s'g} pBf]u Joj;fon] /fd|f] ul//x]sf] 5 jf
cxd\n] a9L sfd u5{ . o;df af]nL nufOg] j:t' g/fd|f] eGg] ljZn]if0f ug]{ g cfwf/ lyof] g :jtGqtf .
jf ;DklQsf] cfGtl/s d"No jf jf:tljs d"NoeGbf t}klg ;Í6 cfof], ;g\ !(#@–## df Ps s/f]8 !)
vl/bstf{n] af]n]sf] d"No w]/} a9L x'G5 . lnnfdL nfv dfG5] ef]sd/Ln] d/] .
d"No cfGtl/s d"Nodf 7"nf] cGt/nfO{ ;fdfGotof o:t} 36gf rLgdf klg eof]– ;g\ !(%* b]lv
ck"0f{ hfgsf/L, efjgfTds j]u / cGo JolQmk/s !(^! ;Ddsf] sDo'lgi6 rLgdf …b u|]6 lnk kmjf{8{Úsf
sf/0fx¿n] an k'¥ofPsf] x'G5 . o; lsl;dsf] gfddf . ToxfF klg ljQ ahf/nfO{ lgld6\ofGg kfl/Psf]
v]ndf efu lng] Ps hgfn] dfq geO{ w]/} hgfn] j:t' lyof] . s[lifsf] ;fd"lxsLs/0f / cfqmds ¿kdf pBf]u
jf ;DklQsf] d"NonfO{ cgfjZos ¿kdf dfly ws]N5g\ . k|j4{g ug]{ cleofg ;/sf/n] rnfPsf] lyof] . ljz]if
u/L kmnfd / O:kft pBf]udf ;/sf/n] hf]8 lbPsf]
;ª\1fgfTds ;d:ofn] JolQmut / ;f+:s[lts :t/ b'j}df
lyof] . ToxfF klg ahf/ d"Nox¿ cl:tTjdf lyPgg\ .
sfd ub{5 . ;f+:s[lts :t/df o;n] ;§]afhL jf;nft, gfkmf–gf]S;fgsf] ljj/0f / :jtGq ljZn]ifsx¿
pQ]hgfnfO{ a9fpF5 . lyPgg\ .
ufpFufpFdf l:6n pTkfbg ug]{ e§Lx¿ v8f eP .
;d:of ahf/ Joj:yfsf] dfq xf]Og …l:6n pBf]uÚ rnfpg ufpFn]n] cfˆgf efF8fs'F8f lbP/
;d:ofsf] klxrfg eO;s]kl5 xfd|f] Wofg o;nfO{ ;fd"lxs efG5fdf vfgf vfg yfn] . o;/L …‘l:6n pBf]uÚ
s;/L lgodg ug{] jf /f]Sg] eGg]tkm{ hfG5 . w]/}n] rNb}g eg]/ a'e\mg] dfG5] rLgdf gePsf xf]Ogg\ . t/
o;df clgolGqt ahf/ Joj:yfsf] bf]if b]V5g\ . pgLx¿ r'k nfu] . b|'t ultdf e"ld / >d s[lifaf6
t/ cy{tGqnfO{ lg:t]h kfg{ ;Sg] o; lsl;dsf] slyt pBf]utk{m df]l8of] . b]zdf clgsfn b]vfk¥of],
;fdflhs dxfdf/L ahf/ Joj:yfsf] ljlzi6 rl/q s/f]8f}+ dfG5]n] -s;}n] 8]9 s/f]8 eg]sf 5g\ s;}n]
xf]Og . ;f9] rf/ s/f]8_ Hofg u'dfP .
Ps k6s la;f}+ ztfAbLsf] k"jf{4{b]lv ;'? ePsf] ;f]leot ;+3sf] /fli6«os/0f / rLgsf] u|]6 lnk
kmjf{8{ Ps lsl;dn] klZrdf d'n'sx¿sf] …dfs]{6
;fDojfbL of]hgfa4 cy{tGqnfO{ x]/f}F . ahf/sf] e"ldsf
Dofg'k'n];gÚ eGbf sd lyPg . dfcf]sf lrlsT;s
gePsf tL cy{tGqx¿ klg r/d cfly{s ;Í6af6 tyf hLjgL n]vs ln lem;'Osf cg';f/ ;g\ !(%( d}
u'lh|Psf lyP . ToxfF n]vsf] ;'?df elgPsf] h:tf] dGr'l/ofsf] Pp6f cfw'lgs l:6n KnfG6 cjnf]sgkl5
kmf]sfx¿ ;txdf b]lvPsf lyPgg\, t/ cy{tGq leqleq} dfcf]nfO{ ufpFufpFdf v8f ul/Psf e§Lx¿n] sfd ub}{gg\
vf]qmf] eO{ PsfPs lj36gdf hfg] / 7"nf] dfgjLo eGg] nfu]sf] lyof] . t/ pgn] To;nfO{ /f]Sg eg]gg\,
ljgfz lgDTofpg] lsl;dsf] lyof] . cleofgnfO{ pN6\ofpg rfx]gg\ . e§L grnf];\, hgzlQm
72
g]kfn /fi6« a}+s ;dfrf/
tyf cGo ;|f]t ;fwg v]/ hfcf];\ pgnfO{ lrGtf ePg . ;§]afhL pT;fx / lg/fzf;Fu} afFRg] s;/L <
dfcf]n] hgtfsf] pT;fxnfO{ dfg{ rfx]gg\ . dflysf] rrf{af6 s] yfxf x'G5 eg] ljQ ahf/
h;/L ahf/ cy{Joj:yfdf unt ljj/0f k|:t't ljsl;t xf];\ ls gxf];\ cyjf ;du| ahf/ Joj:yfnfO{
g} gsf/] klg, ahf/ d"No k|0ffnLnfO{ lgnDag u/] klg
u/]/ ;xefuLnfO{ em'SofOG5, To;}u/L ;f]leot ;ª\3
;Í6 t cfOxfN5 . To;}n] ahf/ d"No k|0ffnL / ;§]afhL
/ rLgdf kf6L{ / k|zf;gsf tNnf lgsfon] unt
pT;fxnfO{ kG5fP/ a9\g c;Dej 5 .
tYofÍ s]Gb|df k7fPsf lyP . ls;fg, dhb"/ / tLgsf
kl/jf/sf] ef]s d]6fpg] Ps u]8f] cGg gx'Fbf klg s]Gb|df >d, e"ld, k'FhL, j:t'nufot ;a} lsl;dsf
kof{Kt pTkfbg eO/x]sf] 5 eGg] ljj/0f k7fOPsf] ahf/ d"Nox¿sf] k|ltlglwTj ;]o/ ahf/df ;"rLs[t
sDkgLx¿sf] d"No / ahf/ ;"rsfÍn] u5{ eGg] dfGg]
lyof] . a? ahf/ Joj:yf cFufn]sf d'n'sn] ;f]leot
xf] eg] gf]a]n cy{zf:qL kn :ofd'cN;gsf] egfO
;+3 / rLgdf h:tf] ljgfzsf/L 36gf a]xf]/]sf 5}gg\ . ;fGble{s x'G5 . pgn] eg]sf lyP, …:6s k|fO;];
o;af6 v'nf ahf/, :jtGq ljZn]ifs, jf;nft, gub cf/ dfOqmf] Olkml;PG6 PG8 Dofqm\of] OgPlkml;PG6 .Ú
k|jfx, gfkmf–gf]S;fg tyf cfo ljj/0fn] To:tf k|sf]k o;nfO{ csf]{ zAbdf s'g} Psn j:t' jf ;DklQsf]
/f]syfddf d2t u5{g\ eGg] lgisif{ lgsfNg ;lsG5 . d"No lgwf{/0fdf ahf/ bIf x'g;S5 t/ ;du| ahf/sf]
d"No lgwf{/0f eg] k"0f{ x'Fb}g eGg ;lsG5 . ahf/sf]
ljQLo :yfloTjsf] dfu{ d"No lgwf{/0f ljlw k"0f{ geP klg o;sf] e/kbf]{
klxn]klxn] klg ;fgf–7"nf ljQLo ;Í6 b]vfkbf{ csf]{ ljsNk 5}g eGg] s'/f xfdLn] ;f]leot ;+3 /
ljsl;t d'n'sx¿df o;sf] ;dfwfgaf/] rrf{ gx'g] u/]sf rLgsf] eofjx 36gfaf6 a'e\mg ;S5f}+ .
xf]Ogg\ . t/ ;g\ @))* sf] ljZjJofkL ljQLo To;}n] ahf/sf] d"No ptf/r9fj;Fu afFRg]
;Í6n] ;a} b]zsf ;/sf/ tyf cGt/f{li6«o ;+:yfx¿nfO{ snfsf] ljsf; cfjZos b]lvG5 . lsgeg] ahf/ d"No
;f]Rg afWo agfof] . ;a}lt/ ljQLo :yfloTjsf nflu ptf/r9fjdf ;§]afhL pT;fx / lg/fzfn] dxŒjk"0f{
gLltut, ;+:yfut tyf Jojxf/ ut k'gM cled'vLs/0fsf] e"ldsf v]N5 . ahf/ slt bIf x'G5 eGg] af/]df csf{
cfjZostf dx;'; ul/of] . 9Ng gx'g] k|0ffnLut lx;fan] cy{zf:qL lkm;/ ANofssf] egfO ;fGble{s x'G5 . vf;df
dxŒjk"0f{ ljQLo ;+:yfx¿ -l;kmL_ sf] rrf{ x'g yfNof] . pgsf] of] egfO klg :6s dfs]{6s} ;Gbe{df lyof] . pgn]
hf]lvd klxrfg, ;+:yfx¿sf] ljQLo ;anLs/0fsf nflu eg]sf lyP, …s'g} klg sDkgLsf] ;]o/sf] ahf/ d"No w]/}h;f]
;dodf jf:tljs d"No -cGtlg{lxt d"No_sf] Go"gtd
s8f lgod sfg'g agfOP, ;+:yfx¿nfO{ cg'zf;gdf
cfwfb]lv clwstd bf]Aa/;Ddsf] ;Ldfleq x'G5 eg]
a:g elgof] .
Tof] ahf/nfO{ bIf dfGg'k5{ .Ú pgn] w]/}h;f] ;do eg]/
tyflk, oL ;a} cEof;n] cfly{s ;Í6nfO{ /f]S5g\ () k|ltzt ;donfO{ ;Í]t u/]sf lyP .
eg]/ lglZrGt x'g ;lsFb}g . dflg;sf ;§]afhL t;y{, ahf/ ck"0f{ eP klg o;n] ;|f]t kl/rfng
pT;fxnfO{ klxrfg ug{ ;lhnf] 5}g . ahf/sf k|To]s ug]{ ljifodf dxŒjk"0f{ ;"rgf lbPsf] x'G5 . Tof]
;xefuL s'g dg;'af lnP/ sf/f]af/df ;xefuL eO/x]sf ahf/ rfx] ljQLo ;DklQsf] xf];\, >dsf] xf];\ jf
5g\ eg]/ klxNofpg' sl7g sfo{ xf] . o;nfO{ ;+:yfx¿sf] s'g} j:t'sf] . of] ;"rgfnfO{ cfwf/ agfP/ ;fj{hlgs
cf}krfl/s b:tfj]hdf /]s8{ ug{ ;lsFb}g . ;"rgfx¿df gLltx¿ aGg'k5{, Jojxf/ ul/g'k5{ . /, o;df Vofn
ljz[ª\vntf ylkFb} hfG5 . Ps vfnsf] af?bsf] 3/ ug{'kg]{ s'/f dfG5]sf pT;fx / lg/fzfn] ahf/nfO{
qmdzM aGb} hfG5 . o;df lgofdsx¿sf] dxŒjk"0f{ rnfodfg agfpF5 eGg] xf] . s'g} j:t'ut sf/0f
e"ldsf x'G5 . t/ tL lgsfodf klg clGtd lg0f{o g} rflxG5 eGg] xf]Og . To; lsl;dsf pT;fx /
ug]{ dfG5] g} x'G5g\ . dfG5]n] ;w}F j:t'ut lg0f{o u5{ lg/fzfn] dxfdf/Lsf] ¿k glncf];\ eGg]tkm{ ;bf
eGg] x'Fb}g . ;r]t /xg'k5{ .


73
 g]kfn /fi6« a}+s ;dfrf/

a}+lsª If]qdf a9\bf] tgfjsf sf/0f /

Joj:yfkgsf pkfo
 ljzfn ltdlN;gf *

ljifo k|j]z d'Vo sf/0f aGg ;S5 . To;f] t cjf:tljs Pjd\

…;f]r] e}Fm lhGbuL /}g5Ú eg] h:t} ha dflg;sf] dxŒjfsfª\IfL nIo lng', 5f]6f] ;dodf hLjgdf
ck]Iff / jf:tljstfaLr vf8n a9\b} hfG5 ta qmflGtsf/L kl/jt{g ug{ vf]Hg', ;]jfdf k|j]z ugf{;fy
tgfj pTkGg x'G5 . tgfj JolQmsf] zf/Ll/s / ;x/df 3/ uf8Lsf] ;kgf b]Vg' / …;/:jtLÚnfO{ eGbf
dfgl;s cj:yfdf cfpg] gsf/fTds kl/jt{g xf], …nIdLÚnfO{ a9L dfof ug]{ ;+:sf/ a9\b} hfg' h:tf
h'g k|lts"n jftfj/0fsf sf/0f l;h{gf x'G5 . tgfj ljljw sf/0fn] klg tgfj a9\b} uPsf] b]lvG5 . ljz]iftM
JolQmdf cg'el"t x'g] dfgl;s bafasf] cj:yf xf] . tgfju|:t JolQmx¿df w"dkfg clws ug{], nfu"cf}ifw
z/Ll/s / dfgl;s ¿kdf b]vfkg]{ a]r}gL g} tgfj xf] . / dfbs kbfy{ ;]jg ug]{, pTk|]/0ffdf sdL, sfo{;Dkfbg
of] jf:tjdf cd"t{ lrh xf] . o;nfO{ b]Vg, 5'g / :t/df x|f;, aLr}df hflu/ 5f8\g], u'0f:t/df x|f;,
cÍul0ftLo dfkb08df dfkg ug{ klg ;lsFb}g . of] s]jn sd ;'Tg], Jofofd gug]{ / vfgf /fd|/L gvfg] h:tf
dfgj cGtM:d/0f jf dfg;k6ndf dx;''; dfq ug{ c;fdfGo Jojxf/;d]t b]vfkb{5 .
;lsG5 . JolQmdf ha cfkm";Fu ePsf] 1fg, ;|f]t / clxn] Joj:yfkg, k|zf;g, cf}Bf}lus If]q, z}lIfs
;doaf6 s'g} kl/l:ylt ;DxfNg ;Dej xF'b}g eGg] If]q, lrlsT;f, /fhgLlt / dgf]lj1fgdf ;d]t
cg'el"t x'G5, ta tgfj l;h{gf x'G5 . tgfj Psflt/ tgfj;DaGwL s'/fn] pRr k|fyldstf kfPsf] 5 .
ljsf;sf nflu cfwf/lznf xf] eg] csf{tkm{ åGåsf] o;} u/L, dflg; zf/Ll/s / dfgl;s ¿kdf :j:y
k"j{;t{ klg xf] . of] dfgj k|hfltsf] dfu / cfk"lt{aLrdf /x] dfq JolQmn] cfkm"nfO{ kl/jlt{t jftfj/0fcg'¿k
cfPsf] a]d]n xf] . tgfj ;'?df /rgfTds x'G5 kl/jt{g jf kl/dfh{g ug{ ;S5, efjgfTds åGåaf6
eg] a9L ePdf xflgsf/s x'G5, ljgfztkm{ cu|;/ ljrlnt xF'b}g . hLjgsf] cy{ a'emL To;}cg'¿k rNb5 .
u/fpF5 hf] ljWj+;sf/L x'g ;S5 . t;y{ a]n}df cfˆgf] If]qdf ;fdYo{sf] k"0f{ pkof]u ub{5 . ;'dw'/
tgfj Joj:yfkg ug'{ h?/L 5 . kf/:kl/s ;DaGw ljsf; ub{5 . kmntM pTkfsbTj,
tgfjn] pQ]hgf, c;Gt'li6, g}/fZoh:tf dfgl;s ;Ë7gk|ltsf] k|lta4tf, sfo{;Gt'li6 a9\5 eg] ;Ë7g
kl/jt{g NofpF5 eg] 6fpsf] b'Vg], 9f8 b'Vg], ckr, 5f]8\g] / cfk;L dgd'6fjsf] qmd 36\g yfN5 . h;af6
clgGb|f, SofG;/, dw'd]x, l/Fu6f nfUg], k]6sf] /f]u a9\g], ;du|df ;Ë7gsf] lglb{i6 nIo k|fKt ub{} ;Ë7gnfO{
l/;fpg], ysfg, b'Jo{;g, cfTdxTof h:tf zf/Ll/s bL3{sfn;Dd l6sfpgsf nflu tgfjsf] dfqfnfO{
kl/jt{g NofpF5 . o;n] JolQmsf] pTkfbsTj, sfo{ lg/fs/0f ub}{ hfg' cfjZos b]lvG5 .
k|lta4tf / sfo{Ifdtfdf x|f; NofpF5 . ha JolQmn] s'g} s'/fsf] lrGtf ug'{ :jfefljs xf] . t/
tgfj;Fu h'w]/ ;kmntf xfl;n ub{5 ta dfq p;sf] lrGtfdf 8'la/xg' rflxF xflgsf/s x'g;S5 . lrGtfn]
tgfj sd x'G5 . dflg; hGdhft g} :jtGqtf ?rfpg] lrtfdf k'¥ofpg ;S5 eGg] s'/f klg x]Ssf x'g' h?/L
k|f0fL xf] . ha dfgj :jtGqtfdfly k|xf/ x'G5, x'G5 . lbg/ft tgfj jf lrGtf lnFbf JolQm l8k|];gdf
ta tgfj pTkGg x'G5 . JolQmsf] hLjg ;kmntf / k'Ug ;S5 . ;fy} l8k|];gsf] ;dod} klxrfg eO{
c;kmntfsf] ;lDd>0f ePsfn] c;kmntf g} tgfjsf] kl/jf/sf] ;xf/f / ;xof]u ldn]g eg] cj:yf yk
*;xfos Joj:yfks, /fli6«o aLdf ;+:yfg
74
g]kfn /fi6« a}+s ;dfrf/
uDeL/ x'g;S5 . cfhef]ln c:ktfnsf dfgl;s c:jLsfo{ 5 . a+}lsª c/fhstf km}nfpFb} >dhLjL
/f]u ljefudf l8k]|;gsf] l;sf/ ePsf ;a} pd]/ af}l4s ju{df sfnf]df];f] cleofgnufotsf ef}lts
;d"xsf dflg; e]l6G5g\ . jf:tjdf ha dl:tisn] k"/f cfqmd0fh:tf ultljlw a9\b} hfg] / ;Da4 lgsfosf]
cf/fd kfpFb}g, ta To;df Ps lsl;dsf] bafa alg/xG5 . df}gtf /lx/xg] xf] eg] sd{rf/Lsf] tgfjsf] :t/
o;sf/0f tgfj la:tf/} l8k|];gdf ablnG5 . sxfF k'Unf < a]n}df ;f]Rg cfjZos 5 . dflg;
t;y{, tgfju|:t dflg;nfO{ cf}iflweGbf klg dfof, hGdhft g} ;dfgtf vf]Hg] Gofok|]dL k|f0fL ePsfn]
x]/rfx / xf};nf cfjZos x'G5 . o; sf/0f tgfjsf] g]kfnsf] ;fj{hlgs ;]jfdf j[lQky k"jf{g'dfgof]Uo /x]sf],
;dod} lg/fs/0f ug'{ h?/L x'G5 . :jb]zL tyf ljb]zL tflndsf] kof{Kt cj;/ /x]sf]
;fy} cWoogsf nflu kof{Kt ;do / cj;/ /x]sf]
a}+lsª If]qdf a9\bf] tgfjsf sf/0fx¿ t/ ljQLo If]qdf c;f/sf] uf]?h:tf] ;w}F sfddf
;j{;fwf/0fsf] art /sddf Joj;fo ug]{ hf]lvdk"0f{ k]lng'kg]{, j[lQky clglZrt /x]sf], tflndsf cj;/
/ r'gf}tLk"0f{ If]q a}+s xf] . t;y{, a}+ssf lgIf]kstf{x¿ kof{Kt g/x]sf], sfo{;Dkfbgsf] :t/ / tna ;'ljwfdf
a}+ssf /fhf x'g\, eujfg\ x'g\, Joj;fo ;kmntfsf tftfTDo gldn]sf], dflyNnf] / tNnf] txsf sd{rf/Ldf
cfwf/:tDe x'g\ / ;]jf g} wd{ xf] eGg] d"n dd{sf ;]jf ;'ljwfdf cGt/ /x]sf] h:tf sf/0f sd{rf/Ldf
;fy d':sfg;lxtsf] ;]jf lbg'kg{]df 7':sfg;lxtsf] g}/fZo a9\b} uPsf] 5 . o;} u/L, :jf:Yo h:tf]
;]jf JofKt 5, h'g sd{rf/L tgfjsf] pkh xf] . d"ntM ;+j]bgzLn ljifodf ;d]t sd{rf/L :jod\sf] jf 3/
a+}lsª If]qdf tgfjsf d'Vo sf/0fdf clws sfo{ef/, kl/jf/sf] ;b:osf] c:ktfndf egf{ x'Fbfsf] avtdf
cJofjxfl/s nIo / sfo{hLjg ;Gt'lnt gx'g'nfO{ lng ;d]t sfof{noaf6 cgfjZos bafa cfpg] u/]sf] ahf/df
;lsG5 . a+}lsª If]qdf dflyNnf] txaf6 tNnf] txsf k|z:t ;'Gg kfOG5 . t;y{, a}+s h:tf] ;+j]bgzLn
sd{rf/L lgs} k]lnPsf], sd{rf/Lsf] Ifdtfaf6 k|fKt If]qdf sfo{/t sd{rf/Ldf tgfj a9\b} hfg] xf] eg]
ug{ g;lsg] nIo lgwf{/0f u/L cgfjZos oftgf ltgsf] dgf]an / pTk|]/0ffn] slt ;do sfd unf{ <
lbOg] u/]sf], ;fgf] uNtLdf klg dfgl;s bafj lbg] 36gf jf ;d:of ePkl5sf] ;fjwfgL eg]sf] d[To'
nufotsf sf/0f a}+lsª hflu/ 5f8]/ ljb]z hfg] b/ k5fl8sf] :jf:Yo k/LIf0f u/]h:t} xf], h;sf] s'g}
a9\b} uPsf] / l8k|];gsf] l;sf/ x'g] jf cfTdxTof cy{ /xFb}g . d[To'kZrft\ lrxfg nfg'sf] s'g} ljsNk
ug{] vt/f lbg k|ltlbg a9\b} uPsf] b]lvG5 . a}+ssf gePsfn] ;d:of b]lvg'cufj} ;r]t x'g' h?/L x'G5 .
sd{rf/Lx¿ laxfg gf} ah] g} sfof{no pkl:yt x'g'kg{] tgfjsf d'Vo sf/0fx¿ lgDgadf]lhd 5g\ M
/ ;fFem lx;falstfa gldNbf;Dd 3/ kms{g gldNg]
/ kms{g] ;dosf] slxNo} 6'Ëf] gx'gfn] kfl/jfl/s != JolQmut sf/0f
emu8f a9\g], kfl/jfl/s ;DaGw lau|g], sfo{hLjg JolQm :jodsf sf/0f tgfj l;h{gf x'g] x+F'bf
;Gt'ng gx'g], kfl/jfl/s / ;fdflhs hLjgsf] cg'e"lt o;k|lt JolQm :jod ;+oldt x'g cfjZos 5 .
lng gkfpg] ;fy} rfx]/ klg ;dfhk|ltsf] lhDd]jf/L tgfjsf] d'Vo JolQmut sf/0fx¿ b]xfoadf]lhd 5g\ M
axg ug{ g;Sg] h:tf ;d:of l;h{gf x'G5g\ . a+}lsª
– clglZrt eljio
If]qdf cfly{s ;'ljwf, sfo{ ljlzi6Ls/0f, tflnd, sfo{ – cfTd;+od gx'g'
kl/qmd0f, ;?jf -zfvf / u|fdL0f If]qdf sd{rf/L hfg} – gsf/fTds ;f]rfO / cg'e"lt
grfxg]_, clws sfo{ef/, dflyNnf] txsf] cgfjZos – cfly{s ;d:of
bafasf sf/0f sd{rf/Lk|ltsf] u'gf;f] ahf/el/ JofKt – kfl/jfl/s åGå
5g\ . o;} u/L, kl5Nnf] ;do a}+lsª sd{rf/Lk|lt – ck"0f{ 1fg
lg/Gt/ cfqmd0fsf wDsLx¿ ;'lgG5g\, h'g\ lsdfy{ – ;fdflhs ckx]ngf

75
 g]kfn /fi6« a}+s ;dfrf/
– PSnf]kgf – sdhf]/ sfo{;Dkfbg d"NofÍg
– dg gk/]sf JolQm;Fu sfd ug{'kg]{ afWotf – sfo{;Dkfbg / ;]jf ;'ljwfdf tfbfTDo gx'g'
– clws sfo{ef/ – 6]«8 o'lgogsf] unt cEof;
– jf:tljstf :jLsf/ gug]{ k|j[lQ – dlxnf sd{rf/Lk|lt aqmb[li6
– k|]ddf kmf6f] cfpg' – ;fd"lxs ;f}bfafhLsf] cefj
– dxŒjfsfª\IfL nIo – b08 k'/:sf/df lje]b
– hLjg afFRg sl7g x'g' – ;]jf ;'ljwfdf c;dfgtf
– k9fOdf c;kmntf – ;]jfsf] clglZrttf / c;'/Iff
– hLjgk|lt gsf/fTds ;f]r – ;~rf/df ax'cj/f]w
– c:j:ys/ hLjgz}nL – JolQmut nIo / ;fË7lgs nIoaLr a]d]n
– u'gf;f] ;'g'jfO ;+oGq gx'g'
– ;kmntfsf] cfjZostf – >dk|lt ;Ddfgsf] ;+:sf/ g'x'g'
– c;Dej nIo k|flKtsf nflu xf]8afhL – kbf]Ggltsf] cj;/df lje]b
– ljrf/df leGgtf – kb:yfkgfdf u}/k|0ffnLsf] xfjL
– JolQmut l/;OaL / emu8f – JolQmk|wfg gLlt aGg'
– t'ngf ug{] afgL – JolQm x]/]/ gLlt tf]l8g'
– Hfflu/ u'dfpg'
– j}jflxs ;DaGw 6'6\g' . #= gLltut sf/0f
ha ;Ë7gn] sd{rf/Lx¿aLr ;dfg gLltut
@= ;fË7lgs sf/0f Jojxf/sf] cfef; lbnfpg ;Sb}g, ta sd{rf/Lx¿df
g}/fZo, ckdfg / tgfj a9\g yfN5 . ;Ë7gsf gLlt,
;Ë7g sd{rf/Lsf] /rgfTds / l;h{gzLntf k|:t't Jojxf/ / z}nL JolQm x]/]/ kl/jt{g ug'{xF'b}g . sd{rf/L
ub}{ >d a]Rg] 7fpF ePsfn] sd{rf/Lx¿aLr ;dfg cj;/, tgfjsf gLltut sf/0fx¿ lgDgadf]lhd 5g\ M
Jojxf/ / ;'ljwf pknAw u/fpg g;Sbf tgfjsf] dfqf – tgfj Joj:yfkgdf gLltutsf] cefj
a9\b} hfG5 . tgfjsf ;fË7lgs sf/0fx¿ lgDgadf]lhd – sfo{ljlwdf Ps¿ktfsf] cefj
5g\ M – gLltsf] jfikLs/0f
– ;Ë7gsf] sfo{ 9fFrf :ki6 gx'g' – sfg'gL cl:y/tf
– sfo{ hLjg ;Gt'ngdf ;d:of – /fhgLlt / k|zf;gdf sfo{ If]q :ki6 gx'g
– ;Ë7gsf] nIo :ki6 gx'g'
– kof{Kt ;|f]t ;fwgsf] cefj – ;]jf ;'ljwfdf ;Ë7gaLr gLltut Ps¿ktf gx'g'
– ckof{Kt tna / ;'ljwf
– ;?jf / kb:yfkgfdf a9\bf] wfFwnL $= cGo sf/0f
– cTolws /fhgLlts bafa tgfj JolQmut, ;fË7lgs / gLltutafx]s cGo
– tgfj Joj:yfkgk|lt g]t[Tj ;r]t gx'g' sf/0faf6 klg x'g] ub{5, h'g lgDgadf]lhd /x]sf
– ;dfg cj;/sf] cefj 5g\ M
– lg0f{odf kof{Kt clVtof/ k|Tofof]hg gx'g' – tgfj Joj:yfkgdf k/fdz{sf] cefj
– sfo{ pTk|]/0ffsf] cefj – /fdf] sfo{ jftfj/0f gx'g'
– tgfj Joj:yfkg;DaGwL tflndsf] cefj – Ifdtfsf] sb/ gx'g'
– k|zf;gdf a9\bf] /fhgLlts k|efj – a9\bf] hgck]Iff / bafa
– k|ljlwdf lg/Gt/ kl/jt{g eO/xg'
– j[lQ ljsf; of]hgfsf] cefj – ;fdflhs c;'/Iff
– xflsd sd{rf/LaLr dgd'6fj – hf]lvdk"0f{ sfd ug'{kg]{ cj:yf
– gftfjfb, s[kfjfb / rfs8Ljfb xfjL – ;fdflhs bafa
– sd{rf/LaLr åGå – kfl/jfl/s lhDd]jf/L
– 6]«8 ol'gogn] sd{rf/LaLr km'6 NofPsf] – JolQmut ;DaGw
76
g]kfn /fi6« a}+s ;dfrf/
tgfj Joj:yfkgsf pkfo dfq glnO{ cfw'lgs Joj:yfkgsf l;4fGt / cEof;sf]
tgfj Joj:yfkgsf] ;jf]{Qd pkfo tgfjsf] sf/0f dd{nfO{ a'em]/ dfgjLo ;+j]bgf / >dsf] plrt ;Ddfg
klxrfg u/L To;sf] ;xL ;Daf]wg ug'{ xf] . kl/jlt{t ub}{ ;Ë7gdf a9\bf] tgfj Joj:yfkg ug{ lgDg pkfox¿
jftfj/0f cg's"n JolQmsf] Jojxf/df klg ¿kfGt/0f cjnDag ug{ ;lsG5 M
ug]{ / tgfjnfO{ l;h{gfTds / /rgfTds agfO{
JolQmsf] zf/Ll/s tyf dfgl;s ;Gt'ng sfod /fVg] != JolQmut k|of;
sfd g} tgfj Joj:yfkg xf] . tgfjnfO{ JolQm / tgfj d'VotM JolQm cfk}Fmsf sf/0fn] l;h{gf
;Ë7gsf] lxt ;+/If0f ug{] sfddf pkof]u ug]{ k|lqmof x'g] ePsfn] o;sf] lg/fs/0fdf klg JolQm ljz]ifsf]
g} tgfj Joj:yfkg xf] . Joj:yfksLo b[li6sf]0fn] e"ldsf g} a9L x'g] ub{5 . tgfjsf] d'Vo sf/0f JolQm
x]bf{ lglZrt :t/sf] tgfjnfO{ pko'Qm dflgG5 . lsgls :jod\ ePsfn] o;sf] lgbfgsf] nflu d'Vo 8fS6/ klg
;fdfGo :t/sf] tgfjn] dflg;nfO{ pTk]|l/t ub{5, JolQm :jod\ aGg'kb{5 . t;y{, JolQmn] tgfjsf] dfqf
sfo{;Dkfbg a9\5 / ;kmntfsf 9f]sfx¿ v'nfpF5 . sd ug{ / cfkm"nfO{ zf/Ll/s tyf dfgl;s ¿kdf
tgfj Joj:yfkg tgfju|:t JolQm cfkm}Fn] ug'{kb{5 . :j:y /fVg'sf ;fy} ;Ë7gnfO{ k|lt:kwL{ agfpFb} lglb{i6
tgfj Joj:yfkg a+}lsª hf]lvd / åGå lgoGq0fsf] uGtJodf k'¥ofpg tgfj lg/fs/0fsf nflu lgDg
d]?b08 xf] . tgfj a9\of] eg] /f]u k|lt/f]wfTds Ifdtf pkfox¿ cjnDag ug{;S5 M
sdhf]/ /xG5 . tgfj 36\of] eg] pTk|]/0ff, dgf]an / – hLjgdf Jofjxfl/s nIo lgwf{/0f ug]{
;Ë7gk|ltsf] k|lta4tf / pTkfbsTj a9]/ hfG5 . cyfx – hLjgdf 7"nf] ;kgf gb]Vg]
;Defjgf ePsf] dfgj ;+zfwg h;n] ;Ë7gsf cGo – 1fg dfu{, elQm dfu{ / sd{of]u dfu{df nfUg]
;|f]t ;fwgsf] l;h{gf, pkof]u / lgoGq0f ub{5, To:tf] – lgisfd sd{ ug]{
;+zfwgsf] ;Defjgf / Ifdtfsf] k|r'/ dfqfdf pkof]u – hut\ g} eujfg\ x'g\ eujfg\ g} hut\ ;Demg]
ub{} k|lt:kwL{ ahf/df k|lt:kwf{Tds / t'ngfTds nfe – lgot /fd|f] /fVg]
xfl;n ug{ ;lsg] s'/fdf b'O{ dt gxf]nf . – lgbf]{ifk"j{s hLjgofkg ug]{
– ;fd"lxs 3'nldn x'g]
tgfj dfgj hLjgsf] clgjfo{ ;t{ xf] . of] – v/fa dflg;sf] ;Ët gug{]
JolQmut jf ;fd"lxs x'g;S5 . o;sf] k|efj – g}ltstfsf] kfngf ug]{
cNksfnLg / lb3{sfnLg b'j} x'g;S5 . lglZrt – of]]Uo JolQmsf] ;Nnfx lnP/ dfq sfd ug]{
:t/;Ddsf] tgfjn] JolQmsf] dgf]an, k|lta4tf, – cfTdlgoGq0f ug]{
pTk]|/0ff, pTkfbsTj a9fO{ ;kmntftkm{ cu|;/ u/fO{ – df]x, nf]e / qmf]w TofUg]
dfgj hLjgnfO{ ;fy{s t'NofpF5 . o;} u/L, ;LdfeGbf – dfgj hLjg ;]jfsf] nflu ;Demg]
a9L tgfj ePdf o;n] zf/Ll/s / dfgl;s ¿kdf – lgoldt / ;Gt'lnt cfxf/ / Jofofd ug]{
– ;do Joj:yfkgdf hf]8 lbg]
lzlyn dfq gagfO{ l8k|];g xF'b} cfTdxTof;Dd k'¥ofPsf
– l;h{gfTds / /rgfTds sfo{df hf]8 lbg]
pbfx/0f k|z:t b]Vg ;lsG5 . tgfjsf] d'Vo sf/0f
– hLjgnfO{ ;Gt'lnt t'Nofpg]
JolQm cfk}Fm ePsfn] ;dfwfgdf klg cfk}Fmn] e"ldsf v]Ng
– oyfy{tf / jf:tljstfnfO{ :jLsf/ ug]{
;s]df hLjg zfGt x'g]5 . ;fy} dflg; hGdhft
– ;sf/fTds ;f]rsf] ljsf; ug]{
g} :jtGq k|f0fL ePsfn] / s;}sf] x}sdjfbdf a:g
– O{Zj/k|lt cf:yf /fVg] clt kl/>dL jf clt cN5L
grfxg] ePsf] x'Fbf JolQm cfkm"n] cfk"mnfO{ a'em]/
gx'g]
cfTd;+od, cfTdlgoGq0f, cfTdcg'zf;g, cfTd;Ddfg,
– ;fwf/0f hLjg latfpg]
:jlgb]{lzt / :jpTk]|/0ffdf hf]8 lbg'kb{5 . csf]{tkm{
– xNnfsf k5fl8 gnfUg]
;Ë7gn] sd{rf/LnfO{ d]l;g / tnaL sd{rf/Lsf ¿kdf – ;fx; b]vfpg]
77
 g]kfn /fi6« a}+s ;dfrf/
– kof{Kt dfqfdf Wofg, of]u / k|f0ffofd ug]{ – ;]jfsf] ;'/Iffsf] ;'lglZrttf ug]{
– ;r]t / ;ts{ eO/xg] – sfo{ ljefhg :ki6 agfpg]
– t'ngf ug]{ k|j[lt aGb ug]{ – ;dfg, lgikIf / Gofok"0f{ Jojxf/ ug]{
– pko'Qm sfo{ jftfj/0f agfpg]
– s;}nfO{ xfgL gk'¥ofpg] – ;xeflutfd"ns Joj:yfkgdf hf]8 lbg]
– sd{zLn, l;h{gzLn, >dzLn, pBdzLn – ;dfg cj;/ k|bfg ug]{
– gsf/fTds ;f]rfOnfO{ TofUg] / pTkfbgzLn x'g] – tgfj;DaGwL r]tgf a9fpg]
– ljkZogf Wofg ug]{, lrQ Psfu| kfg]{ – ;|f]t ;fwgsf] ;dfg ljt/0f ug]{
– dgf]j}1flgs k/fdz{ / pkrf/ ug{] – l7s JolQm l7s 7fpFdf Joj:yfkg ug]{
– :ki6 e"ldsf / lhDd]jf/L lbg]
– aflx/ 3fddf lg:sg]
– u'gf;f] ;'g'jfO ;+oGqnfO{ k|efjsf/L agfpg]
– lk|ohg;Fu ;do Joltt ug]{ – lg0f{odf ;xefuL u/fpg]
– kof{Kt d:t ;'Tg] – sd{rf/Lsf] Ifdtf / sfo{ef/aLr ;Gt'ng sfod ug]{
– cfˆgf] ?lrsf] If]qdf ;do lbg] – lje]bsf] Go"gLs/0f ug]{
– PsfGtdf a:g] afgL TofUg] – sfo{hLjg ;Gt'ng sfod ug{]
– wfld{s / ;fdflhs lqmofsnfkdf ;xefuL x'g] – bf]xf]/f] ;~rf/ k|0ffnLsf] k|of]u ug]{
– v'nfåf/ gLlt cjnDag ug]{
– cfˆgf] jrgsf] kl/kfngf ug]{ – sd{rf/Lsf] xsclwsf/ ;'lglZrt ug]{
– ;'vb'Mvdf ;dfg efj /fVg] – k'/:sf/ / b08 k|0ffnLsf] cjnDag ug]{
– ;lqmo hLjg latfpg] – b08xLgtf / c/fhstfsf] cGTo ug]{
– sfdsf] dfqf g} 36fpg] – sd{rf/LnfO{ lgoldt tflnd / dgf]/~hg h:tf
– ;+:sf/sf] ljsf; ug]{ sfo{qmdx¿ ;~rfngdf Nofpg]
– ;do;dodf e|d0f, jgef]h, cGt/lqmofdf ;xefuL
– l5§} 5nfª dfg]{ ;f]r glng] u/fpg]
– lgoldt kqklqsf k9\g] / 6]lnlehgdf ;dfrf/ – sfdbf/sf] ;d:ofnfO{ uDeL/tfk"j{s ;'Gg]
x]g]{ lkmNdx¿ x]g]{ – Joj:yfkgsf cfw'lgs l;4fGt k|of]u ug]{
– ;sf/fTds ;f]rsf af/]df n]Vg], k9\g] . – sd{rf/Lsf] ;+j]bgfsf] ;Ddfg ug]{
– ljlwsf] zf;g sfod ug]{, zf;gsf] ljlw xf]Og
@= ;Ë7gfTds k|of; – sd{rf/LnfO{ ldqjt\ Jojxf/ ug{]
;Ë7g sd{rf/Lsf] >d a]Rg] 7fpF xf] . ;Ë7gn] – lgoldt sfo{ kl/qmd0f ug]{
– kfl/>lds kbdf cfwfl/t geO{ sfo{;Dkfbgdf
JolQmsf] >d, Ifdtf, dfgjtf / l;h{gzLntfnfO{
cfwfl/t agfpg]
;Ddfg ub{} Gofof]lrt Jojxf/ k|bfg ug{ ;Sg'kb{5 . – ;hfo lbFbf ;kmfOsf] df}sf lbg]
;fy} ;Ë7gn] JolQmsf] nIonfO{ ;fË7lgs nIo;Fu – sd{rf/Lsf] sDtLdf hLjg lgjf{x ug{ k'Ug]u/L ;]jf
;dflxt u/fpFb} Pp6} uGTfJotkm{ s]lGb|t x'g'kb{5 . ;'ljwf k|bfg ug{]
tgfj lg/fs/0fsf nflu ;Ë7gn] sd{rf/Ldf lje]b – ;dfgtfsf] efjgf /fVg]
cGTo ug'{kb{5 . sd{rf/Ln] >d dfq a]r]sf] xf] lhGbuL – sfo{ ;Dkfbg d"Nofª\sg lgikIf / ljsf; ug]{
;dk{0f u/]sf] xf]Og, eGg] s'/fnfO{ dgg ub}{ sd{rf/Lsf – ;Ë7gdf >dsf] ;Ddfg ug]{ ;+:sf/sf] kf/bzL{
tgfj lg/fs/0f ug{ lgDg pkfox¿ cjnDag ug{ agfpg]
– tkfO+{ ;L;L6LeLsf] lgu/fgLdf x'g'x'G5 eg]/ va/bf/
;lsG5 M
xf]Og, /rgfTds cg'zf;gdf hf]8 lbg]
– ;Ë7gsf] nIo / of]hgf :ki6 agfpg] – ;Ë7gsf gLlt, Jojxf/ / z}nL JolQm x]/]/
– sfo{ ljj/0f :ki6 agfpg] kl/jt{g ug'{xF'b}g .

78
g]kfn /fi6« a}+s ;dfrf/
lgisif{ x'G5 . o;af6 JolQmsf] ;Dk"0f{ k|oTg ;Ë7gsf]
tgfj dfgj hLjgsf] clgjfo{ ;t{ xf] . of] JolQmut nIo k|flKttkm{ s]lGb|t ub}{ lglb{i6 nIo k|fKt u/L
/ ;fd"lxs b'j} x'g;S5 . o;sf] k|efj cNksfnLg / sd{rf/L / ;Ë7g b'j}sf] lxt x'g] s'/fdf zÍf ug]{
bL3{sfnLg b'j} x'g;S5 . lglZrt :t/;Ddsf] tgfjn] 7fpF /xFb}g . tgfjsf] d'Vo sf/0f JolQm cfk}Fm
JolQmsf] dgf]an, k|lta4tf, pTk]|/0ff / pTkfbsTj ePsfn] ;dfwfgdf klg cfk}Fmn] e"ldsf v]Ng ;s]df
a9fO{ ;kmntftkm{ cu|;/ u/fO{ dfgj rf]nfnfO{ ;fy{s hLjg cy{do, zflGtdo / cg's/0fLo x'Fb} hfg]
t'NofpF5 / lglZrt ;LdfeGbf tgfj a9L ePdf s'/fdf b'O{ dt gxf]nf . ;Ë7gdf sd{rf/Ln]
o;n] zf/Ll/s / dfgl;s ¿kdf lzlyn dfq gagfO{
kfl/>ldssf nflu >d dfq a]r]sf] xf], hLjg
l8k|];gsf] l;sf/ xF'b} cfTdxTof;Dd k'¥ofpg] x'G5 .
;dk{0f u/]sf] xf]Og . t;y{ ;Ë7gn] dfgjLo >d
sd{rf/Lsf] tgfjnfO{ sd ug{ k|To]s ;Ë7gn] JolQmut
/ ;fË7lgs ;d:ofx¿ a'e\mg'kb{5 . sd{rf/Lsf]
/ ;+j]bgzLntf a'em]/ ToxLcg'¿ksf] Jojxf/ ug{
3/fo;L ;d:of / kfl/jfl/s ;d:ofsf sf/0f sfo{hLjg ;s]df klg w]/} xb;Dd tgfj Joj:yfkg ug{ ;lsg]
;Gt'ng gxF'bf ;Ë7gn] lglb{i6 u/]sf nIo k|fKt ug{ b]lvG5 . dflg; :jefj}n] hGdhft g} :jtGq k|f0fL
;lsFb}g . o;} u/L, JolQm / ;Ë7gsf] nIo ;Gt'ng ePsfn] / s;}sf] x}sdjfbdf a:g grfxg] ePsfn]
gePdf JolQm / ;Ë7gaLr 6s/fj a9\g uO{ åGå JolQmn] cfk"mnfO{ a'em]/ cfTd;+od x'g], cfTdlgoGq0f
l;h{gf x'G5 . ug]{, cfTd;Ddfg ug]{, cfTdcg'zfl;t x'g], cfkm"nfO{
cfhsf] kl/jlt{t / oflGqs o'udf ;Ë7gdf lgodg ug{], :jlgb{]lzt x'g] / cfTdpTk|]l/t x'g] xf]
sd{rf/Lsf] tgfj lg/fs/0f ug{ lrlsT;f dgf]j}1flgs eg] w]/} dfqfdf tgfj cfk}Fm sd x'Fb} hfg] ck]Iff
Pjd\ dgf]lrlsT;fsf] ;xof]u lng' pko'Qm /fVg ;lsG5 .



79
 g]kfn /fi6« a}+s ;dfrf/

;+:yfut ;fdflhs pQ/bfloTjsf] cjwf/0ff /

a}+lsª If]qdf o;sf] cEof;
 nfns'df/ ;'j]bL *

!= ljifo k|j]z k|lqmofsf] ¿kdf ;+:yfut ;fdflhs pQ/bfloTj

s'g} Jofj;flos ;+:yf jf sDkgLsf] klxnf] Wo]o -;LP;cf/_ nfO{ a'e\mg ;lsG5 . ha s'g} Jofj;flos
cfˆgf Jofkf/÷Joj;foaf6 clwstd d'gfkmf cfh{g k|lti7fg jf sDkgL d'gfkmf cfh{gdf lqmofzLn x'G5g\
ug'{ /x]sf] x'G5 . To;/L d'gfkmf sdfO/xFbf tL eg] tL ;+:yfnfO{ ;fdflhs d"No / e"ldsfk|lt pQ/bfoL
;+:yfx¿ ;dfhk|ltsf] bfloTjaf6 ljd'v x'g'x'Fb}g agfpg] cjwf/0ff;Fu ;LP;cf/ ;DalGwt 5 .
/ ;dfhk|ltsf] hjfkmb]lxtfnfO{ klg ltgn] k|bz{g ljleGg ;Gbe{df ;LP;cf/sf] cjwf/0ff leGgleGg
ug'{k5{ eGg] dfGotf;lxt …;+:yfut ;fdflhs x'g;S5 . tyflk ;f/df eGg'kbf{ Jofj;flos ;+:yfx¿
pQ/bfloTj (Corporate Social Responsibility - CSR)Ú /fHosf] gLlt / sfg'gL Joj:Yff / :jMlgodgdf /x]/
sf] cjwf/0ff cfPsf] xf] . lsgeg] tL ;+:yfsf] ;fdflhs ¿kdf pQ/bfoL aGg] k|lqmof xf], ;LP;cf/ .
Jofj;flos ;kmntf ;dfhdf g} lge{/ /xG5 . kl5Nnf o;sf] cfwf/e"t kIfnfO{ Three P’s n] klg ;Í]t
s]xL jif{otf ;LP;cf/nfO{ Jofj;flos j[Qdf Pp6f ul/G5 M Profit, People and Planet. o;sf] dd{
dxŒjk"0f{ Joj:yfksLo b[li6sf]0fsf] ¿kdf lng] ul/Psf] Jofj;flos ;+:yf jf sDkgLnfO{ d'gfkmf;Fu} gful/ssf]
5 . kl5Nnf] ;do ;LP;cf/nfO{ Jofj;flos ;+:yf jf lxt / wtL{sf] lbuf] ;+/If0fk|ltsf] bfloTjaf6 cnu u/]/
sDkgLsf] ;+:yfut ;'zf;gnfO{ k|ltljlDat ug]{ Pp6f x]g{ ;lsFb}g eGg] g} xf] .
;+oGqsf] ¿kdf ;d]t lnOG5 .
;LP;cf/ Jofj;flos sDkgLn] ;fdfhk|lt g}lts,
d"ntM ;LP;cf/n] Jofj;flos ;+:yfsf] jftfj/0fLo, kf/bzL{, hjfkmb]xL / cfr/0fut bfloTj bzf{pg] Pp6f
cfly{s, ;fdflhs bfloTjnfO{ g}lts, kf/bzL{ / hjfkmb]xL k4lt klg xf] . jftfj/0f ;+/If0f, lbuf] ljsf;;Fu}
9Ën] ;Daf]wg ug'{kg]{ dfGotfnfO{ hf]8 lbG5 . kl5Nnf] cy{tGq ;'wf/, jftfj/0f, cfˆgf sd{rf/L / cGo
;dodf hnjfo' kl/jt{gsf sf/0f l;lh{t k|lts"n If]qk|lt To:tf] bfloTj ;DalGwt /xG5 . sDkgLsf]
jftfj/0fLo c;/ / o;};Fu hf]l8Psf ljleGg r'gf}tLnfO{ …pQ/bfoL ;+:yfut Jojxf/Ú k|bz{g ug]{ ;+oGqsf]
;Daf]wg ug{ ;fdflhs–kof{j/0fLo lbuf]kgsf] ¿kdf ;LP;cf/nfO{ lng ;lsG5 .
;'lglZrttfsf lglDt ;LP;cf/sf] ;fGble{stf cem
To;f] t ;LP;cf/sf ;Gbe{df leGg dt klg
a9]sf] dx;'; ul/Psf] 5 . k|:t't n]vdf ;fdflhs
kfOG5g\ . d'gfkmf cfh{{gnfO{ d"n Wo]o agfPsf
;+:yfut pQ/bfloTjsf] cjwf/0ff, ljsf;qmd, g]kfndf
sDkgLx¿ /fHosf sfg'g / gLltut Joj:yfadf]lhd
o;sf] cEof;, a}+lsª If]qdf sfof{Gjogsf] l:yltnufotsf
;~rfng x'G5g\ / cfˆgf] d'gfkmfaf6 ;/sf/nfO{ s/
ljifodf rrf{ ug]{ k|of; ul/Psf] 5 .
a'emfpF5g\ . ltgnfO{ ;fdflhs lhDd]jf/Lsf] af]em yKg
cfjZos g/x]sf] / To:tf] pQ/bfloTj ;/sf/s} x'g'kg]{
@= ;LP;cf/sf] cjwf/0ff / ljsf;qmd wf/0ff /fVg]x¿ klg 5g\ . To;}n] sltko ;Gbe{df
;fdfGo cy{df s'g} klg sDkgL jf Jofj;flos ;LP;cf/nfO{ /fHosf] sfg'g / dfkb08aflx/ /x]/
;+:yfn] ;fdflhs lhDd]jf/L jxg ug]{ Pp6f Joj:yfksLo ul/g] :j}lR5s k|lta4tfsf] ¿kdf klg lnOG5 . tyflk,
* k|wfg ;xfos, g]kfn /fi6« a}+s

80
g]kfn /fi6« a}+s ;dfrf/
sDkgLnfO{ d'gfkmf cfh{gsf] Psn p2]Zodf ;Lldt cy{zf:qL Howard Bowen n] ;g\ !(%# df k|sflzt
/fv]/ ;dfhk|ltsf] bfloTjaf6 6f9} /flvg'k5{ eGg] ts{ cfˆgf] k':ts 'Social Responsibilities of the
klg o'lQm;Ët xf]Og . Businessman' df klxnf] k6s …;+:yfut pQ/bfloTjÚ
;/sf/n] ;dfhsf] ljsf;sf lglDt cjnDag sf] cjwf/0ff ;fj{hlgs u/] . To;}n] pgnfO{ 'Father
u/]sf gLltut Joj:yfsf] sfof{Gjogdf ;xof]u ug]{ of CSR' ;d]t eGg] ul/G5 .
bfloTj Jofj;flos If]qsf] klg xf] . To;}n] klg ;LP;cf/sf] gLltut ljsf;qmd eg] ;g\ !(&)
Jofj;flos sDkgLnfO{ ;dfhk|lt pQ/bfoL agfpg'k5{ sf] bzskl5 ePsf] b]lvG5 . o;sf] gLltut cEof;
eGg] dfGotfdf cfwfl/t 5 – ;LP;cf/sf] cjwf/0ff . cd]l/sfaf6 ;'? eof] . ;g\ !(&! Df ToxfFsf]
;+:yfsf ;]jfu|fxL, nufgLstf{, sd{rf/L, ;d'bfo /
'Committee for Economic Development' n] Pp6f
cGo ;/f]sf/jfnf kIfk|lt pQ/bfoL Jojxf/ bzf{pg]
…;fdflhs ;Demf}tf (Social Contract)Ú 3f]if0ff u¥of] .
Pp6f dxŒjk"0f{ k|lqmofsf] ¿kdf ;LP;cf/nfO{ lnOG5 .
h;df ;dfhk|lt Joj;fon] jxg ug'{kg]{ lglDglnlvt
o;af6 ;+:yfsf] k|lti7f clej[l4 x'g], ;/f]sf/jfnfk|lt
hjfkmb]lxtf a9\g], ;]jfu|fxL;Fu ;'dw'/ ;DaGw :yflkt tLg j6f pQ/bfloTjnfO{ phfu/ u/]sf] lyof] M
x'g], ;+:yfsf] lbuf] ;~rfngnfO{ k|j4{g ug]{, ;+:yfsf] & s'zn Joj;fo ;~rfngaf6 /f]huf/L l;h{gf /
kf/blz{tf clej[l4 eO{ ;+:yfut ;'zf;gdf ;xof]u cfly{s j[l4df 6]jf k'¥ofpg],
k'Ug] ck]Iff /flvG5 . & sd{rf/L / ;]jfu|fxLk|lt lgikIf Jojxf/ ub}{
International Organization for ;bfrf/k"j{s Joj;fo ;~rfng ug]{,
Standardization (ISO) n] ;g\ @)!) df 'ISO & ;d'bfo / jftfj/0fLo cj:yf ;'wf/df Jofj;flos
26000' dfk{mt ;fdflhs pQ/bfloTj;DaGwL ;+:yfsf] ;xeflutfnfO{ Jofks t'Nofpg] .
dfu{bz{g hf/L u/]sf] 5 . sDkgL, u}/;/sf/L ;+:yf, Jofj;flos k|lti7fgnfO{ ;fdflhs lhDd]jf/Lk|lt
;xsf/Lnufotsf ;+3–;Ë7gnfO{ pQm b:tfj]hdf
pQ/bfoL agfpg ;g\ !(&) sf] bzsdf …skf]{/]6
;fdflhs pQ/bfloTjsf ;ft j6f dfu{bz{s l;4fGt
l;l6hgl;kÚ cjwf/0ffn] dxŒj kfPsf] lyof] . ;g\
b]xfoadf]lhd pNn]v ul/Psf 5g\ M
!(() kl5 ljZjJofkLs/0fsf] k|efj a9\b} hfFbf
& hjfkmb]lxtf ;LP;cf/sf] If]q qmdzM km/flsnf] aGb} uPsf] b]lvG5 .
& kf/blz{tf ljz]iftM ;g\ @))) kl5 hnjfo' kl/jt{gsf ljifon]
& g}lts cfr/0f
pRr k|fyldstf kfpg yfNof] . ;g\ @)!% df k|mfG;df
& ;/f]sf/jfnfsf lxtsf] ;Ddfg
;DkGg 'UN Climate Change Conference (COP 21)'
& sfg'gL zf;gsf] ;Ddfg
& cGt/f{li6«o d"No dfGotfsf] ;Ddfg kZrft\ hf/L …k]l/; ;Demf}tfÚn] ljZjJofkL tfkdfg
& dfgj clwsf/sf] ;Ddfg 36fpFb} o;sf] c;/nfO{ sd ub}{ hfg] k|lta4tf
;+:yfut ;fdflhs pQ/bfloTjsf] cgf}krfl/s ;fj{hlgs u¥of] . ;fy}, ;+o'Qm /fi6« ;+3n] ToxL jif{
cEof; !(cf}F ztfAbLlt/ cl:tTjdf cfPsf] b]lvG5 . …lbuf] ljsf; nIo -@)!^–@)#)_Ú cg'df]bg u¥of] .
plta]nf wgf9\o Jofkf/Ln] k/f]ksf/L efjgfaf6 To;kl5 hnjfo' kl/jt{gsf sf/0f l;lh{t hf]lvdsf]
k|]l/t eP/ ;fdflhs sfo{df bfg / rGbf pknAw Go"gLs/0f / lbuf] ljsf; nIo k|flKtdf ;d]t ;LP;cf/sf]
u/fpFy] . xfn k|rngdf /x]sf] ;LP;cf/ cEof;sf] e"ldsfaf/] gofF ax;sf] yfngL eof] . o;/L k/f]ksf/L
hu ToxL g} xf] . ;LP;cf/sf] ;}4flGts b[li6sf]0f r]tgf / ;dfh ;]jfaf6 ;'? ePsf] ;LP;cf/sf] e"ldsf
eg] ;g\ !(%) kl5 dfq} cfPsf] b]lvG5 . cd]l/sL / If]q ljZjJofkL d'2f;Dd lj:tf/ ePsf] b]lvG5 .

81
 g]kfn /fi6« a}+s ;dfrf/

#= g]kfndf ;+:yfut pQ/bfloTjsf] gLltut k|ltztn] x'g cfpg] /sd hl/jfgf ug{;Sg] k|fjwfg
k|of; 5 . ;fy}, Ps cfly{s jif{eGbf a9L cjlwdf To:tf]
g]kfndf ;+:yfut ;dflhs pQ/bfloTj;DaGwL lhDd]jf/L jxg gug]{ pBf]unfO{ k|ltjif{ jflif{s v'b
cEof;sf] Oltxf; Tolt nfdf] 5}g . pBf]uL Joj;foLn] d'gfkmfsf] )=% k|ltztsf b/n] yk hl/jfgf x'g]
k/f]ksf/ jf ;dfh ;]jfsf] p2]Zoaf6 :j}lR5s tj/n] Joj:yf P]gn] u/]sf] 5 .
;dfhdf cfly{s / cGo ;xof]usf] cEof; ljutb]lv cf}Bf]lus Joj;fo lgodfjnL, @)&* sf] lgod
g} k|rngdf /x] tfklg /fHosf] sfg'g / gLltut
$# df Jofj;flos ;fdflhs lhDd]jf/L jxg ug]{
Joj:yfd} of] ljifo ;d]l6Psf] w]/} ;do ePsf] 5}g .
k|of]hgsf nflu 5'6\ofOPsf] /sd vr{ ug{ ;lsg]
vf;u/L …dxfe"sDk–@)&@Ú sf] ljklQkl5 kLl8tsf]
ljleGg If]qaf/] pNn]v ul/Psf] 5 . tL If]qcGtu{t
/fxt Joj:yfkg / k'g:yf{kgfdf /fHosf ;a} If]qsf]
;fd"lxs k|of; x'g'kg]{ cfjZostfnfO{ dx;'; ul/Psf] ljkb\ Joj:yfkg, snf, ;+:s[lt / k'/ftflTjs ;Dkbfsf]
lyof] . o; qmddf lghL If]qn] jxg ug'{kg]{ ;fdflhs ;+/If0f, :jf:Yo ;]jf, Go"g cfo ePsf / lk5l8Psf
lhDd]jf/LnfO{ Jojl:yt t'Nofpg ;LP;cf/nfO{ sfg'gL ;d'bfosf] nflu cfocfh{g, ;fd'bflos ljBfnosf]
b:tfj]hd} ;d]6\g] k|of; To;kl5 dfq} yflnPsf] xf] . z}lIfs ljsf;, jftfj/0f ;+/If0f, kmf]xf]/d}nf Joj:yfkg
o; qmddf cf}Bf]lus Joj;fo P]g, @)&# df klxnf] / ljleGg k"jf{wf/ ljsf;nufotsf sfo{qmd ;d]l6Psf
k6s ;LP;cf/sf] k|fjwfg ;d]l6Psf] lyof] . @)&# 5g\ .
dª\l;/ & ut] hf/L ul/Psf] pQm P]gdf …demf}nf cf}Bf]lus Joj;fo P]g / lgodfjnLafx]s cGo
jf 7"nf pBf]u jf jflif{s !% s/f]8 ?k}ofFeGbf a9L k|rlnt sfg'gdf klg sDkgL, kl/of]hgf jf Jofj;flos
sf/f]af/ ug]{ 3/]n' jf ;fgf pBf]un] jflif{s d'gfkmfsf] k|lti7fgsf bfloTj tyf gful/s / pkef]Qmfsf]
sDtLdf Ps k|ltzt /sd Jofj;flos lhDd]jf/L jxg
clwsf/nufotsf kIfaf/] pNn]v ul/Psf] 5 . h:tf]
ug]{ k|of]hgfy{ k|To]s cfly{s jif{sf nflu 5'6\ofpg'kg]{Ú
lsÙ jftfj/0f ;+/If0f P]g, @)&^ df :jR5 jftfj/0fdf
pNn]v lyof] .
afFRg kfpg] gful/ssf] df}lns xssf] ;+/If0f ug]{,
pQm P]gnfO{ k|lt:yfkg ub}{ hf/L ul/Psf] jftfj/0fLo k|b"if0f / x|f;af6 Ifltk"lt{ pknAw u/fpg],
cf}Bf]lus Joj;fo P]g, @)&^ df klg of] Joj:yfnfO{ k"jf{wf/ kl/of]hgfsf sf/0f jftfj/0fdf k|lts"n k|efj
lg/Gt/tf lbOPsf] 5 . P]gsf] bkmf %$-!_ df n]lvPsf] kg{ glbg] h:tf Joj:yf pNn]v 5 .
5, …demf}nf, 7"nf pBf]u jf jflif{s !% s/f]8 ?k}ofFeGbf
a9L sf/f]af/ ug]{ 3/]n' jf ;fgf pBf]un] o;} u/L, pkef]Qmf ;+/If0f P]g, @)&% df pkef]Qmfn]
Jofj;flos ;fdflhs lhDd]jf/L jxg ug]{ k|of]hgsf u'0f:t/Lo j:t' tyf ;]jf k|fKt ug]{ clwsf/nfO{
nflu k|To]s cfly{s jif{df jflif{s v'b d'gfkmfsf] k|fyldstf lbOPsf] 5 . ;fy} pQm P]g ljk/Lt j:t' tyf
sDtLdf Ps k|ltzt /sd 5'6\ofpg'kg]{5 .Ú o;/L ;]jfsf] laqmL÷ljt/0f u/]sf] sf/0fn] s'g} pkef]QmfnfO{
5'6\ofOPsf] /sdnfO{ jflif{s of]hgf tyf sfo{qmd agfO{ zf/Ll/s, dfgl;s, ef}lts jf cGo lsl;dsf] xfgL
tf]lsPsf If]qdf vr{ ug'{kg]{ / cfly{s jif{ ;lsPsf] 5 gf]S;fgL jf Iflt ePdf Ifltk"lt{ bfjL ug{ ;lsg]
dlxgfleq pBf]u btf{ ug]{ lgsfodf sfo{qmd / vr{sf] Joj:yf 5 . o; P]gn] j:t'sf] pTkfbs / laq]mtfnfO{
ljj/0f k]; ug'{kg]{ Joj:yf P]gdf 5 . ;f]xL P]gsf] pkef]Qmfsf] clwsf/k|lt pQ/bfoL agfpg] k|of;
bkmf $#-&_ df Jofj;flos ;fdflhs lhDd]jf/L jxg u/]sf] b]lvG5 . csf]{tk{m >d P]g, @)&$ df >ldssf]
gu/]df pBf]u btf{ ug]{ lgsfosf] l;kmfl/;df pBf]u xs, lxt / k];fut ;'/Iffsf] k|Tofe"ltsf lglDt ljleGg
dGqfnon] To:tf pBf]usf] jflif{s v'b d'gfkmfsf] !=% Joj:yf ul/Psf 5g\ .

82
g]kfn /fi6« a}+s ;dfrf/

;LP;cf/df ef/tLo cEof;

Eff/tdf …sDkgL P]g, @)!#Ú sf] bkmf !#% df ;+:yfut ;fdflhs pQ/bfloTj;DaGwL Joj:yf 5 . of]
P]gn] g]6jy{ ?=kfFr ca{ jf ;f]eGbf a9L ePsf jf jflif{s ?=!) ca{eGbf a9L sf/f]af/ ePsf jf ?=kfFr
s/f]8eGbf a9L v'b gfkmf cfh{g ug]{ sDkgLnfO{ ;LP;cf/sf] bfo/fdf NofPsf] 5 . plNnlvt sDkgLn] kl5Nnf]
tLg cfly{s jif{sf] cf};t jflif{s v'b d'gfkmfsf] sDtLdf b'O{ k|ltzt /sd ;LP;cf/df vr{ ug'{kg]{ Joj:yf
P]gdf /flvPsf] 5 .
sDkgLn] tLg jf ;f]eGbf a9L ;~rfns /x]sf] …;+:yfut ;fdflhs pQ/bfloTj ;ldltÚ u7g ug'{kg]{ /
To;df sDtLdf Ps hgf :jtGq ;~rfns /fVg'kg]{ k|fjwfg 5 . pQm ;ldltn] sDkgLsf] ;LP;cf/;DaGwL gLlt
/ of]hgf, To;df cfjZos kg]{ ah]6sf] ;+/rgf tof/ u/L ;~rfns ;ldlt;dIf l;kmfl/; ug'{kg]{ Joj:yf P]gdf
5 . ;fy}, sDkgLsf] ;LP;cf/ sfo{qmdsf] lgoldt cg'udg ug]{ lhDd]jf/L klg ;f]xL ;ldltnfO{ tf]lsPsf] 5 .
pQm P]gsf] cg';"rL–* df ;LP;cf/afkt vr{ ug{ ;lsg] If]qx¿ lgwf{/0f ul/Psf 5g\ . ;LP;cf/sf]
/sd ul/aL Go"gLs/0f, z}lIfs ;'wf/, n}lËs ;dfgtf, dft[ tyf jfn:jf:Yo, ;ª\qmfds /f]usf] pkrf/, jftfj/0fLo
lbuf]kgf, sd{rf/Lsf] Jofj;flos ;Lk ljsf;df vr{ ug{ tyf k|wfgdGqL p4f/ sf]if jf s]Gb|Lo ;/sf/n] tf]s]sf /fxt
sf]ifdf hDdf ug{ ;lsg] Joj:Yff 5 . sDkgLsf] ;LP;cf/ gLltcg'¿k x'g] sfo{qmd / vr{nfO{ jflif{s k|ltj]bg / cfˆgf]
j]a;fO6df k|sfzg ug'{kg]{ k|fjwfg;d]t P]gdf /flvPsf] 5 .
$= ljQLo If]qdf ;fdflhs pQ/bfloTj;DaGwL ;fdflhs kl/of]hgf, k|ToIf cg'bfg vr{, ul/aL
Joj:yf lgjf/0fnufotsf If]qdf pQm /sd vr{ ug{ ;lsg]
-s_ a}+lsª If]q Joj:yf k|flws/0fn] u/]sf] 5 .
g]kfn /fi6« a}+sn] cfly{s jif{ @)&#÷&$ sf] -u_ lwtf]kq ahf/
lglDt hf/L u/]sf] df}lb|s gLltdf a}+s tyf ljQLo g]kfn lwtf]kq af]8{n] …lwtf]kq Joj;foL -dr]{G6
;+:yfn] ;+:yfut ;fdflhs pQ/bfloTj;DaGwL sfo{df a}+s/_ lgodfjnL, @)^$Ú sf] bf];|f] ;+zf]wgdfk{mt dr]{G6
yk lqmofzLn x'g cfˆgf] d'gfkmfsf] sDtLdf Ps a}+s/nfO{ @)&^ kmfu'gb]lv d'gfkmfsf] sDtLdf Ps
k|ltzt /sd 5'6\ofpg'kg]{ Joj:yf ul/g] pNn]v lyof] .
k|ltzt /sd ;+:yfut ;fdflhs pQ/bfloTj;DaGwL
pQm Joj:yfnfO{ sfof{Gjogdf Nofpg @)&# df3
!@ ut] …sÚ, …vÚ / …uÚ ju{sf a}+s tyf ljQLo sfo{df vr{ ug'{kg]{ Joj:yf u/]sf] 5 . o:t}, @)&&
;+:yfsf lglDt hf/L ul/Psf] PsLs[t lgb]{zgdf klxnf] b]lv :6s a|f]s/n] klg d'gfkmfsf] Ps k|ltzt /sd
k6s a}+s tyf ljQLo ;+:yfsf] ;+:yfut ;fdflhs ;LP;cf/sf] lglDt 5'6\ofpg'kg]{ / To:tf] /sdaf6
bfloTj;DaGwL Joj:yf hf/L ul/Psf] lyof] . xfn …sÚ, lwtf]kq ahf/;DaGwL lzIff / nufgLstf{ ;r]tgf
…vÚ, …uÚ ju{sf a}+s tyf ljQLo ;+:yfsf lglDt hf/L clej[l4 sfo{qmd ;~rfng ug'{kg]{ Joj:yf af]8{n]
ul/Psf] …PsLs[t lgb]{zg, @)*)Ú ;LP;cf/sf] gLltut u/]sf] 5 .
Joj:yf ul/Psf] 5 .
-v_ aLdf If]q %= a}+lsª If]qdf ;+:yfut ;fdflhs
g]kfn aLdf k|flws/0fn] …aLdssf] ;+:yfut pQ/bfloTjsf] gLltut Joj:yf /
;'zf;g;DaGwL lgb]{lzsf, @)&%Ú sf] rf}yf] sfof{Gjog l:ylt
;+zf]wgdfk{mt aLdf If]qdf ;+:yfut ;fdflhs
pQ/bfloTj;DaGwL Joj:yf sfof{Gogdf NofPsf] 5 . -s_ gLltut Joj:yf
@)&( df3 @@ df ePsf] pQm ;+zf]wgdf aLdsn] …sÚ, …vÚ / …uÚ ju{sf a}+s tyf ljQLo ;+:yfsf lglDt
k|To]s cfly{s jif{sf] v'b d'gfkmfdf Ps k|ltzt /sd hf/L ul/Psf] …PsLs[t lgb]{zg, @)*)Ú sf] O=k|f= lgb]{zg
5'6\ofO{ ;+:yfut ;fdflhs pQ/bfloTj sf]ifdf hDdf g+= ^÷)*)M …;+:yfut ;'zf;g;DaGwL Joj:yfÚsf] a'Fbf
ug'{kg]{ Joj:yf yk ul/Psf] 5 . lzIff, :jf:Yoh:tf g+= !^ df a}+s tyf ljQLo ;+:yfn] ;+:yfut ;fdflhs
83
 g]kfn /fi6« a}+s ;dfrf/

pQ/bfloTj;DaGwL sfo{df lqmofzLn x'g x/]s cfly{s ;+:yfut ;fdflhs pQ/bfloTjnfO{ yk

jif{sf] v'b d'gfkmfsf] sDtLdf Ps k|ltzt /sd 5'6\ofO{ Jojl:yt / k|efjsf/L agfpgsf lglDt PsLs[t
;+:yfut ;fdflhs pQ/bfloTj sf]if v8f u/]/ hDdf lgb]{zgdf b]xfoadf]lhdsf Joj:yf;d]t
ug'{kg]{ Joj:yf 5 . pQm sf]ifdf hDdf ul/Psf] /sd csf]{ ul/Psf 5g\ M
cfly{s jif{df vr{ ug]{ Joj:yf ldnfpg'kg]{ lgb]{zgdf & jfl0fHo a}+s tyf /fli6«o:t/sf ljQLo ;+:yfn]
pNn]v 5 . ;f] sf]ifaf6 vr{ ug{ ;lsg] If]qsf] ;ª\lIfKt ;LP;cf/df 5'6\ofOPsf] /sdnfO{ ljQLo ;fIf/tf
ljj/0f b]xfoadf]lhd 5g\ M k|j4{g ug]{ lqmofsnfkdf k|f]T;fxg ug{ k|To]s
& ;fdflhs kl/of]hgfdf x'g] vr{ M lzIff, k|b]zdf Go"gtd !) k|ltzt x'g]u/L vr{ ug'{kg]{ .
:jf:Yo, b}jL k|sf]k Joj:yfkg, jftfj/0f & ;LP;cf/ sf]ifsf] /sd Pp6} ef}uf]lns If]q
/ ljifout If]qdf dfq ;Lldt geO{ cfˆgf]
;+/If0f, kmf]xf]/d}nf Joj:yfkg, cfocfh{g
sfo{If]qsf hLjg /Iff, ;fj{hlgs lxt tyf
Ifdtf clej[l4, k"jf{wf/ ljsf; cflb .
k/f]ksf/L sfo{nfO{ k|fyldstfdf /fvL Gofof]lrt
& ljQLo ;fIf/tf M sf]ifdf 5'6\ofOPsf] /sdsf] 9Ën] vr{ ug'{kg]{ .
kfFr k|ltzt vr{ . & o:tf] sf]ifsf] Joj:yf tyf ;f]af6 ePsf] vr{sf]
& k|ToIf cg'bfg vr{ M /fli6«o dxŒjsf cfljisf/ If]qut tyf k|b]zut ljj/0f cfˆgf] jflif{s ljQLo
s]Gb|, k/f]ksf/L ;+:yfnfO{ pknAw u/fOg] /sd ljj/0fsf] n]vf;DaGwL l6Kk0fLcGtu{t v'nfpg'kg]{ .
cg'bfg /sd . & ;~rfns ;ldltn] ;LP;cf/cGtu{t klxrfg x'g]
& lbuf] ljsf; nIo M g]kfnsf] lbuf] ljsf; If]q, ;f] If]qdf vr{sf nflu k|fKt x'g] k|:tfjsf]
nIo -;g\ @)!^–@)#)_ n] klxrfg u/]sf d"NofÍg k|lqmof, sf]ifsf] ;~rfng tyf Joj:yfkg
!& j6f If]qdf tf]lsPsf nIo k|flKtsf lglDt k|lqmofnufotsf ljifonfO{ ;d]6]/ 5'§} sfo{ljlw
ul/g] vr{ . agfO{ nfu" ug'{kg]{ .
& clS;hg l;ln08/, clS;hg sG;G6]«6/, hLjg & ;+:yfsf] a|f08 k|j4{g / ;~rfns ;ldltsf
;b:onfO{ /fhgLlts nfe x'g]u/L vr{ ug{ gkfOg] .
/Ifs EoflS;g, cf}iflw cflbsf] ;xh cfk"lt{sf]
o;} u/L, …3Ú ju{sf n3'ljQ ljQLo ;+:yfsf]
nflu k|ToIf ¿kdf u/]sf] vr{ . nflu hf/L …PsLs[t lgb]{zg, @)&(Ú df tL ;+:yfn]
& cfˆgf] ;+:yfdf sfo{/t sd{rf/Lsf lglDt …lzz' ;fdflhs kl/of]hgf, ljQLo ;fIf/tf, k|ToIf cg'bfg,
x]/rfx s]Gb|Úsf] Joj:yf ubf{ nfUg] vr{ . lbuf] ljsf; nIo, lzz' x]/rfx s]Gb|, cgfyfno,
& Jofj;flos ¿kdf :yfkgf ePsf afx]ssf afndlGb/ / j[4f>d, clS;hg l;ln08/, clS;hg
cgfyfno, afndlGb/ / j[4f>dnfO{ lbOPsf] sG;G6]«6/, hLjg /Ifs EoflS;g, cf}iflw cflbsf] ;xh
cg'bfg vr{ . cfk"lt{sf] nflu k|ToIf ¿kdf u/]sf] vr{nfO{ ;LP;cf/
sf]ifaf6 Joxf]g{ ;lsg] Joj:yf 5 .
& …vf]nf}F a}+s vftf cleofg, @)&^Ú cGtu{t
vf]lnPsf vftf / j}b]lzs /f]huf/Ldf hfg] -v_ sfof{Gjogsf] l:ylt
g]kfnLsf] ljk|]if0f art vftfdf a}+s tyf ljQLo ;+:yfut ;fdflhs pQ/bfloTjsf] gLltut
;+:yfaf6 hDdf ul/Psf] k|ltvftf ?=!)) .– Joj:yf hf/L ePotf a}+s tyf ljQLo ;+:yfaf6
;Ddsf] vr{ /sd . lglb{i6 Joj:yfsf] sfof{Gjog x'Fb} cfPsf] 5 .
g]kfn /fi6« a}+s, cfly{s cg';Gwfg ljefun] @)&&
& pQm sf]ifaf6 x'g] vr{sf] a9Ldf kfFr k|ltzt;Dd
;fndf u/]sf] a}+lsª If]qsf] ;+:yfut ;fdflhs
ljB'tLo sf/f]af/ k|j4{gsf nflu ul/g] vr{ .
84
g]kfn /fi6« a}+s ;dfrf/
pQ/bfloTj;DaGwL cWoogcg';f/ cfly{s jif{ -u_ ;LP;cf/nfO{ k|efjsf/L agfpg] pkfo
@)&^÷&& df a}+s tyf ljQLo ;+:yfsf] d'gfkmfsf] cGo If]qsf] t'ngfdf a}+lsª If]qsf] ;+:yfut
!=%* k|ltzt /sd ;LP;cf/ sf]ifdf hDdf ePsf] ;fdflhs pQ/bfloTj;DaGwL cEof; Jojl:yt
kfOPsf] lyof] . ;LP;cf/ sf]ifaf6 …;fdflhs /x]sf] b]lvG5 . tyflk, o; If]qsf] ;LP;cf/;DaGwL
kl/of]hgfÚ zLif{sdf a9L vr{ x'g] u/]sf] b]lvG5 . sfo{qmdnfO{ yk Jojl:yt / k|efjsf/L t'Nofpgsf
;LP;cf/ sf]ifaf6 a}+s tyf ljQLo ;+:yfn] ;LP;cf/ lglDt gLltut / sfo{ut ;'wf/ cfjZos b]lvG5 .
sf]ifdf hDdf ug]{ /sd ltgsf] cl3Nnf] cfly{s jif{sf] h'g lgDglnlvt 5g\ M
v'b d'gfkmfdf lge{/ /xG5 . d'gfkmfdf 36a9 x'Fbf
;LP;cf/ sf]ifsf] cfsf/df klg ptf/r9fj cfPsf] & a}+s tyf ljQLo ;+:yfsf] ;LP;cf/ sf]if ;~rfng
b]lvG5 . kl5Nnf] rf/ cfly{{s jif{df …sÚ, …vÚ / / Joj:yfkgsf] lglDt g]kfn /fi6« a}+saf6 cnUu}
…uÚ ju{sf a}+s tyf ljQLo ;+:yfn] ;LP;cf/ sf]ifdf gLltut Joj:yf hf/L x'g'kg]{ .
5'6\ofPsf /sdnfO{ b]xfosf] tflnsfdf k|:t't ul/Psf] & ;LP;cf/ sf]ifaf6 x'g] sfo{qmd / vr{;DaGwL
5M l/kf]l6{ªdf Ps¿ktf sfod x'g]u/L cfjZos
;+oGq tof/ ug]{ .
;LP;cf/sf] lglDt 5'6\ofOPsf] /sd -?=s/f]8df_ & a}+s tyf ljQLo ;+:yfsf :jtGq ;~rfnssf]
cfly{s jif{ …sÚ ju{ …vÚ ju{ …uÚ ju{ s'n ;+of]hsTjdf ;LP;cf/ ;ldlt u7g ug]{ .
@)&^÷&& ($=)* %=(^ @=(! !)@=($ ;f];DaGwL gLlt, sfo{qmd, of]hgf / vr{ ;f]xL
@)&&÷&* *@=#% ^=$* @=*^ (!=^* ;ldltsf] l;kmfl/;df ug{ pko'Qm x'g] .
@)&*÷&( &^=$% *=#! @=&( *&=%% & ;LP;cf/ sfo{qmdsf] 5gf]6 / vr{sf ljj/0fdf
@)&(÷*) *%=^@ ^=!( @=$@ ($=@# kf/blz{tf sfod ug]{ . ;j{;fwf/0fn] ;xh} b]Vg
;|f]tM a}+s tyf ljQLo ;+:yf lgodg ljefu, g]kfn /fi6« a}+s ;Sg]u/L q}dfl;s ¿kdf j]a;fO6df k|sfzg
a}+lsª If]qdf ;LP;cf/ sfof{Gjogsf qmddf ug'{kg]{ . To:tf] ljj/0f ;+:yfsf] ;fdflhs ;~hfndf
ljleGg ;d:of / r'gf}tL b]lvPsf 5g\ . h;nfO{ ;d]t clgjfo{ ¿kdf k|sfzg ug{ cfjZos
b]xfoadf]lhd pNn]v ug{ ;lsG5 M Joj:yf ldnfpg] .
& a}+s tyf ljQLo ;+:yfsf] ;LP;cf/ gLlt, & u|fdL0f, ljs6 / lk5l8Psf] If]qdf ;LP;cf/
of]hgfsf] 5gf]6 / :jLs[lt k|lqmofdf Ps¿ktf sf]ifsf] Gofof]lrt ljt/0fsf nflu cfjZos
gb]lvg' . Joj:yf ldnfpg] .
& ;LP;cf/ sf]ifaf6 x'g] vr{sf] cfjlws & tf]lsPsf ljifout If]q / k|b]zut x'g] vr{sf]
l/kf]l6{ª;DaGwL lglZrt 9fFrf gx'g' . ljj/0f jflif{s k|ltj]bgdf ;d]t v'nfpg clgjfo{
& of]hgfsf] 5gf]6 / vr{df k|lqmofut kf/blz{tf
sfod x'g g;Sg' . Joj:yf ug]{ .
& tf]lsPsf ljifout If]q / k|b]zut x'g] vr{df & xl/t cy{tGq (Green Economy) / xl/t ljQ
;Gt'ng sfod x'g g;Sg' . b'u{d / ljs6 (Green Finance) sf] k|j4{gsf lglDt a}+s tyf
If]qsf t'ngfdf To:tf vr{ a9L ;x/s]lGb|t b]lvg' . ljQLo ;+:yfnfO{ yk pQ/bfoL agfpg] .
& kx'Fr / eg;'gsf cfwf/df ;LP;cf/ & ;LP;cf/ sf]ifaf6 x'g] vr{, sfo{qmdsf] 5gf]6,
sfo{qmdsf] 5gf]6 / sfof{Gjog x'g] u/]sf] lg0f{o k|lqmof / k|efjsfl/tfaf/] q}dfl;s
cf/f]kaf6 a}+s tyf ljQLo ;+:yfx¿ bf]ifd'Qm n]vfk/LIf0f ug]{u/L cfjZos ;+oGq tof/ ug]{ .
gb]lvg' . To:tf ;dfrf/x¿ ;~rf/ dfWoddf
cfO/xg' . & ;LP;cf/ sf]ifsf] ;b'kof]lutfsf ;Gbe{df /fi6«
& ;LP;cf/nfO{ cfˆgf] …a|f08 k|j4{gÚsf] ;+oGqsf] a}+saf6 lgoldt ;'kl/j]If0f x'g'kg]{ .
¿kdf a'e\mg] kl/kf6L sfod} /xg' .
85
 g]kfn /fi6« a}+s ;dfrf/

^= lgisif{ If]q / sDkgL P]gadf]lhd btf{ x'g] ;Dk"0f{ Jofj;flos

d"ntM d'gfkmf sdfpg] Wo]osf ;fy :yflkt ;+:yf, sDkgLnfO{ ;+:yfut ;fdflhs pQ/bfloTjsf]
Jofj;flos ;+:yf jf sDkgLnfO{ ;d'bfoaf6 cnu bfo/fleq ;d]6\g ;xh x'g]5 . ;LP;cf/sf] lgoldt
u/]/ x]g{ ;lsFb}g . sDkgLn] /fHoåf/f lgb]{lzt l/kf]l6{ª lng], k|efjsfl/tf / sfof{Gjogsf] cg'udg ug]{
sfg'g / ;d'bfosf] ;fdflhs kl/j]zleq /x]/ cfˆgf] h:tf ;'kl/j]IfsLo lhDd]jf/L eg] ;Da4 lgodgsf/L
pBdzLntfsf] cEof; / Jofj;flos ultljlw ;~rfng lgsfoaf6} x'g] k|fjwfg /flvg'k5{ . of] k|of;af6
ug]{ xf] . t;y{, ;d'bfok|ltsf] ;fdflhs lhDd]jf/L g]kfndf ;LP;cf/sf] sfof{Gjog yk k|efjsf/L x'g]
jxg ug]{ st{Jo Jofj;flos ;+:yf jf sDkgLdf klg ck]Iff /fVg ;lsG5 .
x'g'k5{ eGg] dfGotfsf ;fy ljsf; ePsf] xf], ;+:yfut ;Gbe{ ;fdu|L
;fdflhs pQ/bfloTj -;LP;cf/_ sf] cjwf/0ff . cf}Bf]lus Joj;fo P]g, @)&^ / cGo s]xL g]kfn sfg'gx¿ .
;d'bfosf] ;fdflhs, cfly{s, jftfj/0fLo ;Gt'ng;Fu} cf}Bf]lus Joj;fo lgodfjnL, @)&* .
lbuf] ljsf;df Jofj;flos If]qsf] of]ubfg x'g'k5{ eGg] nfld5fg], bLks/fh -@)*)_, g]kfndf ;fdflhs pQ/
dfGotf /flvG5 . t;y{, kl5Nnf jif{x¿df ;LP;cf/ bfloTj;DaGwL sfg'g, g]kfn /fi6« a}+s, sfg'g
Jofj;flos j[Qdf Pp6f dxŒjk"0f{ / ax'cfoflds dxfzfvfåf/f cfof]lht cGt/lqmof sfo{qmddf
ljifo ag]sf] b]lvG5 . k|:t't sfo{kq, sf7df8f}+ .
g]kfn /fi6« a}+s -@)*)_, a}+s tyf ljQLo ;+:yfsf nflu
g]kfndf @)&# ;fnb]lv pBf]u / a}+lsª If]qdf
hf/L ul/Psf] PsLs[t lgb]{zg, sf7df8f}+ .
;LP;cf/;DaGwL gLltut Joj:yf sfof{Gjogdf cfPsf] Corporate Social Responsibility: A Brief History;
5 . pBf]u If]qnfO{ cf}Bf]lus Joj;fo P]g / lgodfjnL https://accp.org
Pjd\ a}+s tyf ljQLo ;+:yfsf] xsdf g]kfn /fi6« a}+såf/f ISO (2010), 'ISO 26000:2010 Guidance on Social
Responsibility, International Organization
hf/L gLltut Joj:yfadf]lhd ;LP;cf/sf] sfof{Gjog
for Standardization, Geneva, Switzerland.
x'Fb} cfPsf] 5 . o;nfO{ yk Jojl:yt agfpgsf lglDt Company Act, 2013 of India, Ministry of
yk k|efjsf/L lgofdsLo / ;'kl/j]IfsLo k|of; x'g Corporate Affairs, Government of India
cfjZos 5 . ;LP;cf/sf] ;fGble{stfnfO{ ;fy{s Mujeeb, Mohammad Saddam (2023), Corporate
Social Responsibility - Legal Provisions and
agfpgsf lglDt ;Dk"0f{ Jofj;flos ;+:yf / sDkgLnfO{
Judicial Precedents, https://www.linkedin.com
o;sf] bfo/fdf Nofpg'kg]{ cfjZostf b]lvG5 . o;sf] NRB (2021), Corporate Social Responsibility in
nflu cnucnu sfg'gL / gLltut Joj:yf geO{ s'g} Nepalese Banking Industry, Nepal Rastra
lglZrt sfg'gL Joj:yfadf]lhd ;LP;cf/nfO{ lgb]{lzt Bank, Kathmandu.
What is CSR? 4 Types: https://online.hbs.edu
ul/g' pko'Qm x'G5 . o;sf] lglDt sDkgL P]gdf
The Evolution of CSR: httpsW://www.ecolytics.
;LP;cf/sf k|fjwfgnfO{ ;d]l6g' ;a}eGbf pRrtd io/blog/evolution-of-csr
ljsNk x'g ;S5 . To;f] x'Fbf pBf]u, ljQLo If]q, ;]jf



86
g]kfn /fi6« a}+s ;dfrf/

j}b]lzs Jofkf/ / g]kfnsf] ;Gbe{

 cd/ vqL *

j}b]lzs Jofkf/ b]z ljsf;sf] OlGhg xf] . cfly{s & ljut b'O{ bzssf] tYofÍ x]bf{ lgof{tsf] cf};t
pbf/Ls/0f, e"d08nLs/0f, ljZj Jofkf/ ;Ë7g ;a}n] j[l4b/eGbf cfoftsf] cf};t j[l4b/ bf]Aa/eGbf
cGt/b]zLo sf/f]af/nfO{ v'nf agfO{ j}b]lzs Jofkf/ a9L /x]sf] b]lvG5 .
;xh agfpgtkm{ nfluk/]sf 5g\ . @)$^ ;fncl3 & eG;f/ ljefusf] tYofÍcg';f/ g]kfnn] cf=j=
g]kfnsf] j:t' tyf ;]jfsf] jflif{s s'n lgof{t s'n @)*)÷*! sf] df3 dlxgfdf sl/a !%^
ufx{:Yo pTkfbgsf] t'ngfdf ;/b/ !) k|ltzteGbf b]z;Fu j}b]lzs Jofkf/ u/] tfklg sl/a !$*
sd /xGYof] / cfoft;d]t sd lyof] . @)$* ;fnsf] b]zaf6 g]kfnn] cfoft u/]sf] / sl/a !@) b]zdf
cfly{s pbf/Ls/0fkl5 lgof{t j[l4 x'g yfNof] / @)%# lgof{t u/]sf]df @( b]z;Fusf] Jofkf/ gfkmfdf
lt/ s'n ufx{:Yo pTkfbgsf] @=^# k|ltzt;Dd k'Uof] . /x]sf] / afFsL !@& b]z;Fusf] Jofkf/ 3f6fdf
xfn j}b]lzs 3f6f g]kfnsf] s'n ufx{:Yo pTkfbgsf] /x]sf] b]lvG5 .
sl/a ## k|ltzt /x]sf] 5 . tyflk, g]kfn klg cfˆgf] & g]kfn /fi6« a}+sn] k|sfzg u/]sf] ;ft dlxgfsf]
j}b]lzs Jofkf/sf] cj:yf /fd|f] agfpg k|of;/t 5 . tYofÍcg';f/ s'n j}b]lzs Jofkf/sf] sl/a ^@=#
xfd|f gLlt tyf ;f]sf] Jofjxfl/s k|of]usf] c;kmntfsf k|ltzt c+z ef/tsf] 5 . rLgsf] c+z !&=*
sf/0f g]kfnn] 3f6fsf] j}b]lzs Jofkf/ ul//x]sf] 5 . k|ltzt / afFsL cGo b]zx¿;Fusf] Jofkf/ !(=(
oBlk b]zsf] pRr ;DefJo If]qsf] klxrfg u/L k|ltzt /x]sf] b]lvG5 . o;n] uGtJo d'n'ssf]
;f]sf] plrt pkof]u ug{ ;s] of] kl/l:ylt plN6g t'ngfdf g]kfnsf] j}b]lzs Jofkf/ s]lGb|t /x]sf]
klg ;S5 . h;sf nflu bL3{sfnLg pRr /fhgLlts b]vfpF5 .
k|lta4tf / ;f]nfO{ Jojxf/df nfu" ug{;Sg] k|lta4tf & j}b]lzs Jofkf/sf] pQm tYofÍn] g]kfnsf] s'n
x'g' cfjZos eg] hgdfg;df klg pRr r]tgfsf] j}b]lzs Jofkf/sf] t'ngfdf cfoftsf] c+z *=*
ljsf; x'g' cfjZos 5 . k|ltzt / lgof{tsf] c+z (!=@ /x]sf] 5 . h'g
kl5Nnf s]xL jif{b]lvsf] k|j[lQsf] lg/Gt/tf xf] .
g]kfnsf] j}b]lzs Jofkf/sf] k|j[lQ & g]kfnaf6 lgof{t ug{] k|d'v j:t'df kfd t]n,
& ljutsf] kfFr jif{{sf] tYofÍ x]g{] xf]] eg] cf};tdf pmgL sfk{]6, kf]lni6/ wfuf], cn}FrL / lhÍ kftf
g]kfnsf] j}b]lzs Jofkf/ 3f6f k|ltjif{ ?=!,#(*=* 5g\ eg] cfoft x'g] j:t'df k]6«f]lnod kbfy{, cGo
ca{ /x]sf] 5 . h'g g]kfnsf] xfnsf] s'n ufx{:Yo d]l;g/L tyf kf6{\;, :k]o/ kf6\{;, cf}iflw / :kf]Gh
pTkfbgsf] t'ngfdf sl/a @^ k|ltzt xf] . cfO/g /x]sf 5g\ . g]kfnsf] j}b]lzs Jofkf/df
& g]kfnsf] cfoft cf};t kfFr jif{df bf]Aa/ oL j:t'sf] k|e'Tj nfdf] ;dob]lv sfod /x]sf]
eO/x]sf] 5 . t/ g]kfnsf] lgof{tsf] tYofÍ b]lvG5 .
x]bf{ cfly{s jif{ @)^!÷^@ df /x]sf] ?=%* & a[xt\ cfly{s juL{s/0fcg';f/ cf=j= @)&(÷*)
ca{sf] lgof{t @)&&÷&* df cfP/ dfq df ePsf] Jofkf/nfO{ lgofNbf cfoft x'g] j:t'dWo]
bf]Aa/sf] cfFs8f kf/ ePsf] b]lvG5 . o;n] dWojtL{ j:t'sf] cg'kft %#=@ k|ltzt, k'FhLut
g]kfnsf] lgof{t bf]Aa/ x'g sl/a !^ jif{{ j:t'sf] cg'kft *=$ k|ltzt / clGtd pkef]Uo
nfu]sf] b]lvG5 . j:t'sf] cg'kft #*=# /x]sf] b]lvG5 eg] lgof{t
* ;xfos, g]kfn /fi6« a}+s
87
 g]kfn /fi6« a}+s ;dfrf/

x'g] j:t'df dWojtL{ j:t'sf] cg'kft %&=& k|ltzt, rsf{] d"Nodf cfˆgf] j:t'sf] laqmL ljt/0f ug{
k'FhLut j:t'sf] cg'kft )=& k|ltzt / clGtd vf]H5g\ . h;sf] ;f]emf] df/ ;j{;fwf/0f hgtfdf
pkef]Uo j:t'sf] cg'kft $$=^ /x]sf] b]lvG5 . kb{5 . o;sf] lgoGq0f u/L ;'ne d"Nodf j:t'
& ljutsf jif{{x¿df ePsf] cfoft, lgof{t / Jofkf/ pknAw u/fpg j}b]lzs Jofkf/n] 7"nf] ;xof]u
;Gt'ngsf] g]kfnsf] cj:yfnfO{ tnsf] lrqdf ub{5 .
b]vfOPsf] 5 . pQm lrqn] cfoft pRr b/df & g]kfn e"sDk / cGo k|fs[lts k|sf]ksf b[li6n]
a9L /x]sf] / ;f]xL cg'¿k Aofkf/ 3f6f al9/x]sf] pRr hf]lvdk"0f{ If]q dflgG5 . k|fs[lts k|sf]ksf
tyf lgof{tdf nfdf] ;dob]lv nueu Ps¿ktf sf/0f b]zsf] pTkfbg / cfk"lt{ k|0ffnLdf Jojwfg
sfod /x]sf] b]lvG5 . pTkGg ePdf Jofkf/ Joj;fo rf}k6 aGg ;S5
eg] hgtfsf cfjZostfsf] kl/k"lt{ x'g g;sL
j}b]lzs Jofkf/sf] cfjZostf b]zdf ;fdflhs zflGt ;'Joj:yf / cdgr}g
& j}b]lzs Jofkf/n] b]zsf] cfly{s cj:yf ;an vnalng ;S5 . t;y{, cfly{s, k|fs[lts Pjd\
x'G5 . gful/ssf] cfo a9\5 eg] ;du| b}jL ;Í6af6 l;h{gf x'g ;Sg] ;d:ofsf]
b]zsf] ufx{:Yo pTkfbgdf j[l4 x'G5 . o;n] ;dfwfg ug{ j}b]lzs Jofkf/ Ps pkfosf] ¿kdf
b]zsf] k|ltJolQm cfodf ;'wf/ b]lvg'sf ;fy} b]vfkb{5 .
b]zdf ljsf; lgdf{0fsf sfo{n] ;d]t tLj|tf kfpg] & g]kfndf j}b]lzs d'b|fsf] ;l~rlt j}b]lzs Jofkf/
ePsfn] To;af6 cfly{s ljsf;nfO{ k|>o ldN5 . tyf ljlgdob/ lgoGq0fsf nflu dxŒjk"0f{ /x]sf]
& j}b]lzs Jofkf/sf sf/0f ahf/df w]/} k|lt:kwL{ 5 . h;sf] Ps k|d'v ;|f]t j}b]lzs Jofkf/
pTkfbssf pTkfbgn] k|j]z kfpg] ePsfn]] x'g;S5 . g]kfn h:tf] cltsd ljsl;t b]zaf6
Psflwsf/ x'Fb}g eGg] dfGotf /flvG5 . o;n] ubf{ ;g\ @)#) ;Dddf ljsf;zLn b]zdf :t/f]Gglt
pkef]QmfnfO{ b}lgs pkof]Uo j:t'df a9L 5gf]6sf] x'g k|of;/t /x]sf] ;Gbe{df o;sf] 7"nf] dxŒj
cj;/ k|fKt x'G5 . /x]sf] b]lvG5 .
& j}b]lzs Jofkf/ gx'Fbf Psflwsf/n] k|>o kfpg] & j}b]lzs Jofkf/sf nflu pTkfbg ckl/xfo{ /x]sf]
x'gfn] clwstd gfkmf cfh{g ug{ pTkfbsx¿ 5 . pBf]u ;~rfngsf nflu cf}Bf]lus sRrf

lrq–! M g]kfnsf] j}b]lzs Jofkf/sf] k|j[lQ

88
g]kfn /fi6« a}+s ;dfrf/
kbfy{sf] cfjZostf kb{5, h'g Pp6f b]zdf nflu 7"nf] dfgj ;|f]tsf] ;d]t pRrtd k|of]u
pknAw gx'g ;S5 . o:tf] cj:yfdf sRrf kbfy{ x'Fbf To;n] /f]huf/L l;h{gfdf of]ubfg k'¥ofpF5 .
;xh cfk"lt{sf] u/L cf}Bf]lus nfe lng j}b]lzs o;sf] b]zsf] ul/aLnfO{ sd ug{ dxŒjk"0f{ e"ldsf
Jofkf/sf] 7"nf] dxŒj /x]sf] 5 . lgjf{x ub{5 .
& j}b]lzs Jofkf/n] pTkflbt j:t'sf] ljZjdf b|'t & j}b]lzs Jofkf/n] ;/sf/sf] /fh:jsf] ;Íngdf
¿kdf k|j4{g x'g] ub{5 . h;n] ubf{ tL j:t'sf] ;d]t dxŒjk"0f{ of]ubfg k'U5 .
dfu ljZj ahf/df Ps} k6s b]lvG5 . cd]l/sfdf
pTkfbg x'g] cfOkmf]g ;fj{hlgs x'g]ljlQs} To;sf] g]kfnsf] 3f6f Jofkf/sf sf/s tŒjx¿
dfu ljZje/af6 7"nf] kl/df0fdf x'g] ub{5 . o; & g]kfnsf] j}b]lzs Jofkf/ 3f6fdf hfg'sf] sf/0f
k|sf/sf] cj:yfn] ubf{ Ps b]zsf] ;fdfgnfO{ lgof{t a9\g g;Sg' xf] . cl3Nnf] cfly{s jif{sf]
ljZje/df dflg;n] k|of]u ug{;Sg] cj:yfsf] tYofÍ x]bf{ s'n j}b]lzs Jofkf/ ?=!,&^*=(
l;h{gf x'G5 . of] j}b]lzs Jofkf/n] ubf{ g} ;Dej ca{dWo] (!=! k|ltzt cfoft ePsf] 5 eg] afFsL
ePsf] xf] . *=( k|ltzt dfq lgof{t ePsf] b]lvG5 . g]kfndf
& j}b]lzs Jofkf/sf nflu pRr u'0f:t/sf] j:t' cfly{s pbf/Ls/0fkZrft\ cfoft / lgof{taLrsf]
7"nf] kl/df0fdf pTkfbg ug'{kb{5 . o;sf] nflu vf8n a9\b} uPsf] 5 .
cTofw'lgs k|ljlwsf] k|of]u x''g' cfjZos 5 . & Go"g pTkfbg tyf pTkfbsTj x'g' g]kfnsf] csf{]
ljZj ahf/df kfFrf}F k':tfsf] cf}Bf]lus k|ljlw k|of] sf/s tŒj xf], h;n] g]kfnsf] j}b]lzs Jofkf/nfO{
udf cfO/x]sf] 5 . g]kfndf klg sDtLdf rf}yf] 3f6fdf n}hfg 7"nf] e"ldsf v]n]sf] 5 .
k':tfsf] cf}Bf]lus k|ljlw leq\ofpg cTofjZos g]kfndf ;~rflnt clwsf+z pBf]u Go"g Ifdtfdf
5 . ;~rfng eO/x]sf 5g\ . s[lifsf] pTkfbgsf]
& cy{zf:qsf cGt/f{li6«o Jofkf/sf l;4fGtx¿n] nflu cfjZos l;FrfOsf] sdL, ;dodf plrt
t'ngfTds nfe x'g] j:t'sf] :jb]zdf pTkfbg kl/0ffddf lap tyf dnvfbsf] sdL, Jofj;flos
ug{] / t'ngfTds nfe gePsf j:t'x¿sf] cfoft s[lifsf] cefj, s[ifssf] c1fgtf tyf k|fljlws
ug{] lgisif{ lbG5g\ . o;y{ g]kfnn] ;d]t oy]i6 hgzlQmsf] cefj h:tf sf/0faf6 pTkfbsTj
dfqfdf pknAw ePsf] sRrf kbfy{sf] k|of]u u/L a9\g ;s]sf] 5}g . h;sf sf/0f s[lifdf cfwfl/t
t'ngfTds nfut nfe k|fKt x'g] j:t'sf] Jofkf/ cy{tGqsf] ¿kdf kl/lrt u/fpg] b]zdf ut jif{
ug'{kb{5 . ?=#^ ca{sf] rfdn cfoft ePsf] g]kfn /fi6«
& cGt/f{li6«o Jofkf/sf] nflu ljleGg b]z;Fu a}+ssf] tYofÍn] b]vfpF5 .
;f}xfb{k"0f{ ;DaGw :yfkgf ePsf] x'g'kb{5 . zlQm & g]kfnn] lgof{t ug{] j:t'df ljljwLs/0fsf] cefj
/fi6« cd]l/sf / rLgaLr j}b]lzs Jofkf/sf] b]lvG5 . of] ljljwLs/0f j:t' / lgof{t ug{]
r/0fdf ljleGg ;dodf åGå eO/x]sf] x'G5 . uGtJo b]zdf ;d]t sfod /x]]sf] 5 . cl3Nnf]
o;n] tL b]zaLr dfq geP ;du| ljZjd} cfly{s jif{sf] tYofÍcg';f/ g]kfnn] lgof{t ug{]
gsf/fTds c;/ ub{5 . t;y{, bL3{sfnLg ¿kdf k|d'v @) j:t'n] s'n lgof{tsf] ^^=(* k|ltzt
:yfoL k|s[ltsf] Jofkf/sf] nflu ;'dw'/ cGt/f{li6«o c+z cf]u6]sf] 5 . h;dWo] k|d'v lgof{tsf] j:t'
;DaGw ljsf; ug'{kb{5 . kfd t]nn] s'n lgof{tsf] hDdf !#=)% k|ltzt
& j}b]lzs Jofkf/sf] nflu pTkfbg, cfk"lt{ z[ª\vnf, c+z cf]u6]sf] 5, h'g g]kfnsf] cfˆg} pTkfbg
ljQLo If]q, k'FhL ahf/, ;/sf/L ;+oGq cflbsf] xf]Og . ut jif{ g]kfnsf] s'n j}b]lzs Jofkf/sf]
pRr:t/sf] ljsf; ePsf] x'g'kb{5 . pQm sfo{sf sl/a ^$=! k|ltzt ef/t;Fusf] Jofkf/ /x]sf]

89
 g]kfn /fi6« a}+s ;dfrf/
b]lvG5 . To:f}n] j}b]lzs Jofkf/ ug{] uGtJo j}b]lzs nufgL cfslif{t ug{ g;Sg'nfO{ cfly{s
d'n'sdf klg ljljwLs/0f cfjZos 5 . s'6gLltsf] c;kmntf / 3f6f ah]6sf] sf/s tŒj
& g]kfn ;/sf/sf] /fh:jsf] k|d'v ;|f]t g} cfoft dfGg ;lsG5 .
/x]sf] 5 . cf=j=@)&(÷*) sf] s'n ;fj{hlgs & g]kfndf /x]sf k/Dk/fut ;f+:s[lts dxŒjsf
cfosf] d"No clej[l4 s/sf] c+z @(=( k|ltzt j:t'sf] laqmL ljt/0f ug{;s] ljb]zdf ;d]t /fd|f]
/ eG;f/ cfosf] c+z !(=! k|ltzt /x]sf] 5 . Jofkf/ ug{ ;lsg] ;Defjgf /xG5 . h;sf nflu
of] b'O{ zLif{sdf dfq $( k|ltzt ;/sf/L cfo To:tf j:t'sf] a|flG8ª, Kofs]lhª tyf k|j4{gsf]
cfh{g ePsf] b]lvG5 . o;n] ;/sf/sf] cfosf] cefj 5 . h;nfO{ k|j4{g ug{;s] g]kfnn] gofF
nIo e]6\g ;d]t cfoft clgjfo{ ePsf] tYo k|i6 j}b]lzs Jofkf/sf] If]q tyf uGtJosf] km/flsnf]
x'G5 . jif{]lg a9\b} hfg] ah]6sf] cfsf/ tyf t'Nofpg ;S5 .
;ª\3Lotfsf] a9\bf] vr{ kl/k"lt{ ug{;d]t pQm & g]kfndf cf}Bf]lusLs/0fsf] cefj b]lvG5 .
cfodf k/]sf] rfknfO{ ;Daf]wg ug{ cfoft ckl/xfo{ cf}Bf]lusLs/0fnfO{ a9fjf lbg ljleGg 5'6, tyf
ePsf] tYofÍNf] b]vfpF5 . ;x'lnotsf] Joj:yf x'g'sf] ;fy} EPZ sf] :yfkgf
& g]kfn k|fs[lts ;|f]tsf] e08f/sf] ¿kdf /x]sf] BIPPA, DTAA h:tf ;xdlt tyf ljleGg If]qLo
5 . tyflk pknAw ;|f]tsf] ;b'kof]u x'g g;Sbf tyf ax'/fli6«o ;+3;+:yfdf cGt/cfa4tf;d]t
/fHonfO{ k|fKt x'g] nfeaf6 al~rt x'g'k/]sf] 5 a9]sf] 5 . tyflk, ljZj kfFrf}F txsf]
eg] pQm j:t'sf] cfGtl/s dfuk"lt{sf] nflu k'gM cf}Bf]lusLs/0ftk{m pGd'v eO/x]sf a]nfdf
cfoft ug'{kg{] afWofTds cj:yf l;h{gf ePsf] g]kfndf bf];|f] txsf] ;Lldt cf}Bf]lusLs/0fdf
5 . hn;|f]tsf] wgL b]z g]kfndf ;f]sf] k|of]u lrQ a'emfO/x]sf] 5 .
l;FRffO / ljB't\sf] ¿kdf x'g'kg{]df s'n ljB't\ & g]kfndf gjk|jt{g / pBdzLntf Go"g 5 . rfn'
Ifdtfsf] cToGt sd dfq pTkfbg x'g' / jif{{]lg cfly{s jif{sf] gjk|jt{gsf] nflu ah]6 ljlgof]hg
ljB't\ cfoft x'gnfO{ la8Dagf g} dfGg'k5{ . eO{ sfo{ljlwsf] lgdf{0fkZrft\ cfj]bg ;Íngsf]
& g]kfnn] !^ d'n's;Fu Jofkf/ tyf kf/jxg ;Demf}tf sfo{ cufl8 a9]sf] 5 . 3f6f ah]6 k"lt{sf
u/]sf] eP tfklg ;Demf}tf sfof{Gjogsf] cg'udg, nflu gjk|jt{g / pBdzLntfsf] Jofks lj:tf/
k'g/fjnf]sg jf kl/jlt{t cfly{s ;Gbe{df ;Demf}tfsf] cfjZos kb{5 .
;dLIff ug]{ sfo{ ePsf] 5}g . o;} u/L, & g]kfnn] cfˆgf] k|zf;lgs Ifdtf clej[l4 ug{
g]kfnn] If]qLo Jofkf/ tyf kf/jxg ;Demf}tfsf] ;s]sf] 5}g . h;sf sf/0f cf}Bf]lusLs/0fsf x/]s
pkof]u u/]/ Jofkf/ lj:tf/ ug{ g;Sg' klg r/0fdf nufgLstf{ tyf pTkfbsn] cg]sf}F ;f:tL
j}b]lzs Jofkf/ 3f6fdf hfg'sf] csf{] sf/0f ef]Ug'k/]sf] 5 . To;}n] k|ljlwsf] pRrtd k|of]u /
/x]sf] 5 . k|zf;lgs pQ/bfloTjsf] af]w geP;Dd l9nf;':tL
& nufgLsf] pRr ;Defjgf /x]sf] g]kfndf j}b]lzs sfod /xg] / o;n] pTkfbs tyf nufgLstf{nfO{
nufgL cfslif{t ug{ g]kfnsf] cfly{s s'6gLltn] lg/fz agfpg] u/]sf] 5 .
dxŒjk"0f{ e"ldsf v]Ng'kg{] xf] . tyflk, g]kfnsf] & j}b]lzs nufgLsf nflu g]kfnn] b]zsf] ;fj{ef}d
j}b]lzs nufgL g]kfnsf] s'n ufx{:Yo pTkfbgsf] q]ml86 /]l6ª ug{ ;Sg'kb{5 . o;sf] cefjdf
Ps k|ltzteGbf klg sd /x]sf] tYofÍ ljleGg nufgLstf{sf] nufgLsf] ;'/Iffsf] ;'lglZrttf lbg
k|ltj]bgn] b]vfPsf 5g\ . o;/L !*@ b]z;Fu ;lsPsf] 5}g .
s'6gLlts ;DaGw sfod ePsf] ;Gbe{df k'FhLsf] & g]kfn h:tf] cfly{s ljkGgtf ePsf
cefj ePsf] If]qdf k'FhL Joj:yfkgsf nflu b]zx¿nfO{ ljZj Jofkf/ ;Ë7g, o'/f]k]nL o'lgog,

90
g]kfn /fi6« a}+s ;dfrf/
cd]l/sfnufotn] j}b]lzs Jofkf/df ;x'lnot k|bfg & SAARC, BIMSTEC, SAFTA h:tf If]qLo
ub}{ cfPsf 5g\ . tyflk, pknAw ;x'lnotsf] ;Ë7gx¿ tyf cGo ax'/fli6«o ;Ë7gdf ;d]t
pkof]u ug{ g;Sg' 3f6f Jofkf/sf] csf{] sf/0f ;lqmo ;xeflutf a9fPsf] 5 .
ag]sf] 5 . & /fli6«o, låkIfLo tyf cGt/f{li6«o Jofkf/;DaGwL
& g]kfndf ljlgdob/ l56f]l56f] kl/jt{g eO/xg] tYofÍ cWoog, cg';Gwfg / ;j{]If0fnfO{ lg/Gt/tf
x'gfn] nufgLstf{sf] pQm hf]lvd Joj:yfkgsf] lbPsf] 5 .
nflu x]lhª ;'ljwfsf] Joj:yf ug{ g;Sg' afXo & ;fgf tyf 3/]n' pTkfbgnfO{ cGt/f{li6«o ahf/df
nufgL gcfpg] csf{] sf/0f ag]sf] 5 . h;n] k'¥ofpg lgsf;L u[xsf] :yfkgf u/L ;xsf/Laf6
pTkfbgnfO{ g} k|efljt kfb{5 . ePsf pTkfbgnfO{ ;d]t k|j4{g ug{] sfo{
u/]sf] 5 .
Jofkf/ ljsf;sf nflu ePsf k|of; & lgof{thGo j:t'sf] klxrfg, ljsf; tyf pTkfbg
cGt/f{li6«o Jofkf/nfO{ k|j4{g ug{, lgof{t j[l4 clej[l4 u/L cGt/f{li6«o ahf/ k|j4{g ;DaGwL sfo{
u/L cfoft k|lt:yfkg ub{} afXo If]q ;Gt'ngnfO{ eO/x]sf] 5 .
pko'Qm agfpg, ;du| ljt/0f / cfk"lt{ k|0ffnLnfO{ & lglZrt kl/df0fdf j:t'sf] lgsf;Lstf{nfO{ gub
;dofg's"n agfpg g]kfndf b]xfoadf]lhdsf k|of; 5'6sf] ;fy} lglZrt cjlwsf] s/df ;d]t 5'6sf]
ePsf 5g\ . Joj:yf ul/Psf] 5 .
& eG;f/ k|0ffnLnfO{ yk kl/is[t tyf k|ljlwd}qL
& v'nf / ahf/f]Gd'v jfl0fHo gLltn] ;|f]t ;fwgsf]
agfpg] sfo{ eO/x]sf] 5 .
kl/rfng, cfly{s ljsf; / ul/aL lgjf/0fdf
& gjk|jt{gnfO{ k|f]T;fxg ug{ :6f6{ck pBd
;sf/fTds k|efj kfb{5 eGg] dfGotfadf]lhd
shf{;DaGwL sfo{ljlw lgdf{0f eO{ nfu" x'g] qmddf
g]kfnn] cfGtl/s tyf afXo Jofkf/nfO{ v'nf /
/x]sf] 5 .
pbf/ agfpFb} nu]sf] b]lvG5 .
& j}b]lzs Jofkf/sf nflu cfjZos cGo ef}lts
& jfl0fHo gLlt–@)&@, ljb]zL nufgL tyf k|ljlw
k"jf{wf/sf] lgdf{0f tyf :t/f]Ggltsf] sfo{ eO/x]sf]
x:tfGt/0f P]g–@)&%, g]kfn Jofkf/ PsLs[t
5 .
/0fgLlt–@)*), Jofkf/ 3f6f Go"gLs/0f;DaGwL
& j}b]lzs nufgL leq\ofpgsf nflu ljleGg ;dodf
/fli6«o sfo{ of]hgf–@)&%, g]kfndf ljB'tLo
cGt/f{li6«o:t/sf nufgL ;Dd]ng x'Fb} cfPsf 5g\
Jofkf/sf] ljsf; / pkof]u ;DaGwL /fli6«o
eg] nufgLstf{sf] ;xhtfsf] nflu Psn ljGb'
/0fgLlt–@)&^ nufotsf gLltut Joj:yf
sfof{Gjodf NofOPsf] 5 . ;]jf;d]t ;~rfngdf NofOPsf] 5 .
& ljB't\ Jofkf/sf nflu ef/t;Fu cGt/b]zLo
ljB't\ k|;f/0f nfOg ;~rfngdf cfPsf] 5 eg] g]kfnsf] j}b]lzs Jofkf/nfO{ ;'b[9 agfpg
aËnfb]z;Fu klg ;f]xL k|s[ltsf] ljB't Jofkf/ rfNg'kg{] sbdx¿
;Demf}tf x'g] qmddf 5 . & g]kfndf ;d'b|sf] gePsf] sf/0f ef/tsf]
& jL/u~hdf ef/t;Fusf] l;wf /]n ;]jf;lxtsf] ;d'›;Fusf] kx'FrnfO{ ;/n agfpg cfjZos 7f];
;'Vvf aGb/ufx ;~rfngdf NofOPsf] 5 . kxn ug'{kg{] b]lvG5 .
& g]kfnsf] !! b]z;Fu DTAA / 5 j6f b]z;Fu & pTkfbg k|j4{g ug{sf nflu cfjZos pTkfbg
BIPPA ;Demf}tf u/]sf] 5 eg] rLg;Fu BRI a9fpg ;xof]uL x'g]u/L gLlt lgdf{0f tyf plrt
;Demf}tf u/]sf] 5 . sfg'gsf] Joj:yf ug'{kb{5 .
& EPZ sf] :yfkgf tyf ;~rfng u/]sf] 5 eg] & g]kfndf ePsf gofF lgof{tof]Uo j:t'sf] klxrfg
k|To]s k|b]zdf Pp6fsf b/n] EPZ sf] :yfkgf / ljsf;nfO{ tLj|tf lbg'sf] ;fy} pQm j:t'x¿sf]
ug{] gLlt ;/sf/n] lnPsf] 5 . k|j4{gsf] nflu cfjZos sfo{x¿ ug'{kb{5 .
91
 g]kfn /fi6« a}+s ;dfrf/

& lgof{td"ns pBf]usf] k|j4{g ug{ EPZ & g]kfnn] pRr ;Defjgf /x]sf If]q h:t} k|ljlw
nfO{ k|efjsf/L agfpg] / g]kfn ;/sf/sf] cflbsf] vf]hL u/L To;sf] k|j4{gsf] nflu cfjZos
lg0f{oadf]lhd k|To]s k|b]zdf Ps EPZ sf] :yfkgf lg/Gt/ cg';Gwfg x'g'kb{5 .
tyf ;~rfngdf Nofpg] gLltnfO{ k|efjsf/L & g]kfnsf] j}b]lzs Jofkf/ ;xh x'g]u/L cfly{s
sfof{Gjog ug{'kb{5 . s'6gLltnfO{ ;zQm agfpg'kb{5 .
& lgof{tof]Uo j:t'sf] u'0f:t/df ;'wf/ Nofpg / & pTkfbgnfO{ k|f]T;fxg ldNg]u/L gjk|jt{g /
7"nf] kl/df0fdf pTkfbg ug{ cTofw'lgs k|ljlwsf] pBdzLntfnfO{ k|j4{g ug{'kb{5 .
k|of]unfO{ k|f]T;fxg ug{'kb{5 . lgisif{
& cfoft lgof{tnfO{ ;xh ug{ j}+lsª k|0ffnLnfO{ j}b]lzs Jofkf/ b]zsf] cfly{s ljsf;sf] nflu
r':t kfl/g'kb{5 . cTofjZos 5 . o;n] b]zdf pknAw ePsf tdfd
& g]kfnsf] pTkfbg a9fpg j}b]lzs nufgL cfslif{t ;|f]t;fwgsf] pRrtd pkof]u ub{5 / pTkfbg j[l4
ug'{kb{5 eg] To;sf] nflu u}/cfjf;Lo g]kfnLnfO{ ub{5 . pTkflbt j:t'n] b]zsf gful/ssf] cfjZostf
;d]t ;xh x'g]u/L sfg'gL Joj:yf ug'{kb{5 . kl/k"lt{ x'g'sf ;fy} ljb]z lgof{t u/L ljb]zL d'b|f
& ljb]zL pTkfbsnfO{ pBf]]usf] :yfkgf, hUuf cfh{g;d]t ug{;S5 . o;af6 g]kfnn] ef]lu/x]sf]
clwu|x0f, C0f cflbsf] ;/n k|aGw ug{'kb{5 . ul/aL tyf a]/f]huf/Lsf] ;d:ofnfO{ s]xL xb;Dd
& ljb]zL nufgLstf{x¿nfO{ ljlgdob/;DaGwL hf]lvd ;dfwfg ug{;d]t ;xof]uL l;4 x'g] b]lvG5 . ;fy},
x6fpg x]lhª ;'ljwf lbg] Joj:yf ug{'kb{5 . b]zsf] j}b]lzs d'b|fsf] ;|f]t tyf e08f/ alnof] x'g uO{
& lgof{tstf{nfO{ ;'ljwf k|bfg ug{ sd Aofhdf nufgLsf ;|f]tsf] clej[l4 x'g] / ;du| b]zsf] cfly{s
C0f pknAw u/fpg Exim Bank sf] :yfkgf cj:yf ;'wf/ x'g'sf] ;fy} gful/ssf] cfly{s tyf
;fdflhs cj:yf;d]tnfO{ ;'b[9 ug{ ;lsg] ;Defjgf
ug{'kb{5 .
5 .


92
g]kfn /fi6« a}+s ;dfrf/

cª\u|]hL v08

93
 g]kfn /fi6« a}+s ;dfrf/

94
g]kfn /fi6« a}+s ;dfrf/

Nepal in the Changing World Order

@ Dr. Gunakar Bhatta*

The Changing Order are trying to influence the developing world on the
One school of thought recently developed basis of ideology, economic strength, and business
among academia and the diplomatic circle is that potential. This is because abstaining from both
the world order is in a changing direction. The rise the Belt and Road Initiative and the Millennium
of artificial intelligence, increased digitization, Challenge Corporation is getting challenging for
and threat from climate change are said to drive small developing countries, which traditionally
the new world order. Two emerging powers in remained in the ambit of the Non Alignment
the north and south of Nepal are showing their Movement. Emerging powers in Asia such as
alluring presence in the global landscape with vast China and India, which mostly concentrated on
geography, dominant population, and spectacular internal development and growth since the 1980s
growth performance. India, whose economy grew are becoming key global players. In the aftermath
at an average of 6 percent during 1980-2019, is of the COVID-19, the Russia-Ukraine war and the
leading the growth path of the post-COVID global war in Gaza have further complicated the world
economy. However, China, whose economy grew order. In this context, it is imperative for countries
by almost 10 percent in the last four decades from like Nepal to lobby for garnering additional support
1980 to 2019, is likely to heading towards a steady from the international community in bridging the
state growth. resource gap and deploying available resources
for higher long run growth and sustainable
The bipolar world, after World War II, turned development.
unipolar along with the end of the Cold War.
However, the seeming development of multipolarity Growth Setback and Potential
after the global financial crisis is leading the Nepal could not benefit from the global economic
world to a new order. The fault lines of the global development in the last three decades. As countries
financial crisis, along with the aging population in the region took advantage of technological
and movement for deglobalization, are pushing advancement, capital flow and globalization;
the world into a new order where a number of Nepal underwent suboptimal performance. Nepal’s
players are coming to the forefront. The emergence economy and political system have been reeling
of BRICS, increasing influence of oil-producing under uncertainty since late 1990s with the onset of
Gulf countries, and the waning strength of the Non violent civil unrest. Such uncertainty has huge cost
Alignment Movement pose uncertainties to the on economic performance. Data retrieved from the
underdeveloped world. World Bank webpage relating to per capita growth
shows that Nepal observed low income growth in
Adapting to inward-looking policies on one the last three decades compared to other economies
hand and lobbying for economic and social benefit in the region (table). While Pakistan underwent low
of global citizens on the other are the examples of income growth, Sri Lanka faced an unprecedented
competing interests of big powers. In today’s World, economic crisis in 2021. The subdued growth
as a result of which, reciprocity largely guided performance of Pakistan among countries in the
by economic interest remains at the forefront of region could be due to the frequent change in the
bilateral and multilateral parleys. Competing forces government and political instability.

*
Executive Director, Nepal Rastra Bank

95
 g]kfn /fi6« a}+s ;dfrf/

The GDP per capita growth data clearly shows growth performance of Nepal. This is an issue
that countries which relied on strong institutions to be discussed widely and comprehensively.
and promoted policy and polity stability witnessed Whether we could utilize human capital or natural
higher living standards of their people in terms resource in the best interest of the economy in
of higher individual income. One of the major an ideal manner is a big question. Thousands of
yardsticks of change in the life of the ordinary folks leaving country each year in search for work,
people is per capita income growth. And in South better life, and higher education clearly signal that
Asia Nepal remained laggard after Pakistan. The Nepal will have to bear the brunt of human capital
economic transformation that China underwent deficiency in years to come. No systematic and
in the last three decades is clearly reflected in the solid work so far we have done to develop human
highest per capita income growth. Even Nepal capital at home. An important point to note with
failed to realize the spillover effect of Indian respect to human capital is that people who are
growth (figure). educated and trained abroad return to country not
only with knowledge and skill. But they come with
Table: Average GDP per capita Growth an aptitude of decency, desire for work culture
1990- 1990- 2000- 2010- and adherence to governance. These are the
Country
2022 1999 2009 2022 fundamentals from the perspective of economic
Bangladesh 4.1 2.7 4.0 5.2 development.
China 8.1 8.8 9.7 6.5
India 4.4 3.7 4.6 4.7 Growth economists have been debating for
Nepal 3.0 2.4 2.9 3.4 long on the drivers of growth. Economists are
divided whether it is factor accumulation or total
Pakistan 1.8 1.0 2.2 2.1
factor productivity that shift the potential GDP of
Sri Lanka 3.6 4.3 4.0 2.8
an economy. Nevertheless, laying solid foundation
Source: World Bank, https://data.worldbank.org/indicator/ to retain and attract educated youth force and bring
NY.GDP.PCAP.CD in additional capital is paramount. East Asian
While pundits can ponder over a number of countries such as Singapore, Taiwan, and South
ideas and arguments about the growth performance Korea as well as Nepal’s neighboring countries
of a number of emerging economies around the China, and India all have put extra efforts in
world, question arises what attributed to low mobilizing both human and physical capital, which

Figure: Annual GDP Growth in Nepal and India

Source: World Bank, https://data.worldbank.org/indicator

96
g]kfn /fi6« a}+s ;dfrf/

has finally paid in the form of higher growth and in both investment and consumption expand
lower poverty. economic activities. Thus, it is important to
convince international community that Nepal needs
In recent years, growth potential of Nepal is huge investment in infrastructure development
reflected on two areas. One of the most important and the growth potential can be realized through
sector that can drive the long run growth of Nepal is financing big projects.
infrastructure financing. Number of infrastructures
from road connectivity to hydropower, agriculture Policy makers, politicians and the private
product production, processing to marketing and sector agents have to build a common consensus
developing well-equipped hospitals to vocational that the need of the hour for Nepal is to promote
education institutions is needed in various parts development activities, which help to increase
of the country. Such infrastructures in hilly region economic growth. And, as a result of which,
of the country might help to create additional poverty reduction, lowering income inequality and
employment and check unwanted internal promoting inclusive growth are possible. Equally
migration. important to note is that with a low growth base,
the impact of negative shock in the economy
Allocating resources for infrastructure is pronounced at a higher rate on individuals.
development and executing the development This is learnt from the experience of economic
process at a faster pace can support the higher contraction during the COVID year, 2019/20 when
growth aspiration of people. The impact of economy contracted by 2.4 percent. Moreover,
infrastructure financing on economic growth can its fallout on per capita growth was noticed
be observed in a short period of time. This is evident with a 4 percent contraction. This warrants that
from the experience of 2017/18 and 2018/19 economic contractions have large adverse effects
when economic growth recorded 7.6 percent and on individuals and thus needs to be cautious while
6.7 percent respectively. The underlying source designing macroeconomic policies. Sometimes
of higher growth in those years could be huge policies are designed to avert cyclical fluctuations
investment in post earthquake reconstruction, flow temporarily without delving into details of their
of financial resources to the local level, expansion consequences. However, such patch up decisions
of bank branches to the nook and corner of the might have far reaching effect on ordinary citizens.
country, and more importantly construction of
airports in Pokhara and Lumbini along with the In addition to infrastructure financing, growth
execution Upper Tamaksohi hydro project. These fortunes of Nepal can be unveiled with hydropower,
instances recommend the fact that Nepal needs tourism and Information technology development.
to prioritize infrastructure development to boost As the world is embracing for renewal energy,
growth. Nepal has the potential to promote hydropower and
wind energy. The energy export and substitution
When infrastructure development is accelerated, of petroleum imports could pave the way for
it has multiplier effect in resource mobilization. sustainable growth. In 2022/23, Nepal earned Rs.
Infrastructure financing helps to develop new 10.4 billion by exporting hydroelectricity and in
market centers, encourages people living near the the eight months of 2023/24, such export stands
project development site to engage in productive at Rs. 12.4 billion. Similarly, the increasing use of
activities such as agro products, cattle farming electrical vehicles will help to reduce petroleum
and animal husbandry, limits outmigration and imports. However, development of big power
promotes civic awareness. Deployment of local projects is not possible only with internal resources
people in the project development encourages and thus Nepal needs to lobby for concessional
private domestic consumption as well. Increase foreign financing. Further, an emerging area

97
 g]kfn /fi6« a}+s ;dfrf/

that Nepal can reap the benefit is of information for small-scale upskilling and training. UNCTAD’s
technology service. The export potential of IT World Investment Report 2023 highlights the fact
service is around 515 million USD on annual basis that developing countries face a widening resource
as revealed by a study carried out by the Institute gap in attaining the SDGs. While the resource gap
for Integrated Development Studies. Retaining was 2.5 trillion USD per year in 2015 when the
tech-savvy generations or attracting those who are SDGs were adopted, such gap stands at 4 trillion
abroad can further broaden the export potential of USD in 2023. A decrease in global FDI by 12 % in
IT services. 2022 reinforces the fact that resource mobilization
is challenging for the developing world in the face
Tourism sector is another area that can support of evolving shocks, uncertainties, and geopolitical
to unfold the growth potential of Nepal, with tensions. Nepal itself is lagging behind in the
relatively less efforts. The abundance of natural mobilization of foreign grants, which remains
resources, bio-diversity, and varied topography below 1 percent of GDP in the last 5 years.
helps Nepal to advance tourist inflow at a Historically, grants received by the Government
faster pace. This is also evident from more than of Nepal were above 1 percent of GDP. Also FDI
one million tourists visiting Nepal in 2023. inflow to Nepal is well below 1 percent of GDP.
Without much effort, inflow of tourists in such
a number almost catching up the pre-pandemic The developing world has to expedite the
level reinforces the fact that Nepal can realize emerging avenues for resource mobilization.
maximum benefit from the tourism sector. Since With the growing emphasis of the Conference
tourism engages entrepreneurs of different layers of Parties on climate change, environmental
and levels and even ordinary people are mobilized diplomacy is gaining prominence on the world
resulting in from the backward as well as forward stage. Countries such as Nepal, which are bearing
linkages, tourism can be instrumental in lowering the brunt of carbon emissions, need to be vocal in
poverty and building inclusive society. Tourism attracting a fair share of climate finance. Artificial
is among few areas that can help to increase intelligence, which is considered a major driver
economic activities in the hill region of Nepal, of economic growth in the next decade, should be
which is experiencing domestic outmigration at a integrated into the human resource development
faster pace. In the context of federal administrative plan. In this regard, Nepal needs to work seriously
structure, local levels and provincial governments on bringing tech-savvy millennials back home.
have to play a key role in promoting tourism through Instead of complaining that Nepal is losing money
the development of necessary infrastructure on the due to the exodus of Gen Z for higher education,
basis of sound policies and programs. the focus should be on attracting those who have
studied abroad so that the country can benefit from
Promoting Economic Diplomacy the wealth of knowledge and experiences those
Given the laggard growth performance individuals bring.
and untapped potential, Nepal needs assertive
policies and visionary leadership to channelize The world order might change with the arrival
resources in accelerating growth. In the face of new challenges and innovations. The emergence
of changing world order, promoting economic of countries such as India, China, Indonesia, and
diplomacy to mobilize external resources carries Turkey in the global economy remains instrumental
major significance. These days, the developed in driving the world order. The slowdown in global
world is leaning towards commercial lending. growth, persistent uncertainty in inflation and
At a time when developing countries are in the global financial conditions, aging population and
need of resources for infrastructure financing, increasing geo-political tensions are bound to drive
development partners are vying to pour resources the global political, economic, and diplomatic

98
g]kfn /fi6« a}+s ;dfrf/

order. In this context, the priority for Nepal should whose population is around 3 billion, Nepal can
be to harness internal human and natural resources invite millions of tourists from India and China
to usher the growth path and engage with bilateral alone. The agreement on electricity trade with
and multilateral donors to bring in additional India is also an encouraging development. Nepal’s
capital for sustainable economic development. unique biodiversity offers an advantage to develop
Education Cities like those developed by Abu
As Nepal’s share in global trade is minimal Dhabi and Qatar. Thus, Nepal should focus on
and South Asia’s trade is largely with the United bringing in both human and financial capital for
States, Nepal should work for trade diversification. which managing conflicting interests of various
Moreover, Nepal’s competitive edge lies in factions at home and pursuing smart economic
developing the tourism sector. Given geographic policies along with economic diplomacy are sine-
diversity and lying between two giant neighbors qua-non.



99
 g]kfn /fi6« a}+s ;dfrf/

Measuring the Potential Impact of LDC

Graduation and Crafting Effective
Strategies for Smooth Transition
@ Toya Gyawali, PhD*

Abstract
This article presents the possible impact of LDC graduation and suggests strategies for a smooth transition
as Nepal plans to graduate from LDC status in November 2026. The strategy predominantly focuses on
sustaining economic growth, human capital, and past achievements while preparing for a flourishing future.
The suggested strategies include facilitating a smooth transition, ensuring a quality graduation pathway,
and ensuring sustainability beyond 2026. The United Nations Department of Economic and Social Affairs
(UNDESA) criteria for LDC status comprise GNI per capita, Human Asset Index (HAI), and Economic and
Environmental Vulnerability Index (EVI). Nepal meets the HAI and EVI criteria, GNI per capita remains
an enormous challenge.

The implications of Least Developed Country (LDC) graduation extend across various dimensions,
notably affecting international trade, foreign aid, and associated support mechanisms. Within the realm of
international trade, potential challenges may arise due to heightened tariffs, more stringent rules of origin,
and the forfeiture of special and differential treatment previously accorded to LDCs. This shift necessitates a
strategic approach to mitigate adverse consequences. In the context of foreign aid, the impact of graduation
becomes evident in the potential escalation of borrowing costs, influencing the financial dynamics of loans.

To navigate this transition smoothly, it is imperative to adopt a multifaceted strategy that underscores
key pillars such as macroeconomic and financial sustainability, trade and investment facilitation, economic
transformation, capacity building, climate change resilience, disaster risk management, and social inclusion.
Implementation of such a comprehensive strategy not only serves to attenuate the negative repercussions
but also ensures the preservation of the developmental gains that Nepal has attained thus far. A judiciously
executed plan contributes to elevating Nepal's creditworthiness post-graduation, positioning the nation
as a stable and appealing hub for international investment. This, in turn, fosters global trust in Nepal's
economic potential and underscores its commitment to sustainable development on a broader scale.

Background of special measures in their favor. This category

The category of Least Developed Countries aimed to address the development gap through
(LDCs) emerged in 1971, established by the UN specific International Support Measures (ISMs).
General Assembly to garner special international Initially, 25 countries, including Nepal, were
support for the most vulnerable members of the identified as LDCs.
United Nations. The urgency to identify the least
developed among the developing countries was Since the 1980s, the UN has outlined decennial
acknowledged to facilitate the early implementation programs of action to fix the priorities and

*
Secretary, Government of Nepal

100
g]kfn /fi6« a}+s ;dfrf/

implement the work plan. The Doha Programme Nepal's Current Status for Graduation
of Action for the Least Developed Countries for Nepal's journey towards achieving rapid socio-
the Decade 2022-2031 (DPoA), the fifth in the economic development spans more than six
series, emphasizes greater action, extraordinary decades, marked by comprehensive periodic plans
measures, and international cooperation. It aligns and fundamental policy reforms. As a member
with the concept of human security, ensuring state of the United Nations falling within the Least
that no country is left behind, and supports the Developed Country (LDC) category, Nepal has
graduation process of LDCs. consistently endeavored to graduate from this
status, aligning with global efforts.
Nepal’s graduation decision from the category
of Least Developed Countries (LDCs) marks a The process of Least Developed Country
significant milestone in its development track. As (LDC) graduation involves meeting specific
of 2023, only seven countries have successfully criteria in income, human assets, and economic
graduated. The UN assesses LDC status using and environmental vulnerability. The income
three criteria: Gross National Income (GNI) per criterion is based on a three-year average, requiring
capita, Human Assets Index (HAI), and Economic inclusion at a threshold of $1,035 and graduation
and Environmental Vulnerability Index (EVI). at $1,230. Human assets are assessed using the
Countries must meet two of these criteria at two Human Assets Index, considering indicators such
consecutive triennial reviews of the Committee as nutrition, health (child and maternal mortality
for Development Policy (CDP) to be considered rates, school enrollment), and literacy. The
for graduation. Nepal exceeded the thresholds Economic and Environmental Vulnerability Index
for HAI and EVI for multiple triennial reviews. considers natural shocks, trade-related shocks,
The impact of this graduation on Nepal's political physical and economic exposure, as well as size
economy is anticipated to be positive, potentially and location. The 15th Plan, spanning from 2019
attracting more foreign investment and fostering to 2024, emphasizes income elevation, human
economic diversification. capital development, and economic risk reduction
to transition Nepal from an LDC to a developing
Transitioning out of the LDC category is a country by 2022, aligned with Sustainable
complex process with significant implications. Development Goals (SDGs) for achieving middle-
Countries may face challenges as they lose LDC- income status.
specific benefits and favorable arrangements,
the impact of which depends on how effectively Nepal's progress towards LDC graduation
these benefits were utilized before graduation. The gained momentum during the triennial review
Doha Program of Action recommends graduating in 2021, where it received a recommendation
countries to develop Smooth Transition Strategies for graduation from the UN Committee for
(STS) to minimize disruptions in sustainable Development Policy (CDP). The upcoming 16th
development trajectories. Development partners plan recognizes the significance of LDC graduation
are urged to strengthen support for graduation and and addresses it as a separate and dedicated theme.
smooth transition, acknowledging the importance This underscores the country's commitment
of these strategies in ensuring a seamless shift to navigating the complexities of income
for graduating and recently graduated countries. enhancement, human capital development, and
The preparation of the LDC Graduation Smooth vulnerability reduction, aligning with the broader
Transition Strategy (STS) is crucial for guiding global agenda for sustainable development.
Nepal through a seamless, quality, and sustainable
graduation process, aligning with its long-term The post-1990 era, following the restoration of
development goals. democracy, witnessed a shift towards development

101
 g]kfn /fi6« a}+s ;dfrf/

priorities in Nepal. Plans from the Eighth to 2023/24, reflects resilience. However, challenges
the Tenth, and subsequent Twelfth Plan (2010- persist, especially in sectors like manufacturing
13), aimed at poverty alleviation, raising living and exports.
standards, and sustainable development. The
vision of graduating from an LDC to a developing The socio-economic impact of the COVID-19
country was articulated as per the Declaration of pandemic in Nepal has severe and long-term
IPoA (2011). This commitment was reflected in consequences. Negative growth in various sectors,
subsequent national development plans. job losses, wage cuts, over-dependence on
remittance, inadequate exports, speeding imports,
Despite continued development efforts, Nepal disrupted education, and health inequalities
faced challenges meeting the Gross National intensified the challenges. Government
Income (GNI) per capita criterion for LDC initiatives, relief packages, and support programs
graduation. However, in consecutive triennial aimed to mitigate these negative impacts,
reviews (2015, 2018, and 2021), the Human Assets focusing on health, employment, and overall
Index (HAI) and the Economic and Environmental economic revival.
Vulnerability Index (EVI) exceeded thresholds.
The government's request for deferral in 2018, Urgency underscores the need for meticulous
considering the post-earthquake recovery and low planning, ensuring a seamless and irreversible
GNI per capita, was endorsed by the Committee transition from Least Developed Country (LDC)
for Development Policy (CDP). status. This imperative plan should meticulously
identify policies and actions, strategically
In the 2021 triennial review, Nepal's GNI mitigating anticipated impacts and establishing
per capita remained below the threshold at a robust monitoring mechanism for ongoing
$1027, but improvements in HAI (74.9) and progress. Beyond 2026, it becomes crucial to set
EVI (24.7) qualified the country for graduation. policy directions that prioritize sustainability.
The UN General Assembly, based on CDP The overarching framework guiding this plan
recommendations, approved Nepal's graduation should align with the vision of a "Prosperous,
with an extended preparatory period of five years Peaceful, and Just Nepal," providing a compass
due to COVID-19 impacts. for navigating the intricate challenges associated
with LDC graduation.
Nepal's graduation, scheduled for November
24, 2026, without meeting the income criterion, Major UN Conferences on LDCs and Priority
is unprecedented. During the transition period, Areas
the country retains LDC benefits. Developing a
Smooth Transition Strategy (STS) is imperative United Nations Conference on LDCs, Paris
for Nepal to explore new opportunities, offset the 1981
potential loss of support measures, and ensure net The 1981 UN Conference on LDCs in Paris
gains for transformation. focused on addressing the multifaceted challenges
faced by least-developed countries. Priority areas
The macroeconomic situation, influenced by included food and agriculture, human resources,
the 2015 earthquake and the COVID-19 pandemic, social development, manufacturing industry,
highlights challenges and recovery efforts. GDP physical and institutional infrastructure, and
growth averaged 7.8% from 2016-2019, but the environmental sustainability. The conference
pandemic caused a 2.4% contraction in 2019/20. emphasized transformational investments,
Subsequent recovery in 2020/21 and 2021/22, particularly for landlocked and least-developed
coupled with anticipated 6% GDP growth in countries, while also highlighting the importance

102
g]kfn /fi6« a}+s ;dfrf/

of foreign trade and disaster assistance for LDCs. UN Conference on LDCs, Doha 2023
The comprehensive approach aimed to lay the The UN Conference on LDCs in Doha, held in
groundwork for sustainable development and 2023, intended to address critical priority areas.
economic growth. These include investing in people, leveraging
science, technology, and innovation, supporting
United Nations Conference on LDCs, Paris structural transformation, enhancing international
1990 trade and regional integration, addressing climate
In 1990, the UN Conference on LDCs in Paris change and environmental degradation, recovering
aimed to formulate macroeconomic policies, from the COVID-19 pandemic, and building
develop human resources, reverse environmental resilience against future shocks. The conference
degradation trends, promote integrated rural aims to mobilize international solidarity, forge
development, and encourage the growth of a global partnerships, and utilize innovative tools
diversified productive sector. The conference to propel least-developed countries towards
underscored the importance of addressing sustainable graduation.
economic, social, and environmental dimensions
to create a holistic framework for sustainable Possible Impacts of LDC Graduation
development in least-developed countries. The potential impacts of Least Developed
Country (LDC) graduation are multifaceted,
United Nations Conference on LDCs, Brussels encompassing economic, trade, and developmental
2001 dimensions. On the economic front, the loss of
The 2001 UN Conference on LDCs in preferential treatment and concessional financing
Brussels adopted a people-centered policy may escalate borrowing costs, impacting fiscal
framework, emphasizing good governance at stability. In the realm of international trade, raised
national and international levels. Priority areas tariffs, complex rules of origin, and the absence
included building human and institutional of special and differential treatment could hinder
capacities, fostering productive capacities for export competitiveness. Developmental strides
globalization, enhancing the role of trade in may face setbacks as well, with reduced access
development, reducing vulnerability, protecting to foreign aid, affecting sectors heavily reliant on
the environment, and mobilizing financial Official Development Assistance. Strategically
resources. The conference highlighted the need for navigating these challenges is imperative, requiring
comprehensive strategies to empower LDCs in the comprehensive policies to sustain economic
global arena. growth, mitigate employment disruptions, and
secure continued support on the global stage.
United Nations Conference on the LDCs,
Istanbul 2011 Impacts on International Trade
The 2011 UN Conference on LDCs in Istanbul Understanding the nuanced impact of Least
outlined priority areas such as productive capacity, Developed Country (LDC) graduation on crucial
agriculture, food security, rural development, trade, sectors is paramount for effective strategizing.
commodities, human and social development, Focusing on external sectors, such as International
and addressing multiple crises and emerging Trade, Development Cooperation and Financing,
challenges. Emphasis was placed on mobilizing and General Support, provides a comprehensive
financial resources for development, ensuring perspective. In the case of Nepal, where trade is
good governance at all levels, and fostering the heavily concentrated, with over 80% involving
sustainable development of least-developed India and China, the stakes are high. LDC
countries in the face of various economic, privileges, including preferential market access
environmental, and social challenges. and trade-related support measures, will be lost

103
 g]kfn /fi6« a}+s ;dfrf/

post-graduation, necessitating astute mitigation but also sustains the momentum of development
strategies. cooperation.

Concrete facts emphasize the challenge, as Concrete facts accentuate the critical role
projections by the International Trade Centre (ITC) of specific funds and support mechanisms that
and other global organizations highlight potential LDCs typically benefit from. Graduation entails
export losses following graduation. The impending the loss of these invaluable resources, adding
complexities involve navigating intricate rules of complexity to Nepal's development landscape.
origin and the absence of Special and Differential As a logical response, Nepal must actively
Treatment (S&DT) measures. Mitigating these engage in negotiating access to concessional
challenges demands a logical approach, including loans, exploring alternative funding sources, and
pursuing Generalized System of Preferences Plus participating in targeted programs designed to
(GSP+) status with the European Union, meticulous counteract the adverse effects of development
review, and initiation of bilateral agreements with cooperation. Navigating the intricate terrain of
major trading partners, exploration of untapped post-graduation challenges requires a nuanced
export potential, and proactive promotion of major approach. Crafting and implementing policies that
exportable products in major export destinations. foster resilience and adaptability in the face of
reduced concessional support will be pivotal for
To summarize, the government and private Nepal's sustained development trajectory.
sector should prioritize diversifying export
products and markets, reducing trade barriers, and To summarize, as Nepal pursues graduation
enhancing trade facilitation measures. Engaging from LDC status, it is crucial to reevaluate its
in regional and international trade agreements reliance on foreign aid. We should strategically
can provide Nepal with greater market access and shift towards fostering partnerships for sustainable
stimulate economic growth. Additionally, investing development rather than dependency on aid.
in trade-related infrastructure, such as transport This involves aligning foreign aid with national
and logistics, will improve competitiveness development priorities, attracting foreign direct
and efficiency in the global market. Fostering a investment (FDI), and encouraging public-private
business-friendly environment and supporting partnerships. Aligning foreign aid with long-
small and medium enterprises (SMEs) to integrate term development goals will contribute to a more
into the global value chains should also be central sustainable and self-reliant economy.
to the trade strategy.
Effects on General Support
Impact on Development Cooperation and The repercussions of Least Developed Country
Financing (LDC) graduation extend to contributions to UN
The ramifications of Least Developed Country system budgets, with a potential marginal increase
(LDC) graduation extend significantly to foreign in capped contributions. However, the overall
aid, notably impacting Official Development burden on Nepal is not deemed to be significantly
Assistance (ODA). In the case of Nepal, ODA plays onerous. One notable impact comes in the form
a pivotal role, constituting approximately 15% of of diminished funding support for international
the national budget expenditure. The heightened meetings and participation, particularly affecting
borrowing costs post-graduation, attributed to travel support.
the reduction in concessional finance sources,
pose a formidable challenge. This underscores To navigate these challenges effectively, Nepal
the urgency for a strategic policy framework must articulate its interests and seek support in
that not only addresses the financial implications international meetings. Addressing the potential

104
g]kfn /fi6« a}+s ;dfrf/

reduction in scholarship opportunities becomes economic indicators may not be severe, with the
crucial to ensuring continued access to educational compensatory potential of GDP growth helping to
resources. By strategically engaging with the alleviate potential concerns.
international community and advocating for its
specific needs, Nepal can mitigate the adverse To address these challenges, strategic
effects on general support and maintain its active mitigation measures are imperative. While job
participation in global forums. This underscores losses may be concentrated in specific industries,
the importance of proactive diplomacy and implementing policies to sustain overall economic
strategic communication in safeguarding crucial growth becomes crucial. The nuanced interplay
support mechanisms. between export dynamics, employment, and
socio-economic indicators necessitates targeted
Economic Growth Implications efforts to balance and mitigate potential negative
The potential dampening effect on economic outcomes.
growth following the loss of international support
measures is a nuanced challenge. While there may As Nepal works towards graduating from LDC
be adverse effects on certain sectors, such as trade, status, a dedicated focus on employment and
the overall impact on growth is projected to be income generation is imperative. The government
manageable. Considering Nepal's relatively small should implement targeted strategies to create
overseas trade volume, mitigating measures, and job opportunities, particularly for the youth,
the assumption of continued export growth, the through sectors like tourism, agriculture, and
overarching effect on the economy is expected to manufacturing. Investing in skill development
be within manageable bounds. programs and vocational training will enhance the
employability of the workforce. Social protection
A key pillar for Nepal's graduation strategy measures, including affordable healthcare and
should involve robust investment in infrastructure a robust social security system, will contribute
development and capacity building. This to improving overall living standards. Ensuring
encompasses upgrading transportation networks, equitable access to economic opportunities will
energy production, and telecommunication be pivotal in addressing income disparities and
systems. Strengthening educational and vocational fostering a sustainable and inclusive economic
training institutions is equally vital to equip environment.
the workforce with the skills demanded by a
diversified and evolving economy. Infrastructure Enquiry of Major Impact and Strategy
improvements not only enhance productivity but The context and content of this article and to
also attract investments. A focus on sustainable accelerate the graduation of Least Developed
and resilient infrastructure will contribute to long- Countries (LDCs) and ensure sustainable
term economic stability, mitigating the impact of development, a multifaceted strategy is essential.
external shocks on Nepal's development trajectory. First, there is a need to urge countries such as
India, China, and the USA to provide Duty-Free
Employment, Poverty, and Inequality Dynamics Quota-Free (DFQF) and improved market access,
Certain industries, including Pashmina, extending preferential treatment to graduating
garment, and carpet sectors, could witness LDCs. This initiative aims to boost exports
job losses due to preference erosion, affecting and enhance economic growth, creating a more
employment dynamics. The anticipated reduction conducive environment for these countries to
in exports might lead to approximately 0.161% successfully transition to a higher economic status.
of total employment. However, under baseline Simultaneously, designing a debt relief initiative is
scenarios, the adverse effects on these socio- crucial for the sustainable graduation of LDCs. By

105
 g]kfn /fi6« a}+s ;dfrf/

alleviating the burden of debt, these nations can Conclusion

channel resources towards critical development After graduating from the Least Developed
projects and investments in human capital. To Country (LDC) status, Nepal marks a significant step
prevent a relapse into economic hardship, the forward in its development journey, contributing
establishment of a graduation support fund is significantly to sustainable development. The
imperative. This fund would act as a safety net, newfound creditworthiness enhances the country's
providing financial assistance and support to appeal for domestic investment, fostering trust
prevent a reverse in progress after graduation. within the international community. This positions
Nepal as a safe and stable destination for business
Furthermore, embedding concerns related expansion and foreign direct investment. The
to graduating LDCs in the Multilateral Trading private sector gains access to international
System through MC 13 in Abu Dhabi is essential. financial markets, unlocking opportunities for
This involves securing preferences for non-LDC concessional interest rate investment loans and
developing countries for 6 to 9 years, focusing promoting production potential.
on DFQF and better market access. Additionally,
creating a "Graduated LDC Group" within the The advantages of LDC graduation include an
World Trade Organization (WTO) can address improved international image, increased attention
specific needs and challenges faced by these from the global community, and better access to
nations during their transition. Leveraging the commercial finance. Acknowledging that these
Aid for Trade (AfT) and technology-related funds, improvements are not automatic, Nepal actively
such as the AfT/EIF and Technology Bank, for addresses current financial challenges arising
an additional 5 years will support technological from global disruptions. The country aims to
advancements and capacity building. navigate a safe pathway, sustaining its progress
beyond 2026. This situation provides a strategic
Negotiating better market access, utilizing opportunity for Nepal's federal, provincial, and
existing trade agreements, and transitioning local governments, along with development
from market-driven competitiveness to skills partners and stakeholders, to address pressing
and productivity-driven competitiveness will be issues such as limited fiscal space, environmental
crucial for the successful graduation of LDCs. The degradation, inequalities, youth outmigration, and
implementation of the 16th Plan, aligned with the learning losses. Taking decisive actions becomes
Sustainable Development Goals (SDGs), should crucial to managing these challenges, aligning
focus on human capital development, employment with the long-term national development agenda,
generation, and productivity improvements. and leveraging partnerships for targeted technical
Monitoring progress through mechanisms such as and financial assistance. The graduation process
Prime Ministerial and Vice-Chancellorial levels, becomes a catalyst for enhanced coordination
aligning production with Regional Value Chains among development partners and the exploration
(RVC) and Global Value Chains (GVC), and of new trade and economic collaborations,
exploring the use of climate funds, intellectual propelling Nepal up the development ladder.
property rights, subsidies, and trade facilitation
agreements will contribute to the sustained Reference
development of graduated LDCs. Encouraging Central Bureau of Statistics. (2020). National
private sector investment, attracting more Foreign Statistics. Retrieved from https://www.cbs.gov.
Direct Investment (FDI), and undertaking capacity np.
building initiatives will play a vital role in fostering Craig, V. (2013). The history and future of the
economic growth and stability post-graduation. WTO, Geneva: World Trade Organization

106
g]kfn /fi6« a}+s ;dfrf/
Secretariat. UN Office of the High Representative for LDCs,
Department of Customs. (2020). Foreign trade landlocked developing countries, and small
statistics. Retrieved from https://www.customs. island developing states. (2011). Istanbul
gov.np. program of action. Retrieved from http://
unohrlls.org/about-lldcs/official-documents/.
Government of Nepal. (2015). Nepal earthquake
2015, Post Disaster Needs Assessment. United Nations Office of the High Representative
Kathmandu: National Planning Commission. for the least developed countries, landlocked
developing countries, and Small Island
Gyawali, T. N. (2015). Globalization and Nepal’s developing states. (2014). Vienna program
foreign trade. Nepal. Kathmandu: Department of action. Retrieved from http://unohrlls.org/
of Communication. about-lldcs/official-documents/.
Gyawali, T. N. (2017). Political economy of Nepal’s United Nations Conference for Trade and
international trade; concerning Kautilya’s Development. (2019). Trade and development.
economic governance. Kathmandu: KAMAD. Retrieved from. https://unctad.org
(A journal of Administration, management, and
Development). Kathmandu: KAMAD. United Nations Conference for Trade and
Development. (2020). The least developed
International Monitory Funds. (2020). Direction countries report 2020 productive capacities in
on trade statistics. New York: International the new decade. Retrieved from. https://unctad.
Monitory Funds. Retrieved from https://data. org
imf.org.
United Nations Conference for Trade and
John, H. (1996). Foreign direct investment Development. (2020). World Investment
and governments, catalysts for economic Report. International production beyond the
restructuring. London: Routledge. pandemic. Retrieved from. https://unctad.org
Mason J. (2002). Qualitative Researching. London: United Nations Office of the High Representative
Sage Publication. for the LDCs, Landlocked Developing
Ministry of Finance. (Various Issues). Budget Countries and Small Island Developing States
speech. Kathmandu: Government of Nepal. (UNOHRLLS) (2020). Least developed
Retrieved from https://mof.gov.np. countries. Retrieved from http://unohrlls.org/.
Ministry of Finance. (Various Issues). Economic World Bank. (2020). Data bank. Retrieved from.
surveys. Kathmandu: Ministry of Finance. https://databank.worldbank.org/databases
Retrieved from https://mof.gov.np. World Integrated Trade Solution. (2020).
Todaro, P., and Smith, S. (2014). Economic Cambodia trade statistics: WITS. Retrieved
development. Washington D. C., George from https://wits.worldbank.org.
Washington University: Pearson education. World Trade Organization. (2003). Report of the
Trade and Export Promotion Center. (2020). Nepal Working Party on the Accession of the Kingdom
overseas trade statistics. (Various issues). of Nepal to the WTO. Geneva: Retrieved from
Retrieved from https://www.tepc.gov.np. https://www.wto.org/english.



107
 g]kfn /fi6« a}+s ;dfrf/

CBDC: The Future Course

@ Bhuban Kadel*

Background acceptable and universally appreciated as well.

Central Bank Digital Currency (CBDC) is in The key points among them are: to promote
the center of topics for attention among banking financial inclusion, to integrate underbanked and/
and finance community for the last 10 years or unbanked population, to increase efficiency
around. The discussion started gaining momentum in payment systems, to lower transactions costs,
during covid-19 outbreak. There used to be regular to smooth transition of mechanism as envisaged
and frequent interaction and training programs in in monetary and fiscal policy etc. No wonder,
virtual mode during those periods. As the covid therefore why there is so much to talk and to learn
restrictions subsided and life movements eased, about CBDC.
there was regained thrust for the quest on CBDC.
For the sustainable and equitable development
According to online search engines like CBDC of the country, the financial inclusion of all sector
Tracker, Atlantic Council etc., there are currently and region is must. As on mid-January 2024, we
130 countries representing 98% of global GDP have 112 number of BFIs and their 11,567 branches
exploring CBDC. Exploring here means different serving throughout the countries. But if we look
stages that are involved while implementing into their geographical presence, wide gap is
CBDC project viz., Research, Proof of concept, pertinently noticed. It is now well established that
Pilot and Launch. There are some countries who lower the financial inclusion, higher the incidence
have even cancelled the project in between, the of poverty, and also higher the incidence of
underlying causes we shall point out later on. financial crimes. With the introduction of CBDC,
the general public shall be encouraged to have bank
The Monetary Policy for the year 2078/79 account opened and to avail the digital services
(Point no. 153) as issued by Nepal Rastra Bank offered by the state. In that sense the CBDC shall
stated that ‘A feasibility study of Central Bank surely promote financial inclusion and make more
Digital Currency in Nepal will be conducted in the people to join for the banking services.
context of worldwide study regarding the usage
and feasibility of digital currency’. CBDC shall make the payment systems more
efficient, smooth and seamless. As the money
In its Strategic Plan 2022-26, Nepal Rastra flows from account to account on digital platform
Bank has well recognized and highly noted the backed by advanced and trusted technology, there
impending development of CBDC expecting the will be literally no hinderances in payment flows.
global breakthrough. The Strategic Direction, point The amount will reach to expectant on instant basis
4.3 clearly mentioned about Digitalized Financial and thus it shall increase efficiency in the overall
Ecosystem. Similarly Strategic Pillar 4, objective system. It shall work as catalyst factor to increase
7 further spell-out that there shall be move towards overall productivity of the nation.
digital currency.
Let’s illustrate with the live case. We have an
The Reasoning Income tax office at Lazimpat area, Kathmandu.
The basic underlying reasoning for CBDC are There is an extension counter for the revenue
very sounding and reasonable. They are commonly collection purposes within the premises of tax

*
Former, Executive Director, Nepal Rastra Bank

108
g]kfn /fi6« a}+s ;dfrf/

office. However, if one has to pay tax, there is no with all other safe assumptions, Nepalese importer
digital payment services available and that assessed here in Kathmandu could make payments to his
amount got to be paid in cash only. So, one has counterparty Chinese exporter on a real time basis,
to come out of the building, go to nearby ATM, i.e., instantly in e-CNY without intermediaries. It
withdraw cash if it is working, then come back to will definitely boost the overall efficiency in the
tax office to deposit tax. We can easily guess the economy. This is why the central banks have yet
sufferings of the clients and prolonged processes another cause for exploring CBDC.
involved in it. Had there been digital module, like
CBDC, such unnecessary and troubling situations With the first introduction of cryptocurrency,
could have been simply avoided. viz. Bitcoin in 2009 there is hype like situation at
unprecedent level towards various private virtual
According to the concept report on CBDC currencies. Though there is sufficient degree
released by Nepal Rastra Bank, the bank has of awareness about its precariousness among
expended an average of Rs133 crore 64 lakh per interested faction of people, the quest towards
year on bank note printing during the 5-year period private virtual currencies in different name is
of 2017/18 to 2021/22. This is huge sum and this is continuing. Knowingly or unknowingly, many
bound to increase every succeeding year with the of them have just letting themselves in fanatical
increase volume of banknote circulation. There are world and ended-up with empty-handed. It is
other regular and incidental currency management more than miracle that everyone knows there is no
expenses viz., insurance, security, transportation, legality, no ground to grieve, no physical things,
staffing etc. which also contribute for the amount rather operated by goons and mafias, all like fairy
to be further expended. Even with all these tales, but still, someone somewhere is rushing to
arrangements, issues like non-availability of fresh go through. The introduction of CBDC is rightly
notes, over/under stocking of small denomination placed also to check to such unwarranted situations
notes, right timing of availability of currency notes and to make available the legitimate and credible
etc. frequently arises. This is mostly noticed during option to genuinely interested ones providing them
festive season like Dashain and at the time of to more innovative digital avenues. One of the
closing of Financial Year. All such operational and RBI publications dated July 22, 2021 has clarified
administrative hassles could be greatly relieved that CBDCs are desirable not just for the benefits
with the introduction of CBDC. they create in payment systems, but also might
be necessary to protect the general public in an
Creating efficiency and transparency in issues environment of volatile private Virtual Currencies.
relating to cross-border payments is yet another The Concept Note on CBDC, as issued by Reserve
motivational factor for the CBDC. The lack of Bank of India on October 2022, has further clearly
financial awareness while sending/receiving mentioned that the one of the key motivations
remittances is costing millions for rather needy of CBDC is to provide public with uses that any
and underprivileged group. The informal and private virtual currencies can provide, without the
illegal sector, by whatever name called like Hundi associated risks.
or Hawala etc. is gobbling the precious piece of
cake and literally killing the nation. The daily volume of cryptocurrency market is
such massive and charismatic that, according to
Also, there are issues on settlement, time the online searches, nowadays it is around 300
difference, rate difference, currency difference plus billion USD. So much so that the country
etc., on cross-border payments. As payment using viz., El Salvador, as first country in the world,
CBDC are final, it shall reduce the settlement risk adopted Bitcoin as legal tender. Many of the
to nearly zero in the payment systems. For example, concerned are self-assuming the crypto as future

109
 g]kfn /fi6« a}+s ;dfrf/

currency of parallel (informal) economy. This universal. Let’s take one by one in brief.
is not an auspicious gesture and it needs to be
stubbed at infancy stages itself. Nepal has already Legal issues i.e., establishing needed legal and
banned and outlawed the use of crypto trading and regulatory framework to have CBDC working is
mining in the country. NRB, through its notice on probably the foremost foundational infrastructure
BS2079/12/20, has banned and announced it illegal to have. We all understand the prolonged and
all transactions related to virtual currency/crypto sometimes cumbersome processes involved in any
currency (including stablecoins), Non-Fungible reforms in legal setup. Necessary amendments
Token (NFT), Digital Asset, Decentralized Finance in prevalent NRB Act need to be carried out
(DeFi), Pyramid based Network Marketing and to facilitate issuing of CBDC and it would be
Hyper Fund. better if completed earlier. With the increase
awareness in digital currency and its positive
Looking into neighboring countries, India has impacts throughout the globe, it seems that
already launched the pilot in CBDC-Wholesale once initiated, the proceedings will get through
(CBDC-w) on November 1 2022 with the at its normal pace.
participation of 9 banks and use case being limited
to secondary market transactions in government Just another topic of concern while issuing
securities. The pilot on CBDC-Retail (CBDC-r) CBDC probably is of financial instability. As one
was launched immediately after on December of the prime objectives of any central bank of the
1 2022, in four cities viz., Mumbai, New Delhi, country is to maintain stability of the banking and
Bengaluru and Bhubaneswar. According to The financial sector, the issue of financial stability
Economic Times (February 9 2024), the CBDC-r always remains at the top for any central bankers’
pilot currently enables Person to Person (P2P) policy moves. One of the apprehensions with
and Person to Merchant (P2M) transactions using CBDC probably is that when the public deals
Digital Rupee wallets provided by pilot banks. directly with central bank digital money, they may
CBDC-r will soon support off-line transactions undermine the role of other banking institutions
in areas with limited or no-internet connections. and thus may bring instability in financial structure
Another prominent neighbor country, China was of the country. However, with the availability of
the first major economy to pilot CBDC, called the variety of options and types in CBDC and mainly
digital Yuan or e-CNY, in April 2020 with rolling- because the central bank itself steering the financial
out the currency at four cities. More number of ship of the country, it is reasonable to assume that
cities, areas or provinces are now offering the this issue shall be sailed smoothly.
digital Yuan as a payment option. Moving towards
CBDC by 2nd largest and 5th largest economy of Operational risks like system failure, cyber-
the world conveys certain messages, which we attacks are another focal area of discussion
must grasp with appreciation. while going for CBDC. Even some minor lapses
in technical issues, which could not be resolved
The Concern instantly, may immediately give space to public
There are, of course, certain issues that need to outcry. Probable cyber-attacks are pertinent global
be addressed and accommodated well before going issue in digital arena. According to available online
for CBDC. Once decided, this topic will instantly sources, cyber-attacks is happening globally every
be national issue ringing pockets of almost every 39 seconds and cybercrime is predicted to cost
individual detailing his financial transactions and, US$ 8 trillion for 2023. Cyber-attackers may use
in that sense, interfering his personal freedom. harmful software, viruses or worms like Malware
This will also transform the landscape in cross- to have access to system and may create chaos at no
border payment. In nutshell, its echoes would be time. In some rare unfortunate cases, it may be the

110
g]kfn /fi6« a}+s ;dfrf/

target of enemy state or of non-state hostile goons. Some Exceptions

Robust and resilient defend system, viz. firewall, Some of the latest development story reveals
along with sound and permissible networking that there are some cases of backtrack in CBDC
practices, shall surely provide the needed level launching. Reuters news agency writes that
of security against cyber-attacks and the supreme despite the growing interest in CBDC, however,
institution like central bank would definitely be some countries that have launched them – such
capable to ensure such ecosystem. Looking from as Nigeria – have seen a disappointing take-up
the central bank perspective, neither there will be (with less than 0.5% of population using it), while
financial constraint, nor legal hurdles as such to Senegal and Ecuador have both cancelled CBDC
procure needed support/ software to defense the related development works. It is also noticed that
network. while launching CBDC, people simply didn’t trust
it and rather went for cryptocurrencies. It is the
Yet another point commonly raised in most disastrous situation that could be imagined
connection with issuance of CBDC is of privacy to any financial authorities. Some advocacies on
protection i.e., financial privacy. Privacy is the these cases seems that CBDC does not add value to
most sensitive issue for any natural person and the existing payment systems as there are already
it got to be protected so far it doesn’t clash with various options like e-money like wallets, payment
social norms or national interest and sovereignty. apps or mobile banking etc. Some others have
The crux of the issue is why on earth we should let made unwarranted concern pointing to financial
other know how we spent our pocket money. Our privacy and financial freedom. It may happen also
financial privacy shall be destroyed with the digital because state and regulatory mechanism did not do
tracking of our spending details. Fortunately, there needed homework to gain the trust and confidence
is a rightful solution for this situation also on of the common people. These unusual scenarios,
practicing CBDC. The golden rule, here, seems to however, could be corrected with completing
be ‘anonymity for small amounts, legal traceability requisite preliminaries first along with launching
for large amounts. CBDC related financial awareness campaign.

With all appreciation of above-mentioned Towards Digitalized Ecosystem

interpretations and arguments with regard to NRB is working on numerous agenda aimed to
CBDC, certain assertions, however, are explicitly develop digital financial landscape and is focusing
clear. CBDC shall offer an additional choice on to have digital payment structure. Some of the
to the currently available forms of money. leading topics among them are establishing the
It is basically purposed to make payment digital hub, developing the sandbox platform for
systems more efficient, secure and convenient. regulatory purposes, flooring and sharing the ideas
As CBDC is just the digital form of legal tender on digital banking, coordinating the implementation
physical notes, it shall equally incorporate all of national ID, exploring the data sharing practices
three basic functions of money, viz. as medium etc. Much has already been done towards National
of exchange, a unit of account and a store of Payment Interface, NPI (hosted by NCHL), and
value. It is in no way intended to completely the cross-border digital payments in retail sector,
replace the physical currency which is now in for now, has become possible. Establishment
the circulation in market. In-depth deliberation is and functioning of National Payment Switch,
much appreciated on which type or which model introducing and implementing our own domestic
or which form or which design of CBDC to payment card (by whatever name called) etc.
launch, with sole motive to bring efficiency in the could be other equally focused area of the Bank.
payment systems and to mark the financial stability Moving simultaneously with all these digital
in the country. related agenda may sometime shuffle their priority

111
 g]kfn /fi6« a}+s ;dfrf/

position. In some cases, legal foundation may be frequent intervals. Separate division is established
lacking, in some other cases, available technology exclusively for needed research, study and
may not be supporting. NRB, as we understand, is scheduling the probable implementation course
accomplishing the goal of establishing digitalized of CBDC. All materializing as expected, we could
financial ecosystem by harnessing all these varied have our own CBDC by the end of BS2082. Let’s
issues in synchronized way. expect it comes the sooner.

The Conclusion References:

NRB seems to be steadily and thoughtfully NRB Publications: Monetary Policy, Strategic
pacing towards launching of its own CBDC. It is Plan
envisioned in almost all guiding documents of the CBDC: Identifying appropriate policy goals and
bank. Committees, both at higher level and working design for Nepal, A Concept Report, NRB
level, are executing the mission at coordinated SAARCFINANCE Collaborative study Report on
way. Dedicated staff team has been assigned solely prospects of CBDC in the SAARC Region
for this cause. A concept report on CBDC already
Concept Note on CBDC, RBI
published; collaborative study at regional level for
CBDC already conducted. Interactive programs, Online News Agency: Reuters, The Economic
knowledge-sharing events are being held at Times



112
g]kfn /fi6« a}+s ;dfrf/

Risk Management Practices in Nepal

Rastra Bank
@ Khageshor Bhandari*

1. Introduction by the Internal Audit Department. Subsequently,

Risk refers to the uncertainty or any event that the Corporate Planning Department assumed
could have a negative impact on our performance, responsibility for overseeing risk management
process and the assets. NRB’s Risk Management within the Bank. Since then, NRB has undertaken
Directive, 2023, defined risk as the “uncertainty several initiatives to strengthen its risk management
surrounding our activities that may have adverse framework. Some of these initiatives include;
impact resulting in subpar performance, difficulties
in meeting stakeholder expectation andachieving • Risk Management Directives, 2010: First
objectives”. Therefore, risk means any event that directives formulated by Corporate Planning
causes loss or injury or harm in business process, Department.
assets, and the outcome. Technically, it is defined
as the likelihood of occurrence of an event with • Integrated Risk Management Framework, 2015:
some adverse effect. Sometimes, the term ‘risk’ More comprehensive framework for holistic
is considered synonymous with the term ‘crisis’. approach to risk management.
Crisis brings both challenges and opportunities,
and requires management of crisis to grab these • Risk Management Directive issued in 2017:
opportunity. Updated version of former directive with new
revisions.
There are various sources of risk. Risks or
risk events are associated to socio-economic and • Corporate Planning Department was renamed
political condition, the environment, strategic as Corporate Planning and Risk Management
errors, technology, and human resource, among Department since 16 July 2020 (1 Saun 2077):
others. It is crucial to understand and manage these More emphasis and special attention to risk
risks proactively for enhanced decision-making, management function with defined range of
minimizing negative outcomes, and maximizing responsibilities.
positive outcomes. Risk Management requires
a logical and systematic method of identifying, • Recently, the Bank has formulated new Risk
analyzing, treating and monitoring the risks Management Policy, Directives, and Procedure
involved in any activity or process. Following in 2023 with incorporating updates and
sections of this article will discuss various aspects revisions in former documents to strengthen the
of the risk management framework in Nepal risk management framework of the Bank.
Rastra Bank.
3. Why Risk Management is Important?
2. Efforts made for Risk Management in Nepal Robust risk management is crucial for the
Rastra Bank sustainability of an organization. It helps minimize
Nepal Rastra Bank began formalizing its losses and disruptions, protect assets, achieve
risk management practices in 2007 with the goals, maintain operational efficiency, and
implementation of Risk Management Guidelines ensure their long-term sustainability and success.

*
Deputy Director, Nepal Rastra Bank

113
 g]kfn /fi6« a}+s ;dfrf/

Following are some of the reasons why we need to benefits and risks of different options, leading to
manage the risk; better decision-making.

• Goal achievement: Effective risk management • Smooth Functioning of organization: By

helps organizations achieve their goals by managing risks effectively, organizations
identifying and addressing potential obstacles can ensure the smooth functioning of their
and challenges that may hinder their progress. operations, minimizing disruptions and
maintaining continuity of business.
• Minimize possible losses and disruption:
An effective risk management framework • Reputation management: Effective risk
helps organizations to proactively identify management helps protect an organization’s
and mitigate the potential risks, reducing the reputation by minimizing the likelihood of
likelihood of financial loss and operational negative events that could damage its image.
disruptions.
4. Principles of Risk Management
• Protection of assets and resources: Risk The principles of risk management serve as
management aims to protect assets and resources the foundation for identifying, assessing, and
through prevention or mitigation of the impact mitigating risks. By adhering to these principles,
of risk events, minimizing damage and injury to organization can effectively manage the risks that
assets and resources. they face and improve their overall efficiency.
General principles of risk management are
• Foster risk culture: An effective risk discussed below;
management requires the risk culture within each
person and the process. This culture ensures that • Proactive identification of potential risk: This
each person and process within the organization principle involves anticipating and identifying
is aware of the risks the organization faces and potential risks before they occur. This proactive
proactively manages them in order to achieve approach allows the organization to prepare
the goals. and develop strategies to manage those risks
effectively.
• Strengthen risk governance: Effective risk
management strengthens the governance • Alignment with organizational goals: It is
structure of an organization by ensuring that crucial to ensure that the risk management
risks are identified, assessed, managed and efforts are directly tied to the overall objectives
monitored at all levels, leading to more informed and mission of the organization. This alignment
decision-making. helps in prioritizing risks and focusing resources
on managing those that pose the greatest
• Division of responsibility: Risk management threat to the organization’s goals.For instance,
framework establishes clear roles and commercial banks often prioritize managing
responsibilities for managing risks, ensuring liquidity, market, and credit risks to increase
that risks are effectively identified, assessed, and profitability, while Nepal Rastra Bank focuses
mitigated. Nepal Rastra Bank has implemented on the risks that hamper price stability, financial
three lines of defense model. stability, and external sector stability.

• Enhancing decision-making: By understanding • Participation in risk management: This

potential risks, decision-makers can make more principle emphasizes that every employee within
informed choices, considering both the potential an organization should act as the risk manager.

114
g]kfn /fi6« a}+s ;dfrf/

Engagement of everyone in risk management at 6. Risk Governance

all level of the organization is essential. Risk governance refers to the institutional
structure, policy framework, and the process
• Create cycle of risk management: It is not one- including clearly defined responsibility and
time activity. It should be an ongoing process. reporting flows to manage the risk effectively. In
Organizations should establish a continuous the context of Nepal Rastra Bank, risk governance
cycle of identifying, assessing, mitigating, and can be outlined through its institutional
monitoring the risks. framework, policy framework, risk management
responsibilities, and reporting flows, as detailed
• Timely, transparent, and tailored approach: below:
Risk management actions should be timely,
transparent and tailored. It means the risk Institutional Framework
mitigating actions should be taken promptly to • Board of Directors: is an apex body responsible
prevent delays.The overall risk management for shaping the policy framework. The Board’s
process should be transparent and well decision and guidance shapes the tone for risk
communicated among employees and other management.
stakeholders. In some cases, a generic risk
management strategy may not be applicable • Audit Committee: assures that the risk has
and it requires the tailored approach to address been appropriately managed within bank.
specific risk.
• Risk Management Committee: monitors the
• Continuous improvement and learning by risks, provides guidance for risk management
doing: There should be the culture of learning and recommends the risk related policies.
by doing and continuous improvement in the
risk management system. • Departments: All the departments are liable to
identify measure and manage the risk that they
5. Risk Culture face. Corporate Planning and Risk Management
Risk culture can be defined as the set of Department functions as the secretariat to Risk
norms, values, beliefs, knowledge, attitudes Management Committee and oversees the risk
and understanding about risk shared within management through out the Bank.
organization with common objectives. Nepal
Rastra Bank, Risk Management Directive, Policy Framework
2023 has defined risk culture as NRB’s norms, The Nepal Rastra Bank’s overall risk
attitudes and behaviors related to risk awareness, management framework is shaped by the following
risk-taking, risk management, and risk controls policies:
that shape decisions on risk. Peoples’ attitudes 1. Risk Management Policy, 2023.
towards risk shape their behavior and the behavior 2. Risk Management Directive, 2023.
forms risk culture within an organization. A well 3. Risk Management Procedure, 2023.
established risk culture includes strong tone form
the top to manage risk, clearly defined authority Risk Management Responsibility
and responsibilities of risk management, defined Nepal Rastra Bank has implemented three lines
risk limits such as risk capacity, risk appetite, and of defense model with the clear assignment of risk
risk thresholds, awareness and participation in risk management responsibility.
management, accountability and due diligence
regarding risk. • First line of defense: The reporting offices,
the first line of defense, are responsible for

115
 g]kfn /fi6« a}+s ;dfrf/

identifying and managing the risks that they • Governor/Board of Director:After discussions
face. in the Risk Management Committee, the
Corporate Planning and Risk Management
• Second line of defense: Corporate Planning and Department submits the report to the Governor
Risk Management Department, as the second and the Board of Directors. The first and third
line of defense, oversees the risk management quarter reports go to the Governor, while the
through out the bank. It conducts onsite second and fourth quarter reports go to the
inspection of risk management, formulates the Board. Governor or Board of Directors issue
risk related policies and challenges the risk and further instructions, if any, and such instructions
control procedure adopted by the first line of are circulated to all or related reporting
defense. offices through Corporate Planning and Risk
Management Department.
• Third line of defense: As the third line
of defense, Audit Committee provides the 7. Risk Management Process
assurance that first and second lines of defense Risk Management is a process or systematic
are performing well and provides the risk method of identifying, analyzing, treating and
assurance. monitoring the risks involved in any activity or
process. It involves understanding potential risk
Risk Reporting Flows to and organization or project and developing
Reporting flow starts with the preparation of strategies to address the risk.Risk Management
risk register at reporting offices and concludes at process has four steps; risk identification,
Board of Directors after discussion of consolidated risk measurement, risk management and risk
risk report submitted by Corporate Planning and monitoring.
Risk Management Department. Various stages of
reporting flow are; 7.1 Risk Identification: It is the process of
understanding potential risks that could cause
• Reporting Offices: Each reporting office losses, disruptions, or subpar performance.
prepares the risk register and submits it to Reporting offices as the first line of defense
Corporate Planning and Risk Management are responsible for identifying the risk that
Department on quarterly basis. Designated risk they face. Officials take note of previous
officer of each reporting office is responsible risk register, audit reports, internal as well
for this task. as external factors, existing policies, laws,
operational frameworks, among others while
• Corporate Planning and Risk Management identifying the risk. Nepal Rastra Bank has
Department: Risk Management Unit within identified 153 risk events under 15 different
the department compiles the risk registers, as risk headings.
well as onsite inspection reports and submits
them to Risk Management Committee. 7.2 Risk Measurement: The identified risks are
then measured in ‘likelihood of Occurrence
• Risk Management Committee: Risk (LoO)’ and ‘Severity of Impact (SoI)’.The
Management Committee reviews the multiplication of LoO and SoI gives gross
reports submitted by the department risk, which forms basis for grading risk. Each
and issues direction/suggestion, if any, risk events is classified as high, medium,
for effectiveness of risk management inclined to high and low risk based on the
within the Bank. gross risk score.

116
g]kfn /fi6« a}+s ;dfrf/
Score Description Definition Probability (%)
5 Certain Occurs 4 or more times per year 80 and above
4 Likely Occurs three times a year 60 to less than 80
3 Moderate Occurs twice a year 40 to less than 60
2 Unlikely Occurs once in a year 20 to less than 40
1 Remote Once in a five years or more Less than 20

Severity Range in Rs. Crore

Score Description Definition/Impact Severity % of RA
Financial Risk Non-Financial Risk
5 Sever Extremely high ≥1 ≥ 5.40 ≥ 2.70
4 Major Significant ≥0.7 <1 ≥3.78 <5.40 ≥1.89<2.70
3 Moderate Considerable ≥0.5 <0.7 ≥2.70 <3.78 ≥1.35 <1.89
2 Minor Minimum ≥0.2 <0.5 ≥1.08 <2.70 ≥0.54<1.35
1 Negligible Insignificant <0.2 < 1.08 < 0.54

Likelihood of Occurrence (LoO): The risk of each event calculated by the multiplying
likelihood of occurrence is assessed on a scale of likelihood of occurrence (LoO) and Severity of
1 to 5, where the sore 1 indicates a low frequency impact (SoI).
and 5 indicates a high frequency of occurrence of
any risk event. It is shown in following table; The gross risk score obtained from above risk
matrix is interpreted as shown in following table
Severity of Impact (SoI): The severity of to classify the risk events:
impact refers to the extent of harm or damage
that a particular event or risk can cause. It used Low risk is retained while risk with medium
to be purely subjective before the implementation and inclined to high score is managed. The high
of new Risk Management Policy, Directives, and risk events may not be manageable through normal
Procedure in 2023. Currently, Capital and General risk management framework and may require the
Reserve (C+GR) of the Bank is taken as the basis implementation of business continuity plan.
for calculating severity of impact of any event.
Total Risk Capacity (RC) of the Bank is considered 7.3 Risk Management
to be 10 percent of Capital and General Reserve Generally, there are four main strategies of
for financial risk and 5 percent for non-financial risk management. Based on the NRB’s risk
risk. Eighty percent of risk capacity is considered management policy, directives, procedures,
to be Risk Appetite (RA) of the Bank. Based on insights generated from auditor’s remarks,
this, severity of impact is measures as; Gross instructions from Risk Management Committee,
Risk: Risk matrix is used to measure the gross among others, the reporting offices are required to

Severity of Impact S.N. Gross Risk Classification

1 2 3 4 5 Where,
1 <9 Low
Likelihood of
occurrence

1 L L L L L L = Low
2 L L L L M M = Medium 2 9-15 Medium
3 L L M M IH IH = Inclined to high 3 16-20 Inclined to High
4 L L M IH IH H = High
4 >20 High
5 L M M IH H

117
 g]kfn /fi6« a}+s ;dfrf/

adopt any of the following risk management risk assurance.

strategies:
8. Conclusion
• Risk Avoidance:This is the strategy of avoiding All our activities are surrounded by uncertainties
or not being involved in any action that has the that can hinder our work or progress. Managing
risk more than pre-defined risk threshold. For these uncertainties is essential for maintaining
example, avoid high-risk investments, avoid uninterrupted work and achieving better
using unsecured network, avoid collaboration performance.A robust risk management framework
with high-risk entities, avoid engaging in is essential for organization to identify, assess and
activities that could result in legal disputes or manage the potential risk so that organization’s
violation etc. assets, reputation and the stakeholder’s interest
can be protected. Nepal Rastra Bank began
• Risk Sharing: Potential risks could be shared formalizing its risk management practices in 2007
partially or fully with third parties. For example, and, then after, has undertaken several initiatives
insurance of assets, insurance of note chest. to strengthen its risk management framework.
With the formulation of new Risk Management
• Risk Reduction: Unavoidable risks should Policy, Directives, and Procedure in 2023,
be managed to reduce their negative impact. NRB’s risk management framework has become
For example, construction of earthquake more comprehensive and specific in identifying,
resistant building, establishing effective control analyzing, treating, and monitoring risks that could
mechanism, diversification of investments, impact the bank’s performance and objectives.
implementing cyber security measures etc.
Risk management actions should be proactive
• Risk Retention: Risk events that occur more anticipating the potential risk and their impact
frequently but they have minimal adverse impact on the business. Organizations aligned their
are often retained. For example, frequent power risk culture with the organizational goals. Risk
outages, employee absenteeism etc. Management is not a one-time activity rather it
goes continuously and therefore we should create
7.4 Risk Monitoring and control the cycle of risk management for continuous
Reporting offices, as the first line of defense, improvement. Timely, transparent and tailored
have the main responsibility of risk monitoring approach of risk management adds value in risk
and controlling risk. Corporate Planning and culture and risk governance of any organization.
Risk Management Department oversees the risk
management through out the Bank. It conducts References
onsite inspections of risk and challenges the risk Nepal Rastra Bank. Integrated Risk Management
as well as risk management procedure adopted by Framework, 2015.
reporting offices. Any risk event with the risk score Nepal Rastra Bank. Risk Management Directive,
more than risk threshold draws the attention of 2023.
Risk Management Committee so that appropriate Nepal Rastra Bank. Risk Management Policy,
risk management strategies can be taken timely. 2023.
As the third line of defense, Audit Committee Nepal Rastra Bank. Risk Management Procedure,
provides the assurance that first and second lines 2023
of defense are performing well and provides the


118
g]kfn /fi6« a}+s ;dfrf/

Nexus between Financial Inclusion,

#

Financial Inequality, Economic Growth

and Income Inequality
@ Siddha Raj Bhatta*

1. Introduction distribution of financial services, economic growth

The discussion on the relationship between and inequality by using a sample of 112 countries.
financial access, economic growth and inequality has First, it estimates financial inclusion index for
received considerable attention of the policymakers, the countries using a number of access and usage
academicians, and scholars in the recent years. It indicators and then investigates the linkages of
has been argued that financial inclusion fosters such index with growth, financial inequality
economic growth and helps in reducing economic and income inequality. Then, it investigates
inequality by making financial services available the financial access and inequality in Nepalese
to the public at a reasonable cost and increases the context and draws some policy implications for
gains of individuals from participation in financial maximizing the gains from expanding financial
markets. Early discussions on this issue show that access.
financial inclusion relaxes the credit constraints
for the poor by lowering the borrowing and The rest of the article is structured as follows:
information costs, enhances growth and reduces section two constructs financial inclusion index
inequality (Galor and Zeira, 1993; Aghion and and assesses the status of financial inequality,
Bolton, 1997). However, recent studies have come section three investigates the relationship among
up with mixed conclusions. In addition, some the variables under consideration, section four
studies have focused on the non-linear relationship delves into a discussion in Nepalese context and
between financial inclusion and income inequality the final section concludes the article with some
(Greenwood and Jovanovic, 1990; Townsend and policy implications.
Ueda, 2006). Also, some of the recent studies have
emphasized on financial inclusion as a broader 2. Status of Financial Inclusion and Financial
concept which includes not only the access to Inequality
financial services, but also the use of services, ease The available measures on financial inclusion
of accessing the services, quality of the services show that financial inclusion has improved rapidly
and inequality in the distribution of such services. in all countries over the years but there is still a
These studies argue that in the presence of higher huge spatial as well gender gap across the globe.
financial inequality, increasing financial access can The percentage of adults having an account at
disproportionately benefit the wealthy agents and financial institution has increased to 71 percent
thus increases income inequality in the early stages, in 2021 but at the country level, such share varies
thereby nullifying the positive effects (Dabla Norris from 21 percent to 100 percent (World Bank,
et al., 2015; Sahay et al., 2015). 2021), creating large geospatial difference across
the countries. In addition, the differences in other
This article attempts to analyze the nexus aspects of financial inclusion such as the usage of
between financial inclusion, inequality in the financial services, restrictions at place in accessing

#
First prize winning article in ‘Economic Article Competition, 2081’
*
Deputy Director, Nepal Rastra Bank

119
 g]kfn /fi6« a}+s ;dfrf/

the services and the quality of services offered by are on the lower end. Nepal has achieved moderate
the financial institutions are even more pronounced type of progress in this journey compared to other
(World Bank, 2021). countries. It ranks 70 out of the 112 countries
included in the computation implying that more
To evaluate the level of financial inclusion within than half of the countries in the sample are ahead
a cross-country context, a financial inclusion index of Nepal. In terms of the individual indicators,
has been computed by using six financial access Nepal is behind in terms of the percentage of adults
indicators and seven usage indicators spanning that use debit/credit card, the percent of adults
112 countries. The list of the indicators used for who save at financial institutions and the percent
the computation is provided in Table 1 below. The of adults who make digital payments. In terms
data are available in the Findex Survey published of these three indicators, Nepal’s position is far
by the World Bank and Financial Access Survey below the average of the 112 countries included in
published by the IMF. The financial inclusion the sample. In the south Asia, Sri Lanka and India
index has been computed as the weighted average are ahead of Nepal while Bangladesh and Pakistan
of the indicators normalized by using the global are behind (Chart 1).
mini-max criterion. This method has been used
Chart 1 : Financial Inclusion Index and
by Sarma (2012), AFI (2016), Park and Mercado
Relative Position of Countries
(2018), Nguyen (2020) and RBI (2021) to compute
such index.

Table 1 : Indicators Used for the Estimation

of Financial Inclusion Index
Access Indicators Usage Indicators
Used a debit or credit card
Account (% age 15+)
(% age 15+)
Owns a debit or
Has an inactive account
credit card (% age
(% age 15+)
15+)
No. of commercial
Saved at a financial
bank branches/1,000
institution (% age 15+)
km2
Commercial bank Source: Author’s Estimation from Findex, World Bank
Borrowed any money (% (2021) and FAS, IMF (2021)
branches/ 100,000
age 15+)
adults Note: Outer circle represents higher financial
No. of ATMs per 1,000 Made or received a digital inclusion.
km2 payment (% age 15+)
Deposits of household In the context of financial inclusion, one of
No. of ATMs/100,000
sector with commercial
adults the recently focused issues is the inequality in the
banks (% of GDP)
distribution of financial services. Literature shows
Outstanding loans from
commercial banks (% of that in the initial stage, inequality in the access to
GDP) financial services worsens as access to financial
services increases and after a certain level of
Estimation results show that while Hong Kong, financial access, such inequality declines (Aslan
Canada, Korea, Singapore, and Norway are on the et al., 2017). This effect is referred to Kuznets-
top of the financial inclusion frontier as of 2021, type relationship followed by financial inequality.
Pakistan, Madagascar, Iraq, Tajikistan and Lebanon Aslan et al. (2017) show that more than half of

120
g]kfn /fi6« a}+s ;dfrf/

the countries in the world have moderate to high other hand, some studies document a low or even
level of financial inequality as reflected by a Gini negative impact of financial inclusion on economic
coefficient of 0.30 or higher (Chart 2), which has growth (Gómez Rodríguez et al., 2021).
created corresponding adverse impact on income
inequality in the countries. While very few high- Chart 3 plots the financial inclusion index from
income countries have the issue of such inequality, the sample countries against economic growth
majority of the lower middle-income countries and achieved by the countries during 2015-2019.
upper middle-income countries included in the It shows that the association between financial
sample have higher financial inequality (Table 2). inclusion and economic growth appears to be
weak.
3. Relationship between Financial Inclusion,
Growth and Inequality To estimate the effect of financial inclusion
There exists a strong theoratical argument in on economic growth, the growth regression has
favor of the positive relationship between financial been estimated for the low and medium-income
inclusion and economic growth. The most countries with the widely used control variables in
important channel argued behind this mechanism the literature. The regression results of the growth
is the greater gains achieved from expanding equation show that despite the expected positive
participation in financial markets, removal of sign of financial inclusion index and expected
credit constraints and reduced cost of financial negative sign of financial inequality, structural
services. Majority of empirical literature support features as proxied by the share of agriculture in
this argument and conclude a positive association total output and traditional factors of production
between financial inclusion and growth. Some matter more for economic growth. This might be
of the studies in this line include Estrada et al. because of the structural rigidities present in the
(2010), Kpodar and Andrianaivo (2011), Camara countries as measured by the share of agricultural
and Tuesta (2014), Lenka and Sharma (2017), sector in total output which constraints financial
Le et al. (2019), Vo and Nguyen (2019), Ifediora, inclusion as a lubricant of economic growth.
et al. (2022), and Abdallah et al. (2023). On the

Table 2 : Financial Inequality by Income Chart 2 : Financial Inclusion and Financial

Groups Inequality

Lower Higher
Income Groups Gini (up Gini Total
to 0.30) (>0.30)

High income 37 4 41
Low income 3 3 6
Lower middle
7 25 32
income
Upper middle
6 27 33
income
Grand Total 53 59 112 Source: Aslan et al., (2017)
Source: Author’s Estimation based on Aslan et al.
(2017) estimation of financial Gini Coefficients

121
 g]kfn /fi6« a}+s ;dfrf/

Chart 3 : Scatterplot of Financial Inclusion Index and Economic Growth

Source: World Bank (2021), IMF (2021) and Author’s Estimation

Table 3 : Regression Results for the Growth Equation

Growth Coef. St.Err. t-value p-value [95% Conf Interval] Sig
lnindex .01 .456 0.02 .983 -.903 .922
Inf -.046 .031 -1.47 .147 -.109 .017
Lncf 1.67 .789 2.12 .039 .09 3.25 **
Lntrade .277 .641 0.43 .667 -1.006 1.56
Lnagri 1.321 .33 4.01 0 .661 1.981 ***
Lnpop .341 .176 1.93 .058 -.012 .694 *
Ineq -.275 .519 -0.53 .598 -1.315 .765
Constant -10.929 5.491 -1.99 .051 -21.925 .067 *

Mean dependent var. 3.748 SD dependent var. 2.022

R-squared 0.425 Number of obs. 65
F-test 6.015 Prob > F 0.000
Akaike crit. (AIC) 255.034 Bayesian crit. (BIC) 272.429
*** p<.01, ** p<.05, * p<.1
Source: Authors Estimation from World Bank Data

Note: lnindex=Log of financial inclusion index, inf=Inflation, lncf=log of capital formation, lntrde=log of trade
GDP ratio, lnagri=log of share of agriculture in GDP, lnpop=log of population, ineq=dummy for financial inequality
(high=1).

122
g]kfn /fi6« a}+s ;dfrf/

Data refer to 2019. Earlier data used because of of financial inclusion in growth as well as income
COVID crisis and subsequent disturbances in the world inequality. In this context, Aslan et al. (2017)
economy. investigate the links between financial inclusion,
Regarding the relationship between financial gender, and income inequality and argue that
inclusion and income inequality too, the available inequality in financial access is significantly related
empirical literature is not conclusive. Some studies to income inequality. Dabla Norris et al. (2015)
find that financial inclusion leads to a reduction argue that financial inclusion can help reduce
in income inequality implying that the authorities income inequality only if it increases the access of
need to pay more attention to financial inclusion to the poor thereby reducing the financial inequality.
effectively reduce income inequality. These studies Otherwise, such inclusion can disproportionately
argue that financial inclusion create opportunities benefit the wealthy agents and increase income
for the poor and the disadvantaged thereby creating inequality.
positive income effect (Omar and Inaba, 2020; Dabla-
Norris et al., 2015; García-Herrer and Turégano, Chart 4 presents the scatterplot between financial
2015; Salazar-Cantú et al., 2015; Sahay et al., inclusion index and income inequality in the
2015). On the other strand, other studies including sample countries. It shows that there is likely to be
Honohan (2007), Park and Mercado (2015) and negative association between financial inclusion
Park and Mercado (2018) find little econometric and income inequality, however, after controlling
evidence on the argument that financial inclusion for the other variables in the inequality regression,
lowers income inequality. They argue that financial the relationship appears to be weak as shown by the
inclusion could benefit those who already have regression results in Table 4.
access to financial inclusion and disproportionately
benefit the rich. The regression results show that economic growth
and trade openness help improve income inequality
Recently, focus has been given to the inequality while the inequality in financial services worsens it.
in financial services while examining the effect This implies that in the presence of high inequality
Chart 4 : Scatterplot of Financial Inclusion Index and Income Inequality

Source: World Bank (2021), IMF (2021) and Author’s Estimates

123
 g]kfn /fi6« a}+s ;dfrf/
Table 4 : Regression Results for the Inequality Equation
Growth Coef. St.Err. t-value p-value [95% Conf Interval] Sig
Lnindex -.073 .047 -1.56 .123 -.167 .02
Inf .001 .003 0.27 .79 -.006 .008
Lntrade -.093 .044 -2.13 .036 -.18 -.006 **
Ineq .114 .052 2.21 .03 .011 .217 **
Growth -.023 .011 -2.09 .039 -.045 -.001 **
constant 3.896 .211 18.50 0 3.478 4.315 ***

Mean dependent var 3.567 SD dependent var 0.218

R-squared 0.315 Number of obs 90
F-test 7.726 Prob > F 0.000
Akaike crit. (AIC) -42.045 Bayesian crit. (BIC) -27.046
*** p<.01, ** p<.05, * p<.1
Source: Authors Estimation from World Bank Data

Note: lnindex=Log of financial inclusion index, inf=Inflation, lncf=log of capital formation, lntrde=log of trade
GDP ratio, lnagri=log of share of agriculture in GDP, lnpop=log of population, ineq=dummy for financial inequality
(high=1).
Data refer to 2019. Earlier data used because of COVID crisis and subsequent disturbances in the world economy.

of financial services, progress in financial access 4. Nepalese Context

does not create its intended impact on income Financial services has expanded rapidly in
inequality. These results are consistent with the Nepal during the past one decade along with
findings of Aslan et al. (2017). the expansion of bank branches and adoption of
Fintech in financial service delivery. It has been
Chart 5 : Financial Access Indicators for Nepal

Source: Author’s Estimation from NRB and CBS Data1

1
Penetration ratios have been calculated by dividing the number of accounts/ number of
cards/number of insurance policies/number of members by population and multiplied by 100.

124
g]kfn /fi6« a}+s ;dfrf/
Chart 6 : Gini Coefficient for Districtwise Distribution

Source: Author’s Estimation from NRB and CBS Data

reflected in the increase in the number of savings and deposits are still above 0.50 indicating the
accounts, use of debit cards, wallets, mobile need of more pro-equal policies for ensuring a fair
banking as well as internet banking for payments. and equitable distribution of financial services.
Chart 5 shows the growth of various indicators of
financial inclusion over the last seven years. Looking from another spectrum, use of loans
from the banking sector shows that the distribution
As presented in Chart 5, most of the financial is not even-handed. In terms of the size of the loans,
inclusion indicators have shown rapid progress. about 77.7 percent of the loan accounts have a loan
Saving account penetration ratio has increased size of Rs. 20 lakhs or less while 61.5 percent of the
from 83 percent in 2019 to 149 percent in 2023, loan accounts have a loan amount of Rs.10 lakhs
mobile and internet banking penetration has or less. These 77 percent of the loan accounts use
increased from 32 percent to 80 percent and card only about 17 percent of the loan amount from the
penetration has increased from 24 percent to 43 banking system. On the other hand, there are less
percent during the period. After the COVID-19, than one percent of loan accounts that use a loan of
wallet penetration has also increased rapidly from more than Rs. 5 crores and use about 33 percent of
22 percent in 2020 to 64 percent in 2023. The only the total loan amount. Top one percent of the loan
indicator that grew slowly over the years is the accounts use 39 percent while the top five percent
loan penetration ratio implying a slower progress use about 60 percent of the loan amount (Chart
in access to loans provided by the banks and 7). Though, this result is not surprising given
financial institutions. the structural characteristics of the economy and
large portion of lending being provided against
Despite the significant progress achieved the back-up of fixed assets, further facilitation and
in expanding the access to financial services, initiatives from the government and regulators are
inequality in the distribution of financial services required to create an even-handed distribution of
is still higher which might have reduced the resources from the financial system in the long run.
benefits of financial inclusion. Chart 6 shows the
Gini coefficients for the district wise distribution These inequality indicators are consistent
of deposits, loans, internet, and mobile banking with the findings of Aslan et al. (2017) for Nepal
as well as the distribution of the branches of the indicating that the inequality in the distribution
BFIs. In particular, the Gini coefficient for loan, of financial services is still higher which may

125
 g]kfn /fi6« a}+s ;dfrf/

Chart 7 : Distribution of Loans by Loan Accounts and Amount (%)

Source: Author’s Estimation from NRB and CBS Data1

be one of the causes of weak performance of the  Minimum lending requirements to micro, small
economy in terms of growth and reduction in and medium sized industries.
income equality. These call for additional efforts  Collateralless lending under microfinance
in reducing financial inequality to leverage from models
the expansion in financial services. These initiatives have resulted into accelerated
progress in financial inclusion over the years but
In terms of the loans used by economic sectors,
the inequality in the financial services has not
most of the sectors have unequal distribution of
improved noticeably. It demands future efforts
loan amount except Agriculture and consumption
of the government as well as NRB to improve
loan. And in terms of the loan product, longer term
loans including the working capital loans has more the quality of access to financial services and
uneven distribution among the borrowers. ensure that everyone has such access at easier and
affordable terms. These initiatives could include
Nepal Rastra Bank has taken a number of initiatives a lending approach based on the credit history of
to expand financial access and ensure an equal the borrowers rather than the current fixed asset
access to affordable financial services. Some of the backed lending practices, easier terms of lending
policy initiatives are: for the start-ups, use of digital channels to reduce
the cost of financial services, enhancing financial
 Financial Inclusion Road map (2017-22) literacy and strengthening financial consumer
 Subsidized Loan program protection.
 Policy of expanding bank branches in local
levels 5. Conclusion and Policy Implications
 Digital lending guidelines Financial inclusion can work as a vehicle
 Focus on digital payments for economic growth and reduction in income
 Grievance redressal mechanisms inequality. However, in the presence of higher
 Project based lending practices inequality in the distribution of financial
 Deposit guarantee scheme services, the gains from inclusion might not be
 Deprived sector lending realized as expected. This calls the attention of

126
g]kfn /fi6« a}+s ;dfrf/
financial inclusion: A multidimensional index.
the policymakers to consider the equality issue
BBVA Research.
so that growth can be achieved with more equal
distribution of the gains. In case of Nepal, financial Dabla-Norris, M. E., Kochhar, M. K.,
access has been expanded rapidly in the recent Suphaphiphat, M. N., Ricka, M. F., & Tsounta,
years which is expected to augment the growth M. E. (2015). Causes and consequences of
rate, but financial inequality is still higher which income inequality: A global perspective.
might be one of the major causes of slow progress International Monetary Fund.
in the reduction in income inequality. This implies Estrada, G. B., Park, D., & Ramayandi, A. (2010).
that policy efforts should be focused to ensure a Financial development and economic growth
more equitable access to financial services. in developing Asia. Asian Development Bank
Economics Working Paper, (233).
Secondly, Nepal needs to move further in Galor, O., & Zeira, J. (1993). Income distribution
terms of deepening financial inclusion as its and macroeconomics. The review of economic
relative position is weaker compared to more studies, 60(1), 35-52.
than half of the economies. This can be done by García-Herrer A. & Turégano D.M. (2015).
further promoting digital financial services while Financial inclusion, rather than size, is the key
encompassing the unbanked population in the to tackling income inequality. BBVA Research
financial inclusion spectrum. Working Paper 15/05. Madrid, Spain.
Gómez Rodríguez, T., Ríos Bolívar, H., &
Thirdly, to reap full benefits from financial
Zambrano Reyes, A. (2021). Interaction
inclusion, structural issues in the economy should
between economic growth, stability and
be addressed first, so that financial inclusion can be
financial inclusion: International empirical
used as a modern vehicle of growth and equality.
evidence. Contaduría y administración, 66(1).
References Greenwood, J., & Jovanovic, B. (1990). Financial
Abdallah, A., Becha, H., Kalai, M., & Helalim, development, growth, and the distribution of
K. (2023). Does digital financial inclusion income. Journal of political Economy, 98(5,
affect economic growth? New insights from Part 1), 1076-1107.
MENA Region. 8th International Conference, Honohan, P., & Beck, T. (2007). Making finance
ICDEc 2023 Braga, Portugal, May 2–4, 2023 work for Africa. World Bank Publications.
Proceedings. Ifediora, C., Offor, K. O., Eze, E. F., Takon, S.
Aghion, P., & Bolton, P. (1997). A theory of trickle- M., Ageme, A. E., Ibe, G. I., & Onwumere, J.
down growth and development. The review of U. (2022). Financial inclusion and its impact
economic studies, 64(2), 151-172. on economic growth: Empirical evidence from
Alliance for Financial Inclusion (AFI). (2016). sub-Saharan Africa. Cogent Economics &
Alliance for Financial Inclusion Policy Model: Finance, 10(1), 2060551.
AFI Core Set of Financial Inclusion Indicators. IMF (2021). Financial access survey (2021)
Andrianaivo, M., & Kpodar, K. (2011). ICT, Le, Q., Ho, H., & Mai, N. (2019). The impact
financial inclusion, and growth: Evidence from of financial inclusion on income inequality in
African countries. transition economies. Management Science
Aslan, G., Delechat, C., Newiak, M., & Yang, F. Letters, 9(5), 661-672.
(2017). Inequality in financial inclusion, gender Lenka, S. K., & Sharma, R. (2017). Does financial
gaps, and income inequality. IMF Working inclusion spur economic growth in India? The
Paper. Journal of Developing Areas, 51(3), 215-228.
Camara, N., & Tuesta, D. (2014). Measuring Nguyen, T. T. H. (2020). Measuring financial

127
 g]kfn /fi6« a}+s ;dfrf/
inclusion: a composite FI index for the multiple macroeconomic goals? International
developing countries. Journal of Economics Monetary Fund.
and Development, 23(1), 77-99. Salazar-Cantú, J., Jaramillo-Garza, J., &
Omar, M. A., & Inaba, K. (2020). Does financial Álvarez-De la Rosa, B. (2015). Financial
inclusion reduce poverty and income inequality inclusion and income inequality in Mexican
in developing countries? A panel data municipalities. Open Journal of Social
analysis. Journal of economic structures, 9(1), Sciences, 3(12), 29-43.
37. Sarma, M. (2012). Index of Financial Inclusion–A
Park, C. Y., & Mercado, R. (2018). Financial measure of financial sector inclusiveness. Centre
inclusion, poverty, and income inequality. The for International Trade and Development,
Singapore Economic Review, 63(01), 185-206. School of International Studies Working Paper
Park, C. Y., & Mercado, R. (2015). Financial Jawaharlal Nehru University. Delhi, India.
inclusion, poverty, and income inequality in Townsend, R. M., & Ueda, K. (2006). Financial
developing Asia. Asian Development Bank deepening, inequality, and growth: a model-
Economics Working Paper Series, (426). based quantitative evaluation. The Review of
Reserve Bank of India. (2021). Financial inclusion Economic Studies, 73(1), 251-293.
index for India. RBI Bulletin. Reserve Bank of Turegano, D. M., & Herrero, A. G. (2018).
India. Financial inclusion, rather than size, is the key
Sahay, M. R., Cihak, M., N’Diaye, M. P., Barajas, to tackling income inequality. The Singapore
M. A., Mitra, M. S., Kyobe, M. A., ... & Yousefi, Economic Review, 63(01), 167-184.
M. R. (2015). Financial inclusion: can it meet World Bank (2021). Findex survey (2021).


128
g]kfn /fi6« a}+s ;dfrf/

External Sector Assessment

@ Mila D. Barahi*

Background and thus balance of payment to remain positive.

Nepal has a remittance based and import led Nepal continuously witnessed positive Balance of
external sector. Positive current account balance Payment till 2016/17 A.D However, the position
and positive balance of payment had remained the went negative since 2017/18 A.D when service
characteristics of Balance of Payment of Nepal for sector couldn’t offset increase in import and
a long time. decrease in remittance. But, due to endeavors of
central bank, the external sector balance is once
Initially, Nepal’s external sector related again positive since 2022/23 A.D.
activities were quite limited. Indian currency was
circulating within the territory side by side with This external sector balance has been achieved
Nepalese currency and the exchange rate between at the cost of plenty of troubles in real sector and
the currencies was highly volatile. Nepal didn’t government sector which can’t be extended for
have foreign currency reserve and India was the longer period. The revenue of government
managing it for Nepal. and economic activities in real sector has shrank
a lot as the consequence of the endeavor while the
It was in mid 90s i.e. after establishment balance was also mandatory to be achieved for
of NRB when Nepal herself started managing betterment of the economy.
foreign exchange. Foreign Exchange Regulation
Act 1963 appointed NRB as custodian to manage Hence, in such a situation of trade off between
foreign exchange and maintain stability between external sector balance and government and real
Indian and Nepalese Currency. Nepalese currency sector balance, it is necessary to consistently
was pegged with Indian Currency. Nepal also assess external sector sustainability.
started her first relationship with international
organizations IMF and World Bank in mid 9os i.e. Foreign exchange reserve adequacy has
1961 A.D. remained a prime indicator of external sector
sustainability and the ratio of reserves-to-GDP,
The decade of 1980s remained a significant reserves-to-imports and reserves-to-M2 remained
period for external sector policy decisions of the measuring tools for reserve adequacy.
Nepal. Balance of Payment stress started to surface
during this period which was addressed at policy External Sector sustainability Assessment
level by adopting trade liberalization. Decisions Nepal Rastra Bank, being a central bank, is
such as market determined exchange rate policy responsible
of Nepalese currency with convertible foreign
currencies, fully convertible current account were 1. To maintain exchange rate at a particular level
taken during this period. (Nepal Rastra Bank, and to maintain parity between pegged exchange
Then, Now and Ahead. April 2014. nrb.org.np) rate and real exchange rate.
2. To keep exchange rate fluctuations at the
Trade balance has always remained negative. minimal level.
However, increase in remittance and service 3. To ensure ample of liquidity in foreign exchange
sector surplus helped current account balance market to import goods and services.

*
Deputy Director, Nepal Rastra Bank

129
 g]kfn /fi6« a}+s ;dfrf/

The imbalance in any of the above purposes greater than investment, current account balance is
indicates the external sector imbalance. Hence, in surplus.
the NRB authorities need to set eagle eye on these The logic behind the equation is that
prevailing imbalances as well as probability of
occurrence of these imbalances. 1. When savings is less than investment, it
means that we are consuming more than our
For this purpose, external sector sustainability production. So, the gap is being met by import
assessment is desirable. which decreases net export. On the contrary,
when the saving is more than the investment,
Alternative ways for assessing external sector we consume less than what we produce, so,
An external sector assessment is generally we are basically exporting the products which
understood as an analysis of the external position increases net export.
of a country. It is also a function of assessing global
external changes and country’s external sector 2. The negative gap has to be financed by foreign
resilience against such changes. Such assessment savings either in the form of debt or in the form
covers analysis of a set of external sector indicators of equity which will help the financial account
such as current account balances, exchange rates, balance to improve in short run but raises
both in real and nominal terms, components of the question on sustainability of financing of
external balance sheets, capital flows, and foreign current account balance.
exchange reserves.
3. Filling gap by equity reduces the external stress
A traditional way of assessing the external sector while filling it by debt can escalate the stress
stability in our case has been reserve adequacy in position.
terms of import and debt repayment capacity.
B) Reserve Adequacy: Foreign Currency
However, following sectors can also be closely Reserves are maintained by central banks with:
monitored and reacted upon in addition in order to
assess external sector resilience: 1. Transaction motive- for trading purpose, for
debt servicing
A) Saving Investment Gap 2. Precautionary motive - for absorbing external
We know, sector shocks.
3. For maintaining exchange rate stability
Y = C+I+G+ (X-M) 4. For investment
Or, Y-C-G=I+(X-M) Reserve Adequacy means the availability
of foreign currency liquidity to meet all above
Since savings = Income less consumption, we can purposes i.e. to import goods and services of
rewrite equation as
utmost importance, serve debt timely, intervene
S=I+(X-M) outright to keep exchange rate within desirable
band and exploit market opportunities by investing
Or, S-I=(X-M) i.e.,
in foreign assets.
Or, Resource gap = net export i.e. trade balance or
say Current Account Balance C) IIP: International Investment Position is
the statement of the investment made by the
The equation suggests that when domestic country outside the territory and the investment
savings is less than domestic investment, current made by foreign countries within the territory at
account balance is in deficit and when savings is a point of time. It is a comprehensive statement

130
g]kfn /fi6« a}+s ;dfrf/

of the investments received by the country and the economies with the similar characteristics such
made by the country in different forms such as as similar competitive advantage, demographic
debt investment, portfolio investment or direct and geographical structure, natural resources
investment, deposits, special drawing rights, trade availability.
credit and advances, foreign reserve. It shows the
net position of the country in terms of investment. The procedure of External Balance Assessment
If the asset less liability is negative, it means the comprises three steps:
country is debtor country and in the opposite case,
the country is a creditor country. If the larger part 1. Computation of Projected current account: By
of asset is foreign exchange reserve then it means using the model with variables representing the
that the capacity to repay the investments from characteristics of the economy and prevailing
outside is stronger. economic policies, average current account
balance is projected.
IIP signals the capacity of the country to repay 2. Computation of current account norm:In the
the foreign investment within the country. Higher same model, prevailing policies are replaced
the amount of foreign currency reserve stronger is with the desired policies to project the current
the repayment capacity. account norm.
3. Current account gap: The difference between
Higher the share of equity, stronger is the the actual current account balance and current
external sustainability. account norm gives the current account gap.
This gap explains the factors that are driving
The more IIP is negative, the greater the chances economy’s current account balance away from
of external stress to materialize. its potential current account balance.

D) Reserve Adequacy Metrics: Foreign reserves

are also held to meet the precautionary policy F) The Fiscal Policy Path: Consideration of the
objectives. It provides space for authorities fiscal policy path during the period of Balance
to mitigate the risks emanating from external of Payment surplus or deficit has a significant
sector crisis. Reserve Adequacy Metrics are the impact on external sector position. During the
econometric models that measure country’s foreign period of deficit, increase in the fiscal spending
exchange liquidity needs in potential specific financed by the external borrowing will cause the
adverse situations. It determines how much the deficit to widen while higher-than-needed fiscal
foreign exchange reserves should be held as buffer consolidation during the stage of surplus can also
to build resilience against the external sector reduce the surplus position. Whereas failure to
shocks. implement credible fiscal consolidation by the
high debt bearing economies can narrow down
The variables in the model include: surplus position or widen the deficit thus adding
 Reserves to months of import pressure to the sustainability of the external sector
 Ratio of reserves to short term debt position.
 Reserves to broad money
G) Climate change risk mitigation policies:
E) External Balance Assessment: The external Global warming, a consequence of the climate
balance assessment determines the gap between change, natural disasters again another consequence
potential current account balance and actual of the climate change as well as of the undue
current account balance. Potential current account exploitation of natural resources and pandemics
balance is the average current account balance of can be the prominent causes for widening of

131
 g]kfn /fi6« a}+s ;dfrf/

the external sector deficit. Deterioration of the 40 top trade partners and also with 6 top currencies
food productivity, supply chain disruption and (Indices of Nominal Effective Exchange Rate (NEER)
anticipated inflation are the other consequences of and Real Effective Exchange Rate (REER) of the
climate change induced disasters. In the absence of Indian Rupee, Reserve Bank of India BULLETIN,
the adequate and appropriate climate change risk www.rbi.org.in). Increase in REER indicates the
mitigation policies, these effects can exaggerate appreciation of the currency which means export
the external sector instability. is losing its competitiveness while increase NEER
indicates depreciation of the currency which means
H) Currency position: Foreign currency position import is getting expensive.
means amount receivable or amount payable in
foreign currency. It can be closed position or open We know the nominal effective exchange rate is
position. Closed positions means for situation an unadjusted weighted average rate at which one
where sales and purchases of foreign currency is country’s exchanges for basket of multiple foreign
equal or is matched position. In this position there currencies.
is no external sector risk involved. Open position NEER = CER1wX CER2wX CER3w
means mismatched position. Either sale is more
than purchase or purchase is more than sales. Where,
Mismatch position can be CER = Currency Exchange Rate

1. Short position: When sales is more than w =Weightage of currency in terms of trade
purchase or sales>purchase. It is also called
over-sold position While real effective exchange rate is the inflation
adjusted effective exchange rate.
2. Long position: When purchase is more than
sales or purchase>sales. It is over-bought K) NFA components: Net foreign assets (NFA)
position. represent the disproportion between a country’s
external assets and liabilities. A positive NFA
I) Spill-over effect of US Dollar: The spill-over signifies that the country holds more assets abroad
effect of US dollar appreciation is negative and than it owes to foreign entities. A negative NFA
intense with larger decline in output, hike in inflation suggests that the nation has more liabilities to foreign
and decline in tourism. There is no other means to entities than it possesses in overseas assets. NFA
offset the negative impact. Though some luxury metrics helps to detect country’s external sector’s
goods can be discouraged due to appreciation, most resilience. A negative NFA mainly arises from trade
of the goods and services imported are irreplaceable deficits and low foreign direct investments. Hence,
and unavoidable. Inflation will directly downsize larger the negative NFA figure higher is the concerns
export and tourism. Negative effect of dollar about a nation’s dependency on foreign financing
appreciation in employment destinations of Nepal and its susceptibility to external shocks. Negative
will affect remittance also. NFA also demands a cautious monetary policy.

J) Effective interest rate: We should check L) Credit Gap: The Credit cycle has significant
currency’s stance against currencies other than impact on current account balance. Credit cycle is
US Dollar. The Nominal Effective Exchange Rate the regular phase of easy and tight borrowing of
(NEER) and Real Effective Exchange Rate (REER) capital in the economy. Current account deteriorates
both should be compared against the currencies during credit boom by increasing imports and
of significant trade partner should be monitored. relaxes during credit boosts. Thus by measuring the
Reserve Bank of India compares their currency with credit gap, the credit cycle can be determined and a

132
g]kfn /fi6« a}+s ;dfrf/

narrow credit gap may exert pressure on the external decline in foreign exchange reserve but the position
sector. has improved in 2023 with reserve maintained
once again. Gross foreign assets that declined in
M) IIP components 21/22 have improved in 22/23 and gross foreign
liabilities have decreased over the period. Bulk
• Gross external liabilities: Larger external gross of assets (87%) is in the form of foreign exchange
liabilities increase external stress and the more reserves which show that the country’s capacity
negative net IIP becomes i.e. gross liabilities of repaying its foreign liabilities is strong. While
being larger than gross asset the greater will be liabilities comprise of mostly foreign loan (more
the possibility of external stress materializing. than 80%) and FDI, NIIP vulnerability from asset
• Equity and debt instruments: Equity liabilities side seems at moderate level but vulnerability
and private external debt assets reduces the from liability side exists.(Current Macroeconomic
vulnerabilities. and Financial Situation Based on Annual Data of
• Foreign exchange reserve: Having a larger stock 2022/23,www.nrb.org.np)
of foreign exchange reserve also relaxes the stress.
• Foreign Direct Investments (FDIs): FDIs are However, as per external sector assessment
the hot money. They flow in during a favorable conducted by IMF in 2023, net IIP is too small
economic situation and flee at the first sign of for immediate sustainability concerns to exist.
trouble in the economy further escalating the
trouble of the economy. The same report also suggests that the gap
between REER and NEER is not significant since
N) Current account deficits: Wider the current the inflation of Nepal remains higher than that of
account deficit more will be the likelihood of its trading partners.
external stress.
Current Account balance has turned positive in
O) Global risk aversion: Risk aversion is the 23/24 having remained in deficit for a prolonged
tendency to avoid risk and to have low risk tolerance. position due to improvement in trade deficit,
Global risk aversion is the significant driver of remittance income and reserve balance. Still,
capital flows and has been recently identified to be remittance is not a reliable source of foreign
the important predictor of external stress. Capital exchange income and Nepal is an import based
flows to and from emerging and developing markets country. So, the current account surplus may not
is significantly responsive to global risk aversion. last longer if durable sources such as tourism and
Sudden inflow of capital, surge in flow and reversed export are not developed timely.
capital flow from the country fundamentally
constitute an external sector risk in markets. The External sector assessment conducted by IMF
sensitivity to changes in global risk aversion in 2023 indicates a CA gap of -4.6 percent of GDP,
amplifies with degree of openness of capital market. with an adjusted CA deficit of 9.7 percent of GDP
U.S. uses global risk aversion also as its transmission and adjusted CA norm of 5.1 percent of GDP (IMF
channel of monetary policy. However, presence of Country Report No. 23/384 NEPAL. December
stable sources of financing reduces the stress. 2023. IMF). A negative CA gap indicates that
the actual external position is weaker than the
External Sector Assessment of Nepal: potential position that can be achieved by applying
Nepal turned debtor country in 21/22 from desirable policies.
creditor country due to increase in external debt
and reduction in foreign currency reserve. NIIP Saving Investment gap is negative and share of
had sharply deteriorated in 2022 due to sharp FDI in IIP is quite low in comparison to that of loan

133
 g]kfn /fi6« a}+s ;dfrf/

which indicates that gap has been financed by the 2. Filling current account deficit by equity should
debt rather than by the equity. This may escalate be considered over filling it by debt since former
the stress, but the debts are soft sovereign debts, option can be safer than latter because equity
the risk of capital flow reversals emanating from mops up all the risks. Equity is refundable
global risk aversion is low. However the stress on only after repaying all other liabilities and it
foreign exchange reserve remains present. is not easy to realize the equity especially
Financial account inflows are sustained by foreign when the economic situation is unfavorable
loan inflows which are soft loans with longer thus reducing chances of reversed capital flow
maturities. Less share of foreign direct investment during the unpleasant economic situation.
limits vulnerabilities from capital flow reversals.
3. Attracting more stable sources of financing is
The absence of appropriate climate change risk needed to reduce the vulnerabilities emanating
mitigation policies has increased vulnerability from the global risk aversion.
towards unseen external sector instability.
4. Increase in Equity liabilities and private
Reserve levels are sufficient to meet import of external debt assets in place of gross external
more than a year which, in summation, temporarily debt liability can mitigate the vulnerabilities
releases the Nepalese external sector from all the generated from IIP components. Having a
stresses. Actual reserve balance is above the larger stock of foreign exchange reserve can be
ideal one determined by Reserve Adequacy Matrix. another mitigating factor to relax the stress.

Conclusion 5. The NIIP financing vulnerabilities should be

Hence, beside foreign exchange reserve, controlled by increasing share of equity in IIP
many other factors also influence external sector structure.
performance of any country. Balance sheet
components, IIP components, fiscal policy stance, 6. Country specific Reserve Adequacy Metrics
NFA components, credit cycle can be indicating should be designed and implemented to
a particular direction where external sector of a determine how much foreign exchange reserves
country is going. The country can have a glance at should be held as buffer to build resilience
these already available information to understand against external sector shocks.
its external sector position. In addition, country
specific calculations such as reserve adequacy 7. Prudential Guideline is to assure that foreign
matrix, current account gap, saving investment gap currency positions are maintained within
can also be calculated to check the external sector prudent limits to avoid excessive risk of loss
sustainability position. Factors which are beyond as a result of fluctuations in foreign currency
the policy level control such as climate change prices,
effects, risk aversion nature of public abroad
should also be considered while determining 8. The external balance assessment should be
external sector risks for a country. performed to identify the current account gap.
This gap explains the factors that are driving
Suggestions for tracing the vulnerabilities to economy’s current account balance away from
external sector risks for Nepal: its potential current account balance.
1. Apart from the traditional indicators, above
mentioned indicators should be regularly 9. External sector stability should not be left on
analyzed to identify if the external position of solo shoulder of Nepal Rastra Bank. Fiscal
the country is stronger and desirable. Policy path should also consider current

134
g]kfn /fi6« a}+s ;dfrf/

external balance position before designing References

fiscal policy stance. Current Macroeconomic and Financial Situation
Based on Annual Data of 2022/23,www.nrb.org.
10. It is necessary to check currency’s stance np
against currencies other than US Dollar. IMF Country Report No. 23/384 NEPAL. December
2023. IMF
11. Credit gap should be determined by observing
credit cycle and thus predict pressure on current 2023 External Sector Report, IMF
account balance. Economic Bulletin, Nepal Rastra Bank
Nepal Rastra Bank, Then, Now and Ahead. April
12. A modality to calculate current account gap can
2014. nrb.org.np
be developed by designing model to calculate
cyclically adjusted current account norm and Reserve Bank of India Bulletin, www.rbi.org.in
observed cyclically adjusted current account.



135
 g]kfn /fi6« a}+s ;dfrf/

Poverty: A Non Traditional Threat of

National Security
@ Bishnu Kumar Bishwokarma*

Background national security based upon literature to establish

Poverty is one of emerging national security core claim. Fourth, fifth and sixth sections deal
issues globally. Various studies conducted global with the global, regional and national security
poverty and security Poverty can pose a number of threat- conflict caused by poverty, and final part
national security threats, including increasing the is conclusion.
risk of conflict and civil war, creating conditions
that lead to transnational threats, endangering Concept of National Security
personal human dignity and the rule of law in civil Traditionally, national security threats were
society, eroding public relations. Poverty wear viewed through the prism of state survival and
down weak states’ capacity to avert the spread of conceived mainly in terms of interstate military
infectious disease and protect the environment. conflict. More recently, security has come to also
Similarly, it induces migration inside the state be associated with a wide-range of non-traditional,
which imbalances the national demography in mostly transnational issues, including terrorism,
one hand, in another hand poverty induced large environmental degradation and climate change,
outflow of manpower, in short term may looks infectious disease, transnational crime, and illegal
beneficial in certain parameter, in longer term it migration. However, many academics have
may create national economic security havoc. discussed for a revisit the definition of national
security. Non-traditional definition NS includes the
For classical security, poverty has traditionally poverty indirectly as a threat to national security
been a fact of low politics, not the high politics
of state security (Wilkin, 2002). Conventional Realism is prominent academia of International
explanation of national interest has been linked Relations (IR) which was applied by Hans
directly in terms of the territorial integrity of the Morgenthau and Kenneth Waltz to the modern
nation and its political independence. These two international state system. This theory rooted
attributes are the fundamental for being nation to the Peace of Westphalia in 1648 which ended
state. Traditional national security’s poverty the thirty years war. In realist perspective, state
definition does not apparently establish a threat to is main actor of international relations. Power
the national interests of state. plays fundamental role for states survival. Military
power is core of national power. This traditional
This paper enquires the relations between IR theories do not consider poverty in its study
poverty and conflict as threat of national security scope of national security.
driven by conflict. Secondary data from various
global, regional and national data is used regarding Opposing the realism, liberalism considers
poverty and conflict. Paper proceeds as follows. states are more cooperative and its variant neo-
First section describes the concept of national liberal institutionalism, which examines the role of
security based on major theories of IR centering international institutions in fostering cooperation
poverty. Second section describes the concept of among the states. Democratic peace theory of neo
poverty. Third section discusses poverty as threat to liberal concept seeks to explain peaceful relations

*
Deputy Director, Nepal Rastra Bank

136
g]kfn /fi6« a}+s ;dfrf/

among democracies. This theory also does not powerlessness, and exclusion of individuals,
considers individual as actor of IR. As poverty is households, and communities. It can also mean
an individual concern as well as a comprehensive susceptibility to violence, and it often implies
social issue, national security strategy based on living on marginal or fragile environments, without
this theory does not include poverty in study area. access to clean water or sanitation.”

In contrast to traditional IR school, realism Amartya Sen defines poverty as “capability

and liberalism, constructivism based on norms deprivation.” With Sen’s idea, The Human
and identities for explanations of international Development Index (HDI) was formulated in
politics. Nicholas Onus wrote his world famous 1990 by Pakistani economist Mahbubul Haq .
book World of Our Making in 1989. He explained The HDI provides a more comprehensive metric
term constructivism to describe the complex social of welfare than just income. The United Nations
phenomena based on individual. IR borrows his Development Programme (UNDP) uses the HDI
social idea to applya broad range of issues from to rank countries annually
political economy to international organization.
This theory of IR focuses the individual to Development scholars has mentioned
study the state’s behavior that brings out their various approaches of poverty measurement.
identities from individuals, cultures, and norms. Monetary, capability, social exclusion,
Jeffrey T. Checkel on his Review article of “The participatory approaches are major ones. Based
Constructivist Turn in International Relations on these approaches numerous methods of poverty
Theory” stated “International organizations can measurement such as Multidimensional Poverty
teach states to value certain goals: national science Measure (MPM) Relative poverty Absolute
bureaucracies in the case of UNESCO and poverty poverty, Poverty Threshold, Official Poverty
alleviation as the policy objective in case of the Measure (OPM) among them have been developed.
world Bank”(Checkel, 1998). In this way poverty Currently, Multidimensional Poverty Index (MPI)
entered in the study arena of IR as a non-traditional has become popular among the development
human security issue. practitioner. MPI was developed in 2010 by the
Oxford Poverty & Human Development Initiative
According to Victor Oliveira,Critical (OPHI and the UNDP. It considers health,
Copenhagen School seeks to bring certain aspects education and standard of living indicators to
of a constructivist perspective to the discussion, determine the incidence and intensity of poverty
creating a dialogue within traditional approaches experienced by a population.
(Oliveira, 2020). Copenhagen Peace Research
Institute(COPRI) in Denmark, studies how security Poverty drives multi-dimensional problem
works in world politics, Barry BuzanJaap de national and trantional level that increases
WildeOleWæver are the major figures of COPRI. National Security Threats. In transtioanla level
Theydeveloped new approach in the context of poverty causes civil war and Conflict Infectious
post-Cold War. They broaden definitions of security disease epidemic and pandemic, environmental
in multiple dimensions by including previously degradation, international crime and drug
neglected such as environmental change, poverty syndicates, proliferation of small arms and
and human rights on state security agendas. weapons of mass destruction etc. Similarly
terrorism, geographical and ethnic conflict,
Concept of Poverty international interference on sovereignty, religious
According to the World Bank, “Poverty the riot and conflict, antimony laundering activities,
inability to attain a minimal standard of living”. mass immigration are caused by poverty.
For the United Nations (UN),”It is insecurity,

137
 g]kfn /fi6« a}+s ;dfrf/

Poverty As a threat of National Security 1% (Rice, 2005).” Based on her factual claim
George Bernard Shaw wrote in 1907 on his poor states based on per capita income vulnerable
famous play Major Barbara, “The greatest of evils to conflict and civil war. The World Bank blog
and the worst of crimes is poverty.” Similarly, (Pandemic, prices, and poverty April 2022) states,
the ILO Declaration of Philadelphia, 1944 states “The pandemic and the war in Ukraine combined
in section 1.C “Poverty anywhere constitutes crises will lead to an additional increase in 75
a danger to prosperity everywhere;” Poverty million to 95 million world population in 2022,
indirectly creates Threat to Global, Regional and before pandemic projections.” This increased
National Security poverty may create threat for international security.

Many scholars has claimed that poverty is the Additionally, World Bank policy research work
principal underlying cause of civil war which one of paper on (Poverty and Shared Prosperity 2022),
national threat. Collier and Hoeffler (2002),claim reports “Extreme poverty increased in 2020 for the
that poverty increases the probability of civil war first time in 25 years. During same period, extreme
commencement by making it easier for rebellions wealth has risen intensely since the pandemic
to hire fighters, for the economic benefits of began.” The World Bank also developed a
joining insurgence can compensate conventional statistical framework to track the long-term impact
economic activities in underprivileged societies. of armed conflict on poverty.
In contrast to their conclusion, researcher Fearon
and Laitin (2003), finds that poverty escalates the World Bank’s paper on POVERTY AND
prospect of civil conflict, not through increasing SHARD PROSPERITY 2020, presents, “The
chances for rebel recruitment, conversely because average poverty rate in all countries with poverty
poverty is an attributes of a weaker state in terms data for the period 1995 to 2016 and divides
of both financial and military capabilities. They countries into three groups according to their
concludes that conflict between a rebel group and conflict history.”
a weaker state, the likelihood of a rebel group’s
victory increases in a civil war. In 2016 published
article “does poverty cause conflict?” Considering
infant mortality rate (IMR) as an indicator of
poverty and its relation with conflict. Braithwaite,
Dasandi and Hudson, (2016) conclude that when
the poverty increase from ten percentile to ninety
percentile almost six-fold increase in the likelihood
experiencing the civil war. From above discussion
one way or this way causes the conflict.

Global poverty as threat of International

security
Susan E. Rice, former Brooking Expert and As above diagram, the World Bank’s working
Research Fellow School of International Service, paper has categorized the all country into three
American University, during her address of 2005 sections, the first section of nations denoted by
stated, “Among the important drivers of costly lower line, which includes most developed nations,
conflicts is poverty...... A country at GDP per capita is not affected by conflict at all. The middle line
of $250 has, on average, a 15% risk of experiencing indicates the second category states which faced
civil war within the next five years. At a GDP per conflict but in less than 30% during the study
capita of $5,000, the risk of civil war is less than periodic. Similarly, countries like Afghanistan

138
g]kfn /fi6« a}+s ;dfrf/

and Somalia included in the third group who Nepal’s poverty and conflict
went through insurgency in more than 30% of all In 2017, the government of Nepal also
years. Upper line indicates the last group contains announced the Multidimensional Poverty Index
countries like which are seriously affected by (MPI) as an official measure of non-monetary
repeated cycles of armed conflict. poverty aligned with the sustainable development
goals. Nepal’s Multidimensional Poverty Index
Regional Poverty and Conflict in South Asia (MPI) in 2021 was 17.4%, which is a 5-year
According to Global MPI 2023 release, 389 decrease from 30.1% in 2014. The MPI is based on
million people in South Asia live in acute three dimensions: health, education, and standard
multidimensional poverty. This is over a third of living
of the world’s poor people. According to Asian
Development Bank (ADB) research work shows The Human Development Index (HDI) measures
the South Asia has the second-highest number three basic indicators namely long and healthy life,
and proportion of the world’s extreme poor, with literacy, and standard of living of human progress.
33.4% of the world’s extreme poor living in the Four indicators are applied to formulate the index
region. Sub-Saharan Africa has the highest number which includes life expectancy at birth, mean
and proportion of the world’s extreme poor, with years of schooling, expected years of schooling,
50.7% (Islam et al., 2021). World Bank’s paper on and gross national income per capita. According
POVERTY AND SHARD PROSPERITY 2020 to the HDI report 2021/22 Nepal perform in the
shows the after Sub- Sahran Africa, South Asia is 143rd position with a 0.602 value.
most conflicted zone.
In Nepal, the Central Bureau of Statistics (CBS)
ADB’s poverty data shows the more than /National Statistic Office produces the poverty
49.4% of Afghanistan population is below the estimates based on the Nepal living standard
poverty line in 2020 (Afghanistan: Poverty, 2021). survey (NLSS). Until now four series such Survey
The South Asia Terrorism Portal (SATP)’s conflict conducted. Below Table A1 presents present the
map shows in the South Asian nations Afghanistan poverty status Nepal since first survey to forth
is the most conflicted region (Conflict map, south survey. Data shows in 1995-96 Nepal has 41.76
Asia). percent over all poverty and 43.27 poor used live
rural areas. During same period Nepal faced sever
Similarly, according to the ADB, India has the insurgency originated from rural area. That more
highest international poverty rate among South than ten years conflict altered Nepal socioeconomic
Asian and the largest number of extreme poor conditions. People began to migrate to urban areas.
among these countries, 239 million, which is about In search of security and job, many Nepalese youth
28% of the world’s extreme poor. India’s National started to go foreign employment. Remittance
Multidimensional Poverty Index: A Progress inflow increased, that geared up foreign reserve
Review 2023, presents “Bihar, Jharkhand, and Uttar and increased import based economic activities.
Pradesh are the poorest states in India.” SATP’s Nepal’s poverty gradually decreased. Forth NLSS
conflict map shows these states: Bihar, Jharkhand, 2022-23 shows Nepal’s over all poverty stands
and Uttar Pradesh, are the most conflicted states 20.27 percent. However it presents interesting
in India (Conflict map, south Asia). This also pattern of gradually increased urban poverty
shows that poverty drives the conflict in south since third NLSS and continuously decrease rural
Asian region. Afghanistan poverty has risked its poverty.
sovereignty. In another hand, India struggling
maintain peace order most poor states.

139
 g]kfn /fi6« a}+s ;dfrf/

Source: National Statistic Office

Quy-toan Do and Lakshmi Iyer published article destroy economic achievements and hamper
in 2010 titled, “Geography, Poverty and Conflict future development (Joras, 2008).” These loss
in Nepal”. Researcher performed empirical has significantly decreased Nepal’s economic
evaluation of Nepal’s internal conflict, which capability.
lasted from 1996 to 2006. They considered two
determinants intensity of conflict: geography and Conclusion
poverty. Quy-toan Do and Lakshmi Iyer conclude Poverty is one of emerging national security
sthat conflict intensity is higher in places with issues in globally. Traditional IR theories do not
greater poverty and in places where geographical consider poverty in its study scope of national
characteristics favor insurgents (Do and Iyer, security. Non-traditional security definition
2010). Structural change of poverty incidence in includes the poverty indirectly as a threat to
Nepal, from NLSS-first to NLSS-forth also shows national security. Global and regional facts shows
close link of researcher’s claim. Nepal’s poverty the strong relationship between poverty and
driven conflict which lasted in 2006 with 12 point conflict which the one of security threat. In case of
agreement between the Nepal Communist Party Nepal, Structural change of poverty incidence in
(Maoist) and the Seven Party Alliance of Nepal. Nepal, from NLSS-first to NLSS-forth also shows
close link to poverty and conflict. Ten years long
This agreement was signed on November 22, insurgency harshly affected the country`s political
2005, in New Delhi, India. The compact was and economic stability that increased national
assisted by the Indian government and played a security threats.
substantial role in ending the decade-long Maoist
insurgence that had claimed many lives and Reference
had harshly affected the country`s political and Afghanistan: Poverty. (2021, May 21). Asian
economic stability. Although this compact restored Development Bank.
peace in country, various section of Nepali perceive
https://www.adb.org/where-we-work/afghanistan/
it as threat of national interest and sovereignty in
poverty
political term.
Braithwaite, A., Dasandi, N., & Hudson, D. (2016).
Economically, Joras writes in “Economic Does Poverty Cause Conflict? Isolating the
effects of the violent conflict in Nepal” ten years Causal Origins of the Conflict Trap. Conflict
long that conflict has many cost such as, “loss Management and Peace Science, 33(1), 45–66.
of lives, destruction of infrastructure, production Checkel, J. T. (1998). The Constructivist Turn
facilities, and markets as well as many other direct in International Relations Theory. Review of
and indirect consequences of violent conflicts National Interests in International Society;
140
g]kfn /fi6« a}+s ;dfrf/
The Culture of National Security: Norms Conflict in Nepal.
and Identity in World Politics; Norms in
Mohanty, S. K. (2009). South Asian Conflicts :
International Relations: The Struggle against
Potent Sources and Their Significance. Indian
Apartheid, by M. Finnemore, P. Katzenstein, &
Journal of Political Science, 70(4), 1201–1211.
A. Klotz]. World Politics, 50(2), 324–348.
http://www.jstor.org/stable/42744030
Conflict map, south Asia. (n.d.). Satp.org.
Oliveira, V. (2020, July 28). The Copenhagen
https://www.satp.org/conflict-maps/southasia School and the Securitization Theory. https://
medium.com/@victoroliver/the-copenhagen-
Do, Q.-T., &Iyer, L. (2010). Geography, Poverty
school-and-the-securitization-theory-2d0
and Conflict in Nepal. Journal of Peace
588a8c6f5
Research, 47(6), 735–748.
Poverty and Shared Prosperity 2020. (n.d.). World
Fearon, J. D., &Laitin, D. D. (2003). Ethnicity,
Bank.
Insurgency, and Civil War. The American
Political Science Review, 97(1), 75–90. Poverty and Shared Prosperity 2022. (n.d.). World
Bank.
Hagenaars, A., & de Vos, K. (1988). The Definition
and Measurement of Poverty. The Journal of Shaw, W. H. (1984). Marx and Morgan. History
Human Resources, 23(2), 211–221. https://doi. and Theory, 23(2), 215–228.
org/10.2307/145776
Techasunthornwat, H. M. C. (n.d.). Conflict
Islam, T. M. T., Newhouse, D., & Yanez-Pagans, M. and Poverty. Worldbank.org. https://
(2021). International comparisons of poverty in documents1.worldbank.org/curated/
South Asia. Asian Development Review, 38(1), en/519741603804458786/pdf/Conflict-and-
142–175. Poverty.pdf
https://doi.org/10.1162/adev_a_00161 Wilkin, P. (2002). Global Poverty And Orthodox
Security. Third World Quarterly, 23(4), 633–
Joras, U. (2008). Economic Effects of the Violent
645.


141
 g]kfn /fi6« a}+s ;dfrf/

#
Reflecting on the Last Decade: How
We Fared and Where We Failed
@ Sachin Raj Piya*

Background about the quality of production, and fails to indicate

As we bid farewell to 2080 BS, it is both timely whether the growth is sustainable or not.
and relevant to reflect upon how we fared as a
nation in terms of economic progress not just this A country’s economy can also be measured
year but in the whole decade. When we entered by assessing its competitiveness. The World
the 2070s, the country was in a political stalemate Economic Forum defines competitiveness as
with the first Constitution Assembly failing to draft “the set of institutions, policies, and factors that
a new constitution. An interim government had determine the level of productivity of a country”.
just been formed to hold the second Constitutional A competitive economy is considered to have a
Assembly election. Hopes were high that once a new sustained rate of productivity that can drive growth
constitution came into effect, Nepal would quickly and consequently achieve higher prosperity and
leap forward on the path of economic prosperity. improved well-being. The Global Competitiveness
After almost a decade, the scenario, however, Report published by the World Economic Forum
doesn’t look reassuring. Economic growth has been until recently ranked countries based on the Global
sluggish while the lack of job opportunities has Competitiveness Index (GCI) computed by taking
propelled the exodus of young people for work and a weighted average of different variables grouped
study abroad. This paper discusses how our country into 12 pillars. These pillars range from basics like
fared in terms of various economic measures in the infrastructure and macroeconomic environment to
last decade; where we failed and where we showed complex areas like sophisticated production and
some progress; what the major constraints to our innovation.
economic advancement are; and what strategies
could lead us to our desired economic goals. Another relevant way of measuring a country’s
economy is the concept of economic strength
Measuring Economic Progress (Rim, et al., 2020). As per this approach, a country
Gross Domestic Product (GDP) is one of the is considered to have a high economic strength if
most widely used macroeconomic indicators for it shows “a high capability of satisfying its needs
measuring economic growth. It measures the total for material and cultural wealth by itself, and even
value of goods and services a country produces under any unfavorable external environment”.
in a given period. GDP is useful in comparing The economic strength, as per this method,
various economies and assessing a country’s should be measured through the combination
economic performance in one period over another. of different indicators concerning self-reliance
While GDP is considered to be a good indicator of and ultramodern-ness. The paper argues that this
economic size and performance, it has limitations way of assessing the economy leads to an actual
in showing the real situation of an economy. It is understanding of economic strength and truly
easily affected by short-term events, doesn’t tell us captures the developmental potentialities of a

#
Second prize winning article in ‘Economic Article Competition, 2081’
*
Deputy Director, Nepal Rastra Bank

142
g]kfn /fi6« a}+s ;dfrf/

country. This approach emphasizes the importance and COVID-19. The economy rebounded with a
of utilizing natural resources and modernizing the higher growth rate in the following years mainly
economy to enhance economic strength. as a result of the lower base. However, Nepal
could achieve an average growth rate of only 4.4
Many other indicators have been developed to percent in the decade, which was lower than the
address the limitations of GDP and productivity South Asian average of 5.5 percent (IMF, 2023)
indicators in taking into account human well-being, during the period. The country had set lofty targets
social inequality, and environmental factors. These for GDP growth in its national periodic plans. The
indicators include measures of socioeconomic growth rate targets for the 13th Plan (FY 2070/71-
progress such as the Human Development Index 72/73), 14th Plan (2073/74-75/76) and 15th Plan
(HDI), the Genuine Progress Indicator (GPI), and (2076/77-80/81) were 6 percent, 7.2 percent, and
the more recently introduced Happy Planet Index 9.6 percent respectively. The country fell short of
(HPI). The HDI covers the dimensions of well- achieving the desired growth rate across all the
being such as a long and healthy life, knowledge, major sectors, viz., Agriculture, Industrial, and
and a decent living standard. The GPI incorporates Service Sectors.
social and environmental factors such as crime,
pollution, family structure, and volunteerism As per the World Economic Forum’s Global
among others to gauge a nation’s economic health. Competitiveness Report1, Nepal showed a slight
Likewise, the HPI considers life expectancy, improvement in competitiveness from 2012 to
experienced well-being, and ecological footprint 2019 on the basis of country rankings. Nepal
in computing the index. ranked 125th out of 144 economies in 2012/13. The
ranking improved to 108th out of 141 economies in
Nepal’s Performance: How well did we 2019. However, the country still performed poorly
perform? in some of the pillars of competitiveness such as
Nepal experienced uneven and overall low ‘Infrastructure’ (112th), ‘Skills’ (109th), ‘Product
economic growth in the last ten years. The Market’ (132nd), and ‘Innovation Capability’
economic growth rate was near zero and even (112th).
negative in the years hit by the major earthquake

Chart 1: GDP growth rate at a constant (Fiscal Year 2067/68) price

Source: National Statistics Office, Nepal

1
The Global Competitiveness Report was a report published by World Economic Forum annually between 2004 and 2020. The Report ranked
the countries based on Global Competitiveness Index developed by Xavier Sala-i-Martin and Elsa V. Artadi. Currently, the World Economic
Forum has stopped the report and is working on a new index.

143
 g]kfn /fi6« a}+s ;dfrf/

Chart 2

Source: Nepal Rastra Bank (NRB),Current Macroeconomic and Financial Situation of Nepal

Nepal failed to make progress in becoming a (ICT) adoption, and Digitalization to assess the
more self-reliant economy in the decade. Rim’s modern-ness of the economy.
approach suggests using the import dependence
index expressed by the ratio of imports to GDP Table 1
to measure self-reliance when other indicators for Indicators FY 2070/71 FY 2079/80
self-reliance are not available. We find that Nepal’s Internet Density 30.7% 130.64%
dependence on imports persisted throughout the Mobile phone users 19.3 million 36.8 million
decade. The Import to GDP ratio was 35.9 percent Mobile Banking Customers 1.07 million 21.36 million
in Fiscal Year (FY) 2070/71. The index even Internet Banking Customers 0.42 million 1.85 million
crossed 40 percent in some of the years and has QR-based Payment, NPR Not Available 245.41 billion
come down to 36.5 percent in FY 2079/80. Nepal
Sources: NRB, Payment Systems Department; Ministry of
is highly dependent on imports of merchandise Finance, Economic Survey
ranging from petroleum products and machinery Note: Data for indicators other than Internet Density has
to food and medicine items. Further, around two- been taken from the Payment Systems Department, NRB.
The QR-based payment was introduced in Nepal only in
thirds of the total imports are from India, and 2019 and hence the figure is not available for FY 2070/71.
around 14 percent are from China.
While this increase in ICT adoption and
Rim’s approach suggests assessing ultramodern- digitalization as shown by the data may not be as
ness, besides self-reliance, to measure the economic impactful on economic growth as the use of high-tech
strength of a country. The approach recommends in industrial production, it is indeed a contributing
using indicators such as the number of scientists and factor to economic efficiency.
technologists per 100,000 of the population, and
the degree of equipment with high-tech machinery We do not have data available to compare
to assess the ultramodern-ness of an economy. Nepal’s GPI and HPI in the initial and final years
As we do not have reliable data to measure these of the decade. Nepal has shown some improvement
indicators and Nepal’s economy hasn’t reached the in terms of HDI, which increased from 0.58 in FY
level of ultra-modernity, we can gauge areas such 2070/71 to 0.602 in FY 2079/80. Likewise, Nepal’s
as Information and Communication Technology Human Assets Index (HAI)2 improved from 59.8

2
HAI is the composite Index of education and health used by the United Nations as one of the three criteria for graduation from LDC status.

144
g]kfn /fi6« a}+s ;dfrf/

in the United Nations triennial review of 2012 to utilize its potential in hydroelectricity, it can achieve
75 in the triennial review of 2021. enhanced productivity across sectors, become self-
reliant on renewable energy, and increase income
The Key Sectors: How we fared in the sectors that through the export of surplus electricity.
matter most
The overall GDP growth rate, the competitiveness Travel and Tourism
index, the import dependence index, digitalization Nepal performed miserably in the travel and
figures, and socioeconomic indicators form the tourism sector during the decade. Nepal’s National
basis for evaluating the overall economic progress Tourism Strategic Plan (2016-2025) had set the target
Nepal realized during the decade. Nonetheless, it is of attracting 1.34 million foreign visitors in 2020
also important to dive deeper into the sectors that and 2.52 million foreign visitors in 2025. However,
are most relevant to the country’s economic growth, the country was able to attract only slightly above 1
productivity, and strength. In this section, we will million tourists in 2023, which was a mere 25 percent
look at the performance of such sectors: Hydropower, increment from ten years before. With its world’s
Tourism, Agribusiness, Manufacturing, and ICT. tallest mountains, vast natural preserves, and key
These sectors have also been considered to be crucial religious sites, Nepal can attract many more tourists
for Nepal’s economic transformation in the national than it currently does. To revamp this sector, the
plans and policy documents as well as reports of think government and private sector must collaborate to
tanks and international organizations. implement proper branding and promotion strategies,
invest in modern tourism infrastructure, and enhance
Hydroelectricity visitors’ experience during their stay. If Nepal can
The last ten years have been very encouraging for reach its potential in this sector, travel and tourism can
the hydroelectricity sector even though the country’s earn ample foreign exchange income for the country
electricity production has remained far behind the as well as generate employment and entrepreneurship
potential capacity. The current level of hydroelectricity opportunities for its youth who seem determined to
generation is way below the target of 10,000 MW leave the country at the slightest opportunity.
the government had announced for the decade 2016-
20263. However, we have seen some notable progress Agribusiness
in this sector in recent years. The installed capacity in The agriculture sector, which comprises around a
FY 2070/71 was 746 MW, which increased by more quarter of the national economy, grew only modestly
than threefold to 2,449 MW in FY 2079/80. Likewise, in the last ten years, with an annual average rate of
the national transmission line expanded from 1,987.4 2.9 percent. Although most of Nepal’s population
km in FY 2070/71 to 5,669 km in FY 2079/80. While relies on agriculture for living, farming is mostly at
Nepal continues to buy electricity from India during the subsistence level. The country has been annually
the dry season, it also has begun exporting electricity importing hundreds of billions worth of agricultural
to India, thereby narrowing the electricity trade deficit. products that range from top cereals like rice and
With many large projects ongoing, and the new power wheat to fruits and vegetables. Low adoption of
deal agreed between Nepal and India, where India has technology, limited availability of fertilizers and
agreed to purchase 10,000 MW of Nepal’s electricity irrigation facilities, poor access to finance, as well
in the next ten years, hydroelectricity can potentially as limited investment in the sector have all hindered
be a leading driver of the country’s growth. While agricultural growth and productivity. Nepal launched
abundant, Nepal’s hydropower resource has been the Prime Minister Agriculture Modernization Project
vastly underexploited. If the country can sufficiently in FY 2073/744. However, notable improvement

3
The Ministry of Energy has declared the decade 2016-2026 as the National Energy Crisis Reduction and Electricity Development Decade.
4
The project was launched as a complementary project in the implementation of the Agriculture Development Strategy (2015-2035).

145
 g]kfn /fi6« a}+s ;dfrf/

in productivity has not been observed yet in the enhancing productivity. In Nepal, ICT adoption,
sector. Nepal must move toward commercial particularly in banking and commerce, has gained
farming through modalities like contract farming and pace in recent years. E-commerce has created
cooperative farming to transform this stagnant sector. new opportunities for businesses and consumers.
Commercial agriculture practiced on a wide scale Mobile banking and wallet users have soared. The
through the use of modern techniques can help Nepal number of mobile banking users has reached
generate revenue through exports of competitive agro- 21.36 million and the total wallet plus QR-
products, meet its domestic food demand, and allow based payment volume has exceeded Rs.50
youth to engage in profitable agribusiness even with billion per month. The decade further saw the
small investments. increasing use of apps and web browsers for
online shopping, ride-hailing, and travel booking.
Manufacturing The IT exports and BPO have also risen since
Nepal’s manufacturing sector expanded slowly they are not impeded by the landlocked state and
during the decade. In the last ten years, the ailing poor transport infrastructure of the country. As
manufacturing sector grew by only 27 percent to per the Institute for Integrated Development
Rs.128.58 billion. The sector’s contribution to Studies Report (2023), the total number of IT
the total GDP fell from 5.6 percent to 5 percent companies grew almost fourfold in the last
in this period. The country has ranked 130th out of ten years. As per the report, IT service export
153 countries in the Year 2021 as per the United is currently valued at approximately USD
Nations Industrial Development Organization’s 515 million, with over 106 IT service export
Competitive Industrial Performance (CIP) Index5 companies and 14,728 IT freelancers in software
published in July 2023. This is not a sector development and technology. While IT exports
in which we can develop much due to lack of still account for a small fraction of total foreign
technical know-how, limited availability of raw exchange earnings, it does hold immense
materials, small domestic market compared to potential to transform Nepal’s economy by
neighboring countries, etc. However, Nepal generating productive employment to youth
must do its best to stretch to its potential due and earning crucial foreign currency income
to the large benefits this sector can provide. In for the country.
manufacturing, there is more opportunity for
technological progress and innovation. If we The Major Culprits: What’s hindering our
can further develop the manufacturing sector, progress?
it can help in utilizing local raw materials, As discussed in the previous sections, Nepal
making value addition, generating higher-paying failed to achieve the desired economic progress
jobs, and earning income through exports of in the last ten years. The economic growth rate
manufactured products. was way below the target. Competitiveness
and economic strength remained low. The
Information and Communication Technology key sectors like tourism, manufacturing, and
(ICT) agribusiness have been underperforming.
Nepal has increased ICT adoption as well as Even in sectors like hydroelectricity and ICT,
shown potential in Information Technology (IT) where Nepal has shown some progress, the
exports and business process outsourcing (BPO) realized benefits were not considerable enough
in the last decade. ICT has become the foundation to have a significant impact on the overall
of modern society driving innovation and economic progress.

5
This index measures competitiveness regarding the capacity to produce and export manufactured goods, technological deepening, and up-
grading.

146
g]kfn /fi6« a}+s ;dfrf/

Two unprecedented events seriously hit Nepal’s Unfavorable Business Environment: A conducive
economy during the decade. The first was the business environment leads to a vibrant private
devastating earthquake of 2015 that took thousands sector and consequently higher investment and
of lives and destroyed infrastructures requiring growth. In Nepal, poor business regulatory
costly reconstruction. Another was the COVID-19 practices are a huge impediment to attracting
pandemic which devastated the tourism industry investments and fostering entrepreneurship. Nepal
and led to sizable healthcare expenditure. While ranked 94th overall in the Doing Business ranking7
these one-off events affected the country’s published by World Bank in 2020. Out of the ten
economic performance during the decade, they indicators used in ranking the economies, Nepal
haven’t substantially affected the country’s long- performed very poorly in ‘Starting a Business’
term development potential. (135th), ‘Getting Electricity’ (135th), ‘Paying Taxes’
(175th) and ‘Enforcing Contracts’ (151st).
The Nepalese economy suffers from more
serious long-standing impediments, which are the Ineffective Policy Implementation: Nepal has
true culprits hindering the nation from achieving issued several policy documents in the last ten
the desired economic progress. Such impediments years to support its economic development
are briefly described below: targets. These include Trade Policy 2015, Foreign
Investment Policy 2015, Public Private Partnership
Governance and Ethical Issues: Ethical lapses Policy 2015, National Tourism Strategic Plan
have become a serious problem among those (2016-25), and Agriculture Development Strategy
people who are in a position of responsibility. The (2015-35). However, these policies haven’t been
people who are in important positions in politics, implemented effectively and the policy objectives
administration, and business are focused on are far from being achieved. Lack of political will
amassing wealth regardless of how it is attained and commitment, inefficiency of administrative
rather than taking responsibility and showing machinery, and lack of coordination among
accountability. Likewise, corruption is rampant implementing agencies are the major reasons
among politicians and bureaucrats. Nepal ranked behind lackluster policy implementation.
108th with a score6 of only 35 in the Corruption
Perceptions Index 2023 published by Transparency Political stability, good governance, a sound
International. business environment, and effective policy
implementation can be important enabling factors
Political instability: Political instability is a for Nepal to carry out the strategies that it should
continuing challenge. The ruling parties have pursue to embark on the path of high productivity
spent much of their time and energy on internal and accelerated growth. We discuss such strategies
power struggles rather than good governance in in the next section.
the years after the promulgation of the constitution.
There have been seven new governments in Strategies for Prosperity: How can we achieve
the last eight years after the new constitution the growth we desire?
came into effect. Political instability leads to Nepal remains stuck in a low-growth, high-
uncertainty concerning future economic policies migration trap (Cosic et al., 2017). Currently,
dissuading local and foreign investors from taking exogenous factors are driving Nepal’s economy.
economic risks. The last decade saw a mass migration of youth.

6
As per the Transparency International’s Website, the global average score in 2023 is 43 and the score below 50 means that the country has
serious corruption problems.
7
In September 2021, the World Bank announced that it was discontinuing the annual Doing Business Report and hasn’t resumed the publication
yet.

147
 g]kfn /fi6« a}+s ;dfrf/

Around half a million Nepalese left for foreign Investing in infrastructure: A strong and reliable
employment in FY 2079/80 only. Likewise, over infrastructure is a hallmark of a thriving economy.
100 thousand students left Nepal in that fiscal Poor infrastructure has been one of the major
year to study abroad. The large-scale migration constraints to Nepal’s growth and productivity.
is rapidly draining the country’s human capital. Nepalese do not have adequate access to
It has further contributed to the country’s low infrastructure services. Transport costs are high
productivity and inability to attain a higher rate due to poor road quality, leading to long journey
of growth. But unfortunately, youth leaving times and high fuel consumption. Nepal’s rapid
the country has reduced pressure on politicians urbanization has put increased pressure on its
and policymakers to generate more productive urban infrastructure. The towns and cities have
employment in the country. insufficient water supply, housing, and sanitation
facilities. Although public investment plays a key
Bound by the trap, Nepal has not been able to role in infrastructure development, involving the
attract and mobilize sufficient physical, financial, private sector could increase funding and improve
and human capital to achieve higher and sustained efficiency. Nepal should aim to enhance public and
growth. For Nepal to achieve the economic private investments in not only major infrastructures
prosperity it desires, it has to take the strategies for like transport and urban infrastructures but also in
increasing investment and enhancing productivity. infrastructures of the key sectors like Commercial
The possible sets of broad strategies are described Agriculture, Tourism, and Energy. Infrastructure
below: development in such key areas helps create jobs,
promote entrepreneurship, and accelerate growth.
Mobilizing public and private resources for
investment: Both public and private investments Investing in Technology: We are going through
play a crucial role in the economic development a period of rapid technological innovation.
of any country. Nepal has a satisfactory level Technology has become the backbone of any
of savings, with an average Gross National modern society. New and advanced technologies
Savings to GDP ratio of 36.1% in the last ten are changing the way governments and businesses
years. Further, Nepal has adequate fiscal space to work. Technology is now used in almost all sectors
raise public debt, although it is in an increasing of the economy. With the right use of technology,
direction. Through proper planning and execution labor and capital productivity can be greatly
of projects as well as collaboration among related enhanced thereby leading to higher growth. Hence,
agencies, the public investment process needs it is important to allocate public investment for
to be reformed. Likewise, foreign aid should be technological development and encourage private
mobilized for capital formation in the priority businesses to invest in technology. We also need
sectors. We also need to have the right policies to increase people’s access to technology so that
to crowd in private investment. The remittance they can achieve better efficiency in whichever
income (amounting approx. 25 percent of GDP) sector they are involved in. Increased adoption of
needs to be channeled into productive investments technology can enhance productivity in all the key
by encouraging savings and directing such private sectors of the economy for increased income and
savings into productive investments through growth.
appropriate financial sector policies. Nepal must
also attract FDI by implementing investment- Investing in People: Investing in people is critical
friendly policies. FDI is a relatively stable source if Nepal is to achieve accelerated growth for
of external financing and often comes with a sustained period. Investing in human capital
technology and knowledge transfer that improve enhances productivity, which in turn affects
productivity. economic growth, and growth feeds back to

148
g]kfn /fi6« a}+s ;dfrf/

human capital opportunities thereby creating a Concluding Remarks

positive feedback loop (Flabbi & Gatti, 2018). The decade of the 2070s was a lost decade
Around two-thirds of Nepal’s population is of for many Nepalese, especially concerning
working age and the country can exploit this their economic status and security, and their
opportunity for a demographic dividend through expectations and attitudes regarding the future.
scaling up investments in its human capital. Nepal’s economic growth was sluggish and
Nepal needs to promote not only skills training irregular during the decade. The economic
and youth empowerment but also early childhood strength and competitiveness remained low.
development and social protection. Investments in Some key sectors like Tourism, Agribusiness,
the current and future workforce combined with and Manufacturing significantly underperformed.
policies to increase labor force participation and Productive employment and profitable business
retain productive labor in the country can revamp opportunities remained lacking. Leaving home and
all the key sectors of the economy leading to higher family behind for precarious foreign jobs has been
and sustained growth. the fate of the poor and underprivileged. Likewise,
young people from middle-class to more affluent
Enhancing export competitiveness: Nepal has families are moving to advanced countries for
been performing very poorly in terms of exports. better opportunities. Nepal is far from escaping the
In the last ten years, the average exports of goods low-growth, high-migration trap.
and services were only 7.8 percent of GDP. Nepal’s
current level of exports is far below its potential. While Nepal’s economic performance was
Nepal’s predicted goods exports are 15 times larger poor in the last decade, the country shows a lot
than the actual exports (World Bank, 2019). Nepal of potential in many areas like hydroelectricity,
can raise its exports by taking several measures digitalization, and IT exports, which can drive
like appropriately identifying and promoting goods higher growth. Nepal should work toward greater
with a competitive advantage, increasing global political stability, better governance, an improved
value chain participation through lowering tariffs business environment, and more effective policy
on intermediate goods, supporting firms to meet implementation to attract private investments and
the quality control requirements of other countries, improve its public investment process. Further,
and improving the design of export promotion Nepal should invest in infrastructure, people, and
instruments like rewarding more to exports toward technology to leverage its key sectors and boost its
new destinations. exports to achieve greater economic prosperity in
the coming decades.
Through mobilizing public and private resources
toward investment in infrastructure, technology, References
and people, Nepal can enhance productivity and Cosic, D., Dahal, S., & M. Kitzmuller. (2017).
expand its key sectors. Through higher production Climbing Higher: Toward a Middle Income
and export competitiveness, Nepal can become Nepal. Country Economic Memorandum.
more self-reliant and achieve export-driven Washington, DC: World Bank
growth with better-paying jobs as well as business Fabbi, L., & Gatti, R. (2018). A Primer on Human
opportunities in the country. This will earn more Capital. Policy Research Working Paper; No.
income for the country and its people thereby 8309. Washington, DC: World Bank.
helping to retain youths in the country. This will
Institute for Integrated Development Studies
further attract FDI, crowd in private investment as
(IIDS). (2023). Unleashing IT: Advancing
well as boost public investment, thereby creating
Nepal’s Digital Economy. Kathmandu.
a virtuous cycle of high investment, increased
Retrieved from: https://iids.org.np/publications/
productivity, and accelerated growth.
books
149
 g]kfn /fi6« a}+s ;dfrf/
International Monetary Fund. (2023). World United Nations, Committee for Development
Economic Outlook: Navigating Global Policy. (2012). Report on the Fourteenth Session
Divergences. Washington, DC. October. (12-16 March 2012). New York. Economic
Retrieved from http://www.elibrary.imf.org/ and Social Council. Official Records, 2021.
OCT23WEO Supplement No.13.
Rim, G., Jang, S., An, C., Hwang, S. & Ri, S. United Nations, Committee for Development
(2020). State Economic Strength and Some Policy. (2012). Report on the Twenty-Third
Methodological Issues on Its Assessment. , Session (22-26 February 2021). New York.
Social Indicators Research. 152: 607-636. doi. Economic and Social Council. Official Records,
org/10.1007/s11205-020-02459-9. 2012. Supplement No.13.
Ministry of Culture, Tourism and Civil Aviation. United Nations Industrial Development
(2023). Retrieved from: https://www.tourism. Organization. (2023). Retrieved from: https://
gov.np/ stat.unido.org/cip/
Ministry of Finance. Economic Survey (2070/71 Transparency International. (2023). Corruption
and 2079/80). Retrieved from: https://www. Perception Index. Retrieved from: https://www.
mof.gov.np/site/publication-category/21 transparency.org/en/cpi/2023
National Statistics Office. (2023). National World Bank. (2019). Exports Wanted South Asia
Accounts Statistics of Nepal. Retrieved from: Economic Focus (April). Washington, DC:
https://nsonepal.gov.np/ World Bank. doi: 10.1596/978-1-4648-1407-5.
Nepal Planning Commission. 13th Plan, 14th Plan World Bank. (2020). Doing Business 2020.
& 15th Plan. Retrieved from: https://npc.gov. Washington, DC: World Bank. doi:10.1596/978-
np/en/category/periodic_plans 1-4648-1440-2.
Nepal Rastra Bank. Current Macroeconomic and World Economic Forum, The Global
Financial Situation of Nepal (Annual Data Competitiveness Report 2019. Retrieved
2013÷14 - 2022÷23). Retrieved from: https:// from: https://www3.weforum.org/docs/WEF_
www.nrb.org.np TheGlobalCompetitivenessReport2019.pdf
Nepal Rastra Bank. Payment Systems Oversight World Economic Forum, The Global
Report (2075/76 - 2079/80). Retrieved from: Competitiveness Report 2012-13. Retrieved
https://www.nrb.org.np/departments/psd/ from: https://www3.weforum.org/docs/WEF_
GlobalCompetitivenessReport_2012-13.pdf


150
g]kfn /fi6« a}+s ;dfrf/

Re-examining Some Concepts and

Ideas in Economics
@ Sarthak Karki*

Background Nepali economist par excellence Mahesh

Linguists often discuss syntax and semantics. Chandra Regmi documents excellent examples of
The former might refer to a word (as it is spelt) both synchronic and diachronic meanings of key
while the latter refers to its meaning or the concept economic concepts in the domain of landownership.
which it encapsulates (Chomsky & Ronat, 1978). For instance during the time spanning 18th to early
Concepts themselves seem to take on a life on 20th century, ‘jagir landownership’ meant very
their own, i.e. not only are they distinguished from different things in Nepal and India. In the former
other concepts at any given time (what linguists case, jagir landownership meant the right to obtain
refer to as synchronic meaning of a word) but their proceeds from designated lands for a specific
meaning also changes over time (what is referred period of time (normally one year) in return for
to as diachronic meaning). state services delivered by an individual (typically
military or as a bureaucratic functionary).
Differences are not insignificant. Let us However, in India, the term jagir landownership
consider synchronic meaning of the commonplace meant permanent land rights (transferrable across
economics term ‘profit’ during the 19th century. generations for instance) granted to individuals
While the majority of classical economists (Smith, for similar services delivered (often in the past)
Ricardo, Mill and so on) had a conception of the in the interest of the state. Therefore, what was a
word ‘profit’ as something not too different from jagir land allotment in India during this epoch was
the common understanding today, i.e. profit is the essentially a birta land allotment in Nepal (Regmi,
excess revenue over a business enterprise’s total 1977).
cost, Karl Marx had a fundamentally different
conception of the term. For Marx (and indeed in Similarly, the term ‘raikar land’ during 18th
Marxian economics to this date), profit is nothing and 19th century Nepal meant land owned by the
but capitalist appropriation (forceful or playful) of state which it often rented out to the common man
the value created by laborers, i.e. profit is only what to till and cultivate so that the latter was not an
Marxian economics calls surplus value (Marx, owner but merely a tenant. However, since the 20th
1867) which in modern day parlance roughly century, the term ‘raikar land’ has unmistakably
translates into the difference between marginal come to denote private land ownership in a sort
product of labor and worker remuneration. of complete reversal of the meaning of this word
(Regmi, 1972).
Let us now turn towards diachronic meaning of
terms and how they can diverge beyond recognition Objective
over time. The Harvard Professor of Hinduism and Hopefully the writer has been able to demonstrate
Sanskrit Wendy O’Flaherty states that the term that terminologies and concepts (including those
‘maya’ from Sankhya philosophy originally meant in economics) cannot be taken for granted. Current
creation while today its widely held meaning is overall milieu as well as historical developments
illusion of the senses, i.e. of the apparent world are both essential to avoid misunderstanding
around us (O’Flaherty, 1975). and ensure proper usage. In addition to this, one

*
Deputy Director, Nepal Rastra Bank

151
 g]kfn /fi6« a}+s ;dfrf/

may also observe that many ideas in economics ‘Theory of moral sentiments’ (his second great
have stayed largely unexamined and therefore book after ‘The wealth of nations’) only once and
unchallenged despite good reasons to consider it does so to give a rather different meaning to the
alternative explanations. term, i.e. one rooted in divine providence. With
regards to ‘the invisible hand’, Smith discusses
It is therefore a critical examination of some key how the earth (its resources) is divided rather
concepts and ideas in the field of economics that unequally among its inhabitants and although the
this article strives forward to with the objective rich (the haves) would want to have everything for
of bringing up for discussion (if not necessarily themselves, their desire is limited by the natural
elucidating) these concepts and ideas. (god-created) appetite which is similar to that of
the poor. As a result, the rich, after enjoying the
Some Economic Concepts Re-examined fruits of their disproportionate possession, “as
if by an invisible hand” distribute among the
1. The Invisible Hand poor (workers, servants, have-nots), some of the
Adam Smith’s ‘invisible hand’ is arguably produce which is enough to satiate the desires of
one of the most famous phrases in the field of the latter. Furthermore, both are capable of being
economics. However, modern usage of this term is equally satiated and content (Smith, 1759).
largely erroneous (in fact diametrically opposed)
to the real historical usage of the term by the great Smith goes on to elaborate further how
18th century founder of the field of economics. (not greed or selfish motives but) the love for
harmony, symmetry and beauty (again as built
Economists use the term ‘the invisible hand’ into we humans by God) leads people to undertake
to refer to the power of markets to automatically various works which lead to public welfare. For
allocate scarce resources to their best use (as if example an administrator wants to fix dilapidated
by an invisible hand). This term is also associated roads because s/he intrinsically likes the sight
with the idea of greed (pecuniary incentives) being of a highway in good condition (i.e. order and
a good thing as it leads to welfare of the society, harmony) but this also ends up also benefitting the
i.e. ‘private vices lead to public benefits’ to employ general public (users of the highway).
the terminology used by Bernard Mandeville, the
18th century mercantilist economist. Modern day What one can clearly see from this (and the rest
economists also like to highlight one of Smith’s of the book) is that the conception of people (i.e.
famous statements in this regard, i.e. “It is not of economic agents) in Smithian economics is the
from the benevolence of the butcher, the brewer, complete opposite of the amoral one erroneously
or the baker that we expect our dinner, but from attributed to him by most modern day economists.
their regard to their own self interest.” In one of the many eloquent passages to his
Moral Sentiments, Smith proposes (after much
This modern usage of the ideas of Adam elaboration and analysis) that “man desires not
Smith, especially of his concept of the ‘invisible only to be praised but to be (truly) praiseworthy.”
hand’ could not be further from the truth. Noam Furthermore, Smith expends as much as a whole
Chomsky is one of the writers who takes up this chapter unambiguously refuting the Mandevillian
point most vigorously and rightly so - the truth is idea of ‘private vices (leading to) public benefits’
freely accessible to anyone who cares to study the (Smith, 1759).
works of Adam Smith first hand.
Similarly, Chomsky points out that Smith uses
Let us examine some real facts in this regard. the term ‘invisible hand’ only once in his greatest
The term ‘invisible hand’ appears in Adam Smith’s work - ‘The wealth of nations.’ Not surprisingly, this

152
g]kfn /fi6« a}+s ;dfrf/

usage also gives a completely different meaning to viewpoint on this subject. In his seminal paper
the term compared to its current day understanding entitled ‘The nature of the firm’, Coase examines
and employment. For instance, Smith says that the fundamental ontological question concerning
while it would be in the (pecuniary) interest of the business organizations, i.e. why do these firms
merchants of England to import from and invest exist in the first place? In modern day parlance,
in foreign countries, they will (thankfully) have a the question that Coase was examining was why
home bias and will be led “as if by an invisible aren’t most firms similar to what are referred
hand” to purchase and invest at home (Chomsky to as ‘borderless or virtual organizations’ in
& Waterstone, 2021). management theory, i.e. firms which outsource
most of their functions (via contracts with outside
This non-optimizing, non-utilitarian (in the agencies)? His brilliant answer to this question
pecuniary sense of the term) outlook on economic is that firms exist because of transactions cost,
affairs is not an aberration but a distinct rule when i.e. because discovering and utilizing the price
it comes to Adam Smith as is evident to anyone mechanism (what neoclassical economics terms as
who consults his work first hand. For instance the the ultimate allocator of resources) is costly to the
central theme of ‘The theory of moral sentiments’ extent of being nearly impossible in many cases.
is concerned with identifying the basis of judging In a typical Coasian fashion, Ronald Coase calmly
an action as moral and just. In fact, the entire work states the obvious that everyone somehow misses
is full of concerns for the fellow human (fellow - “if a workman moves from department X to
feelings) and concern for what Smith calls ‘an department Y (in a firm), he doesn’t do so because
impartial spectator’ (ever present to judge our of the price mechanism (i.e. because of marginal
actions). cost dictates) but because he has been ordered (by
someone) to do so” (Coase, 1937)
So much for identification of Smith with the
ultra right. His work is much closer to those of the For Coase, the very existence of firms is
collectivists such as Rousseau and even Marx than rooted in the commonplace fact that it is rather
it is with Milton Friedman for instance. inconvenient (and costly) to conclude a series of
short contracts with outside agencies. Therefore,
2. Decision making in institutions a firm undertakes long term contracts (e.g. that
How does an organization decide what it is of employment) with various service providers
going to do? For instance how is produce priced? and these contracted employees are directed by a
How is the level of output determined? What manager or an entrepreneur regarding what is to
determines the size of a firm? These are basic be done, when it is to be done and how it is to be
questions answers to which are taught in Econ 101 done. The brilliant metaphor that Coase operates
(after which they are never really taken up again). with (to describe decision making in a business
organization) is that of an island of conscious
The typical answers to these questions power (the directing entrepreneur) operating
comes from Microeconomics and these are within an ocean of cooperation like lumps of butter
essentially rooted in a pecuniary, optimizing and coagulating in a pan of buttermilk.
mathematical outlook on the subject. For instance,
output is determined at the level at which marginal Price setting, the level of output and size of the
cost equals marginal revenue so that profit is firm are all determined in this fashion, i.e. use of the
maximized. price mechanism within the bounds of possibility
and efficiency (i.e. considering transaction costs)
Ronald Coase, the 1991 recipient of the Nobel and more importantly, via rather autocratic dictates
prize in economics offers a completely different of the entrepreneur.

153
 g]kfn /fi6« a}+s ;dfrf/

Although it has been around 90 years since American inventor Thomas Edison and the equally
this seminal paper by Coase was first published, (if not more so) great Croatian American inventor
mainstream economics is still obsessed with the Nikola Tesla were fighting their great battle over
mirage of marginal cost and marginal revenue the supremacy of alternative current versus direct
dictated decision making. The discipline of current as the mode of electrical energy supply in
general management is in fact much better in this the early 20th century, pecuniary interests were at
regard as evidenced for instance by the mantras of best a side issue. The real juice that motivated both
Total Quality Management (TQM) which strongly of these world changing scientist entrepreneurs
encourage business organizations to work with was surely sheer excellence in their field (in this
limited suppliers, avoid obsession with numerical case the widespread penetration of a specific type
quotas and annual performance merits and so on. of electrical energy). This state of affairs is more
of a rule than an exception, especially when it
3. How capitalism works comes to world changing business ideas - think
The final topic (perhaps inadequately treated of any great business such as Microsoft or Tesla
and even misunderstood by the mainstream) or The Grameen Bank and try to imagine whether
which this article examines is concerned with the it could have primarily been pecuniary interest
modus operandi of capitalism. How exactly does which drove the startup of these enterprises.
capitalism work (if indeed it does work)? Again,
the mainstream dogma in this regard is mainly Let us now consider the idea that capitalism
centered on the explanations of Neoclassical works because of great people with great vision
economics which in turn explains this in the and top-of-the-line skills (and of course a business
Mandevillian terms of ‘private vices leading to degree with super-specialization in International
public benefits’ and the price mechanism leading Business from a top university) running the show.
to efficient allocation of resources. The general Daniel Kahneman, the economics Nobel prize
idea here is that people are incentivized to perform winning torchbearer of behavioral economics has a
work (valuable to others) out of pecuniary self different idea. Kahneman proposes that capitalism
interest and in an environment which is sufficiently works because it facilitates high volume tinkering
free from centralized control (or government by entrepreneurs who are irrational enough to
intervention), they manage to do this successfully take large personal risks even in the face of very
(more so with a business management degree low probability of success. Such high volume
from Ivy league colleges) so that (finite) societal large scale tinkering results in emergence of few
resources are put to their best use (on the criterion game changing (and society benefitting) ideas out
of consumer demand). of sheer hit-and-trial (Kahneman, 2011). A large
heap of personal failures is also produced although
This conception of capitalism has never really this is barely noticed by anyone (except the failing
been subjected to a rigorous test and therefore entrepreneurs). Skills and education naturally do
remains tacitly accepted by the mainstream despite matter to some extent but the uncertainty inherent
the fact that one can raise several objections to its in the world of commerce easily neutralizes
(so far untested) assumptions. these so that it ultimately comes down to luck (in
addition to skills and education) and large scale
For instance modern day Socialists such as hit-and-trial or tinkering which determine success.
Noam Chomsky question the assumption of
pecuniary interests being the primary drivers of The options trader turned mathematical
human enterprise (Chomsky & Waterstone, 2021). statistics professor and (economics) essayist
This criticism seems to have a lot of historical Nassim Nicholas Taleb fully subscribes to the
evidence on its side. For instance, when the great ideas of Kahneman and even terms entrepreneurs

154
g]kfn /fi6« a}+s ;dfrf/

the real heroes of our society as most of them accounting for material success and even Adam
voluntarily (though rather irrationally) agree to Smith advocating for selfish interests (the invisible
sacrifice themselves for a low probability game hand) to drive material progress in his original
which leads to general progress of the society works.
(Taleb, 2012).
However, as rational beings committed to facts
Conclusion and truth (than to some specific ideological school)
Economics is a great discipline in many ways and as students and practitioners of this most
and the diversity in its various schools (of thought) interesting discipline of economics, it is our duty
is very much reflective of the existent mechanisms to confront it’s fundamental beliefs, assumptions
in the discipline to avoid its fall into dogma. and concepts head on and thereby facilitate true
However, some basic questions and concepts progress in this field.
of this vibrant discipline seem to have escaped
critical review as a result of which one can find References
misconceptions and unconvincing analyses still Chomsky, N., & Ronat, M. (1978). Language and
lingering or tacitly accepted among its practitioners Responsibility. Mumbai: Penguin Books India.
despite researches and evidences to the contrary. Chomsky, N., & Waterstone, M. (2021).
Consequences of Capitalism. London: Hamish
Slavoj Zizek, the 21st century philosopher Hamilton.
and public intellectual, provides one of the
Coase, R. H. (1937). The Nature of the Firm.
greatest explanations of why ideologies
Economica, 386-405.
(certain fundamental beliefs) persist despite
easily discoverable contradictions and shallow Kahneman, D. (2011). Thinking, Fast and Slow.
foundations (what he terms as ‘the symptom’ New Delhi: Penguin Books India.
discovered for the first time by Karl Marx in Marx, K. (1867). Capital Volume I. London:
relation to capitalist organization of society). Penguin Books.
The answer, says Zizek, is in the very nature of
O’Flaherty, W. D. (1975). Hindu Myths. New
ideologies (economics included). Ideologies exist
Delhi: Penguin Books India.
not at the level of knowledge but at the level of
social reality itself, i.e. mostly it’s not that those Regmi, M. C. (1972). A study in Nepali Economic
who hold on to flimsy ideologies do so because History. New Delhi: Adroit Publishers.
they consciously allow a certain discrepancy Regmi, M. C. (1977). Landownership in Nepal.
between their beliefs and the actual social reality New Delhi: Adroit Publishers.
but because ideological fantasies structure their Smith, A. (1759). The Theory of Moral Sentiments.
very social reality itself (Zizek, 1989). Mumbai: Sanage Publishing House.
Taleb, N. N. (2012). Antifragile: Things that Gain
Hence, it might very well be possible that
from Disorder. New Delhi: Penguin Books
mainstream economists actually “see” (in the
India.
real world) the price mechanism determining
organizational decisions (price, output, scale and so Zizek, S. (1989). The Sublime Object of Ideology.
on), superior entrepreneurial skills unambiguously New Delhi: Navayana Publishing.



155
 g]kfn /fi6« a}+s ;dfrf/

Track Change of Financial Literacy

@ Ramesh Chaulagain, PhD*
Prologue
Financial literacy has significant role to change the individuals, society and economy by contributing
individuals’ financial freedom and prosperity. The prosperity and well-being are mainly backed up by good
financial behaviors of individual. However, the conventional understanding and initiatives of financial
literacy are merely focused as a means of promotion and advertisement of financial service providers
and motive of few demonstrating campaigns. The campaigns aim to sell financial products and maximize
the financial firm’s profit. In this connection, financial literacy is required to change track modes from
traditional understanding and practice of personal finance. From this perspective, this paper aims to
explore alternative future directions of financial literacy by critically analyzing stereotype of financial
literacy initiatives both in educational and financial sectors and to discuss some of the overlooked avenues
of financial literacy.

Background Introduction
Most of the people and financial consumers lack Financial literacy is an immediate effect
proper, adequate and updated financial education, of financial education. Some of the sources
awareness and skill to manage their personal finance of financial education are formal education,
that compels them to take faulty financial decisions financial experience, research, observations and
and even sometimes be exploited from several field studies, peers, families, mass and social
fraudulences. However, there is a wide debate on Medias, etc. Financial literacy is a part of personal
the agenda of financial literacy that it is to be taken finance that concerns about how one can better
as a means of promotion of financial services or utilize her/his personal financial resources in
an agenda of contributing financial independence the best fit. Financial literacy is also taken as an
and ability of critical thinking on personal finance. emerging personal financial agenda at globe.
The conventional political intention of financial OECD has highlighted the financial literacy since
literacy revolves around a general knowledge on late 1990s and emphasized it aftermaths of global
finance and only motivating people consuming financial crisis of 2008. In general, financial
traditional financial instruments as supplied by literacy concerns with management of money for
the mainstream financial settings. The intention also consumption expenditure, borrowing and saving
desires to advertise their supplied financial services and investment. Alternatively, financial literacy
and make the people habitual on that. In this, the is also termed as financial education, financial
financial consumers are not taken as financial citizens. knowledge, economic decision making, personal
They are treated as merely financial consumers, in finance, financial capability, financial science,
which, ability of critical thinking on financial matter household finance, financial competency, etc.
is lacked. Conventional financial literacy initiatives
cannot be able to empower the people, unable Increasing monetization of the economy,
to analyze reasoning, unable to find subjective complexities of financial markets, protection of
relationships and suggest practical remedies in financial consumers and global financial crisis
enabling people in personal finance. Therefore, a gave rise to agenda of financial literacy to equip
debate seems necessary that how financial literacy is customers with personal and institutional financial
to take for future with track change modes. literacy. In 21st century, financial literacy, access

*
Deputy Director, Nepal Rastra Bank

156
g]kfn /fi6« a}+s ;dfrf/

to finance, financial digitalization and financial Financial literacy

inclusion are contemporary agendas of financial Financial literacy has two attributes, i.e. financial
system. The agendas are more precise for women, knowledge and skill. Sources of knowledge are
marginalized, poor, deprived, conflict victims, low intrinsic and extrinsic. Some sources of extrinsic
income and minority people, who are excluded knowledge are observation, peers, family, mass
in the mainstream financial landscape. Hence, and social audio-visual, own experience, listening,
financial and digital literacy helps connecting the reading and research. Financial knowledge and
agendas at global, local, and individual levels. skill are complementary to each other. Sometimes,
financial knowledge is taken as one of the sources
Digital finance, empowerment and protection of financial management skills. A contemporary
of financial service users and developing a wider financial knowledge and skill are related to the
collaboration among the stakeholders are some of digital financial services, understanding and
the contemporary agendas of financial literacy in applying digitalization, beware of financial
Nepal. In the digital finance; developing digital fraudulences, etc. Financial scams, practices of
infrastructure, transmission of digital knowledge crypto currencies, hacking of financial services are
and skill among the people, developing necessary some of the contemporary challenges generated by
instruments of digital transaction are primary financial digitalization.
concerns. In protecting and empowering financial
service users; developing necessary policies, Managing money is more difficult than making
procedures and objectives, developing consumer or earning money. A financially skilled person
protection mechanism are primary concerns. makes more money by managing how much s/
he has. Such skill of money management is
Dimensions of Financial Literacy alternatively known as financial skill. The skill is
Dimensions of financial literacy help to alternatively used as literacy, ability, competency,
understand the different closer aspects of it. These capability, and proficiency of the individuals in
dimensions may have, but not always necessarily, working and decision making. Skill is taken as
linear and hierarchical interrelationships between very close to the behavior. The skill which is not
and among them. Common dimensions of financial practiced is worthless. Generally, financial skill
literacy are as follow: contains financial numeracy, understanding and
handling digital finance, making financial plan
Financial education for business, making retirement plan, budgeting,
Financial education has two linkages, i.e. record keeping of regular personal transactions
forward and backward. The backward linkage is and decision making in the basic level. Numeracy
about educational learning sources such as schools, is more related with the capacity of calculating any
social and mass Medias, family, colleagues, peers, transaction such as interest rate both in saving and
communities, research and self-experiences, etc. credit, tax to pay on interest and business earning,
Some of its forward linkage is improved financial gain discounts or rebates, penalty and service
knowledge and skill of individuals in financial charges to pay, etc.
matters. Here, financial literacy is taken as sum of
financial knowledge and skills that helps to make Financial attitude
sound financial decision. Therefore, the knowledge Financial attitude of a person shows a
and skill in financial matters are taken as two psychological or mental judgment of financial
attributes of financial literacy. Financial education matters, system and situation. Financial attitude is
is taken as one of the sources of financial literacy. the perspective towards money, income, financial
Sometimes, financial education and financial market and its benefits. Normally, the attitude
literacy are interchangeably used. is positive and negative. However, sometimes

157
 g]kfn /fi6« a}+s ;dfrf/

the individuals also prefer to stay indifferent of skill, positive financial attitude and good financial
financial matters. Similarly, financial knowledge behaviors. Therefore, financial literacy and good
has implications for developing financial attitude. behaviors are taken as the root causes of financial
Financial knowledge helps to predict financial independence and well-being. When an individual
attitude and financial attitude contributes to is happy and satisfied with his/her material
financial behavior of a person. Knowledge is one and non-material livelihood, the well-being is
of the sources of attitude, but does not always prevailed. Financial well-being can be divided
necessarily help in formulating positive attitude. into four major elements, i.e. control on regular
Financial literacy helps in developing positive finance, capacity to absorb contingent financial
financial attitude, i.e. financial attitude is subject shock, meeting financial goals and enjoying
to change in improved financial literacy of persons financial autonomy in decision making.         
and vice-versa. Financial behavior is the immediate
target and primary goal of financial knowledge, Track Change Pathways of Financial Literacy
skill and attitude. in Nepal
Increasing financialization, rapid change in
Financial behavior financial technologies, change in socio-economic
Financial behaviors involve the activities paradigms, increase in un/fair competition in
of managing personal financial resource in financial markets, landscape of unprotected
maximizing the yield. But the financial behavior financial consumers, increase in un(wanted)
should reject fraudulences, exploitation and consumerism, increase in financial concentration
unethical financial activities. The people who and financial exclusion demand a new discourse on
manage the money can get positive financial financial literacy. In this, people should be enabled,
results or well-being and vice-versa. The financial empower and inspire in terms of participating eco-
behavior is an application part of financial literacy political decision making on personal finance
that has implications to financial well-being. and economic system as well. In short, financial
Gradually, a conscious behavior is reflected in knowledge, attitude and behaviors of later decades
decision making, comparing opportunity cost, are determined more by neo-liberal phenomenon
and seeking alternatives of financial wastage of economics and finance. The phenomenon is
minimization. However, the context, time lag and alternatively termed as financialization in which
some of the loaded assumptions are necessary to money is dominant factor.
satisfy the effects of financial literacy and attitude
on the behavior. Financial knowledge and attitude As a cross-cutting issue, financial literacy is
are the backward linkages and financial well- connected with education and educational system
being is the forward linkage of financial behavior. vis-à-vis finance and financial system. It means that
Therefore, the financial knowledge and literacy the financial literacy education is also required to
unable to contribute in better financial behavior be introduced in school curriculum. Therefore, the
are worthless.    responsibility of the government and the central
bank is to provide the environment of learning
Financial well-being the financial systems so as the people can take
Well-being is an aggregate reflection of appropriate financial decisions autonomously.
the quality of human life. Alternatively, how The educational system is necessary to improve
a person lives is also termed as financial well- in terms of institutions, curriculums, contents,
being. Financial wellness and well-being are used pedagogy, environment and policy frameworks
synonymously. Financially literate people may that help enabling people engage in independent
have greater possibility of better financial well- and need based personal finance. Financial sector,
being caused by necessary financial knowledge, including regulators and service providers, is

158
g]kfn /fi6« a}+s ;dfrf/

necessary to create a conducive environment with have a political intention of financial literacy
enriched financial awareness, safety, flexibility as promoting autonomous, rational, ethical and
and access to all. critical financial citizens.

The eco-political perspective of financial Political intention is nothing new but only the
literacy of days to come should aim to develop education system desires to increase the number of
aware, conscious, active, transformed, capable people who follow the existing state policies and
and critical financial service users. The concept principles without any question. In other words,
of people-for-finance is required to reshape as the state intends to control people and desires to
finance-for-people. The former is an outcome of produce the loyal and follower of existing policies
increased financialization and commercialized and initiatives. From an alternative perspective,
financial literacy initiatives, whereas the latter economics and financial literacy are embedded
is a need-based concept of personal finance. in neoliberal ideology. For example, in case of
The people-for-finance is taken as profit centric financial literacy in a liberalized country, the
approach in which concentration of financial state desires to follow privatized and liberalized
resources goes to limited hands. Alternatively, financial system and its agendas to be followed by
finance-for-people centric approach is taken every citizen.
as participative finance approach. Similarly,
financial citizenship of people is taken as ability to Moreover, critical financial literacy refers to an
understand both of local and global economies to alternative and core aspects of financial literacy
make the best financial decisions concerning their in which power relations between and among
regular lives. financial stakeholders, political intentions of the
literacy, causes and consequences of financial
More financial education does not necessarily inequalities in communities, prospects of financial
always create a safer environment for individuals inequalities and inequities, global financial
to consume financial products and services. scenarios, relationship between service providers
Contents and processes of financial education and users, how to be safe from predatory lending
determine its objectives and rationale. A structured and other similar exploiting financial schemes,
and conventional design and contents of education advertisements, discount plans, lottery, higher and
are necessary to transform into open, flexible, fictitious interest offers in deposits, proposals of
collaborative and democratic educational system. joint investments, etc are discussed.
When education becomes a part of everyday life of
everyone, educators and learners are autonomous In line with Paulo Freire’s critical pedagogical
to select the methods, contents and sources of concept of education, financial education should
knowledge they need. Scripted, rhetoric based and be contextual, dynamic, creative, problem solving
prescribed, imported and commercialized financial and transformative. Therefore, agenda of financial
literacy endeavors make the people dependent and literacy for next decades is necessary to go beyond
even sometimes addict of finance. the supply-sided injections of financial knowledge
and skill that the structures provide. Global
In terms of prevailing motive of financial crisis of 2008 raised several critical questions on
literacy initiatives, financial literacy cannot be increased un/fair competition in financial markets,
neutral, universal, apolitical and individualist and financial exclusion and (un)protection of financial
thereby suggest to take it as financial emancipator consumers.
and transformative. It means that a political
intention is embedded on every financial literacy As a new agenda in financial sector,
policies and initiatives. Therefore, it is better to digitalization of financial services insists to

159
 g]kfn /fi6« a}+s ;dfrf/

produce well-equipped financial service users. While criticizing the instrumental financial
Financially literate people have less possibility of literacy, there is need of discuss about the
owning crypto-currencies due to its price volatility alternative modes and contents of financial literacy
and potential financial risk. Developing digital for the future generation. Here, every individual
infrastructure and protecting financial service is responsible to learn financial education and
consumers from several risks help improving their become financially literate to take appropriate
financial capability. The digitalization of financial decisions in terms of finance and consumption
products and services and the consequent need to the financial services indifferently. Saving, debt
strengthen digital financial literacy has become taking, investing, insuring and consuming are
an important component of the global policy- personal agendas in which interfere, misleading
making agenda. In the recent financial market, and advertising are unwanted. Saving, investing,
financial literacy of new decades needs to identify and insuring, borrowing and spending have
and mitigate emerging financial complexities, their own pros and cons that should be clear to
encountering disasters, issues of money laundering, understand.
misguidance and manipulations to financial service
users, financial crimes and fraudulences. Conclusion
While setting future direction of financial literacy
Moreover, anti-corruption and financial some of the critical and eco-political aspects are
integrity and ethologic typologies of financial necessary to consider and prefer. Financial literacy
literacy that help educating and emphasizing is not always a panacea of every financial distress
individual money as only the means not ends is and problems of individuals. Moreover, financial
necessary to prioritize. Design of curriculum literacy is a relative, individualistic and time/
of financial literacy education should focus to place specific matter. In these references, future
people rather than taking it as means of profit. paths of financial literacy are required to reshape
Similarly, financial literacy in pedagogy is on track change modes. Financial literacy should
necessary to take as deep knowledge and value not be taken as motivating factor to consumer
for money. Understanding value for money helps financial services as it is. Commercialized motive
people minimize unproductive and unnecessary of financial literacy is necessary to change its track
expenditure in their lives. Financial literacy should to enabling individuals making their choice.
assure financial independency and sovereignty, in
which people should get the chance of making Similarly, empowering people in financial
choice and innovate new ideas of finance. matters and the system should be primary
mission of the financial literacy. This mission is
From the perspective of context and culture, only possible when financial literacy is taken as
financial literacy is a personal financial concern, developing learning, searching, selecting and
which should also focus on local, contextual decision ability of people into account. There is a
and traditional ways of knowing from cultural need to change the perception of financial literacy
perspectives of finance in society. Mainstream merely a way of advertising financial services of
financial education desires to create an economic banks and financial institutions. Similarly, the
system which is efficient, rather than characterized financial education should aim to create critical
by equal social relations and respect of universal thinking of people in financial services and system.
financial rights of more people. The critical thinking helps them to think, analyze
and search of necessary alternatives in the system.   


160
g]kfn /fi6« a}+s ;dfrf/

Quality Management and

Organizational Performance of
Banking Industry in Nepal
@ Jugal Kishor Kushwaha*

Introduction Regulatory Compliance by the organization assure

The performance of the banking sector is of sustainability and Adherence to regulatory
influenced by various factors, including economic requirements is critical for maintaining trust and
conditions, regulatory changes, technological avoiding legal issues.
advancements, and management practices. Key
indicators are often used to assess organizational Quality management is a comprehensive
performance in the banking sector. The key factors approach that organizations use to ensure that
are financial metrics, risk management, operational their products or services consistently meet or
efficiency, customer satisfaction, and regulatory exceed customer expectations. It involves a set
compliance. of principles, processes, and practices aimed at
achieving and maintaining high standards of quality
The factor financial metrics can further analyze throughout all aspects of an organization. Quality
profitability and asset quality of an organization. management is applicable to various industries,
Net income, return on assets (ROA), and return including the service sector and more. Key
on equity (ROE) are common metrics to evaluate components of quality management are Customer
the financial health and profitability of banks. Focus, Leadership, Employee Involvement,
Likewise, non-performing loans (NPLS) and loan Process Approach, Systematic Approach to
loss provisions indicate the quality of a bank’s Management, Continual Improvement, Factual
loan portfolio. Capital Adequacy and Liquidity Decision Making, Supplier Relationships,
are very important factors for risk Management. Mutually Beneficial Supplier Relationships and
Adequate capital ensures a bank’s ability to absorb Risk Management. By implementing quality
losses and withstand financial stress. Maintaining management principles, organizations aim to
sufficient liquidity is crucial for a bank’s stability achieve a state of continuous improvement,
and ability to meet short-term obligations. In customer satisfaction, and operational excellence,
relation to operational Efficiency, the adoption ultimately leading to enhanced competitiveness.
of innovative and integrated technologies can
enhance operational efficiency and customer Overview of Banking Industry in Nepal
service. Cost-to-Income Ratio is also necessary The banking sector of Nepal plays a crucial role
to measure the efficiency of cost management in in the country’s financial system and economic
relation to revenue generation. Financial Customer development. Nepal Rastra Bank (NRB) the
satisfaction is the most crucial principle of central bank of Nepal, as regulatory authority is
organizational performance. Customer Satisfaction responsible for formulating and implementing
service and satisfaction surveys provide insights monetary policies. NRB also regulates and
into the customer experience and can impact supervises the banking and financial sectors.
on a bank’s reputation and market position. There are four categories of bank and financial

*
Deputy Director, Nepal Rastra Bank

161
 g]kfn /fi6« a}+s ;dfrf/

institutions in Nepal namely commercial bank 2. Kaizen: It is a Japanese term meaning

(Class A), Development Bank (Class B), Finance “continuous improvement.” It involves making
Companies (Class C) and Microfinance Institutions small, incremental improvements in processes
(Class D) as per Bank and Financial Institutions over time. The purpose of Kaizen is to foster
Act, 2017. Infrastructure Bank and National a culture of continuous improvement and
cooperative bank is also in operation licensed by empower employees to contribute to ongoing
Nepal Rastra Bank. These banks and financial enhancements in quality.
institutions provide a wide range of banking 3. Quality Function Deployment (QFD):
services, including deposit accounts, loans, Quality Function Deployment is a technique
leasing, hire purchase, remittances, and other that translates customer needs and expectations
financial products together with development- into specific product or service features.
oriented financial services. Microfinance Align products or services with customer
institutions play a vital role in providing requirements and ensure that quality is built
financial services to underserved communities, into the design and development process
especially in rural areas. These institutions focus inQuality Function Deployment.
on microcredit and financial inclusion. Efforts 4. Benchmarking: Comparing an organization’s
have been made to enhance financial inclusion, processes, products, or services to those of
and initiatives like branch expansion, mobile leading competitors or industry best practices
banking, and digital financial services have is called benchmarking. Identifying areas for
been introduced to reach a broader population. improvement by learning from successful
The banking sector in Nepal faces challenges organizations and implementing best practices
related to regulatory compliance, technological is the main purpose of benchmarking.
adoption, and competition. At the same time, 5. PDCA Cycle (Plan-Do-Check-Act): PDCA
there are opportunities for growth and innovation, Cycle is a systematic four-step management
particularly in adopting modern technologies to method used for continuous improvement of
improve financial services. processes and products. Literally the purpose
of PDCA is a Plan for change or improvement,
Total Quality Management Techniques implement it (Do), check the results, and act to
Total Quality Management (TQM) is a standardize or make further improvements.
management philosophy that focuses on continuous 6. Statistical Process Control (SPC): Statistical
improvement of processes and products to achieve Process Control is the use of statistical
customer satisfaction. TQM involves the entire methods to monitor and control a process
organization, promoting a culture of quality and to ensure it operates consistently and meets
emphasizing the importance of teamwork. There quality standards. Identifying and addressing
are several techniques associated with TQM that variations in processes to maintain consistent
organizations can implement to enhance their quality output is the main objectives of
overall quality management approach. Here are Statistical Process Control.
some key TQM techniques: 7. Quality Circles: Quality circle is a small group
of employees from various departments who
1. Six Sigma: Six sigma is a data-driven approach meet regularly to identify and solve quality-
to process improvement that seeks to eliminate related problems. The purpose of quality
defects and variations in processes. The circle is to Encourage employee involvement,
purpose of this is to reduce errors and improve collaboration, and problem-solving to improve
efficiency by using statistical methods and processes and quality.
DMAIC (Define, Measure, Analyze, Improve, 8. Employee Involvement: Employee involvement
Control) methodology. is the essential factor for encouraging and

162
g]kfn /fi6« a}+s ;dfrf/

empowering employees at all levels to actively organization. The successful implementation

participate in decision-making and continuous of TQM in a banking organization requires a
improvement efforts. The output of employee balance between responding to external influences
involvement is leverage the collective knowledge and managing internal factors. A strong internal
and skills of employees to identify and solve commitment to TQM principles combined with
problems, leading to improved quality. a proactive approach to adapting to changes in
9. Training and Education: Employee of any customer expectations, market dynamics, and
organization is the key driver to make active all regulations, will contribute to sustained success in
other factors of an organization. So, employees delivering high-quality services. The external and
should be productive. For this reason, providing internal factors can be discussed as follows:
ongoing training and education to employees at
all levels to enhance their skills and knowledge External Factors
is necessary. Developing a workforce that is Customer Expectations: The external factor
capable of consistently producing high-quality with the most direct influence on TQM in service
products or services and adapting to changes organizations is customer expectations. Changes
in the business environment is a key factor of in customer needs and expectations can drive the
organizational success. need for continuous improvement and adaptation
10. Supplier Partnership: Partnership with of service processes.
supplier builds a strong relationship in the Market Competition: The level of competition
quality improvement process by involving in the market can impact the urgency and extent
them. It ensures that the entire supply chain to which TQM practices are adopted. High
is focused on delivering high-quality inputs, competition may necessitate a more aggressive
leading to improved overall product or service pursuit of quality improvements to maintain a
quality. competitive edge.
Implementing the above TQM techniques Regulatory Environment: Regulatory changes
requires a commitment by all stakeholders to can influence the standards and requirements
continuous improvement by focusing on customer that service organizations must adhere to. TQM
satisfaction. practices may need to be adjusted to comply with
new regulations, ensuring both quality and legal
External and Internal Factors of Total Quality compliance.
Management Technological Advances: Advances in technology
Total Quality Management (TQM) is a can provide new tools and methodologies
management philosophy that emphasizes continuous for implementing TQM. On the other hand,
improvement in all aspects of an organization’s technological changes may require ongoing
processes, products, and services to meet or exceed training and adaptation of processes to leverage
customer expectations. In the banking sector, TQM new tools effectively.
plays a crucial role in enhancing organizational Economic Conditions: Economic fluctuations
performance by emphasizing consumer satisfaction, can affect the financial resources available for
employee involvement, process improvement, and TQM initiatives. During economic downturns,
a commitment to excellence. organizations may face budget constraints that
impact their ability to invest in quality improvement
In a banking organization, the effectiveness initiatives.
of TQM is crucial for delivering high-quality
services and meeting customer expectations. So, Internal Factors
both external and internal factors can significantly Leadership Commitment: The commitment
impact the effectiveness of TQM in a banking of top leadership to TQM is crucial. A lack of

163
 g]kfn /fi6« a}+s ;dfrf/

commitment can result in insufficient resources, initiatives. Managers are responsible for defining
support, and a failure to integrate TQM principles the strategic direction of TQM, establishing clear
into the al culture. quality objectives, and creating an environment
where employees are empowered to contribute
Al Culture: The existing Al culture plays a vital to continuous improvement. Additionally, they
role in the successful implementation of TQM. play a crucial role in facilitating communication
A culture that values continuous improvement, and collaboration among different departments,
employee involvement, and a focus on customer breaking down silos to promote a holistic approach
satisfaction is more conducive to TQM success. to quality. Through their leadership, managers
Employee Involvement: The active participation inspire a shared vision of quality and instill a sense
of employees in TQM initiatives is essential. of responsibility for quality outcomes throughout
Employees need to be empowered, trained, and the organization (Oakland, 2003). Overall,
motivated to contribute to the improvement of the managerial role in TQM is essential for
processes and services. driving cultural change, aligning organizational
Resource Availability: Adequate resources, processes with quality objectives, and sustaining a
including financial, human, and technological commitment to excellence.
resources, are required for the successful
implementation of TQM. A lack of resources Benchmarking and Quality Assurance
can hinder the organization’s ability to invest in Techniques:Strategic Management Tool
necessary improvements. Benchmarking and quality assurance
Communication and Collaboration: Effective techniques are crucial aspects of ensuring high-
communication and collaboration across different quality service delivery in the banking service
departments and levels of the organization are sector. Benchmarking, as described by Camp
critical for TQM. Silos and poor communication (1989), is a strategic management tool that
can impede the flow of information necessary for involves comparing an organization’s processes
continuous improvement. and performance metrics against those of industry
Performance Measurement and Feedback: leaders or best practices. In the banking service
Regular measurement of performance against sector, benchmarking helps organizations identify
quality metrics and feedback mechanisms are areas for improvement, enhance efficiency, and
essential for TQM. Organizations that lack robust align their practices with industry standards
performance measurement systems may struggle (Camp, 1989). On the other hand, Quality
to identify areas for improvement. assurance techniques in the service sector, focus
on systematically monitoring and improving
TQM: Role of Leader/Manager in Organization service quality to meet or exceed customer desire
In Total Quality Management (TQM), and expectations. Quality assurance involves the
managerial roles play a pivotal part in fostering development and implementation of processes to
a culture of quality, continuous improvement, ensure that service delivery consistently meets
and customer satisfaction within an organization. predefined quality standards (Zeithaml et al.
Managers serve as leaders who set the tone for (1990). Techniques such as customer feedback
TQM implementation, ensuring that quality mechanisms, employee training programs, and
principles are integrated into every facet of the service standards development contribute to the
business. According to Juran and Gryna (1993), overall quality assurance efforts in the banking
two prominent figures in the field of quality service sector. Combining benchmarking and
management, effective TQM implementation quality assurance allows service organizations
requires committed leadership from managers to not only understand their competitive position
who are actively involved in championing quality but also actively work towards continuous

164
g]kfn /fi6« a}+s ;dfrf/

improvement in service quality, ultimately translating customer needs and expectations

enhancing customer satisfaction and loyalty. into organizational action plans is a key point
of TQM implementation (Kriengsak& Thanh,
TQM contribution and Organizational 2017).
Performance 5. Process Improvement:TQM emphasizes the
Chin, Fang, Hung and Yen (2007) empirically importance of efficient and effective processes.
examined the extent to which total quality Continuous improvement methodologies, such
management and firm performance are correlated as Six Sigma and Lean, are often integrated
and how total quality management impact into TQM practices to streamline processes,
various levels of firm performance.Total Quality reduce errors, and enhance service delivery.
Management is a holistic approach that, when 6. Measurement and Analysis:TQM relies on
applied effectively in the banking sector, can data-driven decision-making. Organizations
lead to improved organizational performance in the service sector use key performance
by focusing on customer satisfaction, employee indicators (KPIS) and other metrics to measure
engagement, process efficiency, and a commitment and analyze the effectiveness of their processes
to continuous improvement. TQM contributes to and identify areas for improvement.
organizational performance in the banking sector 7. Supplier Relationships:TQM extends beyond
by following ways: the organization to include suppliers and other
external partners. Collaborative relationships
1. Leadership Commitment: Successful TQM with suppliers help ensure the quality of inputs
implementation requires strong leadership and contribute to the overall quality of the
commitment and support. Leaders set the services provided.
tone for quality and create a culture where 8. Risk Management:TQM involves proactive
employees understand the importance of risk management to identify potential
quality in the services they provide. issues before they impact service quality.
2. Employee Involvement: TQM encourages the Organizations in the service sector can use
active participation of employees in decision- risk assessment tools to anticipate and mitigate
making processes and continuous improvement risks that may affect their performance.
initiatives. Engaged and motivated employees
are more likely to provide high-quality Conclusion and Way Forward
services, contributing to overall organizational The banking sector is the backbone of the
performance. economy of a country. Higher organizational
3. Training and Development: TQM promotes performance of the banking sector leads towards
ongoing training and development for the development of a country and welfare of the
employees to enhance their skills and people. Total Quality Management is the technique
knowledge. Well-trained employees are to improve the quality of an organization. The
better equipped to deliver high-quality external and internal determining factors impact the
services, leading to improved organizational overall quality of banks and financial institutions.
performance. Internal factors should be strategically managed
4. Customer Focus: TQM places a strong by analyzing external factors. Quality assurance
emphasis on understanding and meeting increases higher productivity and impacts on
customer needs and expectations. Regular consumer satisfaction that plays an important role
feedback and communication with customers for organizational performance and sustainability
help identify areas for improvement and as a whole.
ensure service quality aligns with customer
requirements. Hence, understanding and Quality management practices in the banking

165
 g]kfn /fi6« a}+s ;dfrf/

sector of Nepal are essential for ensuring efficient But there are many weaknesses in this regard that
operations, customer satisfaction, and overall should be resolved.
organizational success. While the specific practices Process Improvement: Streamlining operations
may vary among banks, some common quality to provide faster and more accurate services
management principles are applicable across the while minimizing costs it is necessary to review
industry. The following area should be focused on regularlyand enhancement of operational processes
and improved for banking sector sustainability. to improve efficiency, reduce errors, and optimize
resource utilization. Output should be focused by
Technology Integration and adoption: Adoption following appropriate process.
of modern technologies, including online banking, Risk Management: To ensuring financial
mobile apps, and digital payment systems, stability, regulatory compliance, and protection
to enhance accessibility and convenience for of stakeholders’ interests, Implementation of
customers it is an important factor to improve robust risk management frameworks to identify,
service delivery, reduce transaction times, assess, and mitigate various risks, including credit,
and adaptation to regard changing customer operational, and compliance risks is needed.
preferences. Performance Measurement and Monitoring:
Disaster Recovery Management and Business For identifying areas for improvement,
Continuity Plan: Developing and regularly tracking progress, and ensuring alignment with
testing plans are one of the most important organizational goals, it is important to establish
factors to ensure business continuity in the face key performance indicators (KPIS) and regularly
of disruptions, including natural disasters or monitoring and assessing performance against
cyber-attacks. It leads to Minimize downtime and these metrics.
ensuring the uninterrupted provision of banking Regulatory Standards Compliance: Avoiding
services. legal issues, maintaining trust, and ensuring the
Customer-Centric Approach: Improving customer stability of the financial system, the banking
satisfaction, loyalty, and trust in the banking services, system should be based on and to adherence to
banks are trying to focus on understanding and local and international regulatory standards and
meeting customer needs, providing personalized compliance with legal requirements. Banks in
services, and enhancing the overall customer Nepal are required to comply with the regulatory
experience. Implementation of systems for guidelines set by NRB. This includes maintaining
gathering customer feedback, complaints, and capital adequacy, following prudential norms, and
suggestions, bank and financial institutions have ensuring the stability of the financial system.
to develop Customer Feedback Mechanisms using It’s necessary and important to note and keep in
customer input to identify areas for improvement mind that the effectiveness of quality management
and enhancing overall service quality. practices in the banking sector depends on the
Ethical Banking:Building trust among customers, commitment of leadership, the organizational
stakeholders, and the public, promoting ethical culture, and the ability to adapt to evolving industry
behavior and responsible banking practices, dynamics. Regular assessments and adjustments
including transparency in financial transactions is are crucial to maintaining high standards in service
one of the preconditions for sustainable banking. quality and operational efficiency.
Human Resource Development: Ensuring that
employees have the necessary skills and knowledge References
to meet quality standards and deliver excellent Camp, R. C. (1989). Benchmarking: The Search for
customer service. Continuous training programs Industry Best Practices That Lead to Superior
for employees to enhance their skills, stay updated Performance. ASQC Quality Press.
on industry trends, and provide better services. Chin S. O, Fang C. L., Yu C. H., & David C. Y..
166
g]kfn /fi6« a}+s ;dfrf/
(2007). The effects of total quality management 10.1515/mper-2017-0001
onbusiness performance: evidence from Taiwan Oakland, J. S. (2003). Total Quality Management:
Information-Related Industries. Text with Cases. Butterworth-Heinemann.
Flynn, B. B., Schroeder, R. G., & Sakakibara, S. Powell, T. C. (1995). Total quality management as
(1994). A framework for quality management competitive advantage: A review and empirical
research and an associated measurement study. Strategic Management Journal, 16(1),
instrument. Journal of Operations Management, 15-37.
11(4), 339-366.
Prajogo, D. I., & Sohal, A. S. (2006). The
Juran, J. M., &Gryna, F. M. (1993). Quality integration of TQM and technology/R&D
Planning and Analysis: From Product management in determining quality and
Development Through Use. Mcgraw-Hill. innovation performance. Tech-novation, 26(5-
Kriengsak, P., & Thanh, T. N. (2017). Influence 6), 626-634.
of organizational culture on total quality Zeithaml, V. A., Parasuraman, A., & Berry, L. L.
management implementation and firm (1990). Delivering Quality Service: Balancing
performance: evidence from the Vietnamese Customer Perceptions and Expectations. Free
construction industry. Management and Press.
Production Engineering Review. 8(1). DOI:



167
 g]kfn /fi6« a}+s ;dfrf/

Stylized Overview of Digital Finance,

Financial Literacy, and Financial
Inclusion in Nepal
@ Dhananjay Parajuli*

Introduction the government achieve its goal of delivering

Nepal’s digital journey is an inspired tale to quality basic healthcare to all citizens.
harnessing technology, embracing innovation
and expanding the financial penetration despite 4. Education: DNF initiatives in education aim
geographical challenges. Financial literacy and to prepare human capital to take advantage
digital infrastructure are pre-conditions to achieve of new economic prospects, which comprises
financial inclusion. These intertwined facets have incorporating digital technologies into
been discussed in this article. The article also classroom learning to assist teachers, enrich the
draws on some policy initiatives required for learning experience, and improve educational
Nepal to embrace its larger population, residing in outcomes.
rural areas, in the existing financial ecosystem.
5. Energy: In the energy industry, digital efforts
1. Digital Infrastructure and Technological strive to build a sustainable energy infrastructure
Adoption that not only reduces costs but also strengthens
The digital infrastructure and digital innovation energy networks.
the bedrock of digital transformation and are
foundational elements. To digitize effectively, 6. Tourism: Digital tourism efforts aim to promote
Nepal introduced the Digital Nepal Framework Nepal internationally, attract visitors to the
(DNF) in 20191. This comprehensive framework country and create employment opportunities
spans across eight sectors and encompasses a for the citizens.
staggering eighty digital initiatives. These sectors
are: 7. Finance: By utilizing digital technologies and
telecoms infrastructure, Digital Nepal efforts
1. Digital Foundation: The Digital Foundation promoting the financial services sector aim to
dimension of the Digital Nepal Framework reach the country’s large unbanked population.
focuses on three pillars: Digital Connectivity,
Digital Skills, and Digital Governance. 8. Urban Infrastructure: The Digital Nepal
Framework aims to use disruptive technologies
2. Agriculture: Agriculture-related framework to improve the quality of life in Nepal’s cities
efforts include technological solutions targeted by enhancing key services including water
at increasing production while reducing management, solid waste management, public
agricultural input. transportation, and traffic management.

3. Health: DNF’s health projects aim to help Each sector houses initiatives that aim to use

* Assistant Director, Nepal Rastra Bank

1
DIGITAL NEPAL FRAMEWORK, 2019, Government of Nepal Ministry of Communication and Information Technology

168
g]kfn /fi6« a}+s ;dfrf/

digital technologies to improve services, enhance Licensed institutions are revamping their current
efficiency, and foster innovation. The Digital Nepal systems and rolling out innovative solutions to
Framework serves as a guiding light, ensuring that keep pace with this digital transformation.
the country’s digital endeavors align with a unified
vision of progress. Key indicators show this During the period between mid-August 2020
remarkable progress: Cellular mobile connections and mid-July 2023, Nepal experienced significant
2
adoption stands at an impressive 139.23% a growth in digital payment system adoption. The
testament to the growing digital adoption among increase in Payment Service Providers (PSPs)
the total population. Nepal’s Internet user3 has agents reflects a strengthening infrastructure for
soared to 51.6%, . An impressive achievement digital transactions. Simultaneously, the surge
is that over 89.9% of Nepal’s landmass now has in digital wallet and connect IPS usage indicates
access electricity4. As on Ashad end of 2080, Nepal growing consumer acceptance. Additionally, the
has 18.9 million mobile wallet5 users, highlighting expanding network of IPS members signifies
the widespread adoption of digital financial increased participation by financial institutions in
instruments. Additionally, there are 21.3 million interbank digital transactions.
and 1.8 million mobile banking and Internet
banking6 users, further underlining the country’s The data presented in the table illustrates
transition towards digital financial services. These notable trends in digital payment system adoption
statistics underscore the successful integration of within Nepal. RTGS Transactions: Showed steady
digital technology into the daily lives of Nepali growth, with a significant increase in the percentage
citizens. change from FY 2021/22 to FY 2022/23. IPS
Transactions: Consistently grew over the years,
The Payment Systems Department of the with notable percentage increases. connectIPS
Nepal Rastra Bank (NRB) plays a pivotal role in Transactions: Experienced remarkable growth,
promoting digital payment systems and technology indicating a rising trend in interbank digital
adoption. This department is the driving force transactions. Debit Cards, Credit Cards, and
behind aligning financial services with the goals Prepaid Cards: Demonstrated positive growth,
outlined in the Digital Nepal Framework. The reflecting increased adoption. Mobile Banking
Covid-19 pandemic has expedited the adoption and Wallet Transactions: Showed significant
of Financial Technology (Fintech) and digital growth, signaling a shift towards mobile-based
payments in Nepal. Non-cash methods such as digital payments. QR-Based Payments: Witnessed
Mobile Banking, Cards, QR codes, and others exponential growth, highlighting increased
are swiftly becoming the preferred mode of acceptance of QR code-based methods. Point of
transactions, particularly in urban regions. Sales (POS) Transactions: Increased, albeit at a

Table 1: Access to Digital Payment Systems in Nepal

Particulars Mid-August 2020 Mid-July 2021 Mid-July 2022 Mid-July 2023
PSPs Agent 5,139 9,279 12,685 14,123
Wallet Users 62,74,129 88,85,914 1,36,75,993 1,89,41,793
connect IPS Users 1,62,117 5,34,615 8,96,314 11,08,436
IPS Members 85 103 111 115
Source: Nepal Rastra Bank
2
Digital 2023 Nepal (February 2023) v01 | PPT (slideshare.net)
3
Digital 2023 Nepal (February 2023) v01 | PPT (slideshare.net)
4
Digital 2023 Nepal (February 2023) v01 | PPT (slideshare.net)
5
Payment System Oversight Report 2022/2023, Nepal Rastra Bank
6
Payment System Oversight Report 2022/2023, Nepal Rastra Bank

169
 g]kfn /fi6« a}+s ;dfrf/

Table 2: Usage of Payment Systems in Nepal (No. of Transactions)

Change (%)
Particulars FY 2020/21 FY 2021/22 FY 2022/23
FY 2021/22 FY 2022/23
RTGS 533,841 750,597 815,180 40.6 8.60
IPS 10,841,023 13,424,453 15,380,646 23.8 14.57
connectIPS 18,833,752 39,417,168 50,252,944 109.3 27.49
Debit Cards 81,648,703 110,830,652 131,774,747 35.7 18.90
Credit Cards 1,717,397 2,270,929 2,868,591 32.2 26.32
Prepaid Cards 130,867 489,507 744,620 274 52.12
Internet Banking 3,179,362 3,355,888 3,216,663 5.6 -4.15
Mobile Banking 111,923,386 181,545,676 283,420,597 62.2 56.12
Wallet 124,945,099 167,491,933 213,367,144 34.1 27.39
QR-Based Payments 5,581,779 26,950,009 78,029,200 382.8 189.53
Point of Sales (POS) 7,547,405 11,773,031 12,315,919 56 4.61
Source: Payment System Oversight Report 2022/2023, Nepal Rastra Bank

slower rate compared to other payment methods. Standardization Framework and Guidelines,
Overall, these trends suggest a positive trajectory 2021; and the establishment of a Central Bank
towards digitalization in Nepal’s financial Digital Currency (CBDC) Division, are in place
sector, with ongoing opportunities for further to ensure that financial institutions adhere to
development in the country’s digital payment cyber security best practices. Additionally,
ecosystem. Nepal Clearing House Limited institutions are regularly audited and monitored
(NCHL) has the responsibility of implementing by the central bank to maintain a high level of
the National Payment Switch (NPS). The Retail security and resilience. Payment Systems-related
Payment Switch, a crucial part of NPS, is fully Unified Directives, 2023; Licensing Policy for
operational, providing seamless retail transactions. Payment Related Institutions, 2023; Payment and
Furthermore, the second phase of NPS, involving Settlement Bylaw (First Amendment, 2023), 2020
the issuance of NEPALPAY Cards, is currently in and Cyber Resilience Guideline further contribute
progress. to strengthening the security measures within the
financial sector.
NRB’s role extends beyond promotion; it also
encompasses regulation and oversight7. The 2. Initiatives to Promote Financial and Digital
Payment and Settlement Act, 2019 along with Literacy
associated bylaws, serves as the cornerstone of this Financial inclusion and digital literacy go hand-
regulatory framework. These regulations ensure in-hand. A digitally empowered population must be
that digital payment systems run in a secured, financially literate to benefit from digital financial
efficient, and transparent manner. services. Nepal has recognized this constructive
collaboration and implemented initiatives to
Regulatory and supervisory responses8, enhance financial and digital literacy. Financial
such as Nepal Payment System Development Literacy Framework9 establishes clear priorities
Strategy (NPSDS); Payment System Oversight for initiatives in this realm, offering strategic
Framework; Payment Systems Oversight Manual, guidance to ensure coherence and effectiveness in
2021; Digital Lending Guidelines; Nepal QR financial literacy efforts. Licensed entities receive

7
Payment System Oversight Report 2022/2023, Nepal Rastra Bank
8
Payment System Oversight Report 2022/2023, Nepal Rastra Bank
9
FINANCIAL LITERACY FRAMEWORK , 2022, Nepal Rastra Bank

170
g]kfn /fi6« a}+s ;dfrf/

Financial Literacy Guidelines to enhance their role their personal accounts in Indian banks and financial
in promoting financial literacy, with a strong emphasis institutions. Generally, the maximum transfer limit is
on transparency and accountability, facilitated by NPR 15,000 per day and NPR 1,00,000 per month,
NRB’s regular semiannual reporting mechanism. providing a convenient facility for remittances.
Mandated by Corporate Social Responsibility Additionally, other limits may be set on a case-by-
(CSR)10 regulations, banks and financial institutions case basis, depending on the submitted documents.
allocate one percent of their net profit to CSR funds,
with five percent earmarked specifically for financial Furthermore, to simplify remittances from India
literacy initiatives, targeting women and underserved to Nepal, the Nepal Rastra Bank and the Reserve
groups. An additional five percent of CSR funds Bank of India have established a mechanism. Nepali
are allocated to promote digital transactions. Nepal citizens can now connect their bank accounts with
Rastra Bank (NRB) goes beyond traditional settings, Indian banks and financial institutions to send
directly engaging with target groups identified in remittances through the Indo-Nepal Remittance
the Financial Literacy Framework through one- Facility Scheme13. By utilizing online banking,
day financial literacy programs. Additionally, interbank transactions, mobile banking, and QR
NRB’s Training of Trainers (TOT) programs for 25 code-based national payments, individuals can
Financial Literacy Trainers11 aim for sustainable directly receive remittance amounts into their
expansion of financial literacy efforts. Recognizing personal accounts with commercial banks and
education’s pivotal role, Nepal collaborates closely national-level development banks. The maximum
with the curriculum development board to integrate transfer limit is regulated by the Reserve Bank of
financial literacy into educational programs, ensuring India.
its seamless incorporation into learning experiences
Moreover, Nepali businesspersons have the
3. Cross-Border Connectivity with India opportunity to receive foreign currency earned from
Recent achievements in regional financial the sale of goods and services within Nepal. They
integration highlight Nepal’s commitment to can achieve this by connecting their bank accounts
this endeavor. Nepal and India have signed a with both commercial banks and national-level
Memorandum of Understanding (MOU) aimed at development banks.
establishing cross-border connectivity for digital
financial transactions. This initiative streamlines 4. Financial Inclusion: Current Status and Road
seamless cross-border payments for residents of Ahead
both nations, fostering greater financial cooperation Nepal’s journey toward financial inclusion
and creating new avenues for trade and economic exemplifies its commitment to equitable growth:
collaboration. Indicators 2014 AD 2022 AD

In Nepal, employed Indian citizens can open Formal Savings (%) 40 63

bank accounts with commercial banks and national- Formal Credit Usage (%) 18 47
level development banks. These accounts offer12 Insurance Usage (%) 11 29
a range of services, including online banking
Source: Nepal Inclusion Report 2023, IFC and UNCDF
(e-banking), interbank transactions, mobile banking,
and QR code-based national payments. Through Nepal’s journey towards financial inclusion
these channels, funds can be transferred daily to is evident through significant growth in key

10
NRB Unified Directives A,B and C,2080
11
https://www.nrb.org.np/financial-literacy-trainers-list/
12
NRB, Foreign Exchange Management Department , Unified Circular No.9/2080.81
13
NRB, Foreign Exchange Management Department , Unified Circular No.9/2080.81

171
 g]kfn /fi6« a}+s ;dfrf/

indicators. Formal savings have risen from Barriers to financial inclusion:

40% in 2014 to 63% in 2022, showcasing Finding and addressing these barriers is
increased trust and awareness in secure financial essential to ensure that the benefits of digital
mechanisms. Formal credit usage has surged financial services reach all citizens. Limited access
from 18% to 47%, indicating expanded access to education is still a challenge in most areas
to borrowing for investment and financial needs. of Nepal, particularly in remote areas. Without
Insurance usage has also climbed from 11% adequate education, individuals may struggle
to 29%, highlighting a greater understanding to understand and use digital financial services
of risk mitigation. effectively. Nepal’s diverse and challenging
terrain poses connectivity challenges. In remote
Financial Literacy Insights in Nepal areas, access to the internet and mobile networks is
Indicator Score % limited or nonexistent. Affordability is a significant
Overall Financial Literacy 57.9 concern, especially for individuals with low
incomes. Digital financial services must be cost-
Men 61.8 effective and accessible to low-income segments
Women 54.3 of the population. Moreover, Nepal’s mountainous
Urban 65.8 landscape and challenging geography present
Rural 55.7 logistical obstacles to establishing physical bank
branches and delivering financial services in
Youth 64.9
remote regions. There are also challenges related
Formal Education 65.1 to maintaining relative interconnection within
No Education 45.3 the payment system, effectively implementing
Source: Baseline Survey on Financial Literacy in Nepal, capacity-building programs for service providers,
2022, NRB
and ensuring sufficient transparency in transactions.
Financial literacy is a cornerstone for Nepal’s While digital tools and advanced technology
inclusive growth, clearly demonstrated by the proliferate, they bring about operational risks
figures in the table. The “Overall Financial and cyber fraud. Conversely, the lack of a native
Literacy” score of 57.9 signifies a moderate level electronic payment card leads to significant annual
of financial awareness within the population. losses from card transactions.
However, disparities among different groups are
evident: Addressing Barriers:
The development of the Financial Inclusion
• Men exhibit a relatively higher financial literacy Policy and National Financial Inclusion Strategy
score of 61.8, whereas women have a score is underway, aimed at enhancing accessibility for
of 54.3, indicating a gender-based financial underserved communities. The focus on digital
knowledge gap. financial services, including mobile wallets and
mobile banking, is central to Nepal’s financial
• Urban areas display a higher score of 65.8 inclusion strategy. Efforts have been made to extend
compared to rural regions, signifying better banking services to every local level, even in remote
financial awareness in urban settings. areas with poor road access and high altitudes.
Branchless banking has appeared as a solution to
• Educational levels also contribute to the overcome geographical barriers. In remote areas
disparity. Individuals with formal education where traveling to bank branches could consume an
hold a significantly higher score of 65.1, while entire day, digital wallets and mobile banking have
those with no education score lower at 45.3. emerged as saviors. These digital services enable
users to access financial services without the need

172
g]kfn /fi6« a}+s ;dfrf/

for extensive travel. The increasing digitalization of Nepal’s

financial sector has led to a rise in digital fraud and
Nepal has tackled one of the primary barriers to cyber threats. Nepal Rastra Bank (NRB) recognizes
financial inclusion by offering low-cost solutions these risks and has taken proactive measures to
like QR codes and wallet-based payments. These address them, ensuring the stability and security of
tools are not only affordable but also user-friendly, the financial system. One key aspect of addressing
effectively reducing barriers to accessibility. cyber threats is public awareness and consumer
Regulatory controls play a crucial role in this education, with Nepal conducting extensive
process, ensuring that fees linked with digital campaigns to educate the public about potential
financial services remain low, and thereby enhancing risks, safe practices, and reporting procedures.
affordability for a wider segment of the population. Additionally, Global Money Week 2024 promotes
the theme “Protect your money, secure your
Simplified KYC procedures facilitate easier future,” encouraging digital payment adoption and
access to financial services, particularly for raising awareness about safe money management,
individuals in rural areas. Bank transfers have also emphasizing responsible financial practices and
been simplified, with bank accounts now linked to highlighting risks like scams and identity theft. To
mobile phone numbers, streamlining the process stay ahead of cyber threats, technological innovation
and minimizing errors commonly associated with and robust risk management strategies are going
traditional banking methods. too employed, including regular system updates,
security enhancements, and threat monitoring.
Nepal focuses on promoting literacy and
awareness to ensure citizens can fully utilize Conclusion
financial services. The Financial Literacy Framework Nepal has taken significant steps toward
of 2022 is instrumental in this effort. Additionally, digitalization and financial inclusion. Initiatives like
Nepal has initiated financial literacy programs using the Digital Nepal Framework and the adoption of
various modes of literacy (podcast, success stories, digital payment systems highlight this commitment.
audio visuals, digital banners, weekly posts etc) However, challenges persist, including limited
to empower individuals in using digital financial educational access, affordability issues, and
services effectively, simplifying digital transactions cybersecurity risks. To ensure widespread benefits,
and boosting user confidence. Moreover, 2023 was Nepal must address these challenges. Moving
designated as “Digital Payment Promotion Years,” forward, the country’s focus on technology,
during which extra efforts are made to encourage financial literacy, and robust regulations promises
digital payment adoption through awareness equitable growth. By embracing new infrastructures
campaigns, incentives, and rewards. and technologies, while safeguarding consumers
and bridging the digital gap, Nepal continues its
A robust framework for consumer protection inspiring journey toward inclusive development.
is in place, providing support through hotlines,
online portals, and call centers. This ensures that Additionally, Nepal aims to facilitate new
consumers are treated fairly, and their concerns infrastructures like seed funding and equity
are addressed promptly. Regular market conduct crowdfunding platforms, along with technologies
supervision is aimed to conducted to ensure that such as blockchain and artificial intelligence /
financial institutions treat customers fairly and machine learning. However, these opportunities also
adhere to ethical practices. bring challenges related to data protection, privacy,
operational risks, and cyber resilience.



173
 g]kfn /fi6« a}+s ;dfrf/

Employee Grievances and Handling

Mechanism
@ Dhurba Karki*

A. Introduction Forms of Grievances

A grievance is any dissatisfaction or feeling of  when the dissatisfaction reason is unknown by the employee (himself)
injustice having connection with one’s employment  this may be due to pressures and frustrations that an employee is
feeling from other directions.
situ­
ation which is brought to the attention of  the manager has to detect it and solve it by counselling procedure.
management. Speaking broadly, a grievance is any
DISGUISE
dissatisfac­tion that adversely affects organizational FACTUAL D
IMAGINARY
relations and productivity. To understand what a
 when the legitimate needs
grievance is, it is necessary to distinguish between are not fulfilled.
 when an employee's
grievance occurs due to
 employees dissatisfied with
dissatisfaction, complaint, and grievance. his job for genuine reason
wrong perception, wrong
attitude or wrong
 E.g. breach of terms of information etc.
employment.
i. Dissatisfaction is anything that disturbs an
employee, whether or not the unrest is expressed
in words. Importance and Benefits of Grievance Handling
ii. Complaint is a spoken or written dissatisfaction Effective grievance handling is crucial in any
brought to the attention of the supervisor or the organization for a variety of reasons. It impacts not
shop steward. just the individual employee raising the grievance,
iii. Grievance is a complaint that has been formally but also the broader work environment, the
presented to a management representative or to reputation of the company, and the overall success
a union official. of the organization.
Here are some of the key importance and benefits
Discontentment or
Grievance
Dissatisfaction
Employees of grievance handling:
i) Employee morale and satisfaction: Having
well-defined grievance handling procedures
Related to
Long hours of working, demonstrates that the organization values its
unfair treatment, poor employees and is committed to addressing their
working facilities, poor
Enterprise
salaries ....etc concerns. This can boost employee morale and
(where he is working)
create a positive work environment.
ii) Productivity and performance: By promptly
addressing and resolving employee grievances,
According to Michael Jucious, ‘grievance is any
organizations can prevent the negative impact of
discontent or dissatisfaction whether expressed or
unresolved conflicts on employee performance.
not, whether valid or not, arising out of anything
This leads to increased productivity and
connected with the company which an employee
efficiency within the workplace.
thinks, believes or even feels to be unfair, unjust
or inequitable. In short, grievance is a state of iii) Organizational culture and reputation:
dissatisfaction, expressed or unexpressed, written Effective grievance handling procedures
or unwritten, justified or unjustified, having demonstrate transparency and fairness in
connection with employment situation. how employee concerns are addressed. This

* Assistant Director, Nepal Rastra Bank

174
g]kfn /fi6« a}+s ;dfrf/
can improve the organization’s reputation For example, late bonus, payments, adjustments
both internally and externally, attracting and to overtime pay, perceived inequalities in
retaining top talent and fostering positive treatment, claims for equal pay, and appeals
relationships with stakeholders. against performance related pay awards.
iv) Management and decision making: b. Work environment: It may be undesirable or
Employee grievances can provide valuable unsatisfactory conditions of work. For example,
insights into areas of the organization that light, space, heat, or poor physical conditions of
need improvement. Patterns in grievances can workplace, defective tools and equipment, tight
provide data points for HR and management to production standards, poor quality of material,
make informed decisions. unfair rules, lack of recognition and proper job
v) Relationships and communication: specifications.
Addressing grievances often leads to the c. Supervision: It may be objections to the general
resolution of interpersonal conflicts, improving methods of supervision related to the attitudes
relationships within the team. A formal of the supervisor towards the employee such as
process ensures that there is a clear channel perceived notions of bias, favouritism, nepotism,
for communication between employees and caste affiliations and regional feelings.
management. d. Organizational change: Any change in the
vi) Lower HR costs: Efficient grievance handling organizational policies can result in grievances.
processes reduce the time and resources For example, the implementation of revised
required by HR teams to resolve issues. It also company policies or new working practices.
reduces the absenteeism rate encountered by e. Employee relations: Employees are unable
the organization while operating day to day to adjust with their colleagues, suffer from
activities. feelings of neglect and victimization and
vii)Ethical and social responsibility: Appropriate become an object of ridicule and humiliation,
grievance handling system demonstrates a or other inter- employee disputes.
commitment to fair and ethical treatment of f. Personal Maladjustment: Sometimes an
employees, reinforcing the company’s social individual is unable to satisfy his biological,
responsibility. It also promotes a diverse and psychological or social needs successfully and
inclusive environment by taking quick action establishes an imbalance between his personal
against discrimination and harassment. needs and expectation of the society resulting
in the disturbance of psycho-equilibrium. For
B. Causes and Consequences of Grievances: example; over - ambition, excessive self -
esteem, impractical attitude, short tempered,
Causes of Grievances egoistic personality and the like.
Grievances generally arise from the day-do- g. Miscellaneous: These may be issues to certain
day working relations in the undertaking, usually violations in respect of promotions, safety
an employee or trade union protest against an act methods, transfer, disciplinary rules, fines,
or omission or management that is considered to granting leaves, medical facilities, etc.
violate worker’s rights. There are certainly some
of the causes that can lead to grievance. Some of Consequences of Grievances
them are listed below: Quite often when minor grievances are
accumulated, major problems creep in like work-
a. Economic: Employees may demand for stoppages – strikes, lockouts, and other forms of
individual wage adjustments. They may feel unpredictable eruption causing long-term damage
that they are paid less when compared to others. to productivity. Therefore, it becomes extremely

175
 g]kfn /fi6« a}+s ;dfrf/
(iii) Gripe boxes: Gripe boxes may be kept at
essential to handle the grievances at the earliest
prominent locations in the organization for
possible moment.
lodging anonymous complaints pertaining to
any aspect relating to work. Since the person
Grievances, if not identified and redressed,
lodging the complaint need not reveal his
may adversely affect workers, managers, and the
identity he can reveal his feelings of injustice
organiza­tion. The effects are the following1:
or discontent fairly and without any fear of
victimization.
(a) On the Production
• Low quality of production (iv) Open door policy: This is a kind of walk
• Low productivity in interview or meeting with the manager
• Increase in the wastage of material, spoilage/ when the employees can express his
leakage of machinery feelings about any work-related grievance.
• Increase in the cost of production per unit The manager can cross check the details
of the complaint through various means at
(b) On the Employees his disposal.
• Increase in the rate of absenteeism and (v) Observation: In this grievance identification
turnover technique, grievances are not heard from
• Reduction in the level of commitment, the aggrieved employee directly, rather
sincerity and punctuality the manager or the immediate supervisor
• Increase in the incidence of accidents constantly tracks the behavior of the
• Reduction in the level of employee morale. employees working under him. If he comes
across an employee who exhibits an
(c) On the Managers indifferent attitude, experiences difficulties
• Strained superior-subordinate relations. in getting along with people, mishandles or
• Increase in the degree of supervision and damages tools, equipment or materials due
control. to carelessness or he/she is quite often absent
• Increase in indiscipline cases then they infer such an employee has some
• Increase in unrest serious grievances which needs immediate
action and remedy.
C. Methods, Procedures and Model of Employee
Grievances Grievances Handling Procedures
Grievance handling is the management and
Methods of Understanding Employee redressal of employee grievances by the HR
Grievances department. It is one of the responsibilities of the
(i) Exit interview: Interviewing employees who department to set up a formal process to redress
have decided to quit the company could reveal employee grievances.
a lot about what is not visible to the naked
eye. These are very useful as the organization The different types of procedures adopted by
can come to know what problems are been the organization are discussed below:-
faced by the employees.
(ii) Opinion surveys: A survey could be a. Open door policy
undertaken to find out how employees feel b. Step-ladder policy
about the organization, the work, & their c. Grievance handling committee
colleagues. a) Open Door Policy: According to the name of

1
https://www.yourarticlelibrary.com/human-resources/grievance-handling-definition-features-causes-and-effects/32387

176
g]kfn /fi6« a}+s ;dfrf/

the policy, it is clear that there is no restriction by the superior in that department it can be
on employees to present and get solution to their taken to the grievance handling committee.
grievances. The doors of the top management
are kept opened. The aggrieved employee is The Model Grievance Procedure
free to meet and express their grievances to the
top executives of the organization and get his/
her grievances redressed. This open-door policy
for settlement of grievances is suitable for small
organizations.

b) Step-Ladder Policy: This policy is used by

the medium and large size of organizations.
Under this policy, the aggrieved employee has
to follow a step by step procedure for getting
his grievance redressed.

In this procedure, whenever an employee The Model Grievance Procedure was formulated
is confronted with a grievance, he presents in pursuance to the Code of discipline adopted by
his problem to his immediate supervisor. If the 16th Session of the Indian Labour Conference
the employee is not satisfied with superior’s in 1958. Most of the grievance procedures now
decision, then he discusses his grievance with a day are built around the Model Grievance
the departmental head. The departmental head Procedure with certain changes to suit the size and
discusses the problem with joint grievance special requirements of an enterprise.
committees to find a solution.
The model Grievance Procedure provides for
However, if the committee also fails to redress five successive time-bound steps. These are as
the grievance, then it may be referred to under:
chief executive. If the chief executive also
fails to redress the grievance, then such a i. An aggrieved employee shall first present his
grievance is referred to voluntary arbitration grievance verbally in person to the officer
where the award of arbitrator is binding on designated by the Management for this purpose.
both the parties. An answer shall be given to him within 48
hours of the presentation of the complaint.
c) Grievance Handling Committee: According
to this grievance handling procedure, a ii. If the worker is not satisfied with the decision
grievance handling committee is appointed in of this officer or fails to receive an answer
the organization to address employee complaints within the stipulated period, he shall in
and grievances. Some companies appoint person or by his departmental representative,
representatives from the management team and if required, present his grievance to the
employees to be part of this committee. This head of the department designated by the
implies that any matter or grievance that an management for this purpose. And he will get
employee has will be addressed by the grievance the answer within 3 days of the presentation
handling committee. In some companies the of his grievance.
complaint may not be directed to the committee
directly. An issue can be resolved within the iii. If the decision of the departmental head is
affected department and if it cannot be resolved unsatisfactory, the aggrieved worker may

177
 g]kfn /fi6« a}+s ;dfrf/

request the forwarding of his grievance to the iii. Train Managers and HR Personnel: Provide
Grievance Committee, which shall make its HR manager and personnel with proper training
recommendations to the management within 7 on conflict resolution, active listening, and
days of the worker’s request. The final decision mediation techniques. This will enable them
of the management shall be communicated to to handle grievances with empathy, fairness,
the worker within the stipulated period (3 days) and professionalism.
by the Personnel Officer.
iv. Document Grievances: Maintain accurate
iv. A revision of his grievance can be done if the records of the grievance, including the date,
decision is not satisfactory. The management time, individuals involved, and the nature of
shall communicate its decision within a week. the complaint. This documentation will serve
as a valuable resource for reference during the
v. If no agreement is possible, the union and grievance resolution process.
the management may refer the grievance to
voluntary arbitration within a week from v. Investigate Thoroughly and Impartially:
the date of receipt by the worker of the Once a grievance is reported, it should be
management’s decision. promptly investigated. Designate an impartial
individual or team to conduct a thorough
D. Handling and Prevention of Employee investigation. Ensure that confidentiality is
Grievances maintained throughout the process to protect
the privacy of all parties involved. Gather all
How to handle Employee Grievances? relevant facts, interview witnesses if necessary,
To maintain a positive workplace culture, it and review any supporting documentation.
is crucial for employers and HR professionals to
have a well-defined process for handling employee vi. Mediation and Resolution: In many cases,
grievances. A detailed step-by-step guide to grievances can be resolved through mediation.
effectively manage employee grievances and foster Bring the parties involved together in a
a supportive work environment is given below:- neutral and supportive environment, allowing
them to express their concerns and work
i. Establish a Grievance Policy: The policy towards a mutually agreeable resolution.
should outline the procedures for reporting The mediator should facilitate constructive
grievances, the timelines for resolution, and dialogue and help the parties find common
the individuals responsible for addressing ground. Encourage active listening, empathy,
them. It is important to communicate this and understanding.
policy to all employees and ensure that it is
easily accessible. vii. Review and Decision-Making: After the
investigation and mediation process, it is time
ii. Encourage Open Communication: to decide. Evaluate all the information gathered,
Encourage open communication by consider relevant policies and regulations,
actively listening to employees, providing and reach a fair and unbiased decision.
feedback, and fostering a culture that Communicate the decision to the involved
values dialogue. Regular team meetings, parties, ensuring transparency and explaining
suggestion boxes, or anonymous feedback the rationale behind the outcome. Provide an
channels can be effective methods to promote opportunity for employees to ask questions and
open communication. seek clarification.

178
g]kfn /fi6« a}+s ;dfrf/
i. Clear Communication: Maintain open and
viii. Implement Corrective Actions: Once a
transparent communication channels. Ensure
decision has been made, implement any
that employees are well-informed about
necessary corrective actions. This may include
company policies, procedures, expectations,
disciplinary measures, policy revisions, or
and changes within the organization. This
changes in work processes. Communicate the
helps manage expectations and reduces the
actions to all relevant stakeholders, ensuring
likelihood of misunderstandings.
clarity on expectations and any follow-
up steps. Provide support and resources to ii. Comprehensive Policies and Procedures:
employees to facilitate their adherence to the Develop and communicate clear and
resolution. comprehensive policies and procedures
that cover various aspects of employment,
ix. Monitor and Evaluate: Regularly monitor including performance expectations,
the workplace to ensure that the resolution of compensation, benefits, promotions, and
the grievance is effective and that the issue grievance resolution. Ensure that policies are
does not reoccur. Evaluate the impact of the easily accessible to all employees.
resolution on the overall work environment iii. Fair and Consistent Treatment: Treat all
and make adjustments as needed. Employee employees fairly and consistently. Avoid
feedback surveys and ongoing communication favoritism and ensure that decisions related to
channels can be valuable tools for monitoring promotions, rewards, and disciplinary actions
and evaluation. Consider conducting periodic are based on objective criteria. Consistency
reviews of the grievance policy and resolution promotes a sense of fairness and reduces the
process to identify areas for improvement. risk of perceived injustice.
iv. Effective Leadership: Train and develop
Handling employee grievances is a critical
leaders and managers to be effective
aspect of maintaining a healthy and productive
communicators, mentors, and problem solvers.
work environment. By following these detailed
Strong leadership can positively influence the
step-by-step guidelines, organizations can
work culture and minimize conflicts that lead
effectively address and resolve conflicts, fostering
to grievances.
a culture of respect, trust, and well-being.
Remember, addressing grievances promptly and v. Employee Involvement: Encourage
fairly not only benefits the individuals involved employee involvement and participation in
but also contributes to the overall success and decision-making processes. Seeking input
growth of the organization. from employees on matters that affect them
fosters a sense of ownership and can prevent
How to prevent Employee Grievances in an grievances arising from feelings of exclusion.
organization? vi. Fair Compensation and Benefits : Ensure that
Preventing employee grievances is essential compensation and benefits are competitive and
for maintaining a positive work environment aligned with industry standards. Transparent
and promoting employee satisfaction. While it and fair compensation practices contribute to
may not be possible to eliminate all sources of employee satisfaction and reduce grievances
dissatisfaction, organizations can implement related to remuneration.
strategies to minimize grievances and address
issues proactively. Here are some key measures to vii. Work-Life Balance: Promote work-
prevent employee grievances: life balance by offering flexible work
arrangements, promoting reasonable working
hours, and discouraging a culture of excessive

179
 g]kfn /fi6« a}+s ;dfrf/
overtime. Striking a balance between work
• To devise a sound grievance procedure
and personal life can prevent burnout and
which could serve as an effective upward
grievances.
communication channel
viii. Zero Tolerance for Harassment and • To advise line managers about the importance
Discrimination: Enforce a strict policy of a sound grievance handling system and its
against harassment and discrimination. implementation
Provide training to employees and managers • To train the supervisory personnel in
on recognizing, preventing, and addressing interviewing and counselling skills
such behaviors. Create a safe and inclusive • To implement promptly the decisions taken
workplace environment. by the grievance committee, and to maintain
ix. Proactive Conflict Management: Identify effective and close liaison with all concerned
potential sources of conflict within the • To maintain records of the activities of the
organization and address them proactively. grievance committee such as the details of
Encourage open communication and create meetings held, actions taken and implemented
forums for employees to express concerns • To review the procedure and, if necessary,
before they escalate. to modify the existing procedure to suit the
changing circumstances; and
x. Regular Surveys and Feedback
• To follow up individual cases of grievances
Mechanisms: Conduct regular employee
settled and identify their effect on the employees
surveys to gauge satisfaction levels and
concerned as well as on other employees of the
identify areas for improvement. Establish
organization.
anonymous feedback mechanisms to allow
employees to express concerns without fear of
E. Practices in the context of Nepal and Nepal
retaliation.
Rastra Bank
xi. Training on Organizational Culture:
Provide training on the organization’s values, Grievance Handling Practices in Nepal
mission, and culture. Ensure that employees • Formal & institutionalized mechanism does not
understand and align with the organizational exist
culture, reducing the likelihood of conflicts • Ministry and Local level wise some kind of
arising from misalignment. practices/efforts can be seen, not noticeable
xii. Swift Resolution Process: Establish a • Appointment of nodal officer/arrangement of
clear and efficient grievance resolution public hearing, mobile team & PR office
process. Ensure that employees know how • Labor Act 2048
to report grievances, and provide timely and • Labor Court
fair resolution. A quick resolution process • Hello Sarkar Grievance Management
demonstrates commitment to addressing Directives, 2078
employee concerns.
Grievance Handling Practices in Nepal Rastra
By implementing these preventive measures, Bank
organizations can create a positive and supportive Human Resource Management Department
work environment that minimizes the occurrence (HRMD) in NRB plays an important role in
of employee grievances. maintaining employee relations, and preventing
and resolving problems or disputes between
Role of Human Resource Department in employees and management. HRMD also assists
Grievance Handling in creating and enforcing policies that are fair and
The role of HR department should be: consistent for everyone in the workplace.

180
g]kfn /fi6« a}+s ;dfrf/

The HRMD has allocated a separate unit for there is a gap between what the employee expects
addressing employees’ issues namely - Employee and what he receives from the employer.
Grievance Handling and Employee Union related
unit. Grievances may arise due to problems related
to wages, general working conditions or due to
The major functions of Employee Grievance problems relating to supervision. Grievances
Handling and Employee Unions are: redressal procedure gives an assurance to the
employees about the existence of a mechanism
• Process the grievances received from the for the prompt redressal of their grievance. It’s
employees, essential for organizations to address grievances
• Coordinate with the employee’s union in the promptly and effectively to maintain a positive
bank, and work environment, enhance employee morale, and
• Take necessary initiations in implementing prevent potential legal issues.
the agreements reached between the employee
union and the management Effectively managing employee grievances
requires a proactive and fair approach. By having
Besides, the employees can also raise their issues clear policies, promoting open communication,
to their immediate seniors and departmental heads conducting thorough investigations, and taking
informally as there is a comforting environment in appropriate actions, organizations can create a
the NRB with adequate two-way communication. workplace where employees feel heard, respected,
Another platform for placing grievances for and confident that their concerns will be addressed.
employees in NRB is the employee union. The
relevant and just issues are addressed and lobbied References
by the union in the favor of the employee. Once the Gupta, CB, (2009). Human Resource Management.
issues of employees are addressed in an amicable New Delhi: Sultan Chand and sons publishing
manner, the employee feels committed to the company.
organization and it enhances employee relations Bemmels, B., & Resyef, Y. (1991). The Roles
within the organization. of Supervisors, Employees and Stewards
in Grievance Initiation. Industrial & Labor
In NRB, there are three unions namely Nepal Relations Review, 45 (1), 15-31.
Rastra Bank Karmachari Sangha, Nepal Bittya
Sanstha Karmarchari Sangha, and Nepal Rastra William, B.W Jr., & Davis, K. (1996). Human
Bank Rastriya Karmachari Sangathan. Unions Resource Management 5th Edition. USA:
have been working as a platform to put issues and McGraw Hill. Zikmund, W.G. (2003). Business
grievances of employees. Research Methods 7th edition. Ohio: Thomson
Learning.
Conclusion Nepal Rastra Bank. (2022). Human Resource
Employee grievance refers to the Management Practices in Nepal Rastra Bank.
discontentment of an employee with the corporate https://www.corporatewellnessmagazine.com/
and its management. A company or employer article/how-to-handle-employee-grievances-a-
is expected to provide an employee with a safe step-by-step-guide
working environment, clear knowledge of job
responsibilities, adequate compensation, respect https://www.slideshare.net/ManishaSrivastava29/
etc. However, employee grievance is caused when grievance-its-handling-procedure



181
 g]kfn /fi6« a}+s ;dfrf/

Factors affecting Non-Performing Loan

@ Prabin Pudasaini*

Background advances which are overdue by a period from

A Non Performing Loan (NPL) is a loan in three months to a maximum period of six months.
which the borrower is default and hasn’t made (d) Doubtful: Loans/advances which are overdue
any scheduled payments of principal or interest by a period from six-months to a maximum period
for some time. In banking, commercial loans are of one year. (e) Loss: Loans/advances which are
considered non performing if the borrower is 90 overdue by a period of more than one year.
days past due. Although the exact elements of
non performing status can vary depending on the The loans/advances which are sub-standard,
specific loan’s terms, “no payment” is usually doubtful, loss and Loan/advances which are
defined as zero payments of either principal or rescheduled and restructured as per point 8 of
interest. The specified period also varies, depending the directive no. 2 categories are called non-
on the industry and the type of loan. Generally, performing loans. Rescheduling is the process of
however, the period is 90 days or 180 days. A loan increasing the time period for the payment of the
is in arrears when principal or interest payments loans and facilities whereas the restructuring is
are late or missed. A loan is in default when the the process of changing the nature or terms and
lender considers the loan agreement to be broken conditions of the loans and facilities.
and the debtor is unable to meet his obligations.
The International Monetary Fund (IMF) has The success of commercial banks depends
defined non performing loans as: on profitability. Loan is the major component of
earning assets of commercial banks. However, the
● Debtors have not paid interest and/or principal profitability will be more if the bank has less non-
payments in at least 90 days or more. performing loan. On the other hand, if the non-
● Interest payments equal to 90 days or more performing loan is high the banks may not be able
have been capitalized, refinanced, or delayed reap profit instead they may be in loss because the
by agreement. bank needs to put reserves for the amount of non-
● Payments have been delayed by less than 90 performing loans. The recovery of non-performing
days, but come with high uncertainty or no loan has been problem for banks and financial
certainty the debtor will make payments in the institution.
future.
As per Unified Directives 2080, issued by The amount of non-performing loan is one of the
Nepal Rastra Bank entire loans and advances indicators of performance of the economy. Less the
extended by a licensed institution have to be NPL, better the financial health of the economy. If
classified as follows based on expiry of the the non performing loan is more, there will be poor
deadline of repayment of the principal and interest financial health and crisis may result in the economy.
of such loans/advances:- (a) Pass: Loans/advances In the past before 2001, Nepal bank limited (NBL)
which have not overdue and which are overdue by and Rastriya Banijya Bank Limited (RBBL) nearly
a period up to one month.(b) Watch list: Loans/ collapsed due to high non-performing loan. Because
advances which are overdue by a period from one of which NRB with the support of IMF and World
month to three months.(c) Sub-standard: Loans/ Bank adopted a reform program.

* Assistant Director, Nepal Rastra Bank

182
g]kfn /fi6« a}+s ;dfrf/

The trend of increasing in non-performing Factors affecting non-performing loan

loans (NPLs) of commercial banks point to some
emerging vulnerabilities in the banking sector, (a) Valuation of Collateral: The valuation of the
concludes a recent report of the World Bank. Non- same property by different techniques or forms
performing loans (NPLs) of BFIs, have increased is diverse. Hence, property valuation system of
to more than 3 percent of total loans by end of banks is subjective, obscure and unpredictable.
2023 (Nepal development update, World bank Over valuation of the collateral and disburse loan
Oct 2023). While this is the highest NPL ratio by taking property of low quality as collateral lead
registered in the past six years. But still the report to increase in non-performing loan. The banks
mentions the overall NPLs remained low-below are also blamed that there is lack of skilled and
the 5 percent. The financial sector remains stable, specialized human resources in the field of lending.
but a rising trend in non-performing loans point Due to the misappropriation made by the bank
to some emerging vulnerabilities. Of course, some authority, land without track or by path or beaten
banks could have seen an uptick in their NPL track are also approved as the land of having motor
levels in recent months. able road, lands in river bank are also regarded as
good quality land and disbursing loan keeping
Table 1: The trends of overall NPL of the them in collateral.
commercial Banks in Nepal
Period Non-Performing Loan (%) The diversity in the land geography in Nepal
and unscientific division of it by the Ministry of
Mid-July 2022 1.20
land management, likewise, lack of technical
Mid-October 2022 1.83 knowledge in the employees for effective valuation
Mid-January 2023 2.49 of the collateral has created problem, ultimately
causing the increment in non performing loans.
Mid-April 2023 3.23
Similarly, due to unhealthy competition in the
Mid-July 2023 2.98 Banking market, collateral land and building are
Mid-October 2023 3.61 highly valued than that of the real market value
by the valuators, lack of proper following of the
Mid-January 2024 3.63
investment directives and collateral evaluation
Source: Nepal Rastra Bank, Key Financial Indicators of directives which creates weakness in evaluation
Commercial Banks of collateral causing increase in non performing
loan. The pre-valuation, valuation and revaluation
The World Bank report also concludes that all system of banks need to be made more scientific
banks and financial institutions (BFIs) are well and transparent.
capitalized and meet the capital adequacy ratio (CAR)
requirement of 11 percent, indicating that they have (b) Investment in less productive sectors:
capacity or capital cushion to withstand any shock. Loans secured by real estate is considered as
Earlier in February 2019, the International Monetary real estate loans. It is the short-term loans for
Fund’s country surveillance report for Nepal had also construction and land development and longer-
warned that the prolonged credit expansion of Nepal’s term loans for the purchase of farmland, homes,
bank and financial institutions over the last few years apartments, commercial structures, and foreign
has likely led to a buildup of credit and liquidity risk. properties. Real estate loans are amongst the most
“In Nepal, prolonged rapid credit expansion raises profitable type of loan. The huge investment in
concerns about the quality of lending and underlying these sectors such as real estate, margin lending
risks in the banking system,” the IMF had said in its and others without proper evaluation of the return
findings. has been seen the important reasons for increasing

183
 g]kfn /fi6« a}+s ;dfrf/

the non performing loan. The financial crisis meet the credit needs of a borrower. In consortium
of 2008 was caused due the failure of the real lending system, two or more lenders join together
estate sectors, the huge investment in it by the to finance a single borrower. The lending banks
banks created situation of high increment in non formally join together, by way of an inter-se
performing loan which ultimately affected the agreement to meet the credit needs of a borrower.
overall financial sectors. The proper finding of the Here, the sanction of limits to a borrower is
productive investment sectors to be identified with completed with common appraisal, common
the deep study and the portfolio for the investment documentation and monitoring the advance with
should be made scientifically before making the joint supervision and follow-up exercises.
investment. The client failure for payment of the
principal and interest of the loan/advances will The borrower company gives a mandate to a
harm the overall financial performance of the bank bank to lead the consortium, which is commonly
and financial institutions. referred as a consortium lead (leader) bank. The
consortium leader will be responsible for holding
(c) Project appraisal: Project financing is often common loan/advance documents executed by the
defined as financing of a major independent borrower company on behalf of consortium. The
capital investment without recourse to the “Pari-Passu” Charge will be created on securities
borrower and secured purely on the anticipated offered by the borrower company against the
earnings of the project itself. Project appraisal is total credit extend to the company by all the
an important activity to evaluate the key factor lending institutions of consortium. “Pari-Passu”
of the project to check the viability of a project. charge means that when borrower entity goes into
We can use various Appraisal methods and tools dissolution or the security is sold or otherwise
to accept or reject the project. The proper analysis disposed-off by the consortium, the assets
of the project should be done before making over which the charge has been created will be
the investment in it. The feasibility study of the distributed in proportion to the creditors’ (lenders)
project should be done by the skilled manpower respective holdings.
as the feasibility study guides us whether the
project provide the return within the time period Thus, the system of consortium lending offers
we want or not. Economic feasibility, financial scope and opportunity to share risk amongst banks.
feasibility, environment feasibility, technical The system is considered to be mutually beneficial
feasibility and schedule feasibility are the to the banks as well as customers. But, due to high
most important to be done before making the bargaining power of the borrowers there may be
investment. Project Appraisal involves detailed chances of rescheduling and restructuring of the
pre-investment analysis of market & technical loan and advances regularly and may be chances of
feasibility, financial soundness, economic the big investment big fail which will increase the
desirability and, finally, measuring its investment non performing loans. Pressurize of the borrower
worth. The lack of systematic and scientific project upon the high-level management and involvement
appraisal by the Bank and financial institutions of the political interest will also create the situation
creates the environment of investing in the high- for increase of loan as non performing.
risk area which may increase the non performing
loans/advances. (e) Corporate governance: Corporate Governance
refers to the way a corporation is governed. It is the
(d) Consortium lending: Consortium lending technique by which companies are directed and
system, two or more lenders join together to finance managed. It means carrying the business as per the
a single borrower. The lending banks formally stakeholders’ desires. It is actually conducted by the
join together, by way of an inter-se agreement to board of Directors and the concerned committees

184
g]kfn /fi6« a}+s ;dfrf/

for the company’s stakeholder’s benefit. It is all accept deposit and lending. Lending is a risky
about balancing individual and societal goals, as business. The bank lends the deposit to earn interest
well as, economic and social goals. as the profits. However, sometimes, it is difficult to
the bank to reimburse the principal. To avoid such
Corporate Governance is the interaction situation, there should be strong lending regulation
between various participants (shareholders, board and management mechanism of the bank. Most of the
of directors, and company’s management) in serious financial problems of bank spring from the
shaping corporation’s performance and the way it is lending. The prevailing legal provisions regarding
proceeding towards. The relationship between the banking are not adequate in Nepal, especially in the
owners and the managers in an organization must punishment of banking offences. The problems in
be healthy and there should be no conflict between auction of the collateral have increased the non
the two. The owners must see that individual’s performing loans. Acceptance of the auctioned
actual performance is according to the standard property is found to be difficult because of
performance. These dimensions of corporate different threats to the acceptor. Unclear legal
governance should not be overlooked. procedures and lengthy process for getting return
from the auctioned property has caused difficult
Effective corporate governance can have a to the bank and financial institutions for recovery
positive effect on shareholder confidence by of the loans/advances. Difficulty in segregation
reassuring them that the company is making and provisioning for the loans/advances as per the
smart business decisions and is well organized directives due to lack of technical knowledge and
internally. Confident shareholders are likely to training to the staffs has also increased the non
invest larger amounts of money in an effectively performing loans.
governed company because a positive return on
the investment is likely. This can lead to increased (g) Professionalism in banking business: Banking
market confidence in the company, which can practice evolves enormous responsibility for
serve to increase its overall stock value. When the the trust and confidence society places on banks
stock value of a company rises, so does its overall because of their leadership role as provider of the
value. most crucial resource for commerce and industry in
facilitation of economic growth and development.
Financial institutions with poor corporate Therefore, managements and employees of banks
governance strategies can have a negative influence have higher responsibilities to strive for higher
on the business market and the larger economy. ethical and professional standards of conduct
A lack of effective corporate governance at the both as institutions and as individuals involved in
executive and management level can lead to bad carrying out sensitive functions for and on behalf
business decisions, which can lower the overall of society. The banking industry occupy the rules
value of the company and make it more difficult for or standards governing the conduct of the members
the business to meet its financial obligations. This of a profession as to appropriate defined grounds
was seen during the economic crisis of 2008 when of morality, moral judgment, standards of behavior
poor corporate decisions lead to cascading failures and rules of conduct.
in the real estate and automobile markets, which in
turn caused large-scale job layoffs and economic The consequences of non-professional could
slowing creating environment for increase in non be high-tech fraudulent practices. Bad and
performing loans/advances. unprofessional decision taking in the day to day
management decisions that endangered the fabrics
(f) Legal issues related to policies, laws, of the banking system, high turnover among the
directives: The main functions of Bank are to unqualified yet highly over paid, new employees

185
 g]kfn /fi6« a}+s ;dfrf/

of banks who came from diverse unrelated significantly, mainly due to aggressive lending and
discipline resulting in great losses for banks. Banks acquisition strategies, loose credit underwriting
abandoning traditional banking practice to engage policies, high exposure to sectors that are most
in different kinds of very volatile and dangerously impacted such as real estate and weak internal
risky business ventures that led to unprecedented controls. The situation has worsened with the
losses causing high increase in the non-performing prolonged economic downturn pushing highly
loans/advances. leveraged borrowers into financial difficulties and
leading to a large number of defaults.
(h) Preparation for Risk Based Supervision:
Risk Based Supervision is gradually becoming Although the overall NPL is less than 5 percent
the dominant approach to regulatory supervision but the rising NPLs is alarming for overall financial
of the financial institutions around the world. It sector of Nepal. From a regulatory perspective,
is comprehensive formally structured system that NPL management is one of the key priorities of
accesses the risks within the financial system, the Supervisory Mechanisms in tackling the NPL
giving priority to the resolution of their risks. problem but a lot more needs to be done in the near
future. Banks and financial institutions have to put
Prerequisites for Risk Based Supervision significant resources and effort into action to deal
includes formulating required laws, regulations, with their NPLs. These actions comprise: aligning
policies etc, systematic and scientific structural their businesses with regulatory requirements such
behavior of the supervisory body, required training as setting up separate dedicated in-house NPL units,
and practices, proper procedures for finding the identifying, categorizing and provisioning NPLs
risks, efficient instruments for measuring the risks, more rigorously, standardizing and improving
the proper data collection, analysis and the strong work-out, legal enforcement and underwriting
internal control and operation system. Similarly, the processes and developing additional restructuring
efficient and effective analysis of the risk profile, products, increased regulatory requirements
stress testing, CAMEL rating and proper evaluation for NPL management including Asset Quality
of the quality of the overall risk management system Reviews, harmonization of NPL classification
of the institutions is the most required feature for and disclosures, and the introduction of specific
adequate and proper risk-based supervision. The clarifying directives.
lacking of these features in Nepalese financial
system for risk-based supervision has created Reference
hindrances for finding the real situation of the non International Monetary Fund,’’ Country
performing loans/advances in bank and financial surveillance report for Nepal’’,2019.
institutions. World Bank,’’ Nepal Development update’’
October,2023.
Likewise, downturn of national economy, Insider
lending, Political connection of bank owners and Shrestha, Kumar Ganesh, ‘’Financial Sector
failure of disclosure of vital information’s by Reform in Nepal, Economic Review’’,2021.
customer are also the genuine causes for increment Nepal Rastra Bank, ‘’Key Financial Indicators of
of the non performing loans/advances. Commercial Banks’’, 2022, 2023 and 2024.
Nepal Rastra Bank, ‘Unified Directives for A, B
Conclusion
and C’’, 2080.
Non-performing loans (NPLs) have increased



186
g]kfn /fi6« a}+s ;dfrf/

Dimensions of Central Bank

Governance: Independence,
Transparency and Accountability
@ Sirjana Chhetri*

1. Introduction and monetary stability was realized after the

The central bank is the regulatory body of great inflation in the 1970s. In 1979, the Federal
the banking industry mandated to formulate Reserve Bank changed its policy to address the
and implement policies with pre-specified persistent high inflation. The rationale behind the
objectives, such as price stability, external emergence of central bank independence was that
sector stability, and financial sector stability. most of the central banks were unable to control
To attain these objectives, most of the central inflation in the 1970s, the position and role of
banks have been equipped with a higher degree the central bank were defined by the government
of autonomy, while ensuring accountability and structure, which in turn increased inflation, shift in
transparency. Thus, in many countries, central the expectation about the monetary policy and low
banks operate independently to ensure that level of inflation was experienced with the high
monetary policy decisions are based on economic level of independency.
considerations rather than short-term political
interests. However, the degree of independence Key components of central bank governance
depends on the legal framework and governance typically include:
structure. This article discusses the independence,
transparency, and accountability aspects of central A. Independence
bank governance. Central bank independence (CBI) refers to the
degree of autonomy that a central bank possesses
2. Dimensions of Central Bank Governance in formulating and implementing monetary policy
Central bank governance consists of decisions without interference from political
frameworks, principles, and mechanisms by which authorities or other external influences. It is an
central banks make efficient and accountable operation mechanism in which a central bank can
policy efforts in achieving their mandate defined conduct its operations and pursue its long-term
by laws. It includes legal framework, decision- objectives without facing undue pressure from the
making processes, organizational structure, and government or other related institutions.
relationship with other governmental institutions
and stakeholders. I. Types of Central Bank Independence
(i) Goal Independence: In this type of
The issue of central bank governance gained independence, the central bank sets its policy
more attention around the 1990s and is taken as goals which may be inflation targets, interest
the idealized view of an independent central bank rates, money supply and stable exchange rate.
today. An ideal central bank is a bank that is free Even though this type of independence is more
from any political influence so that its policy can common, many central banks prefer to set their
achieve the objectives of low and stable inflation, policy goals in collaboration with the government.
among others. The need for independent central Such collaboration has additional benefits: it

* Assistant Director, Nepal Rastra Bank

187
 g]kfn /fi6« a}+s ;dfrf/

increases transparency of the policy-setting 1. Independence of the Chief Executive: The

process and enhances the credibility of the central Governor should be appointed for at least five
bank. In addition, it minimizes the risk of having years, and not solely appointed by the executive
discretionary decisions in goal setting and increases body, but appointment includes an involvement
coordination between monetary authorities and the process (such as through approval, ratification,
government. nomination, or consultation).

While many agree that central banks should be 2. Independence of the Highest Governing
independent in choosing their instruments, there Body: Members of the highest governing
are opposing views regarding goal independence. body such as the board should be appointed
Mishkin (2000) concluded that goal independence for a longer term and shouldn’t be dismissed
makes central banks too powerful, thus they should for policy reasons. If there are ex-officio
operate under the goal determined by the political government officers then the body is not
process. independent.

(ii) Instruments Independence: Instrument 3. Budgetary Independence: Non involvement

independence is the most common form of central of the legislative body with the central bank’s
bank independence in which the central bank can budgeting process.
freely choose appropriate instruments or adjust its
existing policy tools to attain the goals of monetary 4. Independence in Formulating Monetary
policy. While the goals are set by the political Policy: It is the extent to which the central
process or in coordination between the central bank can set monetary policy without the
bank and the government, the bank can select the approval of other government officials.
best way to achieve the given policy objectives,
including the types of instruments to be used and 5. Primary Objective of the Central Bank:
the timing of their use. Price stability is the only objective or other
objectives are subordinated to the objective of
(iii) Operational Independence: Operational price stability.
independence demands the autonomy of the
central bank for its operations such as preparing 6. Long-Term Direct Lending to the
and executing the budget, appointing staff, Government: The central bank should be
changing the organizational structure at the lower prohibited from lending long-term to the
management level, etc. without any interference government directly or purchasing long-term
from the government. This type of independence securities in the primary market.
supports other forms of independence.
Central bank independence can be achieved 7. Short-Term Direct Lending to the
through various means, including legal provisions, Government: The level of independence
institutional arrangements, and governance is assumed to be high if the central bank is
structures. Many countries establish central bank prohibited from lending to the government for
independence through legislation that grants the 90 days or less.
central bank a high degree of autonomy in setting
monetary policy objectives and implementing 8. Financial Independence: If the central is
policy measures. separately capitalized i.e. it has paid up capital
IMF (2024) has provided ten measures to identify and has a reserve fund, it promotes central
the level of central bank independence: bank independence.

188
g]kfn /fi6« a}+s ;dfrf/

9. Lending Outside the Financial System: bankers, however, normally think with a longer-
The central bank shouldn’t provide loans term perspective than politicians, and therefore,
or advances to entities that are not regulated do not have the same temptation to relax policy
and supervised by the financial regulatory measures to achieve short-term gains at the cost of
and supervisory authority, shouldn’t conduct longer-term instability.
quasi-fiscal activities, allocating credit to non-
financial institutions. ii) Stability and Growth: Independence
makes central banks less susceptible to political
10. Monetary Policy Audit: The audit law should interference. The policy behavior of the central
specify that an audit body can only examine bank becomes more predictable in day-to-day
the operation efficiency of the central bank and decision-making process. This may ultimately
not policy-related decisions. enhance economic stability and stimulate growth.
Such independence also reduces inflation
II. Why Central Bank Independence variability and promotes economic prosperity.
The idea behind central bank independence is
that if the politicians don’t influence monetary iii) Lower Inflation: Grilli, Masciandaro &
policy, central bankers can better deliver the Tabellini (2014) suggest an inverse relationship
objectives of low inflation and macroeconomic between central bank independence and long-
stability. Georgieva (2024) stated that independent term inflation. A low and stable inflation rate
central banks can better focus on long-term is more likely to be found in countries with
objectives, such as price stability and sustainable independent central banks than in those without
economic growth, without being enticed by short- independent central banks. In addition, there tends
term political benefits. They are better equipped to be a negative correlation between central bank
to control inflation by implementing appropriate independence and the long-term budget deficit
monetary policy measures. In addition, financial expressed as a percentage of GDP (Akinci, Yuce,
markets can operate more efficiently when they & Yilmaz, 2015). Berger et al. (2000) show that in
have confidence in the central bank’s independence the majority of 31 countries under consideration
and ability to respond to changing economic there is a significant negative relation between
conditions promptly and effectively. inflation and central bank independence.
The following three arguments have been given
for the independence of central banks. Figure 1 illustrates the evolution of Central
Bank Independence (CBI) over different decades.
i) Time inconsistency problem: Time During the 1970s and 1990s, the level of central
inconsistency occurs when the best plan assumed bank independence remained very low. The
for a future period is no longer desirable in the significant inflation experienced during the 1970s
future, thereby requiring the policymaker to modify highlighted the inability of many central banks to
the pre-announced plan. This problem can arise, promptly control it, leading to a growing interest
for example, when politicians attempt to exploit in the concept of independent central banks.
the short-run trade-off between unemployment Following the inflationary period, many countries
and inflation. Governments may be tempted to began adopting laws and policies that supported
reduce interest rates or print extra money ahead of central bank independence, leading to a steady
elections to cause a temporary boom in economic increase in independence worldwide up to 2010.
activities. This may do well in the short run by
boosting spending and creating employment but Post-2010, central banks have continued to
will ultimately cause problems in the long run pursue greater independence, with a focus on
by creating inflation. On the other hand, central both micro and macro-prudential regulation. This

189
 g]kfn /fi6« a}+s ;dfrf/

trend reflects a recognition of the importance of the public that their goal is to achieve an average
autonomous central banks in maintaining financial inflation of 2 percent over the medium term. To
stability and controlling inflation effectively. enhance transparency, central banks regularly
publish financial reports, policy statements and
audited financial statements. Further, in many
countries, they also make the meeting minutes and
transcripts public. Mainly, such practices can be
found in the meetings of monetary policy boards
or monetary policy committees.

I. Types of Transparency
Central bank transparency can be viewed
from different perspectives. Some of them are:
Source: Haan, Bodea, Hicks, & Eijffinge, 2017
1. Political Transparency: The central bank
III. Major Lessons from Country Experiences should have a single objective of price stability
The major lessons from the foregoing analysis and it shouldn’t conflict with other objectives.
of country experiences include:
● The degree of central bank independence 2. Economic Transparency: It focuses on
varies from country to country. the economic data and information used for
● Most central banks are accountable to an decision-making. The central bank publishes
elected parliament and the public in most its regular survey, estimates inflation
countries. expectations, economic data utilized in policy
● Most central banks have instrument decisions, models employed for forecasting,
independence. and any forward-looking analyses such as
forecasts.
● The central bank’s independence does not
necessarily weaken the coordination between
monetary and fiscal policy. 3. Procedural Transparency: It refers to the
disclosure of the policy decision-making
● Central bank’s independence has helped
process. The central bank publishes its minutes
to achieve their primary mandate i.e price
of policy meetings and the voting pattern of
stability.
the monetary policy committee.
B. Transparency
Central bank transparency refers to the openness 4. Policy Transparency: It ensures the public
and accessibility of a central bank’s operations, access to information regarding policy
policies, and decision-making processes to the decisions, accompanied by explanations of
public and other stakeholders. Such transparency those decisions and explicit indications of
is needed for building trust, credibility, and potential future policy actions of the central
accountability. It gives a chance to the public to bank.
understand the objectives and strategies of the
bank policy and the rationale behind its policy 5. Operational transparency: It refers to the
measures. execution of policy actions by the central
bank. This focuses on information about
Transparent central banks communicate their control errors and unforeseen macroeconomic
objectives clearly and effectively to the public. disruptions that hinder achieving the target and
For example, many central banks communicate to effective monetary policy transmission.

190
g]kfn /fi6« a}+s ;dfrf/

Central banks are increasingly becoming making the bank accountable for its decisions.
transparent through their communications not only Such arrangements are likely to enhance the
to comply with the legal provisions of accountability bank’s monetary policy even further, with
but also to gain public confidence and build increased public support and understanding, as
credibility. The banks use certain communication well as respecting the democratic principle on the
mechanisms, such as publishing inflation report relationship between authority and responsibility.
and other technical reports to explain the policy
rationale, public release of monetary policy board OECD has proposed the following issues of
minutes, holding press conferences and public accountability for the governance of the central
events, attending hearings of the parliament, and bank:
publishing open letters to the public on important
economic and policy matters, in order to exhibit 1. Accountability concerning monetary policy:
their openness and accountability. The central bank should be accountable for
its sole objective to maintain price stability.
Increased demand for transparency and Further, central banks also may have an explicit
accountability requires the central bank to explain target for the exchange rate and monetary
its actions clearly and stand ready to justify its aggregates as intermediate targets for price
decisions to the public and government. Thus, the stability.
countries with higher central banks independence
have correspondingly increased transparency and 2. Accountability concerning resources: As
accountability of the monetary policy decision- the central bank manages large amounts of
making process. the reserve, the central bank should ensure
rigorous accounting and auditing standards
C. Accountability and the publication of regular financial reports.
Accountability of central banks refers to the
obligation of central banks to justify their actions 3. Accountability concerning financial functions
and decisions to various stakeholders, including and objectives: As it is hard to set quantitative
the public, government, financial markets, targets for the function (supervision and
and other relevant institutions. Accountability regulation) and objectives (price and financial
mechanisms ensure that central banks operate stability), the central bank is accountable for
within their mandate, adopting the policy and legal requirements and external regulations.
performing functions effectively and efficiently.
A central bank should be accountable to its 4. Accountability arrangements and mechanisms:
stakeholders including the general public for Central banks are subject to several formal
its assigned functions, without any prejudice. accountability arrangements.
Accountability ensures transparency, trust, and
legitimacy in monetary policy decision-making. i. Formal accountability arrangements: The legal
Thus, accountability increases the effectiveness in requirement for central bank accountability
maintaining economic stability and achieving the should be specified in the constitution and the
policy objectives. central bank laws.

It is necessary to ensure transparency of ii. Informal accountability mechanisms:

monetary policy to enable the general public Informal mechanisms include the public
and elected government to follow and assess the availability of information related to the
central bank’s decision-making process easily, performance of the central bank.
and to formalize legal and informal channels for

191
 g]kfn /fi6« a}+s ;dfrf/

Independence and accountability can be granted the authority to NRB to carry out both
explained as the two sides of a coin and the coin traditional central banking as well as development
becomes worthless if a side is empty. Central banks functions. During its first decade from 1955 to 1966,
with excessive levels of autonomy provided by the primary role of NRB was focused on avoiding the
law should not act in a vacuum but they should dual currency system and stabilizing the exchange
be responsible to the legislature and the public for rate with the Indian currency. In the second decade
their actions. The unelected central bankers need spanning from 1966 to 1976, its functions shifted
to be constrained by legislation and governed by towards formulating and implementing monetary
certain principles to remain legitimate; including and credit policies. In the third decade from 1976 to
accountability, effective communications, and 1986, NRB concentrated on development financing
self-restraint. Several legislative provisions are and expanding the financial system. Throughout the
inbuilt with many central banks for enhanced fourth decade, from 1986 to 1996, NRB redefined
accountability. its role to adopt financial liberalization measures.
In the fifth stage, spanning from 1996 to 2006, the
3. Context of Nepal financial sector reforms program was initiated with
On April 26, 1956, Nepal Rastra Bank (NRB) support from development partners. NRB Act, 2002
was established with the primary objectives of was promulgated which defines the comprehensive
expanding the circulation of Nepali currency, function of NRB concerning monetary policy
managing reserves, and mobilizing savings for formulation, regulation, supervision, foreign
economic development. The NRB Act of 1955 exchange management, auditing, etc.

Box 1: Major provisions in the NRB Act Regarding Central Bank Independence

Section 4: The main objective of NRB is to maintain the stability of price and balance of payment
for economic stability and sustainable development of the economy.
Section 15: The government appoints a Governor based on the recommendation of the
Recommendation Committee, two Deputy Governors based on the recommendation
of the Governor and three directors among the persons renowned in the fields of
economics, monetary, banking, finance, commerce, management and commercial
law for the tenure of five years.
Section 34: The Audit Committee is accountable to the board which comprises three members (a
board member, an external expert and the chief of the audit department).
Section 43: The Board has the authority to approve the estimated annual budget of incomes,
expenditures, and programs.
Section 44: The NRB Board approves the monetary policy and the bank implements monetary
policy.
Section 66: The Bank manages and mobilizes the foreign exchange reserve.
Section 75 (5): The overdraft provided by NRB to the government shouldn’t exceed five percent
of the revenue income in the preceding fiscal year. Such revenue excludes any
borrowing, grants, financial assistance or income derived from the sale of property.
Section 75 (7): Holding of government securities by NRB shall not be more than ten percent of the
revenue income of the preceding fiscal year.

192
g]kfn /fi6« a}+s ;dfrf/

The NRB Act, 2002 also provided higher the smooth functioning of the financial system
autonomy to NRB and made different provisions and achieving its mandate. Accountability
for its transparency and accountability. The act ensures the accountable actions & decisions
has provided explicit objectives to be pursued that promote public confidence and credibility.
by NRB, has provisions for fixed tenure for the Transparency ensures open communication and
governor and provisions for granting operational access to information, enabling stakeholders to
independence. The act has also restricted the understand policy decisions and their implications.
use of excessive lending to the government by Independence safeguards central banks from
the NRB and holding of debt securities. These undue political influence and ensures the best-fit
provisions have helped promote a higher degree of monetary policy to support economic stability and
independence of NRB. long-term growth. Various financial crises, like the
high inflation of the 1970s or the global financial
Regarding transparency and accountability, crisis of 2007-2008, have shown the importance
there are some legal provisions that makes NRB of having an autonomous, independent, and
provide clear communication about its decision- transparent central bank that can effectively
making process, provide access to data and reports manage inflation and other economic challenges.
and make NRB accountable to the government and In Nepal, the NRB Act of 2002, and other policies
other stakeholders including the public. Some of and bylaws establish a legal foundation for an
such provisions include: independent, accountable, and transparent central
1. The central bank publishes monthly reports on bank. However, there’s still room for improvement
the macroeconomic status of the economy. in the legal and institutional framework to enhance
these aspects further. Improving independence,
2. Makes high-frequency data public on a daily,
transparency, and accountability in the central
weekly and monthly basis.
bank can lead to efficiency and effectiveness
3. Produces an annual report of the bank and in maintaining stable prices, external stability,
submits it to the government of Nepal. and a sound financial sector. This, in turn, helps
4. In monetary policy statements, a detailed analysis build public trust and confidence in the banking
of the global and domestic macroeconomic and financial system, fulfilling the central bank’s
situation is presented and a summary of the mandate effectively.
progress of the targets and programs introduced
in the earlier policy statements is provided in References
the form of a monetary policy matrix. Adrian, T., Lev, M., & Khan, A. (2024). A New
Measure of Central Bank Independence. IMF
5. NRB attends various meetings at the WORKING PAPERS.
parliamentary committees and ministry of
Akinci, M., Yuce, G., & Yilmaz, O. (2015). The
finance whenever called by them.
relationship between central bank independence,
6. Press conferences are held after each monetary financial freedom, and economic growth: a
policy announcement to provide clear panel and bounds testing approach. Central
communication and give a rationale for the Bank Review.
policy measures.
Alesina, A., & Summers, L. H. (1993) Central
bank independence and macroeconomic
4. Conclusion
performance: Some comparative evidence.
The good governance of the central bank is
Journal of Money Credit and Banking, 25(2):
essential to ensure a prudent and stable financial
151-162.
system. Its dimensions such as independence,
transparency, and accountability are crucial for Bank for International Settlement. (n.d.).
Accountability, transparency and oversight.
193
 g]kfn /fi6« a}+s ;dfrf/

Retrieved from https://www.bis.org/publ/ Georgieva, K. (2024). Strengthen Central Bank

othp04_7.pdf Independence to Protect the World Economy.
Berger, W., & Kirsmer, F. (2013) Central bank IMF. Retrieved from https://www.imf.org/en/
independence and financial stability: A tale of Blogs/Articles/2024/03/21/strengthen-central-
perfect harmony? European Journal of Political bank-independence-to-protect-the-world-
Economy, 31: 109-118. economyHaan, J. de (1997), The European
Central Bank: Independence, Accountability
Best, J. 2016. Rethinking Central Bank
and Strategy, Public Choice, 93, 395-426.
Accountability in Uncertain Times. Ethics
& International Affairs 30 (2): 215–232. Haan, J. D., Bodea, C., Hicks, R., & Eijffinge, S.
doi:10.1017/S0892679416000095. C. (2017). Central Bank Independence Before
and After the Crisis. Researchgate.
Braun, B. 2017. Two Sides of the Same Coin?
Independence and Accountability of the Jegajeevan, S (2000). Why Do We Need an
European Central Bank. Brussels: Transparency Independent and Publicly Accountable Central
International EU. Bank?
Cukierman, A. (1992) Central Bank strategy, Mishkin, F. S., (2000), ‘What Should Central
credibility and independence. The MIT Press. Banks Do?’, Federal Reserve Bank of St. Louis
Review, pp. 1-14.
De Haan, J., and S. C. W. Eijfinger. 2000. The
Democratic Accountability of the European Organization for Economic Cooperation and
Central Bank: A Comment on Two Fairy-Tales. Development. (n.d.). Constitutions in OECD
Journal of Common Market Studies. Countries: A Comparative Study: Background
Report in the Context of Chile’s Constitutional
Eijffinger, S.C.W. and J. de Haan (1996), The
Process.
Political Economy of Central-Banking.
Princeton Special Papers in International Pandey, R. P. (2020). An Examination of Central
Economics. Bank Independence and Power. Economic
Review.
Grilli, V., Masciandaro, D., & Tabellini, G. (1991).
Political and monetary institutions and public Wachtel, P., & Blejer, M. I. (2020). A Fresh Look
finance policies in the industrial economies. at Central Bank Independence. Cato Journal.
Economic Policy, 13: 341-392.



194
g]kfn /fi6« a}+s ;dfrf/

Unraveling the Enigma of Seigniorage:

A Brief Analysis of its Macroeconomic
Dynamics and Implications
@ Aditya Pokhrel*

Concept without corresponding increases in production,

Seigniorage, which is the difference between it can disrupt the balance between money supply
the cost of creating money and its face value, is and demand, resulting in inflation (Mishkin &
the money that the government makes from the Eakins, 2015). Central banks play a critical role
printing of currency (Blanchard & Johnson, 2012). in inflation management through their monetary
In essence, it's the money made from having the policy tools. Through the adjustment of interest
ability to create money. According to Mishkin rates and the regulation of the money supply,
and Eakins (2015), governments generally central banks can exert influence on the inflation
issue currency or manufacture coins to generate rate. Central bank decisions regarding monetary
seigniorage revenue. Conversely, inflation refers policy can, therefore, impact seigniorage dynamics
to the gradual rise in the average price of goods (Blanchard & Johnson, 2012). Consequently,
and services within an economy over a period of the actions and policies of central banks directly
time (Mankiw, 2014). The ability of customers to shape the relationship between seigniorage and
purchase goods and services is impacted by this inflation, ultimately shaping the broader economic
decline in the purchasing power of money. landscape.

The connection between seigniorage and Dmitriev & Kersting (2016) considered the
inflation can be understood through several relationship between seigniorage and inflation
avenues. Initially, when governments augment the using the analogy of the Laffer curve, as illustrated
money supply by printing additional currency, they in Figure presented below. In this graphical
enhance seigniorage earnings. Nonetheless, if this representation, the level of gross inflation is plotted
enlargement of the money supply exceeds the rate on the horizontal axis, while seigniorage revenue is
of growth in goods and services, it generates an represented on the vertical axis. As we observe the
excess of money relative to goods, which in turn curve, we notice an interesting pattern: initially, as
contributes to inflationary pressures (Blanchard inflation increases, seigniorage revenue also tends
& Johnson, 2012). Perceptions of future inflation to rise. This relationship reflects the fact that when
can significantly influence seigniorage dynamics. inflation is low, a moderate increase in the money
Should individuals anticipate higher inflation rates, supply (and hence inflation) can lead to a substantial
they might demand more currency in the present, increase in seigniorage revenue. However, as
prompting governments to increase currency we move along the curve towards higher levels
production to meet this demand. This, in turn, can of inflation, we encounter a point where further
exacerbate inflation (Mankiw, 2014). Moreover, increases in inflation result in diminishing returns
governments frequently resort to seigniorage to in terms of seigniorage revenue. This is depicted
fund their expenditures. Nevertheless, if they by the flattening out of the Laffer curve at higher
excessively print money to cover these expenses levels of inflation. In practical terms, this means

*
Assistant Director, Nepal Rastra Bank

195
 g]kfn /fi6« a}+s ;dfrf/

that when inflation is already high, obtaining an (Ghimire, 2020). This is particularly relevant in
additional percent of GDP in seigniorage revenue Nepal, where the economy is characterized by
requires a disproportionately larger increase in various factors that can exacerbate inflation, such
inflation. In other words, the effectiveness of as supply chain disruptions, import dependence,
using inflation as a means to generate seigniorage and fluctuations in agricultural production.
revenue diminishes as inflation reaches higher Moreover, expectations about future inflation can
levels. This insight from the Laffer curve highlights also influence seigniorage dynamics in Nepal. If
the trade-off involved in using inflation as a tool individuals anticipate higher inflation rates, they
to increase seigniorage revenue. While moderate may seek to hold more cash as a hedge against
inflation may initially lead to higher seigniorage inflation, leading to increased demand for currency.
revenue, there comes a point where further In response to this increased demand, the NRB
inflation becomes counterproductive, resulting in may opt to print more currency, thereby boosting
diminishing returns and potential adverse effects seigniorage revenue. However, if not managed
on the economy. The Laffer curve for seigniorage carefully, this can contribute to further inflationary
and inflation illustrates how the relationship pressures.
between these two variables changes as inflation
levels vary. Understanding this relationship is Nepal has experienced challenges related to
crucial for policymakers in navigating the trade- fiscal deficits and government spending. In some
offs involved in monetary policy decisions related instances, the government may resort to excessive
to seigniorage and inflation. printing of money to finance its expenditures,
leading to an imbalance between the money
supply and demand for goods and services. This
can contribute to inflationary pressures in the
economy. In addressing these challenges, the
Nepal Rastra Bank plays a crucial role in managing
inflation through its monetary policy tools. By
adjusting interest rates, open market operations,
and reserve requirements, the NRB can influence
the money supply and inflationary pressures in
the economy (World Bank, 2020). Additionally,
the NRB's decisions regarding monetary policy
can have implications for seigniorage revenue
and its impact on inflation dynamics in Nepal.
Overall, the relationship between seigniorage and
In Nepal, seigniorage revenue is generated inflation in Nepal underscores the importance of
primarily through the issuance of currency by prudent monetary and fiscal policies to maintain
the central bank, which is the Nepal Rastra Bank macroeconomic stability and mitigate inflationary
(NRB). When the NRB increases the money supply pressures while ensuring sustainable revenue
by printing more currency, it generates seigniorage generation for the government.
revenue for the government. This revenue can
be used to finance government expenditures, RBC and Seigniorage
including infrastructure projects, social welfare Froyen (2013) defines that the Seigniorage,
programs, and administrative expenses. However, the revenue a government earns from issuing
if the expansion of the money supply in Nepal currency, and real business cycles (RBC), which
outpaces the growth rate of goods and services in explain economic fluctuations driven by factors
the economy, it can lead to inflationary pressures like technology shocks, may seem unrelated.

196
g]kfn /fi6« a}+s ;dfrf/

However, seigniorage can impact RBC theory in Linking with Inflation

various ways. Essentially, seigniorage reflects the Blanchard and Fischer (2009) suggested that
profit made by a government from creating money, incorporating money directly into the utility
which can fund government spending or initiatives. function offers a simpler approach to navigating
In contrast, RBC theory suggests that economic the complexities of the cash-in-advance constraint.
ups and downs stem from real factors like changes However, there are instances where a more
in technology, not just monetary issues. Despite straightforward method is required, necessitating
this difference, seigniorage intersects with RBC the explicit specification of the demand for money
theory notably in monetary policy's impact on function. This more streamlined approach has
real economic activity. Seigniorage revenue gives proven beneficial, especially in comprehending the
governments funds to enact monetary policies. intricate interplay between seigniorage, deficits,
For example, increasing the money supply can and inflation.
stimulate short-term economic growth, while
reducing it can slow growth. How governments use For instance, let's imagine a scenario where a
seigniorage revenue affects real economic factors. government seeks to bolster its revenue through
If invested wisely in areas like infrastructure or seigniorage, which represents the profit gained
education, it can boost long-term productivity and by the government from issuing currency.
growth. Conversely, if used for excessive spending Traditionally, the rate of money growth has been
without improving productivity, it may lead to considered predetermined, resulting in a certain
inflation and misallocation of resources. level of government revenue from money creation.
This revenue, known as seigniorage, serves as
a significant income source for governments,
contributing approximately 0.5 percent of GNP in
low-inflation industrialized economies. However,
in economies characterized by high inflation
rates, seigniorage can constitute a considerably
larger share of government revenue. In extreme
cases, such as hyperinflation scenarios, money
printing might even become the sole source of
government revenue, underscoring the pivotal role
of seigniorage in fiscal management. Within this
Additionally, seigniorage influences context, two fundamental questions arise. Firstly,
expectations about future inflation and economic what is the extent of revenue that a government
stability, impacting consumer and investor can generate from money creation? Secondly, can
decisions. High seigniorage levels or fiscal efforts by the government to garner seigniorage
irresponsibility can erode confidence in the to finance an excessively large budget deficit lead
currency, leading to adverse effects like capital to hyperinflation? These questions underscore
flight and currency depreciation. While seigniorage the delicate balance that governments must
and RBC theory operate in different economic strike between revenue generation and inflation
spheres, they intersect through monetary policy, management.
fiscal management, and expectations. Seigniorage
revenue can affect real economic variables such To further illustrate, let's consider a hypothetical
as output and productivity through its influence situation where a government opts to boost
on policy and expectations. Understanding these seigniorage revenue by increasing currency
connections is crucial for crafting effective policies printing to cover its budget deficit. Initially, this
to foster economic stability and growth. may result in an uptick in government revenue due

197
 g]kfn /fi6« a}+s ;dfrf/

to the seigniorage generated from the additional right balance and ensure macroeconomic stability.
money supply. However, if the rate of money By understanding the dynamics of seigniorage,
growth surpasses the rate of economic expansion, it deficits, and inflation, policymakers in Nepal
could lead to an excess of money relative to goods can make informed decisions to navigate these
and services, ultimately triggering inflationary challenges effectively.
pressures. This highlights the potential trade-
off between short-term revenue gains through The core framework comprises two equations:
seigniorage and the long-term risks of inflation. one detailing the need for money and the other
Given our focus on contexts with high inflation outlining expectation formation. Originating from
rates, we simplify our analysis by assuming that real Cagan in 1956, this model delineates the demand
variables change slowly compared to the price level, for money as follows:
allowing us to treat them as roughly constant for
analytical purposes. This simplification facilitates
a more effective examination of the relationship
between seigniorage, deficits, and inflation, In this formulation, represents a constant
offering valuable insights into the dynamics of term, while stands for the expected inflation rate.
monetary policy and fiscal management. A higher expected inflation rate corresponds to
a diminished demand for real money balances.
If we inspect in the case of Nepal, the Implicit in this framework are two critical
government's reliance on seigniorage as a revenue assumptions. Firstly, output is considered constant
source is significant. With limited alternative and hence incorporated into the constant term .
revenue streams, seigniorage plays a crucial role Secondly, the real interest rate remains constant and
in financing government expenditures, including is also encompassed within the constant term. This
infrastructure projects and social welfare programs. elucidates why the equation includes the expected
In an economy where fiscal deficits are common, inflation rate rather than the nominal interest
seigniorage can serve as a means to bridge the gap rate. The primary justification for adopting this
between government revenue and expenditure. functional form lies in its convenience, although it
However, the excessive printing of money to appears to align with data from hyperinflationary
finance budget deficits can lead to inflationary contexts. In an equilibrium scenario, the real
pressures in Nepal. For example, if the government money stock must equate to the money demand,
increases seigniorage revenue by printing more rendering equation … (i) interpretable as an
currency to cover its budget deficit, it may initially equilibrium equation (Blanchard and Fischer,
boost government revenue. However, if the rate 2009). The inflation so as linked with seigniorage,
of money growth exceeds the rate of economic which refers to the revenue a government gains
expansion, it can lead to an oversupply of money from issuing currency, manifests through various
relative to goods and services, ultimately fueling channels according to Zambrano (2013) analysis.
inflation. Nepal's high inflation rates exacerbate These channels encompass currency devaluation,
the reliance on seigniorage as a revenue source. In open market operations, and direct financing and
economies characterized by high inflation, such as monetary transfers.
Nepal, seigniorage can constitute a substantially
larger portion of government revenue compared Currency devaluation refers to a decrease in
to low-inflation industrialized economies. The the value of the domestic currency compared
Nepalese government thus faces a delicate balance to foreign currencies. When this happens, the
between generating revenue through seigniorage government can benefit in several ways. Increased
and managing inflationary pressures. Prudent fiscal contributions come from state-owned
fiscal and monetary policies are crucial to strike the enterprises, especially the country's main oil

198
g]kfn /fi6« a}+s ;dfrf/

newly created currency, thereby increasing the

money supply in the economy. Furthermore, the
Central Bank earns profits from the interest on
these securities, which are later transferred back to
the government.

Direct financing and monetary transfers involve

the Central Bank directly financing the government
and other public entities involved in activities that
have fiscal implications. This includes the country's
public oil company, which plays a significant role
in financing operations. The financing provided
by the Central Bank contributes to the expansion
of the monetary base, which includes the amount
of currency in circulation and bank reserves.
However, transfers made without corresponding
assets directly affect the Central Bank's equity,
potentially impacting its financial stability and
ability to carry out monetary policy effectively.

Linking with the Exchange Rate

Seigniorage, a cornerstone concept in
macroeconomics, denotes the revenue accrued by a
government from the issuance of its currency. This
revenue stream carries substantial implications
company, which contribute more revenue to the for a nation's monetary policies and its interface
government's coffers when the domestic currency with exchange rates. This memorandum delves
is devalued. This is because their exports become into the intricate connection between seigniorage
more profitable due to the weakened currency. and exchange rates, exploring diverse dimensions
Additionally, fluctuations in the exchange rate can and ramifications. Seigniorage wields a significant
result in profits for the Central Bank. When the influence on exchange rates via multiple
domestic currency depreciates, the Central Bank mechanisms. When a government opts to augment
can benefit from buying foreign currency at lower seigniorage by expanding the money supply, it
rates and later selling it when the currency value risks instigating inflationary pressures within the
rises again. economy. This inflationary tendency may, in turn,
precipitate a depreciation of the domestic currency
Open market operations involve the government vis-à-vis other currencies, thereby affecting
issuing debt in the local currency and selling it to exchange rates (Friedman, 1977). Conversely, a
financial institutions. The Central Bank, acting on decrease in seigniorage or the implementation
behalf of the government, purchases these securities of contractionary monetary measures aimed at
using newly created currency. Government debt quelling inflation could fortify the currency,
issuance occurs when the government borrows resulting in an appreciation of exchange rates
money by issuing debt securities, such as Domestic (Blinder, 1981). Conversely, the dynamics
Public Notes (DPNs), to financial institutions. The of exchange rates can also impact a nation's
Central Bank's role as the government's fiscal seigniorage earnings. A robust currency typically
agent involves buying these debt securities using attracts foreign investment, offering enhanced

199
 g]kfn /fi6« a}+s ;dfrf/

purchasing power to investors from abroad. This on exchange rates, trade balances, and inflation
surge in foreign investment has the potential to rates, contingent upon specific contexts and
augment a nation's seigniorage revenues (Obstfeld prevailing conditions. Firstly, seigniorage can
& Rogoff, 1996). Conversely, a weakened currency exert influence on a currency's exchange rate.
might dissuade foreign investors, leading to a When a government or central bank augments the
decline in seigniorage earnings (Edison & Melvin, money supply, it may precipitate a depreciation
1990). of the currency, as increased money circulation
competes for relatively scarce goods and services.
The nexus between seigniorage and exchange Consequently, this depreciation renders exports
rates carries profound implications for economic more competitive by making them less expensive
stability and policy formulation. Exchange for foreign purchasers, while simultaneously
rate fluctuations stemming from seigniorage elevating the cost of imports, necessitating more
dynamics can profoundly impact a nation's domestic currency for procurement. Nonetheless,
trade balance, inflation levels, and overall this impact is not linear, as other factors such
economic competitiveness (Mussa, 1986). as interest rates, political stability, and market
Consequently, governments must judiciously sentiment interplay with seigniorage in shaping
manage seigniorage to uphold exchange rate exchange rates. Secondly, seigniorage can impact
stability and foster sustainable economic growth a nation's trade balance. If a country garners more
(De Grauwe & Grimaldi, 2006). In response to seigniorage from exporting goods and services
the interplay between seigniorage and exchange than it expends on imports, it can yield a favorable
rates, policymakers must adopt a nuanced effect on its current account balance, delineating
approach. Monetary authorities may need to the net flow of goods, services, and investments.
strike a delicate balance between maximizing Nevertheless, the efficacy of this effect may be
seigniorage revenues and ensuring exchange rate tempered if the country's imports are integral for
stability. This may entail implementing monetary its economic and societal advancement, or if its
policies that temper inflationary pressures while exports encounter obstacles or rivalry from other
simultaneously bolstering exchange rate stability nations.
and economic growth. Additionally, policymakers
should factor in the potential trade-offs between Thirdly, seigniorage can wield influence over
short-term seigniorage gains and long-term a country's inflation rate. Should a government
economic stability when devising monetary policy or central bank excessively expand the money
strategies. The relationship between seigniorage supply, it may precipitate a surge in prices as the
and exchange rates is intricate and multifaceted, value of individual currency units diminishes. This
with far-reaching implications across various inflationary trend erodes the purchasing power
facets of economic policy and stability. Grasping of savers and consumers, potentially diminishing
and effectively managing this relationship are the appeal of the currency for foreign investors.
imperative for policymakers in navigating the Nevertheless, this impact may be counteracted
complexities of monetary policy, exchange rate by factors such as productivity enhancement,
management, and overall economic stability. competitive forces, and fiscal prudence. For
instance, the United States accrues substantial
Linking with International Trade seigniorage from its issuance of the US dollar,
The significance of seigniorage in the realm which serves as the predominant reserve currency
of international trade captivates the attention of globally. This seigniorage empowers the US to
economists, policymakers, and market participants fund its budgetary and trade deficits, while also
alike. Seigniorage, the revenue derived from furnishing liquidity and stability to the global
currency issuance, exerts multifaceted impacts financial system. However, this reliance on

200
g]kfn /fi6« a}+s ;dfrf/

seigniorage also exposes the US to risks such competitiveness. While a devalued currency
as inflationary pressures, currency conflicts, stemming from seigniorage might enhance
and geopolitical tensions. Hence, the role of export viability, it could concurrently escalate
seigniorage in international trade emerges as a import expenses and trade deficits if domestic
complex and dynamic phenomenon necessitating production capacities remain inadequate (Sharma,
meticulous scrutiny and adept management (Faster 2017). Hence, Nepal should concentrate on
Capital, 2024). augmenting export diversity and productivity to
leverage advantages derived from seigniorage-
Nepal's Case induced exchange rate dynamics. Lastly,
Seigniorage bears notable implications harnessing seigniorage revenues for sustainable
for Nepal's economy, considering its distinct development and poverty alleviation stands
socio-economic landscape and developmental as a paramount objective for Nepal's enduring
hurdles. Initially, seigniorage furnishes Nepal's prosperity. Investments in education, healthcare,
monetary authorities with a measure of and infrastructure, funded by seigniorage, can
flexibility in implementing monetary policies, foster human capital development and augment
chiefly concerning liquidity management and productive capacities, thereby laying the
the bolstering of economic growth. Given groundwork for inclusive growth (World Bank,
constrained fiscal resources, seigniorage earnings 2020). Nonetheless, ensuring transparency,
can complement government budgets, offering accountability, and efficient resource allocation
relief from financial constraints and aiding in remains imperative to optimize the developmental
funding crucial developmental endeavors (Nepal impact of seigniorage revenues.
Rastra Bank, 2020). Furthermore, in Nepal,
where remittances form a substantial portion of Conclusions
the economy and foreign exchange reserves hold In macroeconomics, seigniorage, the revenue
pivotal significance in currency stabilization, earned by governments from issuing currency, is
seigniorage assumes a role in exchange rate pivotal. It denotes the profit made from creating
regulation. Through its influence on the money money and impacts inflation rates, affecting the
supply and financial system liquidity, seigniorage value of money over time. Governments increase
indirectly impacts exchange rate stability the money supply to generate seigniorage revenue,
(Tamrakar, 2016). However, judicious oversight but if this growth outpaces goods and services, it can
is imperative to avert adverse repercussions on lead to inflation. Expectations about future inflation
inflation and external competitiveness. Moreover, influence seigniorage dynamics, and central banks
effective seigniorage management proves critical play a crucial role in managing inflation through
in curbing inflation and upholding price stability monetary policy tools. The relationship between
within Nepal. Although seigniorage may offer seigniorage, deficits, and inflation is complex.
transient fiscal respite, excessive currency issuance While governments may increase seigniorage
can instigate inflationary pressures, particularly revenue to fund deficits, excessive money printing
in Nepal's import-reliant economy (Poudel & can fuel inflation. This balance is particularly
Luintel, 2020). Hence, the Nepal Rastra Bank crucial in high-inflation economies, where
must delicately balance seigniorage generation seigniorage forms a significant part of government
with inflation mitigation to safeguard purchasing revenue. Prudent fiscal and monetary policies are
power and macroeconomic equilibrium. vital to maintain macroeconomic stability.

Additionally, seigniorage exerts influence In Nepal, seigniorage funds essential

on Nepal's trade balance and external resilience government expenditures, but excessive money
by impacting exchange rates and export printing can lead to inflation, especially in an

201
 g]kfn /fi6« a}+s ;dfrf/
85(3), 451-472.
import-dependent economy. The Nepal Rastra
Bank must carefully manage seigniorage to Froyen. (2013). Macroeconomics: Theories and
balance inflation and economic growth. Effective Policies, (10th ed).
management ensures price stability and sustainable Ghimire, P. (2020). Macroeconomic management
revenue generation. Seigniorage also affects and its challenges in Nepal. Journal of
Nepal's trade balance and external resilience Economics and Public Finance, 6(2), 223-232.
by influencing exchange rates and export Mankiw, N. G. (2014). Principles of Economics
competitiveness. While a devalued currency may (7th ed.). Cengage Learning.
boost exports, it can increase import costs and Mishkin, F. S., & Eakins, S. G. (2015). Financial
trade deficits. Nepal should focus on enhancing Markets and Institutions (8th ed.). Pearson
export diversity and productivity to leverage Education.
advantages from seigniorage-induced exchange
Mussa, M. (1986). Nominal exchange rate
rate dynamics. In conclusion, understanding the
regimes and the behavior of real exchange
complex relationship between seigniorage and
rates: Evidence and implications. Carnegie-
inflation is crucial for policymakers. Prudent fiscal
Rochester Conference Series on Public Policy,
and monetary policies are necessary in Nepal to 25, 117-214.
balance revenue generation through seigniorage
with managing inflation, ensuring sustainable Nepal Rastra Bank. (2020). Annual Report.
Retrieved from https://www.nrb.org.np/
economic growth and prosperity.
Nepal Rastra Bank. (n.d.). Official Website.
References Retrieved from https://www.nrb.org.np/
Blanchard, O & Fischer, (2009). Lectures in Obstfeld, M., & Rogoff, K. (1996). Foundations of
Macroeconomics, MIT Press. international macroeconomics. MIT Press.
Blanchard, O., & Johnson, D. R. (2012). Poudel, R., & Luintel, K. B. (2020). Seigniorage
Macroeconomics (6th ed.). Pearson Education. Revenue and Inflation Dynamics in Nepal:
Blinder, A. S. (1981). Temporary and permanent Evidence from ARDL Approach. NRB
income exchange rate effects: A theory of the Economic Review, 32(2), 1-20.
hysteresis of floating exchange rates. Journal of Sharma, S. (2017). Exchange Rate Volatility, Trade
Monetary Economics, 7(3), 279-301. Flows and Economic Integration: The Case of
De Grauwe, P., & Grimaldi, M. (2006). Exchange Nepal. Nepal Rastra Bank Economic Review,
rate puzzles: A tale of switching attractors. 29(1), 22-44.
European Economic Review, 50(1), 1-33. Tamrakar, S. (2016). Exchange Rate Policy and
Dmitriev, M. & Kersting, E. (2016). Inflation External Sector Management in Nepal. Nepal
Level and Inflation Volatility: A Seigniorage Rastra Bank Economic Review, 28(2), 37-58.
Argument. World Bank. (2020). Nepal Economic Update:
Edison, H. J., & Melvin, M. (1990). The Macroeconomic and Fiscal Management
determinants and implications of the choice of for Stability and Growth. Retrieved from
an exchange rate system. In R. W. Hafer (Ed.), https://www.worldbank.org/en/country/nepal/
The monetarist controversy: A handbook. 29- publication/nepal-economic-update-may-2020
54. Edward Elgar Publishing. World Bank. (2020). Nepal Overview. Retrieved
Faster Capital. (2024). Relationships of the from https://www.worldbank.org/
Seigniorage and International trade. Zambrano, L. (2013) Gestion fiscal, señoreaje e
Friedman, M. (1977). Nobel lecture: Inflation and impuesto inflacionario en Venezuela. Academia
unemployment. Journal of Political Economy, Nacional de Ciencias Economicas, Coloquio
Alberto Adriani, Caracas, junio de 2013.

202
g]kfn /fi6« a}+s ;dfrf/

Trade Theories and Nepal’s

Foreign Trade
@ Sunita Poudel*

Introduction measure of country’s wealth where the primary

In today’s globalized and interconnected world, goal of any country is to increase wealth of nation
countries are rarely self-sufficient in terms of goods and contribute to the wellbeing of its people. To
and services they produce and consume. There acquire gold a country should promote exports and
are inter linkages and interdependencies among discourage imports through harsh tax and tariff
countries starting from the production of goods policy, thus the theory favors the protectionist
and services, their value addition, supply chain strategy. The theory is based on zero sum game i.e.
management to final consumptions. International a benefit to one country is the loss for the other.
trade also known as foreign trade has been an
essential driver for sustenance and growth of The theory doesn't recognize anything except
economies around the world. gold as a measure of country’s wealth. A country
cannot benefit in long run through export only as
In the past, traditional economist conceptualized there will be disequilibrium in balance of trade. For
international trade with the idea of amassing gold instance, if there is only export then the quantity
(through export) that would act as a measure of of domestically produced goods decreases for
country’s wealth. This definition has evolved domestic consumption which will shoot the prices
over time where today international trade is taken up in the market. The price hike will eventually
as a tool for shared benefits and mutual gains have a negative relation with the export i.e. high
across economies. International trade provides priced goods are not competitive (low demand) in
opportunity for a country to export resource international market.
surplus product and services and import resource
deficit goods and use it for maximum welfare of its The Absolute Cost Advantage Theory (By
people. Thus, international trade provides a country Adam Smith 1776) considers the rule of demand
enough space to utilize resource surplus product and supply for international trade. The theory
and services (through export) and bring in resource states that a country can benefit from trade if it
deficit product and services (through import) and produces and exports product which it has absolute
aid in overall economic activities of the country. advantage over in terms of cost. The theory defines
absolute cost advantage as a situation in which a
In order to gain a clear perspective of international country can produce a commodity at lower unit
trade let us briefly look into its theories, importance cost than the cost for producing same product in
and relevance in today’s context. Basically, the other country. The country is better off exporting
theory of international trade is classified into goods of production advantage and importing
classical and modern theories. goods of production disadvantage. The trade is
positive sum game for both countries meaning
Classical Theories of International Trade both countries can gain from the trade and social
Mercantilism (By Thomas Mun), the oldest welfare (welfare of consumer and producers) of
theory on international trade, assumes gold as a both countries increase.

*
Assistant Director, Nepal Rastra Bank

203
 g]kfn /fi6« a}+s ;dfrf/

Talking about sources of advantage, a country product A from India. Both would be in win-win
can have a natural advantage or an acquired situation.
advantage. Natural advantage could be the
geographical benefit, environmental benefit However, both of these theories are based on
or resource benefit of a country. For example, simplistic assumptions such as one country one
Nepal has an absolute natural advantage over product, free trade, perfect competition, equally
hydro. Similarly, acquired advantage is the one efficient labor force across both countries and
whose use enhances efficiency and productivity. substantial price differences and thus ignore
Use of modern agro-technology such as drip the policies and role of governments along with
irrigation and drones (for spraying fertilizers and transactions costs, exchange rate, technology.
preventing unnecessary drift and wastages) to
boost agricultural production could be an example Factor endowment theory (By Eli Heckscher
of acquired technology. and Bertil Ohlin 1933) though lacks to address
several drawbacks of absolute and comparative
As an extension of absolute cost advantage advantages models, it emphasizes on the rationale
theory, Comparative advantage (By David Ricardo of international trade through use of relatively
1817) mentions that if a country has advantage abundant factors of production. This theory, also
in production of both commodities, then country called Two Factor Theory, explains international
should compare between the efficiency in trade in terms of available factors of production in
production between both goods and only produce the country and argues that basis of international
that good which it can have better cost advantage. A trade should be relative factor endowment in
country is said to have comparative cost advantage the country. Countries should export goods if
in a particular product if the opportunity cost of resources required to produce them are locally
producing it is lower than that of other country. available in large quantities than that of other
To clarify the concept of opportunity cost let us country and import goods that involve high cost of
take an example. There are two countries Nepal production domestically. Theory emphasizes that
and India with below production cost scenario trade should take place between two countries that
between two commodities A and B. (See Table A) have different economic structures i.e both should
have different factors of production. For example
We can observe that there is absolute cost if a country has relatively more capital it is better
advantage for India in producing product A and to specialize and export capital intensive products
B. However, if we look from the opportunity cost and import labor intensive products.
perspective then we can see that India has lower
opportunity cost in producing product A compared For easy understanding let us take an example
to Nepal and Nepal has lower opportunity cost in of two countries India and America. India is labor
producing product B compared to India. Hence, intensive country whereas America is capital
India would be better off if it produces product A intensive and if we take factor price ratio than
and import product B from Nepal. Likewise, Nepal we can estimate that price for labor to capital
would benefit if it produces product B and import is less in India than that of America. Similarly,

Table A
A B Opportunity cost for Opportunity cost for
Country
(Per unit price) (Per unit price) producing A producing B
India 10 20 0.5 unit of B 2 unit of A
Nepal 20 30 0.67 unit of B 1.5 unit of A

204
g]kfn /fi6« a}+s ;dfrf/

price for capital to labor is less in America investor’s perspective. According to this theory,
compared to that of India. Based on relative factor international trade takes place with the innovation
endowment theory, if these two countries involve of new product and its subsequent demand in
in trade (labor intensive trade by India and capital- other countries. The theory assumes that a product
intensive trade by America) than such trade will life cycle has three stages namely, new product,
help both countries equalize the products prices maturing product and standardized product. The
ratio i.e. both countries will have equal price for advanced countries with its Innovations along
same product and both the countries will benefit with research and development (R&D) takes a
from the trade. lead in manufacturing a new product that are
consumed in home country and later exported to
Wassily Leontief in 1953 found that US, the the rest of the world. During the maturing stage of
most capital abundant country in world, exported the product both the technology and capital moves
commodities that were more labor intensive. His to the rest of the world. Less developed countries
findings, famously called as “Leontief paradox” take the benefit of technological knowhow and
shows contradiction in H-O theory. gradually starts manufacturing the product along
with product standardization and then import the
Modern Theories of International Trade products to advanced countries. Hence, the early
Classical theories as explained above failed exporter subsequently becomes the importer. The
to consider the world of realities with its limiting theory is based on product differentiation and
assumptions such as perfectly competitive market market imperfections.
ad factor immobility, among others and ignored
many important elements that significantly affect The new trade theory (By Paul Krugman 1980)
international trade such as product innovation, is set on the premise that perfect competition does
economies of scale and so on. Also, the earlier not exist and imperfect competition sets the market
trade theory put more emphasis on supply- for international trade. The other underlying
based explanation of trade. However, theories assumptions of this theory is that the technology
that evolved later showed that trade is driven by used is dynamic and the amount of resources in
demand factor rather than mere supply. any country is not homogeneous and constant. The
theory focuses on trade that "enables specialization
Deviating from the supply-side explanations and large scale production which results in lower
of the pattern of trade, Country similarity theory prices and a greater diversity of commodities".
(By Steffan Linder, 1961) theory explains that
feasibility of trade is possible across nations if the The new trade theory focuses on the international
representative demand of the range of goods that trade that mainly happens due to returns of scale,
are produced and consumed are in common among first mover advantage and network effects. By
the trading nations. Such trade usually happens definition, economies of scale is a state in which
between countries with similar per capita incomes. large scale production leads to the decrease in per
The theory elaborates on the aspect that countries unit cost of product. For example an introduction
first produce goods for domestic consumption and of mass production machine reduces per unit
only export excess quantity to the countries having cost of product. Likewise, First-mover advantage
consumers with similar taste and preferences. allows a firm to get entitled to greater economic
benefits than the late adaptors. Tesla, the early
The Product life cycle theory (By Raymond entrant in manufacturing of EVs have a first mover
Vernon) provides valuable explanations on the advantage. Similarly, the Network effects increases
real effects and benefits of trade, not only from a value of product with the use of the product. All
nation’s perspective but also from an individual these situations foster international trade. The

205
 g]kfn /fi6« a}+s ;dfrf/

theory also focuses on the role of government and trade. The membership provided space for Nepal
mentions that government intervention in trade to explore and diversify its export destination and
provides ground for new industries to grow and also integrate in global trading system.
secure industrialization in a country.
Similarly, Nepal is also a member of regional
Another model on international trade is that trade agreements such as Bengal Initiative
of Porter’s National competitive advantage (By for Multi-Sectoral Technical and Economic
Michael Porter 1990). The theory explains that Cooperation (BIMSTEC), South Asian Free Trade
the competitiveness of a country depends on Area (SAFTA) and South Asia Sub-regional
four major domestic factors, namely, demand Economic Cooperation (SASEC). Its membership
conditions, factor endowments, related and also expanded to Multilateral Investment Guarantee
supporting industries and firm strategy, structure Agency (MIGA), United Nations Economic
and rivalry. These four factors foster or hinder the and Social Commission for Asia and the Pacific
creation of competitive advantage for the country (UNESCAP) and Belt and Road Initiative (BRI).
which will eventually help in its international Nepal has Bilateral Investment Promotion and
trade. Talking about the demand conditions, when Protection Agreement (BIPPA) with five different
consumers in home country put pressure for high- countries such as Finland, France, Germany,
quality products then that increases the chances of Mauritius and United Kingdom, and Double
export to other countries. Porter's theory states that Taxation Avoidance Agreement (DTAA) with 11
a nation's competitiveness in an industry depends countries including India and China among others.
on the capacity of the industry to innovate and
upgrade. Similarly, factor endowments mean the Despite having number of policies and trade
availability of basic factors like natural resources, agreements in place, the foreign trade of Nepal
climate, location, demographics, technologies, is still in miserable state. If we look into the past
infrastructures and R&D. Likewise, related and ten year data (Table 1), the export of goods and
supporting industries too provide competitive services as percentage of GDP stood at over 10
advantage to a country. percent in year 2014/15, the same is under 7.5
percent in 2022/23. Imports on the other hand have
Nepal’s Trade Situation significantly remained at an average of 38 percent
With growing connectivity, digitization and geo- of GDP in last decade, the highest being 42.64
political connection no economy can remain isolated percent in the year 2021/22. The total trade deficit
from the world affairs. The economic policy decision in the year 2022/23 is Rs. 1454.59 billion.
made by one country can have quite a big impact on
the economic activities of other economies and more Of the total export, in the year 2022/23 the
so on their foreign trade. share of intermediate goods, final consumption
goods and capital goods was 54.7 percent, 44.6
Foreign trade usually is spurred through export- percent and 0.7 percent respectively. On the other
import oriented trade policies with bilateral and hand, of the total import, the share of intermediate
multilateral and regional trade agreements. To goods, final consumption goods and capital goods
promote its foreign trade, Nepal has formulated remained at 53.3 percent, 38.3 percent and 8.4
and amended several trade policies including percent respectively. The marginal share of capital
Privatization Act, Trade Policy, Industrial goods in the total trade shows that not much
Enterprise act, Foreign Investment and Technology importance is given neither in importing capital
Transfer Act, among others. In addition to it, Nepal goods nor at manufacturing one domestically.
became a member of World Trade Organization
(WTO) in 2004 and secured its entry into world Of the top ten export commodities as shown in

206
g]kfn /fi6« a}+s ;dfrf/

Table 1 : Nepal Trade Situation and Statistics (Rs. in millions)

Export of goods Import of goods

Particulars Total Exports and services as Total Imports and services as
percentage of GDP percentage of GDP
2013/14 91,991.4 10.12 714,365.8 35.86
2014/15 85,319.1 10.21 774,684.2 36.45
2015/16 70,117.2 8.18 773,599.1 33.94
2016/17 73,049.1 7.81 990,113.2 36.83
2017/18 81,359.8 7.82 1,245,103.2 40.63
2018/19 97,109.5 7.78 1,418,535.3 41.47
2019/20 97,709.1 6.81 1,196,799.1 34.11
2020/21R 141,124.1 5.12 1,539,837.1 37.93
2021/22R 200,031.0 6.76 1,920,448.4 42.64
2022/23P 157,140.7 7.16 1,611,731.8 36.50
Source : Nepal Rastra Bank
where, R= revised and P= preliminary

‘Table 2’ the share of Palm oil accounts for 13.1 In the import basket, the share of petroleum
percent securing the top spot in export basket products accounts for 19.2 percent in the year
followed by woolen carpet and polyester yarn & 2022/23 followed by other machinery and parts,
thread. However, export data of the year 2020/21 transport equipment, medicine and several other
shows soyabean oil accounted for 38.02 percent commodities as shown in ‘Table 3’.
of the total export and was one of the top export
commodities in the earlier years as well. In year If we look at the direction and concentration of
2020/21, the export earnings from soyabean oil foreign trade, India is the most important trading
alone crossed Rs. 53651.59 million (CME-Nepal partner of all as it accounts for 67.9 percent
Rastra Bank, 2020/21). and 63.8 percent of Nepal exports and imports
respectively.

Table 2 : Top 10 commodities under Export basket (Rs. in millions)

2020/21R
2021/22 R
2022/23P
S.N. Heading
Annual Annual Annual Share in Total Exports
1 Palm Oil 0.99 41064.73 20509.12 13.1
2 Woolen Carpet 7243.45 9565.01 11503.49 7.3
3 Polyster Yarn & Thread 7345.15 9515.94 10550.17 6.7
4 Soyabean Oil 53651.60 48120.43 8475.99 5.4
5 Cardamom 6935.93 4778.99 8255.98 5.3
6 Zinc sheet 690.02 2841.74 7705.75 4.9
7 Jute Goods 6705.10 7496.77 7241.10 4.6
8 Juice 4215.79 6074.79 6629.80 4.2
9 Readymade Garments 3455.65 4881.98 5839.11 3.7
10 Particle Board 14.76 352.01 4704.13 3.0
Source : Nepal Rastra Bank

207
 g]kfn /fi6« a}+s ;dfrf/
Table 3 : Top 10 commodities under Import basket (Rs. in millions)
2020/21 R
2021/22 R
2022/23P
S.N. Heading Share in Total
Annual Annual Annual
Exports
1 Petroleum Products 175617.3 334346.4 309877.0 19.2
2 Other Machinery and Parts 80725.7 91571.3 72946.8 4.5
3 Transport Equip, Vehicle & Other Vehicle Spare 123695.4 123916.9
61799.8 3.8
Parts
4 Medicine 39975.8 76089.7 47658.4 3.0
5 Gold 27486.0 42691.2 43886.4 2.7
6 Ferrous products obtained by direct reduction of 7879.7 23981.7
43601.8 2.7
iron (Sponge Iron)
7 Chemical Fertilizer 22820.7 21363.0 40691.2 2.5
8 Hot rolled sheet in coil 25615.4 37250.4 37065.3 2.3
9 Rice/Paddy 50478.2 47356.0 36404.3 2.3
10 Telecommunication Equipments and Parts 47196.3 53717.8 36402.2 2.3
Source : Nepal Rastra Bank

Reason for poor international trade in Nepal like Bangladesh and twice as greater time than
in India. The time and cost of export and import
Difficult geographical terrain in Nepal is higher than the South Asian average.
As clichéd as it may sound but we cannot Consequently Nepali traders have been paying as
ignore the resulting consequences of Nepal being high as 32 percent of the actual cost of the goods
a landlocked country. Nepal lacks direct access to for transport, transit, delivery, storage and official
sea port and has to depend on her neighbor majorly procedures due to lack of related infrastructure and
India as the inland transportation with China is poor government policies (The Kathmandu Post,
confined to few transit points due to difficult terrain 2022). The resulting consequence is the reduced
of the Himalayas and inadequate road networks. competitiveness of the exports internationally.

Poor Trade Logistics Arrangement Weak Export Baskets

One of the essential pillars for a profitable The geographical features compounded by
international trade is trade logistics that include poor logistics arrangements have impacted the
trade and transport related infrastructure such as foreign trade of Nepal. However, we also cannot
performance in customs, infrastructure, shipments, ignore the fact that Nepal’s export basket in itself
logistic services, timeliness, and tracking. As per is weak comprising majorly of commodities which
WB’s Logistics Performance Index 2018 (most are dominated by raw materials rather than the
recent year), Nepal scored 2.19 (where 1=low to value added products or finished goods, if not the
5=high) and stood at 114th (out of 168 economies) machinery, equipment and other capital goods.
position in its overall ranking. India ranked highest
at 44, with a score of 3.18. Poor Institutional arrangements
The global competitiveness index 2020 has
Greater Time Duration and Transit Cost put Nepal at 94th Position (Investment Board
The study report by SAWTEE published in Nepal). The first and one of the most important
2017 mentions that on an average, it takes at pillars considered to calculate the competitiveness
least 50 percent greater duration to complete index explains about the importance of institution
an export transaction in Nepal than in countries and the prevailing situation of Nepal in terms of

208
g]kfn /fi6« a}+s ;dfrf/
Table 4 : Nepal’s Trade Balance with Major Trading Partners (Rs. in millions)
2022/23P 2022/23P
Percent of Percent of
Particulars Trade Balance
Exports Exports Imports Imports

Total Trade Amount 157140.7 1611731.8 -1454591.1

SAARC 107985.7 68.7 1036291.4 64.3 -928305.8
India 106686.4 67.9 1027847.5 63.8 -921161.1
China, People's Republic of 1765.8 1.1 222715.9 13.8 -220950.1
Euro Area 10201.1 6.5 37046.8 2.3 -26845.7
Source : Nepal Rastra Bank
where, R= revised and P= preliminary

institutional set up. The data shows that Nepal network such as easy access to road and transit,
scored low value in many of the components storage house, cold storage facility, Special
that came under “institutions” such as ‘burden Economic Zones (SEZs), quality testing labs
of government regulation’, ‘efficiency of and so on. Establishment of accredited testing
legal framework in settling disputes’, ‘judicial and certifying agencies in Nepal that addresses
independence’, ‘incidence of corruption’, ‘property the conformity assessment issues and provides
right’, ‘corporate governance’, among others. certificate that is in compliance with international
standards and regulation would ensure product
Nepal also lacks institutions for ‘Standardization quality and help boost export competitiveness in
Testing and Quality Certification (STQC)’ for foreign market.
product conformity assessment. The certificate
issued by Nepali laboratories and institutions are Third, the government should involve private
not easily recognized in international trade arena sector including stakeholders such as farmer,
thus challenging Nepali exporters to comply with producer, industrialist, and trader in policy
the underlying technical regulations of the trading decision making process. Private sector should
nation. participate skillfully in trade policy advocacy.
The government should guarantee a trade friendly
Conclusion and Way Forward environment to support export competitiveness
To realize the trade potential of Nepal, first, it is which can be done through transparency in process
important to understand the possible impediments and predictability of the outcome.
that affect the trade stakeholders at the grassroots.
Understanding the real problems of farmers, Fourth, it is high time to strengthen and activate
producers, entrepreneurs and the firms is an urgent the Regional Economic Integration (REI) of South
matter to address. Likewise, it is imperative to work Asia such as SAARC and BIMSTEC and make
on some of the pivotal dimensions of trade such as it as effective as other REI such as Association
policies, logistics, institutions, entrepreneurship of Southeastern Asian Nations (ASEAN) and
and business incentives. European Union (EU). Study result shows that
geographical economic integration can lead to
Second, the government at all levels should permanent increases in economic growth as it
proactively be engaged in ensuring efficient and increases the size of the economic market and
extensive trade logistics including infrastructure improves the availability of goods and services,

209
 g]kfn /fi6« a}+s ;dfrf/

leading to a reduction in the cost of trade and an and Recommended Policies. JSTOR, 1-9.
increase of efficiencies (Farhad Taghizadeh-Hesary, Investment Board Nepal. (2024, March).
2020). Retrieved from https://ibn.gov.np/
Maneschi, A., & Elgar, E. (1998). Comparative
The government should ensure a strong foundation Advantage in International Trade : A Historical
that encourages, supports and promotes domestic Perspective. JSTOR.
production. Government’s proactive approach on
formulating business and trade conducive policies Nepal Rastra Bank. (2024). Current Macro-
and effective implementation of those policies along economic and Financial Situation (2020/21-
with establishment of strong institutions would 2022/23). Retrieved from Nepal Rastra Bank:
definitely boost farmers, producers, entrepreneurs h t t p s : / / w w w. n r b . o rg . n p / c a t e g o r y / c u r r e n t -
and firms confidence. In addition to it, access to macroeconomic-situation/?department=red&
quality financial services including banking and fy=2077-78&subcategory=annual
insurance would be instrumental in promoting Porter, M. E. (1990). The Competitive Advantage
foreign trade in Nepal. of Nations. Harvard Business Review.
Prashain, K. (2022). High Shipping Rates Wreaks
References
Havoc on Nepal’s Foreign Trade. The Kathmandu
(2001). In R. C. Feenstra, Advanced International
Post. Kathmandu, Bagmati, Nepal: The Kathmandu
Trade : Theory and Evidence (p. 86). London:
Post.
Princeton University Press.
Sen, S. (November 2010). International Trade
Bank, T. W. (n.d.). The World Bank, IBRD,
Theory and Policy : A Review of the Literature.
IDA. Retrieved from https://data.worldbank.org/
Levy Economics Institute of Bard College, 24.
indicator/LP.LPI.INFR.XQ?locations=NP
South Asia Watch on Trade, Economics and
Bliss, C. (n.d.). The New Trade Theory and
Environment (SAWTEE). (2017). Trade and
Economic Policy. JSTOR.
Transport Facilitation Audit- Nepal Country Report.
Farhad Taghizadeh-Hesary, N. Y. (2020). Baluwatar, Kathmandu: SAWTEE.
Regional Economic Integration in Asia : Challenges


210
g]kfn /fi6« a}+s ;dfrf/

#
No More Abuse of Financial Consumers:
Why should NRB Strive for Twin Peak
Regulation Model?
@ Pradip Kumar Kafle*

Abstract
This study aims to explore the rationale of the Twin Peak Regulation model for ensuring the financial
consumer protection in Nepal. Case Study Research Methodology has been used to explore four real
world cases. Purposive sampling has been applied to identify the samples. Nepal Rastra Bank has
performed a commendable task of establishing a dedicated division for ensuring financial consumer
protection in 2023. However, NRB’s role as a ‘financial consumer watchdog’ may not be adequate
enough due to informational asymmetry, behavioral bias, high search cost, price dispersion, and non
synchronization of regulatory approach in the Nepalese financial market. In the midst of every crisis, lies
great opportunity. Thus, NRB shall dedicate adequate resources, ensure a certain degree of autonomy,
and integrate legal capability to consumer protection division, and march for a tailored twin peak
regulation model. A tailored twin peak model would promote financial consumer rights by eliminating
time lags and procedural misalignments, and ensuring singleness of regulatory focus. To the best of the
author’s knowledge, no similar study has been conducted to explore and suggest twin peak regulation
models suitable for Nepal1.

1. Introduction economic slowdown has brought to light many

The Global Financial Crisis of 2008 revealed unfair, deceptive and abusive practices existing
several incidents of financial consumer abuse in the in financial service industry of the global
developed countries, leading to subsequent changes south. As public’s financial circumstances
in their regulatory architecture (Sahasranaman, et. got deteriorated by the crisis, incidents of
al., 2014). The United States passed Dodd-Frank over-indebtedness, bankruptcies, corporate
Law and created Consumer Financial Protection governance irregularities, fraud and scams,
Bureau. The United Kingdom formed separate insurance product mis-selling, unfavorable terms
regulators for prudence and market conduct. and conditions have significantly increased in
Australia and Netherlands also created separate developing countries (Boeddu, et. al., 2020).
market conduct regulators (Lee, 2010). However, In this context, the lack of legal provisions
the developing countries of South Asia, including except some regulatory parameters2 demands re-
Nepal, were less impacted by the crisis and thus thinking the regulatory architecture for financial
‘state of the art’ regulatory reforms required for consumer protection.
protecting financial consumers remained pending.
Globally, the major objectives of regulators
But again, COVID-19 and subsequent are financial stability, promotion of competition,

#
Third prize winning article in ‘Economic Article Competition, 2081’
*
Assistant Director, Nepal Rastra Bank
1
Disclaimer: The paper does not reflect opinions of author’s professional association. The paper is submitted to elicit feedback and to en-
courage debate on recent public policy challenge only.
2
Refer Chaulagain (2021).

211
 g]kfn /fi6« a}+s ;dfrf/

and protection of the consumers. But, ensuring vital for its stability. Thus, there have been calls
consumer protection while advancing all other for a review of the regulatory framework in the
objectives at the same time is a cumbersome task Nepalese financial sector.
for regulators (Cordray, 2016). Furthermore,
the dynamic nature of financial service To that end, this research applies case study
industry demands effective evaluation of the research methodology to gain insights on the
sector’s regulation (Gakeri, 2011). That means, current status of financial consumer protection.
complexity, innovation and pace of change in Four distinct real world cases has been used, while
this industry is also necessitating the need to maintaining sufficient anonymity. The paper
concentrate on the issues of consumer protection. concludes that traditional regulatory approach
intended to promote consumer protection may be
In practice, there are three common models of ineffective5 and should be realigned with ‘twin
financial regulation; sectoral model, integrated peak regulation’ model to regain consumers’
model, and the Twin Peaks model. Among these, confidence in the financial system. Twin Peak
Nepalese financial system follows sectoral model refers to a regulatory architecture in
model, which is a hodgepodge of regulations. which separate agencies take most, if not all,
There are 4 governmental agencies that regulate responsibility respectively for prudential and
distinct segments of the financial sector, each conduct regulation within a country (Godwin &
of them being established with the mandate Schmulow, 2021). Recently, Nepal Rastra Bank
of Parliament (Acharya, 2019)3. There are seems to have marched itself on the trek of Twin
obvious suspicions of regulatory inadequacies, Peak Regulation by establishing a dedicated
duplications, overlaps, inconsistent regulations division for ensuring financial consumer
and cost ineffectiveness. Further, the lack protection. This paper builds up on the effort of
of adequate mechanism (Memorandum of NRB and envisions the further necessary actions.
Understanding) between financial sector
regulators for purposes of information sharing 2. Research Question and Objectives
and functional coordination to ensure consumer The primary research question for this study is:
rights is adding insult to the injury.
“How can the Twin Peak Regulation Model
The Constitution of Nepal, 2015 has recognized ensure better Financial Consumer Protection
consumer rights4. Also, Consumer Protection Act regime in Nepal?”
2018 has been implemented but it excludes any
sort of specific provisions for financial consumer. Ergo, the research objectives for the study are:
There is a large section of the financial sector that
is pseudo-regulated or completely unregulated in ● Analyze four real cases of financial consumers
Nepal. As a result, financial consumers have been to get insights on the stature of financial
bearing the brunt of these entire shortcomings. consumer protection in Nepal.
Moreover, this sector is heavily dependent upon
consumer confidence and consumer protection is ● Establish factors that motivate the

3
Nepal Rastra Bank regulates banking institutions such as banks (A & B class), finance companies (C class) and micro-finance institutions
(D class). Nepal Insurance Authority is the regulator of insurance companies. Securities Exchange Board of Nepal supervises capital mar-
ket. Cooperative Division confers the responsibility to regulate cooperatives. Similarly, Employee Provident Fund and Citizen Investment
Trust has no direct regulators, but overseen by respective laws and ministries.
4
Article 44 of the constitution specifies the rights of the consumer.
5
See Barefoot (2019)

212
g]kfn /fi6« a}+s ;dfrf/

implementation of Twin Peaks regulation Case 1: The Denial of Access

framework in the Nepalese financial market. Dristi (19), a visually impaired teenager, goes
to ABC bank for opening up an account as soon
3. Study Methodology as she lands on her first job. But, the bank staff
outrightly denies her request to do so, citing Dristi’s
Figure i. Case Study Research Methodology impairedness and lack of policy. Then she proceeds
to DEF, a bank reputed for ethical banking, and
requests for the same. DEF puts forward two
conditions to open a bank account. First, she shall
bring a witness and a guarantor for her banking
transactions. Second, bank won’t be responsible
for any sort of potential embezzlements caused by
unauthorized access to her account, if she desires
to subscribe mobile banking. Highly offended by
the unequal treatment despite being a separate
legal entity, she approaches the third bank GHI.
Adding insult to the injury, GHI required her to
bring letter from the government office citing her
qualifications for availing mobile banking. All of
the three banks argued that providing access of
digital banking to visually impaired person without
having a witness/authenticator exposes the visually
disable person to risks like theft, unauthorized
access and other fraudulent activities. But, Dristi
has quite a different story to tell “A screen reader
software transforms the letters and symbols from
Basically, this study is exploratory in design the mobile screen into voice, allowing us to easily
and adheres to case study research methodology use applications (potentially mobile banking too)
to delve deep into ‘how’ and ‘why’ we require a without sharing password to other persons. As we
novice financial consumer protection framework can turn off the screen-light while using it, there
in Nepal. No prior studies of this kind have been shall not be any issue during entering passwords
conducted in Nepalese context. Individuals are the as well.”
unit of analysis for the study. Four individuals have
been selected as a sample based on a purposive 4. Case Analysis
sampling basis and interviewed. Fieldwork was
conducted on December 2023. The samples were (I) The constitution of Nepal has explicitly
interviewed using unstructured questionnaire mandated equal access and opportunity over
and only notes were taken from their narration, financial services for visually impaired individuals.
considering sensitivity and legality of the issue. Article 18(2) of the Constitution states - No
Further, anonymity of the participants has been discrimination shall be made in the application
highly maintained by altering the values of variables of general laws on grounds of disability. Further,
such as name, age, location, amount, etc. The written Article 42(3) states - The citizens with disability
notes were later used to frame the cases. The analysis shall have the right to live with dignity and honor
of these cases is based on existing laws, regulations, and have equal access to public services and
international best practices and theories prevalent facilities.
in the literature.

213
 g]kfn /fi6« a}+s ;dfrf/

(II) However, Unified Directives, 2080 for Case 2: The Cooperative Conundrum
A,B,C class BFI’s, (Directive No. 10) provisions Sapana (25), a master’s student, advised
- While providing financial services such as her mother to deposit the family’s ‘rainy days
ATM, Mobile Banking, and Internet Banking to saving’ in the cooperative nearby her hometown.
disabled individuals, BFI’s shall ensure that the Lured by the lucrative 18% interest rate viz-a-
consumers are capable of consuming the service viz 8% interest rate in commercial banks fixed
by themselves. This provision seems to be guided deposit, the family then deposited Nrs. 25 lakhs
from risk management perspective of banks so that in JKL cooperative. Sapana was known to the
wrongdoings are limited. fact that co-operatives are a bit risky vehicles to
park that much of amount, so she first assessed
(III) So, there seems conflict of objective between the credibility of the board members of JKL. As
provisions of the Constitution and Unified the chairman of the cooperative was an elected
Directive. The regulator and banks are more political representative, she ignored the rest of
concerned with decreasing the risks that may the inherent risks and self-rated the entity as
emanate from allowing visually impaired persons ‘safe to invest’. The family had plans to use
to banking services, while constitution concerns the accumulated amount for building their first
with the rights of the minority (visually impaired family home next year, as they have spent all
individuals). their life in a rented one. The family was happy
to receive almost double interest rate for almost
(IV) The banks action cannot be outrightly a year, but soon to realize the embezzlements
claimed as unethical, because their actions can within JKL. The buzz in the media about
be backed from deontological ethics which financial mishandlings and ABC’s inability
theorizes that performing ones duty as provisioned to pay back their depositors has now put the
by rules/regulations from authority is a ethical family in the doldrums. The chairman of JKL,
action. They have adhered to regulations and a powerful politico, has gone underground.
thus restricted access to disabled individuals The depositors of JKL are panicking and
given their vulnerability. Similarly, it is not searching for way outs to get back their hard-
possible for banks to act as per the spirit of the earned principle amount, let alone the accrued
constitution as there lacks adequate laws and interest. Further, the victims had filed a suit
technology to ensure safe banking access for the in the court along with financial claims from
visually impaired. approx. 1000 plaintiffs. Federal, provincial and
local administration has been made aware of the
(V) Since none of the parties are wrong in their issue. But nothing seems to be working.
stance (consumer for rightfully demanding financial
services and bank for averting potential risk), both Founder Chairman, JKL Cooperative
parties shall exercise for their rights as the issue has “We have requested JKL members to give
mutual interest. Given the presence of risk in the us few months of time to practically resolve
sector, banks shall benchmark the ways to ensure the issue. I have made sufficient investments in
financial inclusion for them while visually impaired real estates to repay the sum, once the economy
individuals shall give feedback for suitability of eases. But, large number of the ‘self-proclaimed’
the product. This sort of challenges would be best depositors has been posing physical threat to
mitigated, if there is an agency to formally handle me and my family. Further, some defaulters
similar issues, and help required co-ordination, are claiming exaggerated sums, though they
and formulate and oversee appropriate policies deposited very minimal amount in JKL. Some
of market conduct. large creditors are denying to repay the loan

214
g]kfn /fi6« a}+s ;dfrf/

amount. Due to my political commitments, I employees could have done the embezzlements,
could not give sufficient time to the operations out of chairman’s notice. This suggests lack of
then and so I highly suspect the misendeavors proper accounting systems, haphazard use of
of employees therein. Employees have also funds, dearth of internal control, and improper/no
been found to invest haphazardly. Some of the accounts supervision committee. All these suggest
ill-motivated politicos are fishing in the muddy- massively compromise of corporate governance.
waters to tantalize my political reputation by
sensitizing this issue. It’s not only our problem, (IV) This dilemma suggests a legal recourse and
but a systemic one. intelligence based investigation. But, the prevalent
legal system demands sufficient time to resolve
the issue. But, this sort of financial issues might
(I) This case demonstrates the inadequacy/ not be appropriate to resolve through existing legal
inefficacy of Financial Literacy programs as framework, as traditional legal justice are timely
one of the causes for financial consumer abuse. and costly. So, fast-tracked consumer courts/well-
Sapana, despite being a graduate level student, equipped separate agency could be an appropriate
seems to be lacking crucial knowledge on risk- vehicle for this case.
return tradeoff and diversification of funds. Plus,
the cost and effort of searching information about (V) All these scenario obviously point to
cooperatives, regarding their financial conduct and regulatory inefficiency too. The regulatory gap
rating is too huge, if not transparent, for this sector. has been experienced in this sector lately due to
So, this information asymmetry has led her to herd the following: unclear legal provisions specifying
behavior. agencies for regulation; multiple agencies given
the right to supervision leading to non-regulation;
(II) As JKL cooperative’s management does not extremely large number of cooperatives to regulate;
have to bear the full cost of the risk, it has been among others.
a case of Moral hazard; excessive risk taking by
JKL for profiteering motive. Saving and Credit (VI) Furthermore, Cooperative Act, 2074 still
cooperatives, at its core, functions like a bank comprises many such provisions that contradict
by taking deposits and lending funds and they with the basic principles of co-operatives as
act as intermediaries, but with limited regulatory stipulated by International Cooperative Alliance
provisions. The statement of JKL’s Chairman (ICA)6. Section 18 of the Act stipulates the
corroborates that this regulatory lacunae motivated working area of cooperative organization, with
them to concentrate their investment in real estate; subsequent provisions making them possible
which is against principles and regulations of the for nation-wide expansion. But, one of the basic
cooperative. But later when housing prices started tenets of cooperative is concern for community-
plummeting down, the irresponsible assets-liability Cooperatives work for the sustainable development
management surfaced, leading JKL to bankruptcy. of their communities through policies approved by
their member. Expanding the scope of cooperatives
(III) Nevertheless, devil’s advocacy is worthy increases the vulnerability. Similarly, Voluntary
to analyze here. What if JKL is really suffering Participation is one of the tenets, but aggressive
due to large number of false depositors claim selling strategy (taking huge deposits and lending
and defaulted creditors who owe the cooperative credit) has been taken by some cooperatives. But,
a large sum? What if it’s a politically motivated who shall determine the suitability of the products?
game to demoralize Mr. Chairman? Further,

6
Refer Birchall (1997) for detailed diagnosis of the Principles of Cooperatives.

215
 g]kfn /fi6« a}+s ;dfrf/

Case 3: The Bounced Cheque

Bishwas (32) incorporated MNO construction company in 2018 as a partnership deed with a mutual
friend, Jigme. The initial two years were a construction boom, only to be disturbed by covid in 2020.
The construction work halted completely that year, having wider ramifications in their projects. Further,
Nepals economy faced a economic slowdown instead of recovery in the later years. The competition in
the construction industry reached at its peak, boosted by the low capital expenditure from government.
This crowded out number of construction companies and they also could not attract new projects due
to rising collusion and impossibly-low bidding practice. The business started plummeting. Bishwas
withdrew his share from the company and his partner, who has an influential political background, agreed
to pay him 40 lakhs quid-pro-quo shares. The account payee cheque was issued on 2021 August, but it got
dishonored multiple times. Bishwas complained it with the bank on 2022 January and waited until 2022
July. When bank didn’t respond timely and appropriately, he complained it to Nepal Rastra Bank Gunaso
(Greivance Handling Unit) through online portal. Standing up to his expectations, the regulator obliged
the MNO bank, within a week of complain, to blacklist the defaulter. The bank did so. And the bank
reported to police against Jigme. After 6 months, the police filed a case in the court along with statement
of claim ‘phiradpatra’. But still, the file is pending in court and the payment has not been made, let alone
the punishment. The defaulter operates his transactions through relatives’ bank account and blacklisting
does not seem to be much of a problem to his conduct.

(I) Negotiable Instrument Act, 2034 and Banking (III) What is the appropriate legal remedy of
Offence and Punishment Act, 2064 are the major Bounce Cheque, is itself a widely debatable
guiding documents for dealing with bounced issue. Shall it be considered a civil offence or a
cheque offence. As per them, the responsibility of criminal offence? Currently, it’s considered as a
the regulator and the bank ends as soon as they Criminal offence related to banking offence, as
blacklist the offender and request the aggrieved to specified in BOPA, 2064, section 3(c). There has
file a FIR in police. But, surrendering the financial been widespread intellectual debate over this issue
misconducts to the traditional legal jurisdictions (Karki, 2024).
(police administration and court) does not seem to
be the optimal ‘Modus Operandi’. Because, this (IV) As Bishwas has filed the case and court is
does not ensure that those issues are solved as quick taking actions, some day, he might get his sum back.
as possible. The treatment of financial misconducts But, for a ordinary financial service consumer,
same as other legal proceedings can be questioned the byzantine nature of legal proceedings is a real
from many grounds such as time lags, resolution pain. The cost, in terms of time and effort, to be put
approach, suitability of punishments, amount of by consumers demands a robust and fast tracked
fines, etc. approach for resolution of financial crimes.

(II) As per the current provision, initiating the case (I) Birkha often opts for Hundi mechanism more
as state party offense, the primary focus of the court than others (five out of eight transactions). The
remains on fining the defendant first and only after reasons beyond this sub-optimal choice are ease of
obtaining the fine, a separate process initiatives for hundi availability in comparison to friend/banks,
the purpose of recovering the amount involved in lack of banking access, and faster delivery of pay-
the bounced check. The priority of court to obtain ments. However, in Bhadra, 2080, the Friend who
agreed to deliver cash got out of contact and thus
a fine from offender first, due to the nature of case
family didnot received the amount required for
being state party offense, and only returning the loan repayment.
amount engaged in the second stage, is misaligned.

216
g]kfn /fi6« a}+s ;dfrf/

Case 4: The Cost of Remittance

Birkha (43), from Rubivalley of Dhading, has been working as a carpenter in Meghalaya (India) for
last 23 years. His wife looks after the farm and raises few cattle. He is his family’s sole bread earner,
who manages to earn Nrs. 30k monthly as salary for raising his four kids and his father. Due to financial
circumstances, he did not get the opportunity to have formal studies and thus do not even have a bank
account. Apart from his regular job in the furniture, he also runs a ‘tea-cart’ in the morning and evening for
three hours each. This adds Nrs. 15k to his earnings. Since Birkha works in different places in Meghalaya
as a laborer as per the availability of work, he mostly uses one of the critical financial service, remittance.
He resorts to different mechanisms for sending money to his family. He uses hundi (informal money
courier agent), friends (who carry cash to home), friends bank account, taking credit from local vendor
for few months, to fulfill the immediate cash needs of the family. Back home, the banks are located at one
day walking distance in the headquarter, so does opt other mechanisms. Below mentioned is the nature of
payment transactions of Brikha along with information on cost incurred and use of funds.
Amount Month/ Remittance Channel Total Cost Incurred Use of Remitted money
Remitted(Nrs) Year
30,000 04/2079 Hundi 250 Loan Repay
45,00 06/2079 Hundi 500 Festival Expense & Education
20,000 09/2079 Local Vendor 2,000 Family expense
27,000 01/2080 Friend carrier 0 Family Expense & Education
60,000 02/2080 Friend’s bank account 120 (Bank charge Irs.757) Loan Repayment and Family Expense
200,000 03/2080 Hundi 1200 Festive expense
20,000 03/2080 Hundi 250 Education Expense
25,000 5/2080 Friend as Carrier (Hundi) 25,000 (friend out of contact) Loss

Asia remains the lowest cost receiving region,

(II) The remittance earner from India has been with an average cost of 5.44 percent (The World
paying exorbitant Hundi fees while remitting Bank, 2023)8. However, Birkha has been charged
money back to family in Nepal despite bank’s 6.8 percent. He could have used the banking
presence in the district. The physical presence of remit facility, but access is limited, given the
banks is in almost all local levels (except one), but geographical terrain in his home. Enabling safe,
the proximity for some families like this is quite an quick and cost-effective channels to transfer funds
issue till date. They have to dedicate almost a day is a challenge. A libertarian paternalistic approach
for banking access. In the last eight transactions, shall be adopted by financial sector authority9.
he remitted Nrs. 427,000 and incurred a cost of That means, nudging for the safest, cheapest and
Nrs. 29,320. Based on this, the cost of remittance easiest mode of fund transfer while punishing
remains 6.8% of the total amount. illegal ways.

(III) The average price for sending remittance (IV) Nevertheless, it can be observed that cost
globally is 6.2 percent of the amount sent. South of sending remittances through formal methods

7
According to Indo-Nepal Remittance Facility Scheme under NEFT Ecosystem, Irs. 75 per transaction is charged for amount above Irs.
50,000. (Source: https://www.rbi.org.in/scripts/FAQView.aspx?Id=67#:~:text=NSBL%20would%20not%20charge%20any,remittance%20
above%20%E2%82%B95%2C000%2F%2D.)
8
The UN SDGs and the G20 have targeted 3 percent for the global average to reach by 2030.
9
Refer Thaler & Sunstein (2003) for concepts of libertarian paternalism.

217
 g]kfn /fi6« a}+s ;dfrf/

(6.2%) and informal methods (6.8%) are not so investments). In these cases, well informed agents
different, but the level of risk fluctuates heavily. lack the motivation to share critical information to
Birkha lacks this information, and such, ends less informed agents. Information transfer could
up choosing risky financial service. The Hundi have resolved this asymmetry but the market
business has been exploiting this information does not volunteer for public welfare. Thus, the
asymmetry. government may intervene here to ensure adequate
disclosure and suitability of the product.
5. Case Evaluation and Theoretical
Underpinnings b. Behavioral Bias/Instinct of Consumers
The four cases analyzed above reflect a number As per behavioral economics11, consumers are
of insights on the potential causes of market exposed to several inherent biases and behavioral
failure in the Nepalese scenario. The insights, instincts such as framing effect, herd behavior,
thereby generated, corroborates with burgeoning consensus bias, information overload, familiarity
theoretical literature regarding the requirement tendencies, etc, owing to time and mental capacity
of consumer protection in the financial service to process limited information (Kahneman, 2003;
industry. Agrawal, 2012). Homo economicus is a homo
sapiens having emotions, beliefs, and cognitive
a. Information Asymmetry limitations (Sahi, 2017). And, in developing nation
The seller of financial product/service is always with low level of financial literacy, the abundance
at an informational advantage over the buyer due of these biases suggests high risk of systemic
to inherent complexities, expertise, and economies irrational behavior in financial industry.
of scale, and it could lead to mis-selling. Similarly,
imperfect information gives rise to adverse Case 2 and Case 4 are instances of herd behavior
selection by consumers10. In these stances, Akerlof and familiarity bias. Cooperative was a familiar
(1978) suggests that well informed agents can choice to Sapana and Hundi was an obvious choice
improve their market outcome by signaling their to Birkha, so they exhibited herd behavior. In Case
private information to poorly informed agents. 2, the cooperative has framed and widely marketed
Without information transfer, market performs itself as a safest medium to park the money, offered
poorly (Leland & Pyle, 1997). very attractive interest rates and lured innocent
depositors despite the cooperative was already in
In Case 1, banks did not have enough financial trouble. The aggressive marketing has
information on riskiness/credibility of Dristi for created a false sense of security of the product.
allowing her to operate mobile banking. Similarly, Also, in some financial service like insurance and
bank lacks knowledge/motivation to know about loan agreements, the terms and conditions are too
new technology (screen reader technology) lengthy (almost 10-20 pages) and thus skipped
that can enable safe operating environment for by consumers leading to sub-optimal choices.
the visually impaired. In Case 2, Sapana lacks Therefore, regulatory mechanisms shall be put in
sufficient financial and management information place to respond to this systemic irrationality.
about that particular cooperative, leading to
adverse selection. Also, the cooperative was not c. High Search Cost & Price Dispersion
obliged to disseminate sufficient information, Financial service providers provide almost
leading to moral hazard (excessive risk taking in identical products but with substantial price

10
The foundations of this theory were laid in 1970s by three researchers: George Akerlof, Michael Spence and Joseph Stiglitz, for which
they obtained Nobel Prize in Economics (2001). Akerlof’s essay ‘The Market for Lemons’ uniquely addresses this issue with widespread
applications.
11
Refer Daniel Kahneman and Amos Tversky, the pioneers of behavioral finance, for more lessons on behavioral bias.

218
g]kfn /fi6« a}+s ;dfrf/

differences, due to low transparency and asymmetry and moral hazard have pushed
coordination failure between consumers (Baye, et. good products/services out of the consumers
al., 2006). For instance, BFI’s (A, B, C, D class) reach/market leading to adverse selection. The
and Saving & Credit Cooperatives provide the consumers’ inability to assess the quality of the
same service but charge different costs in case financial services makes them choose lower
of deposits and loans. These price variations are quality products. And the nature of financial
attributable to high search cost of consumers due to product is such that it demands high prudence.
lack of meaningfully comparable data. A repository So, Paternalism Theory of Consumer Protection,
of reliable information to enable price comparison, unlike classical rational choice theory, proposes
quality comparison and suitability of the product market regulation (Glaeser, 2005; Smith &
would avoid price dispersion. In case 2 and case Zywicki, 2014). Financial consumers should be
4, lack of meaningful and adequately comparable adequately protected by the public authority. But,
data caused trouble to both the consumers. Birkha what sort of regulatory mechanism best suits our
wouldnot have subscribed Hundi service if he has financial market? Currently, sectoral regulation
sufficient information about different modes of has been applied and its shortcomings are being
payments along with their costs. Sapana wouldnot experienced in the form of market failures
have made deposit, if there were price differences (inefficient distribution of goods and services as
reflecting the inherent risk. exhibited in the cases mentioned above). Thus,
this study proposes a new regulatory framework;
d. The Nature of Manifestation of Outcomes Twin Peak Financial Regulation Model, tailored
One of the peculiar natures of financial for Nepalese context.
products/services is that the outcome of financial
products/services becomes visible only in the 6. The Rationale for Twin Peak Regulation
long run, unlike other consumer goods for which Model in Nepal
utility is realized immediately upon product Twin Peak model of financial regulation is
purchase (Sahasranaman, et. al., 2014). From a regulatory framework in which two separate
this perspective, financial products/services are agencies take responsibility for prudential
comparable to medical services, where treatment regulation (focused on financial safety and
is administered upfront and consequences are stability) and conduct regulation (focused on
faced only after a passage of long time. So there acceptable behaviors and outcomes of BFIs).
always remains probability of adverse selection. Prudential Authority maintains the stability
of financial system by maintaining safety and
In case 2 and 4, Sapana and Birkha suffered soundness of regulated BFI’s while Conduct
this nature of financial service. They subscribed Authority protects consumers and ensures that
to services earlier but suffered only after a period BFI’s treat their customers fairly.
of time. Further, financial products/services
outcomes are widely complicated due to their The proponents of Twin Peak posit that this
exposure to external/market risk. For instance, in model allows both regulatory specialization
case 2, the downfall of JKL cooperative may be and the reduction of persistent conflict between
caused by spillover effect of other cooperatives consumer protection mandates (that tends to
bankruptcy. Or, any other random shock in the decrease firm profitability) and solvency concerns
market could have caused it. Thus, specialized (supervisors favoring high firm earnings). This
responses considering nature of manifestation of model emerged during the late 1990s, and first
outcomes are a sine qua non. adopted by Australia (in 2008), followed by
Netherlands (in 2002), United Kingdom (in
All of these cases reflect that information 2012) and South Africa (in 2017). Nepal has been

219
 g]kfn /fi6« a}+s ;dfrf/

following sectoral regulation, while seems to individual cannot simultaneously perform both the
aspiring for twin peak regulatory model. Nepal conflicting roles. This fits with the case of Hundi,
has been following sectoral regulation, but seems where regulatory mechanism shall priorly ensure
to be aspiring for twin peak regulatory model. proper restrictions of such illegal transactions.
Some of the rationales for implementing twin peak
regulation in Nepal are mentioned below. What are the major focus areas of prudent and
conduct regulators is a prime concern. Conduct
I. Conflict of Regulatory Objectives regulators pinpoint how BFI’s and non-BFI’s
In practice, the regulatory objectives for interact with their clients and stakeholders on issues
prudence and market conduct are quite conflicting. of disclosures, fairness, and suitability of products
In some instances, maintaining safety and and so on. Prudential regulators focus on operational
soundness of troubled financial institution is better modality that is ensuring safe and sound operations
achieved through confidential actions so that panic for higher earnings. A common analogy fits here.
in the market could be avoided. But at the same Conduct regulators act like police (investigating
time, from market conduct perspectives, prudential and punishing offenders who break the established
problems shall be disclosed to the public to help rules) whereas conduct regulators act like doctors
them make fully informed decisions. Preserving the (preventing problem for maintaining long-run
integrity of the market through adequate disclosure/ health of patients). With this, it can be argued that an
transparency is the mandate of business conduct individual cannot simultaneously perform both the
regulation. A single regulator may be in dilemma, conflicting roles. This fits with the case of Hundi,
and would ultimately tilt to either of the side. Twin where regulatory mechanism shall priorly ensure
peak regulators shall resolve this issue by having proper restrictions of such illegal transactions.
singleness of focus. For instance, the bankruptcy
of few cooperatives in recent times represents this III. Range of Regulation
dilemma. Focus has been dedicated on prudential The scope of regulation differs between
actions whereas market conduct issues are widely prudential and conduct regulation. The range of
ignored. Whether troubled cooperatives shall be financial institutions they regulate is different.
managed in a confidential manner or with utmost Prudent regulators majorly focus on quality of
disclosure refers theoretical incongruence on balance sheet and risk management for a limited
objectives of sectoral regulators that could be set of BFI’s while conduct regulators apply to every
potentially resolved by Twin Peak model. institution providing a financial service/product.
In Nepalese context, all the BFI’s and some non-
II. Differences in Regulatory Focus BFI’s are prudently regulated and extremely large
What are the major focus areas of prudent and number of NBFIs are either pseudo-regulated or
conduct regulators? Conduct regulators pinpoint unregulated. The suitable approach would be to
how BFI’s and NBFI’s interact with their clients apply conduct regulation to all the NBFI’s, as it
and stakeholders on issues of disclosures, fairness, may not be possible to prudently regulate the BFIs.
and suitability of products and so on. Prudential
regulators focuses on operational modality, that The scope of regulation differs between
is ensuring safe and sound operations for higher prudential and conduct regulation. The range of
earnings. A common analogy fits here. Conduct financial institutions they regulate is different.
regulators acts like police (investigating and Prudent regulators majorly focus on quality of
punishing offenders who break the established balance sheet and risk management for a limited
rules) whereas prudent regulators acts like doctors set of BFI’s while conduct regulators apply to every
(preventing problem for maintaining long-run institution providing a financial service/product. In
health of patients). With this, it can be argued that an Nepalese context, all the BFI’s and some NBFIs

220
g]kfn /fi6« a}+s ;dfrf/

are prudently regulated but extremely large number adequately discharge any one of the objective.
of NBFIs are not. The suitable approach would be Given the nature of inefficiencies existing in the
to apply conduct regulation to all the NBFI’s, as it market, as represented by the cases above, the
may not be possible (due to the number and cost) to conduct regulation effort/approaches seems to be
prudently regulate all the BFIs. inappropriate or inadequate.

IV. Regulatory Cultures Furthermore, sectoral interlinkages are another

In International context, where twin peak reason which rationalizes the move to twin peak
regulation format has been adopted, conduct model. Financial sectors are highly interlinked and
regulators mostly recruit and maintain an interdependent upon each other. The deterioration
extremely large number of lawyers as their staffs of one sector may highly impact another sector.
(which reflects police like role) and in contrary, For instance, liquidity crisis in banking sector and
prudential regulators are typically staffed with downfall in real estate sector is correlated with
finance specialists, economists, accountants, and cooperatives sector crisis. So, a close co-ordination
actuaries (which reflects doctor like role). This mechanism under twin peak approach is essential in
fits with their core objectives of conduct and today’s evolving context.
prudence respectively. These different professional
backgrounds existing in a single super-regulator Next, the financial products that are emerging in
can lead to cultural clashes on the approaches of the market are more complex than ever. The products
dispute resolution. In Case 3, the doctor like role exhibit the characteristics of both insurance and
has been played by existing regulatory framework, banking products, which makes it more difficult
but police like role has been handed over to another to regulate. New financial product/services in the
agency which raises questions over the timeliness fin-tech market like crowd funding, peer-to-peer
and efficiency in the resolution. The initial actions lending require regulation from both conduct and
of blacklisting are taken by bank and central bank prudent perspective. Lastly, the efficacy of financial
whereas the crucial later part has been handed litaracy programs is often disputable globally.
over to courts, which may not have the perfect Financial education for consumers have been
mechanism to resolute disputes of financial nature. widely offered and promoted for the last several
decades but the research results are mixed12. These
V. Tools of Regulations evidences also suggest that specific and dedicated
Further, the tools used by prudence and conduct focus for conduct regulation is the need of the hour
regulators are also quite different. The prudence in Nepalese context.
focused regulators implements tools like capital
adequacy, fitness and propriety, risk management, Figure ii. Theoretical Framework of Financial
good governance to minimize the probability of
institutional failure. On the other side, the conduct
focused regulators uses tools like fraud prevention,
market manipulation prevention, ensuring privacy
and confidentiality, disclosure requirement, sharing
of accurate information, suitability of the product
in order to strengthen the efficiency and fairness
in the market. As in current context, central bank
takes command of both the regulatory objectives,
which are often conflicting in nature, it may not

12
See Barefoot (2019).

221
 g]kfn /fi6« a}+s ;dfrf/

Consumer Protection the following:

Thus, this study corroborates that information
asymmetry, behavioral biases, high search cost I. The Central Bank of Nepal had performed
and the innate nature of financial products makes commendable initiations since long (refer
the financial consumers more vulnerable unlike appendix 1 for NRB’s initiatives) in the front of
other consumers. This vulnerability could be financial consumer protection. Recently, Financial
altered by a moderating variable, which is a type Inclusion and Consumer Protection Division
of regulatory framework adopted by the central have been established to dedicatedly work on this
bank. A super-regulator format looking after all the issue. However, this study suggests that NRB’s
sectors, or sectoral regulators which focus only on ongoing actions may be inadequate to ensure
their sectors would lose the required singleness in financial consumer protection due to innate
regulatory objectives and focus, have conflicting vulnerability of financial consumers, duality of
regulatory cultures, and insufficient regulatory regulatory objectives, conflicting regulatory focus,
tools. In the evolving ever dynamic financial differences in regulatory cultures and such.
market, twin peak regulatory framework, tailored
to the local context, is the prerequisite. II. In the midst of every hardship, there lie great
opportunities. The recent corporate governance and
7. Conclusion transparency issues in cooperatives, microfinance
In a Nutshell, the growing complexities and and other similar financial market issues as
dynamism in the financial market is inevitable. mentioned in the cases points towards some lags
Some of the developed countries’ regulators have in conduct regulation. Thus, NRB shall strive for
already armed themselves in the fight against Twin Peak regulation, tailored in local context.
the emerging challenges with the pro-active
implementation of Twin Peak Regualtion. A super- Figure iii. Twin Peak Model
regulator structure or sectoral regulators could not
function optimally due to the nature of financial
consumers, requirement of synergies, conflict
of policy goals, tools and cultures. In Nepalese
context, NRB shall take command of both prudent
and conduct regulation due to availability of
financial resources, professionalism and expertise
to deal with the matter.

8. Recommendations
The increasing complexity and dynamism in
the financial market is requiring a reengineering III. NRB shall differentiate its regulatory objectives
of the regulatory framework. Thus, some of the based on prudential and market conduct priorities
developed and developing countries have been and dedicate separate and resourceful entities for
rethinking their approaches to the regulation. fulfilling both of these objectives. The conduct
While saying so, it must also be noted that no regulation shall also be performed by NRB itself,
single regulatory framework is a panacea. Every unlike models adopted in international context, in
regulatory approach shall be based on the local addition to prudential regulation. This is because
context and scenarios. The analysis and evaluation of potential synergy of information exchange
of the representative cases, ongoing market between conduct and prudent regulators, presence
developments and theoretical literatures suggest of professional skills and expertise within NRB

222
g]kfn /fi6« a}+s ;dfrf/
worldbank.org/psd/protecting-financial-
and availability of financial resources with NRB
consumers-during-covid-19-crisis
as conduct regulation is a costly endeavor.
Chaulagain, R. (2021). Basics of Financial
IV. NRB shall strive for twin peak regulation in a Consumer Protection in Nepal. Research Gate
phased approach. In the short run, it shall empower Cordray R ‘Foreword: Consumer Protection in
and bolster the recently formed financial consumer the Financial Marketplace’ 2015 Havard Law
protection division with sufficient financial and Policy Review 307 available athttp://
resources, human resources (lawyers, finance heinonline.org/HOL/Licence (accessed 27
specialists, members from police administration) November 2016).
and physical resources capable of generating
adequate intelligence. In the long, a certain degree Gakeri J ‘Financial Services Regulatory
of independence could be provided to effectively Modernization in East Africa: The Search
adhere to the spirit of twin peak regulation. for a New Paradigm for Kenya’ (2011) 1(16)
International Journal for Humanities and Social
V. Coordination mechanism between prudent Science 163.
regulators and conduct regulators is the key to the Glaeser, E. L. (2005). Paternalism and psychology.
model’s success. Thus, an effective mechanism Retrieved from: https://www.nber.org/papers/
shall be established between them to ensure that w11789
issues are solved. Soft law (signing Memorandum Godwin, A., & Schmulow, A. (Eds.). (2021). The
of Understanding) or Hard Law (mandatory legal Cambridge handbook of twin peaks financial
responsibilities) approach could be implemented regulation. Cambridge University Press.
to ensure coordination.
Johnston, B. (1997). Cooperative values and
References principles: a commentary‖. Journal of
Acharya, S. (2019). Legal measures of Nepalese Cooperatives studies, 30, 2.
financial system: An overview. Available at Kahneman, D. (2003). Maps of bounded rationality:
SSRN 3389607. Psychology for behavioral economics.
Agrawal, K. (2012). A Conceptual Framework of American economic review, 93(5), 1449-1475.
Behavioral Biases in Finance. IUP Journal of Karki, G. B. (2024). A Solution to the Loan-sharking
Behavioral Finance. Problem. Opinion, Kantipur. Kathmandu,
Akerlof, G. A. (1978). The market for “lemons”: Nepal. Retrieved on 5 March, 2024, from:
Quality uncertainty and the market mechanism. https://ekantipur.com /opinion/2024/03/05/a-
In Uncertainty in economics (pp. 235-251). solution-to-the-meter-badge-problem-25-41.
Academic Press. html
Barefoot, J. A. (2019). Regulation innovation: Lee, R. (2010). Running the world’s markets:
failures and costs of consumer financial the governance of financial infrastructure.
protection regulation. M-RCBG Associate Princeton University Press.
Working Paper Series, 111. Sahasranaman, A., George, D., Rajendran, D.,
Baye, M. R., Morgan, J., & Scholten, P. (2006). & Prasad, V. (2014). A new framework for
Information, search, and price dispersion. financial consumer protection in India. Position
Handbook on economics and information Paper. IFMR Finance Foundation.
systems, 1, 323-375. Sahi, S. K. (2017). Psychological biases of
Boeddu, et. al., (2020). Protecting financial individual investors and financial satisfaction.
consumers during the COVID-19 crisis. The Journal of Consumer Behaviour, 16(6), 511-
World Bank. Retrieved from: https://blogs. 535.
223
 g]kfn /fi6« a}+s ;dfrf/

Smith, A. C., & Zywicki, T. (2014). Behavior, The World Bank (2023). Remittance Prices
Paternalism, and Policy: Evaluating Consumer Worldwide Quarterly. Retrieved from:
Financial Protection. h t t p s : / / re m i t t a n c e p r i c e s . w o r l d b a n k .
Thaler, R. H., & Sunstein, C. R. (2003). Libertarian org/#:~:text=Globally%2C%20sending%20
paternalism. American economic review, 93(2), re m i t t a n c e s % 2 0 c o s t s % 2 0 a n , 2 0 2 3 % 2 0
175-179. report%20for%20further%20details.

Appendix 1: NRB’s initiatives for Financial Consumer Protection

Date (B.S.) Initiatives

2062/01/11 Established Grievance Hearing Cell - GHC, under Bank and Financial Institution
Regulation Department
2063/07/01 Grievance Hearing Sub-Committee was formed. Grievance Management Committee
was formulated in 2063/09/20
2071/09/11 Issued Directive for A,B,C class banks, on “Financial Consumer Protection and
Financial Literacy”.
FY 2076/77 Establishment of Financial Consumer Protection Unit in BFIRD. And issued Financial
Consumer Protection and Grievance Managment Procedure, 2077
2078/01/02 Operation of Online Gunaso Portal
2079/04/01 Upgraded the Consumer Protection Unit into Financial Inclusion and Consumer
Protection Division under BFIRD.
2079/08/08 Updated Financial Consumer Protection and Grievance Managment Procedure, 2077.
2080/10/01 Formulated specialized Financial Inclusion and Consumer Protection Division under
Office of the Governor.
Source: Nepal Rastra Bank



224
g]kfn /fi6« a}+s ;dfrf/

Fiscal Policy of Nepal

@ Ritu Gupta*

Background The country has historically maintained a relatively

Fiscal policy is the framework of government low level of debt, which has allowed it to keep the
for using spending and taxes to influence economic deficit in check in the past. However, persistently
conditions especially macroeconomic factors such high spending needs during and beyond the
as aggregate demand, employment, inflation and federalism transition mean that a reliance on
economic growth. Governments adjust tax rates import taxes alone is unlikely to be sufficient
and government spending to stimulate growth going forward.
by cutting taxes and increasing spending during
a recession or cool an overheating economy The FY2023/24 budget envisions lower
by raising taxes and cutting spending. Fiscal federal spending on capital investment and fiscal
policy can be expansionary (reducing tax rates transfers to subnational governments, yet higher
or increasing spending) to stimulate economic debt servicing costs. Overall, the fiscal policy
growth or restrictive (raising tax rates or reducing of Nepal is evolving to address the challenges
spending) to prevent inflation. and opportunities presented by the new federal
structure, aiming to reset the development storyline
Expansionary fiscal policy can lead to deficits and achieve fiscal resilience. The adoption of the
while contractionary fiscal policy aims at budget federal constitution in 2015 marked a radical
surpluses; although budget surpluses are used transformation in Nepal’s public sector, aiming
less frequently due to their political unpopularity. to empower people through their Provincial and
Fiscal policy can contribute to poverty reduction Local Governments (PLGs) and transform an
by focusing on providing social goods, social ineffective, centralized and bureaucratic public
infrastructures and the social safety net. Progressive services and administration system into a modern
tax structures and targeted spending on essential public sector.
services can help improve the living standards of
disadvantaged people. Automatic stabilizers, such Since then, Nepal has made considerable
as unemployment benefits and social spending progress in strengthening fiscal federalism,
respond naturally to fluctuations in the economy. including the establishment of elected Provincial
Additionally, discretionary fiscal policy can be and Local Governance Support and the transfer
used to address specific economic situations. of responsibility for key public sector services
to these entities. However, the country still faces
Fiscal Policy of Nepal challenges in addressing fiscal risks, such as tax
The fiscal policy of Nepal has undergone exemptions for domestic taxes and the need to
significant changes since the adoption of the strengthen PLG own-source revenues. Fiscal
federal constitution in 2015, which transformed consolidation and further structural reforms,
the country from a centralized to a federal including to advance fiscal federalism, address
republic. The new system, in principle, provides fiscal risks, and strengthen public investment
opportunities to decentralize development benefits management, are needed to support medium-
and make service delivery more effective and term fiscal sustainability. In summary, Nepal’s
accountable. Nepal’s system of fiscal transfers is fiscal policy has evolved to address the challenges
relatively transparent, rule-based and predictable. and opportunities presented by the new federal

*
Assistant Director, Nepal Rastra Bank

225
 g]kfn /fi6« a}+s ;dfrf/

structure, aiming to reset the development storyline ● Capital Expenditure: Rs. 302.08 billion (17%).
and achieve fiscal resilience ● Financing Provision: Rs. 307.45 billion (18%)

Major highlights of fiscal policy of Nepal for the Focus Areas

fiscal year 2023/24 ● Prioritizing economic growth and quality social
development.
The objectives of the budget for FY 2023/24 are ● Increased budget allocation for the health sector.
as follows ● Development of social areas, social security,
a) To attain broad, sustainable, and inclusive physical infrastructure, digital and green
growth by invigorating the economy. economy, environmental protection, and
b) To ensure qualitative social development, along disaster management
with security and justice.
c) To boost the morale of the private sector by Revenue Generation
creating an investment friendly environment, ● The government aims to raise Rs. 1.24 trillion
and to alleviate poverty by generating income in revenues and receive Rs. 49.94 billion in
and employment opportunities. foreign grants.
d) To maintain macroeconomic stability.
e) To fortify federalism and uphold good Tax Policies
governance. ● Amnesty announced in the Finance Bill includes
f) To augment the effectiveness of public waivers of pending taxes and interest.
expenditure through budgetary reforms. ● Tax incentives for industries like hydropower
projects and export-oriented businesses.
The priorities of the budget are as follows
a) Development of agriculture, energy, and Public Debt
tourism. ● Also, the target of issuing domestic borrowing is
b) Promotion of investment, industrial below 5% of the estimated GDP of FY2023/24
development, and trade balance. and recurrent spending has been allocated
c) Advancement of the social sector and within the coverage of domestic revenue.
enhancement of social security. External and overall debt are assessed at low
d) Construction of high-quality physical risk of debt distress by the IMF. Public debt of
infrastructure. the government as of mid-May 2023 stands at
e) Promotion of digital and green economy. NRs. 2134.32 Billion, which is equivalent to
f) Protection of the environment, climate change 39.6% of GDP and estimated to be around 42%
mitigation, and disaster management. of GDP by the end of FY2022/23. Of the total
g) Development of human resources and job outstanding debt, internal and external debts are
creation. 50.3% and 49.7% respectively.
h) Reform of the financial sector.
i) Strengthening of fiscal federalism and Economic Growth Targets
enhancement of service delivery. ● Targeted economic growth rate is 6 percent for
j) Reform in the public finance management the fiscal year 2023/24.
system. These highlights reflect the government’s
efforts to stimulate economic growth, enhance
Budget Allocation social development, and address key sectors such
● Total Budget: Rs. 1,751.31 billion. as health and infrastructure in Nepal’s fiscal policy
● Current Expenditure: Rs. 1,141.78 billion for the specified period.
(65%). Source: MoF, Budget Speech 2023/24

226
g]kfn /fi6« a}+s ;dfrf/

Monetary policy and Fiscal policy directly through increased government spending
Monetary policy and fiscal policy are the two main is often called expansionary or “accommodative”
tools that help policymakers manage or stimulate policy. In contrast, fiscal policy is often considered
the economy. restrictive or “tight” if it reduces demand through
reduced spending. Governments can control
Monetary policy is primarily concerned with the aggregate demand indirectly by influencing private
management of interest rates and the total supply of consumption, investment, and net exports through
money in circulation usually controlled by a central changes in taxes, transfers, borrowing, etc.
bank. Central banks use tools such as open market
operations, reserve requirements and discount rates Public works projects
to influence economic activities. They stimulate Financing the development of social goods such
economic activities by encouraging borrowing and as roads, bridges, schools, hospitals and other social
spending or curb inflation by limiting spending and infrastructure help improve physical environment
encouraging saving. and support job creation, thereby increasing
consumer spending.
Whereas, Fiscal policy refers to tax and spending
decisions made by the government to affect the Defense spending
economy. Governments use tax and spending policies Military spending can increase demand for
to regulate economic activities with tools such as defense-related goods and services, including
changes in government spending and tax collections manufacturing, research and maintenance.
aiming to increase GDP through expansionary tools
such as increased government spending or reduced Grants and subsidies
economic activity through contractionary measures. Providing direct and indirect support to industries
or individuals can encourage spending and
Hence, monetary policy is carried out by central investment, especially in sectors facing challenges.
banks while fiscal policy is entirely the responsibility
of the government. Fiscal policy generally has a Research and development
greater impact on consumers than monetary policy Supporting scientific and technological
affecting factors such as employment and income. innovation can promote entrepreneurship and
Both policies work best when implemented together stimulate economic growth.
because they have direct and indirect impacts on the
economy. Education and training programs
Improving human capital through education
How does public spending affect aggregate and training opportunities can improve workers’
demand? productivity and earning power, thereby encouraging
Fiscal policy can directly affect aggregate demand increased spending.
through government spending and tax adjustments.
When private sector spending falls, the government Health Services
can spend more and/or tax less to directly increase Improving access to and quality of health care
aggregate demand. When the private sector is too can improve living standards and thereby promoting
optimistic and spends too much and too quickly increased consumer spending.
on new consumption and investment projects, the
government may spend less and/or tax more to reduce Disaster Relief
aggregate demand. Helps communities recover from natural
disasters that can restore damaged infrastructure and
Fiscal policy that increases aggregate demand revitalize local economies.

227
 g]kfn /fi6« a}+s ;dfrf/

Jobs Initiative to the pandemic had run into trillions of dollars,

Creating jobs through temporary hiring programs with measures including increased spending,
or targeted employment subsidies can increase revenue shortfalls, lending, guarantees and equity
consumer spending and stimulate economic growth. injections. As countries moved through different
stages of the pandemic, fiscal policy adapted to
These forms of public spending contribute to support the immediate health crisis, spur economic
increasing aggregate demand by putting more recovery, and ensure long-term sustainability.
money into circulation, supporting job creation
and improving the general well-being of citizens, Fiscal responses to the pandemic varied
thereby encouraging more spending and investment. significantly across countries, reflecting differences
in financial capacity and economic circumstances.
How does tax adjustments affect aggregate Targeted fiscal measures were needed to ensure
demand? household access to basic goods and services, to
Tax adjustments affect aggregate demand help businesses survive layoffs and bankruptcies,
primarily through their impact on available and to implement resources effectively while
resources. reflecting costs in multi-year financial reports.

When taxes increase, disposable income In short, fiscal policies are proved instrumental
decreases leading to reduced consumer spending in addressing the economic fallout from the
and potentially lower investment due to lower COVID-19 pandemic by providing significant
profits showing that aggregate demand for goods support to individuals, businesses and economies
and services in the economy is decreasing. around the world. The effectiveness of these policies
Conversely, when taxes are reduced, disposable lies in their ability to adapt to changing needs while
income increases which stimulates consumer ensuring transparency, efficiency and targeted
spending and may encourage more investment. support for those most affected by the crisis.
This results in increase in aggregate demand for
goods and services. Fiscal Policy challenges in Nepal
The implementation of fiscal federalism also
It should be noted that taxes alone do not poses challenges in Nepal due to distributive
determine aggregate demand but also interact allocations, high current expenditure expansion,
with other variables such as consumer confidence, and weak public finance accountability at all
interest rates and public spending policies. levels of government. In Nepal, fiscal policy faces
challenges such as tax-to-GDP ratio and lack of
Fiscal Policy and COVID-19 domestic resource mobilization. The tax-to-GDP
During the COVID-19 pandemic, countries ratio in Nepal reached 21.88% in the financial year
around the world used fiscal policies to combat 2021-2022 which is higher than the South Asian
the financial crisis caused by the pandemic. Those average.
measures aimed to protect lives and livelihoods,
promote economic openness, and mitigate the The International Monetary Fund (IMF)
negative impact of the pandemic on economic and emphasized the importance of revenue
health outcomes. mobilization, promoting fiscal federalism,
managing financial risks and strengthening public
Tax policy had played a key role in providing investment management in Nepal. Fiscal policy
emergency relief to save lives, protect jobs needs to respond quickly to short-term budget
and incomes, support businesses and facilitate pressures while also supporting groups vulnerable
economic recovery. The global financial response to high food and energy prices. Fiscal consolidation,

228
g]kfn /fi6« a}+s ;dfrf/

governance reform and structural change are critical parenting and other caregiving responsibilities,
for medium-term fiscal sustainability. accident, illness, disability, old age or other life
circumstances.
The World Bank highlights that Nepal’s
economic growth is facing a slowdown due to issues Weak institutional capacity
such as import restrictions, tightening monetary Local authorities have difficulty implementing
policy, rising inflation and falling government social protection initiatives due to limited resources
spending. These factors lead to a decline in public and lack of clear mandates.
revenue and a growing budget deficit. World
Bank emphasizes the importance of timely action Nepal faces several challenges in implementing
and policy improvement to support sustainable social protection reforms like inadequate human
development in Nepal. resources, planning, and coordination, which
have constrained the government’s efforts in this
Social protection reform in Nepal area. Additionally, the benefit incidence of social
The right to social security is also recognized protection programs in Nepal is lower than 40 percent
in the Nepali Constitution of 2015. Most social for the poorest quintile, indicating that the system
protection is tied to formal employment. Though, could be made more progressive by strengthening
according to Nepal’s labor force survey in 2017/18, allocations to the most vulnerable. The coverage
84.6 percent of the total working population and of social protection programs in most South Asian
90.5 percent of women workers are engaged in countries, including Nepal, is also lower than that of
informal work. This system reinforces inequality most emerging markets. To address these issues, the
as workers in the informal sector are more prone government could focus on expanding the coverage
to experiencing poverty as earnings are low, of social protection programs, raising benefit
employment is unstable and labor protections adequacy and reducing leakages by improving
such as the minimum wage are not enforced. beneficiary selection.
The absence of social protection further exposes
them to the harmful effects of emergencies, social Reforms needed to strengthen universal social
and economic shocks and unpredictable crises like protection and reduce inequality in Nepal
the Covid-19 pandemic which left many workers
unable to earn an income. Nepal’s social protection Universality
system faces challenges in ensuring equitable Shifting the focus from selective interventions to
distribution and reducing inequality across broader, more comprehensive approach, including
demographic group differences especially informal all segments of society.
workers and children.
Integration
Factors that contribute to these problems Consolidating multiple programs into a coherent,
streamlined structure managed by a single agency.
Fragmentation
Multiple agencies administer separate programs, Local empowerment
leading to inconsistent eligibility requirements and Strengthening the capacity of local authorities
administrative complexity. to deliver social protection services by clarifying
their role and providing the necessary funding.
Low coverage
Less than a third of the population currently Fiscal sustainability
benefits from some form of social protection, Increasing domestic revenue to finance efforts
particularly in the event of unemployment, to strengthen social protection.

229
 g]kfn /fi6« a}+s ;dfrf/

Benefit ratio analysis account balance. To address these challenges,

Ensure that benefits reach the intended Nepal needs to focus on consolidating finances,
beneficiaries, eliminating inequities in the current rationalizing spending, maximizing revenue,
social protection distribution. enforcing financial regulations, minimizing
government risks and strengthening management
Sustainable Financing measures to control inflation and focus on fiscal
Mobilizing resources to sustainably finance consolidation.
higher social protection spending is crucial for
building resilience against economic, health, and However, fiscal policy must be carefully
environmental shocks. This includes expanding managed to avoid debt burdens and ensure
coverage, improving benefit adequacy, and protection of vulnerable households. Governments
enhancing efficiency in social assistance programs. should increase efforts to develop credible, risk-
based financing frameworks that reduce debt-
Progressive Reforms related vulnerabilities over time. The lessons
Strengthening allocations to make social learned from public financial management projects
protection programs more progressive can better in Nepal emphasize the importance of gradual
target poor and vulnerable households in countries reform, integrated approaches, diverse teams,
like Nepal. Improving progressivity can enhance and government-led processes for sustainable
the effectiveness of the overall social protection improvements.
system in reducing inequality.
Recent fiscal policy reforms in Nepal have
By implementing these reforms focused on been focused on addressing near-term fiscal
domestic financing, universal coverage, inclusive pressures, supporting vulnerable groups against
programs, sustainable financing, and progressive elevated food and energy prices and maintaining
measures, Nepal can significantly strengthen momentum on governance reforms to enhance
its social protection system and work towards fiscal transparency. To ensure medium-term
reducing inequality across its population. fiscal sustainability, Nepal is implementing fiscal
consolidation measures and further structural
Conclusion reforms, including revenue mobilization,
The success of fiscal policy depends on many advancing fiscal federalism, addressing fiscal
factors including the strength of institutions, the risks, and strengthening public investment
quality of governance and the available fiscal management. These reforms are crucial for fostering
space. Effective fiscal policy requires careful sustainable and inclusive growth, increasing
consideration of the trade-offs involved such as resilience to climate change and supporting the
balancing the needs of the present generation with country’s economic development trajectory.
the needs of future generations. Fiscal policy has For which World Bank has also recommended
evolved significantly over time moving from a key reforms to strengthen fiscal federalism in
restrictive government approach to a more active Nepal, emphasizing the need for a clear roadmap,
role especially after the great recession and recent improved public financial management systems at
global economic crises. provincial and local levels and capacity building
for staff involved in public financial management
Fiscal policy pursues several goals including functions.
macroeconomic stabilization, fighting inflation,
and supporting economic growth. The country These reforms aim to enhance fiscal federalism
faces problems such as high trade deficit, low outcomes by clarifying responsibilities among
export share, high inflation and negative current different tiers of government, improving budget

230
g]kfn /fi6« a}+s ;dfrf/

credibility, and ensuring effective service delivery Growth_in_NepalRam-Sharan-Kharel-Ph.D..

by subnational governments. In summary, recent pdf
fiscal policy reforms in Nepal are geared towards Nepal Rastra Bank, Economic Research
enhancing fiscal sustainability, promoting inclusive Department (Ed.).
growth, strengthening governance structures and
https://www.nrb.org.np/contents/uploads
improving public financial management systems
/2019/12/NRB_Economic_Review-Vol_24-1_
to support the country’s economic development
April_2012Full_Text.pdf
goals.
World Bank (2021). Macro-fiscal context.
The new federal system has led to considerable https://documents1.worldbank.org/curated/
progress in strengthening fiscal federalism, en/099835012032119520/pdf/P17208601e4d9
including the establishment of elected PLGs and 102009d990f176775b9f18.pdf
the transfer of responsibility for key public sector International Monetary Fund. (n.d.). Fiscal Policy:
services to these entities. However, challenges Taking and Giving Away. https://www.imf.org/
remain in addressing fiscal risks, such as tax en/Publications/fandd/issues/Series/Back-to-
exemptions for domestic taxes and the need to Basics/Fiscal-Policy
strengthen PLG own-source revenues. Recent
fiscal policy reforms in Nepal have been focused on Investopedia. (n.d.). All About Fiscal Policy: What
enhancing fiscal sustainability, promoting inclusive It Is, Why It Matters, and Examples.
growth, strengthening governance structures, and h t t p s : / / w w w. i n v e s t o p e d i a . c o m / t e r m s / f /
improving public financial management systems fiscalpolicy.asp
to support the country’s economic development ThoughtCo. (2021). What Is Fiscal Policy?
goals. Definition and Examples.

References https://www.thoughtco.com/fiscal-policy-
International Monetary Fund. (n.d.). Fiscal policy: definition-and-examples-5200458
Taking and giving away. National Center for Biotechnology Information.
https://www.imf.org/en/Publications/fandd/issues/ (2022). US Fiscal policy during and after the
Series/Back-to-Basics/Fiscal-Policy coronavirus.

Nepal Rastra Bank. Monetary policy for the fiscal https://www.ncbi.nlm.nih.gov/pmc/articles/

year 2077/78 (2020/21). https://www.nrb. PMC9111865/
org.np/contents/uploads/2020/09/Monetary- Encyclopædia Britannica. (n.d.). Fiscal Policy
Policy-2020_21-Full-Text-English-Version.pdf Summary.
Ministry of Finance. (2020). Economic survey https://www.britannica.com/summary/fiscal-
2019/20. https://mof.gov.np/uploads/ policy
document/file/Economic%20Survey%20 Shrestha, S., & Bhandari, R. (2023). Health
2019_20201125024153.pdf financing reforms in the quest for universal
Kharel, R. S. (2012). Modelling and forecasting health coverage: Challenges and opportunities
fiscal policy and economic growth in in the context of Nepal. Journal of Global
Nepal. NRB Economic Review, 24(1), 1-15. Health, 13(2).
h t t p s : / / w w w. n r b . o rg . n p / c o n t e n t s / Adhikari, D. (2023). Issues and Challenges
uploads/2019/12/NRB_Economic_Review- of Implementing Fiscal Federalism Faced
Vol_24-1_April_20121_Modelling_and_ Under the Reform of a Federal State in Nepal.
Forecasting_Fiscal_Policy_and_Economic_ Organisation for Economic Co-operation and

231
 g]kfn /fi6« a}+s ;dfrf/

Development (OECD). social-protection-system-reinforces-inequality

Pandey, J., & Bhattarai, L. (2023). Nepal health https://myrepublica.nagariknetwork.com/news/
financing in light of federalism and pandemic. major-highlights-of-budget-for-fiscal-year-
Global Advances in Health and Medicine, 12, 2023-24-with-full-text/
21–30. https://www.nbsm.com.np/publication/nepal-
https://www.nrb.org.np/ b u d g e t - 2 0 8 0 8 1 - h i g h l i g h t s - f ro m - t a x -
https://www.mof.gov.np/ perspective.html

https://kathmandupost.com/columns/2022/11/02/ https://kathmandupost.com/money/2023/11/12/
challenges-of-managing-fiscal-risks-in-nepal nepal-s-debt-grows-by-rs41-billion-in-the-
first-quarter
https://www.hrw.org/news/2023/02/01/nepals-



232
g]kfn /fi6« a}+s ;dfrf/

Fiscal Federalism in Nepal: Trends and

Pathways for the Future
@ Ashmita Dahal*

Background principles, a normative framework for the

Nepal is one of the youngest federal countries assignment of functions to different levels of
in the world. Nepal initiated a federal governance government, and the appropriate fiscal instruments
system after the promulgation of the constitution for carrying out these functions (Musgrave, 1959;
in 2015. Nepal’s constitution legislates three Oates, 1972; Oates, 1999). In this way, fiscal
government tiers: federal, provincial, and local. The federalism is relevant for every type of government,
current constitution of Nepal has listed the single federal or non-federal. However, the application of
and concurrent list of powers of the federation, these principles varies in federal and non-federal
provinces, and local levels from schedule five to countries because of their different political and
nine. There are 35 functions on the federal list, legislative context. Simply, fiscal federalism is
21 on the provincial list, 22 on the local level list, the study of how expenditure responsibilities and
25 on the federal and provincial concurrent list, revenue sources are allocated in the Constitution
and 15 on the federal, provincial, and local level across different tiers of government. The United
concurrent list. The federal government owns more Nations Development Program (UNDP, 2005;
than 85 percent of all revenues (MOF, 2018/19) Shah, 2016) has mentioned that there are four pillars
meaning that revenue-capacity is still centralized. of fiscal federalism: expenditure responsibilities,
This fact shows that there is a huge gap between revenue assignments, intergovernmental fiscal
finance and functions. The present constitution transfers, and sub-national borrowing. But in the
states that this gap should be filled by equalization context of Nepal, the National Natural Resources
grants to the provinces and local governments. At and Fiscal Commission (NNRFC) has given
the beginning level, due to the fragile institutional six pillars of fiscal federalism (NNRFC annual
provision, issues of vertical fiscal imbalance have publication, 2080)
not been dealt with in full fledge. Theoretically,
such imbalance should be measured through the 1.1 Pillars of fiscal federalism in the context of
gap between expenditure need and fiscal capacity Nepal
but they have not been assessed properly yet. a) Expenditure responsibilities
Fiscal capacity has been ignored and expenditure b) Revenue assignments
need has been calculated through the cost index
c) Intergovernmental Fiscal Transfer (IGFT)
as a proxy variable. Every federal country faces
the problem of equalizing the fundamental d) Sub-national borrowing
imbalances between expenditures and revenues. e) Revenue sharing
Such imbalances contract all desirable economic f) Natural resources mobilization and
outcomes on one hand and social chase on the distribution
other. Therefore, the need for Intergovernmental
Fiscal Transfer (IGFT) becomes sensitive. Expenditure responsibility is the distribution of
functions and responsibilities among the spheres of
Fiscal federalism constitutes a set of guiding government. Revenue assignment describes who

*
Assistant Director, Nepal Rastra Bank

233
 g]kfn /fi6« a}+s ;dfrf/

gets what resources, meaning which level should criteria like feasibility of the project, project
levy what taxes. The Constitution of Nepal and the costs, outputs, and so on. The federal government
Intergovernmental Fiscal Arrangement (IFA) Act provides special grants for specific projects like
have assigned different tax and non-tax revenues education, health, drinking water, and uplift of
to the different tiers of government. backward people to be operated by the province
or local levels. The province government can
The major concern of IGFT is to address also provide complementary grants and special
an imbalance between revenue sources and grants to the local levels. For revenue sharing,
expenditure responsibilities of subnational the Federal government acts as a tax-collecting
governments. Every IGFT has two dimensions: agent for certain taxes and royalties on behalf of
vertical and horizontal. The vertical dimension subnational governments. The NNRFC Act has
distributes grants and revenues between the set criteria and variables for revenue sharing at
federal and subnational governments and the the federal, provincial, and local levels. The total
horizontal dimension allocates resources among divisible pool for the revenue sharing has been
the recipients, that is from province to province formed from the contribution of Value Added
or local-to-local government (WB, 2003; Shah Tax (VAT), and domestic excise duty; and royalty
2016). Nepal has adopted a vertical dimension from mountaineering, electricity, forest, mineral
or vertical equalization because the expenditure resources, water, and other natural resources.
responsibilities are highly devolved to the
subnational units however fiscal resources are NNRFC has been playing a dominant role
centralized as the federal government solely in the distribution of equalization grants and
owns more than 87 percent of all revenue (MOF, share determination for revenue sharing among
2019/20). There are two mechanisms of resource subnational governments. But the federal
allocation between the federal government and government has a decisive role in allocating
subnational governments in Nepal: grants and conditional, complementary, and special grants.
revenue sharing. Regarding public financial management, all three
tiers of government should submit their public
There are four kinds of grants and each of them expenditure and revenue estimation of their domain
is different in its purpose. Fiscal Equalization in each fiscal year. The federal government, the
Grants are designed by the constitution of Nepal provincial governments, and the local governments
to fill the gap between expenditure needs and ought to submit their annual budget by May 28,
fiscal capacity. The federal government and June 15, and June 24 respectively. Furthermore,
province governments under its domain distribute they have to prepare a MediumTerm Expenditure
this type of grant to the provinces and local levels Framework (MTEF) and economic survey before
based on their deficit. Conditional Grants are budget submission to their respective parliament.
devised to implement national policies, programs,
and standards, and to provide assistance to the The various models of intergovernmental fiscal
provinces and local levels. The federal government transfer applied in the world are visible in the table
provides these grants under necessary terms and given below. Additionally, the model used in the
conditions, and the concerned province and local context of Nepal is also described below.(Table 1)
levels have to abide by such terms and conditions.
The federal government provides complementary The above table explores the common types
grants to the provinces and local levels to of IGFT practices in the current world. Type
implement any project related to infrastructure A transfer explains that a total divisible pool
development. While providing complementary is formed through the revenues from central
grants, the federal government assesses certain government sources and is shared with subnational

234
g]kfn /fi6« a}+s ;dfrf/

Table 1.1 Taxonomy of Intergovernmental Fiscal Transfer Model

Method of Determining the Total Divisible Pool
Method of Allocating the Divisible Pool
among Eligible Units Share of National Reimbursement of
Ad hoc Decision
Tax Revenues Expenditures
Origin of Collection of the Tax A - -
Formula B F -
Total / Partial Cost Reimbursement C G K
Ad hoc Decision D H -
Source: Bahl et al., 2001

governments on a derivation basis. However, (Vazquez & Boex, 2001). The single window
types B, C, and D explore the total divisible pool approach focuses on equalizing both fiscal capacity
formed as type A transfer, and the divisible pool and expenditure need whereas the double window
is distributed with subnational governments on a approach emphasizes either fiscal capacity or
formula basis, cost-reimbursement basis, and ad expenditure need across subnational governments.
hoc basis, respectively. On the other hand, the total
divisible pool for types F, G, and H is fixed on an Trend analysis of fiscal transfer from federal to
ad hoc basis and the divisible pool is apportioned subnational governments
with other levels of governments on a formula The share of total grants and transfers in
basis, cost-reimbursement basis, and an ad hoc the federal budget is relatively constant for the
basis. The eighth type of transfer, K is designed considered years. The average share of total grants
with a total divisible pool and resources shared and total transfers in the federal budget from FY
with subnational governments, and they are both 2075/76 to FY 2080/81 are 23.68 % and 32.21%
formed on the same basis- cost reimbursement. respectively. The 32.21% of the average share
Currently, Nepal adopts an F type of IGFT system. of total transfer in the budget is considered best
according to universal practices. The total grants
The fiscal gap can be measured through two to the subnational governments are increasing
approaches: a single window and two windows except for FY 2080/81. Total revenue sharing is

Chart 2.1: Grants and Revenue Sharing in Federal Budget

Source: NNRFC annual publication

235
 g]kfn /fi6« a}+s ;dfrf/

Chart 2.2: Grant Distribution from Federal to Subnational Governments

Source: NNRFC annual publication

also in the increasing trends from FY 2078/79. to province levels, fiscal equalization grants are
greater than conditional grants for all given years
Out of the total four types of grants from federal except FY 2075/76. The conditional grant is greater
to province and local levels, conditional grants are than the fiscal equalization grant in FY 2075/76.
greater than fiscal equalization grants for all given
years except FY 2078/79. The conditional grant In FY 2075/76 and FY 2079/80, fiscal
is smaller than the fiscal equalization grant in FY equalization grants and conditional grants are
2078/79. almost convergent while for other years they seem
to be divergent to some extent.
Out of the total four types of grants from federal

Chart 2.3: Grants Distribution from Federal to Provincial Governments

Source: NNRFC annual publication

236
g]kfn /fi6« a}+s ;dfrf/

Chart 2.4: Grants Distribution from Federal to Provincial Governments

Source: NNRFC annual publication

Out of the total grants from the federal to local Conclusion

levels, fiscal Equalization grants are smaller than It is clear from the above-mentioned discussion
conditional grants, at all times. Conditional grants that the grant allocation in the budget from federal
are increasing rapidly while equalization grants to subnational governments is not consistent. For
are almost constant. example, the total grants allocated in the budget
for FY 2075/76 was 25% while in the very next
As conditional grants are increasing rapidly and year, it was only about 21%. Another unhealthy
equalization grants are decreasing, it shows that trend seen in the context of grant allocation to
these two grants are diverging. subnational governments is that fiscal equalization
grants are greater than conditional grants at the

Chart 2.5: Grants Distribution from Federal to local levels

Source: NNRFC annual publication

237
 g]kfn /fi6« a}+s ;dfrf/

Chart 2.6: Grants Distribution from Federal to local levels

Source: NNRFC annual publication

provincial level while conditional grants are

greater in the context of local levels. It shows that • The current equalization system is good for
fiscal autonomy at the local level is squeezed. the short term. However, in the long term, it is
necessary to prepare a policy for the government
The examination of fiscal federalism in to estimate the actual need and fiscal capacity of
Nepal reveals both promising trends and areas the subnational levels in per unit terms like cost
for improvement. The country’s transition to for 1 Kilometre road, budget for one secondary
a federal system has opened avenues for local school, and cost of one hospital and revenue
empowerment and enhanced resource allocation potential of the provinces and local levels.
efficiency. However, challenges persist, including
the need for clearer revenue and grants sharing • It would be better to fix the size of the total
mechanisms, generating disaggregated data, divisible pool for grants in proportion to the
actual estimation of expenditure need and fiscal federal budget like 33 percent of the federal
capacity, capacity building at sub-national levels, budget so that there will be certainty in the
and the promotion of fiscal discipline across grants amount for the subnational level.
all tiers of government. Fostering collaboration
among federal, provincial, and local governments • Work that is an exclusive and concurrent right
will be crucial to harnessing the full potential of provided by the Constitution of Nepal should be
fiscal federalism in Nepal. By addressing these unbundled minutely so that cost estimation for
challenges and embracing innovative approaches, the subnational governments would be real.
Nepal can navigate its fiscal federalism journey
toward greater prosperity, equity, and sustainable • The government needs to focus on various
development for all its citizens. disaggregated data collection of the subnational
governments so that further fiscal gap estimation
Recommendations would become more realistic.
There are some recommendations to related
authorities while making policy regarding fiscal • Among different resource headings in the fiscal
transfer and resource mobilization in Nepal. transfer to the subnational level, equalization

238
g]kfn /fi6« a}+s ;dfrf/

grants are almost constant but the share of from the damages and losses that may occur due
conditional grants is increasing. Therefore, the to climate change.
priority is to tie up conditional grants as a fiscal
capacity of the respective provinces. Then, • The federal government has violated the
this capacity has to be taken into consideration recommendation of the NNRFC while
while assessing the equalization grants. It helps allocating the fiscal equalization grant to the
to correct political manipulation on resource provincial government in FY 2077/78. Out of
distribution but it may take time. the recommended amount of Rs 57,570 million
as a fiscal equalization grant to the provincial
• It would be better to allocate conditional grants level only amount Rs 55,195 million was
on a bulk basis than a project basis like 5 percent transferred to the provincial level. Hence, there
on education, 6 percent on health, and so on, and should be a compulsory provision to allocate
allocate these grants to fulfill the fundamental the recommended budget to the subnational
rights provisioned in the constitution of Nepal. governments.

• Subnational governments should focus on • There should be a focus on resource management

resource mobilization under their jurisdiction. in both horizontal and vertical ways that would
Then, their fiscal capacity increases, and two scale up the economic efficiency of the federal
positive impacts are given: they can entertain structure in the long run.
resource autonomy, and resource pressure on
the federal level decreases. In this regard, the • Fiscal equalization grant is the difference
federal government should enhance the capacity between expenditure need and fiscal capacity.
of the sub-federal units and motivate them to If the federal government encourages the
implement a revenue improvement plan. subnational government to increase their fiscal
capacity and they successfully do that, this
• Expedite the formulation of the most will negatively impact the grant received by
important laws, standards, and policies in the the subnational governments. So, the federal
implementation of administrative federalism government should develop a mechanism in the
such as the Federal Civil Service Act, Public future that ensures that the development of fiscal
Debt Act, Federal Police Act, etc. capacity doesn’t have any substantial impact on
the grant allocation.
• Study the overall revenue potential of the federal
units, policy clarity to duplicated revenue, References
expand the base and scope of revenue from the Antar-sarkari Bitta Byabasthapn Ain
provincial government and local level, keep the [Intergovernmental Fiscal Arrangement Act]
rate of revenue low, and adopt a professional (2017). https://www.lawcommission.gov.
and taxpayer-friendly revenue policy in the np/,Nepal
mobilization of internal revenue resources.
Bahl, R., Boex, J., &Vazquez, J.M. (2001).
The Design and Implementation of
• The National Natural Resources and Finance
Intergovernmental Fiscal Transfers.
Commission (NNRFC) has been mandated by
International Studies Program, Andrew Young
the constitution to make the most of the revenue
obtained from the use of natural resources. Thus, Constitution of Nepal. (2015).https://www.
the mechanism should be developed to distribute la wc ommission.gov.np/e n/wp- co n te n t/
the revenue to the effective areas scientifically uploads/2021/01/Constitution-of-Nepal.pdf
and also route and protect the effective areas

239
 g]kfn /fi6« a}+s ;dfrf/
Ministry of Finance (MOF). (Two issues on lawcommission.gov.np/,Nepal
2018/19, 2019/20). Economic Survey. Ministry Shah, R.K. (2016). Fiscal Federalism in Nepal
of Finance, Kathmandu, Nepal. (First). Ekta Books Distributors Pvt. Ltd, Nepal.
National Natural Resources and Fiscal UNDP. (2019). Fiscal Transfers in Asia:
Commission. NNRFC annual publication, Challenges and Opportunities for Financing
2080.NNRFC, Kathmandu, Nepal. Sustainable Development at the Local Level (p.
Oates, W.E. (1999). An Essay on Fiscal Federalism. 112). United Nations Development Program.
American Economic Association, 37(3), 1120– Vazquez, J.M., & Boex, J. (2001). The Design of
1149. Equalization Grants: Theory and Applications.
Raastriya Praakrit Shrot tatha Bitta Aayog Andrew Young School of Policy Studies:
Ain [ National Natural Resources and Fiscal Georgia State University.
Commission Act] (2017). https://www.



240
g]kfn /fi6« a}+s ;dfrf/

Is Nepal Turning a Fertile Ground for

Money Laundering?
@ Sapana Khatri*

Introduction Study and Statistics on Money Laundering

Nepal become the member of Asia/Pacific A study conducted by United Nations Office on
Group (APG) in 2002, which is the Financial Drugs and Crime (UNODC, 2011) to determine
Action Task Force-Style Regional Bodies the size of illicit funds and the magnitude to which
(FSRBs). With the accession to APG, Nepal has these funds are laundered estimates that in 2009,
officially begun the journey of combating Money the criminal proceeds was 3.6% of global Gross
laundering. Despite two decades long effort Domestic Product, with 2.7% (or USD 1.6 trillion)
against money laundering, Nepal’s achievement being laundered. Further, United Nations Office
is not as expected. As per the Basel Anti Money on Drugs and crime estimated that the criminal
Laundering (AML) index 2016, Nepal with the proceeds laundered annually amount to between 2
score of 7.57 became the second most vulnerable and 5 percent of global GDP, or $1.6 to $4 trillion
country in south Asia and 12th most vulnerable a year.
country out of 149 countries around the globe in
the risk of global money laundering. It shows that Thus, it shows that the significant size of
the achievement of Nepal is very poor with respect the global GDP is being laundered, leading to
to Anti money laundering effort. Although effort enormous loss in both monetary and non-monetary
was made for drafting AML/CFT law, setting term.
necessary institutional body, yet the results are
not satisfactory. Thus, it has drawn the attention In United State, the estimated amount of money
whether Nepal is becoming a shelter for money laundering each year is approx. $300 billion,
launderer to shade their illegal activities. which makes up 15%-38% of the money laundered
globally (Kolmar, 2023). The estimated annual
“Money laundering has become the world’s loss due to money laundering is $300 billion in
third largest business with 3-5% of global GDP United State.
amounting to 4 trillion USD laundered annually
(kuskowski, 2023).” highlights the vulnerabilities While in European Union (EU), Money
and magnitude of money laundering threat. This laundering accounts for about 1.2% of the European
marks a serious threat to global economic and Union’s total GDP. Further, United Nations Office
financial system. on Drugs and Crime (UNODC) estimates that in
between EUR 715 billion to EUR 1.87 trillion is
Money laundering is the process of concealing laundered each year.
the true source and ownership of funds by making
it appear to have come from a legitimate source. Similarly, the figure of money laundering is
Criminals and money launderer try to hide threatening in India as well. A report released by
the source of the money obtained from illegal Federation of Indian Chambers of Commerce
activities like corruption, drug smuggling, human & Industry (FICCI) on September 2023 has
trafficking, terrorist activities and many more. reiterate the UNDOC estimate on quantum of

*
Assistant Director, Nepal Rastra Bank

241
 g]kfn /fi6« a}+s ;dfrf/

money laundering in India stating that,” when global trading partners in 2018 was US$ 1.6
the Indian economy surpassed the $3 trillion trillion.
mark in 2021, the quantum of money laundering ● The top five developing countries with the
in India would be $159 billion which is around 5 largest value gaps identified in the bilateral
per cent of Indian GDP.” The government of India trade between 134 developing countries and 36
estimates that approximately USD 18 billion is advanced economies was:
lost through money laundering each year. A well- Country Value gap in US $
known example of demonetization of Re 500 and China 305.0 billion
Re1000 banknote series as on November 08, 2016, Poland 62.3 billion
India 38.9 billion
by government of India to curb black money has Russia 32.6 billion
shown how vulnerable was the situation of money Malaysia 30.7 billion
laundering in India. Source: Global Financial Integrity, 2021

A study by Global Financial Integrity (GFI) ● The top five developing countries with the
on “Trade-Related Illicit Financial Flows in 134 largest value gaps identified in trade between
Developing Countries 2009-2018” published on 134 developing countries and all their Global
December 16, 2021, documented the problem of Trade Partners was:
trade mis-invoicing to identify and calculate the Country Value gap in US $
value gaps. The study analyzed the trade data of China 546.4 billion
134 developing countries with a set of 36 advanced India 84.9 billion
economies as well as with all other global trading Poland 81.2 billion
Malaysia 71.4 billion
partners for the periods of 10 years from 2009 to Russia 70.3 billion
2018. This study estimates the value gap to identify Source: Global Financial Integrity, 2021
the scale of problem of illicit financial flows (IFFs).
● Developing Asian region was found as having
The value gap is the mismatches in international the highest trade gap.
trade transactions. It implies that developing
countries are not collecting the correct amount As shown above China and India have the
of trade-related taxes and duties that are owed. highest value gap, implying our nearest neighbors’
It further can be used to understand the potential countries are more vulnerable to trade-based money
scenario of trade-based money laundering. laundering. India and China being the dominant
trade partners of Nepal’s with 64.14 percent of the
The list of countries used by the study were total trade with India and 13.09 percent with China
based on the classification system established by indicate the high vulnerabilities of trade-based
the International Monetary Fund (IMF), which money laundering in Nepal as well.
includes categories of 148 developing countries
and 36 advanced economies. The Highlight of Value Gap Situation in Nepal
The study on “Trade-Related Illicit Financial
The finding of the study was: Flows in 134 Developing Countries 2009-2018”
by Global Financial Integrity (GFI) revealed the
● The sum of the value gaps identified in trade following situation of value gap in Nepal:
between 134 developing countries and a set
of 36 advanced economies in 2018 was US$ ● The Sum of Value Gaps in Trade between
835.0 billion. Nepal and 36 Advanced Economies, for the
● The sum of the value gaps identified in trade period 2009-2018, estimate the average gap to
between 134 developing countries and all their be $84 Million.

242
g]kfn /fi6« a}+s ;dfrf/
Country 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Average
Nepal 67 73 73 63 75 93 143 90 82 N/A 84
Source: Global Financial Integrity, 2021

● The Sum of the Value Gaps in Trade between Nepal andall their Global Trading Partners, for the period
2009-2018, estimate the average gap to be USD1024Million.
Country 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Average
Nepal 654 723 924 1184 1105 1240 982 1195 1208 N/A 1024
Source: Global Financial Integrity, 2021

Value gap situation can be closely linked to Trade Interpretation

Based Money Laundering. As value gap measures The estimated value gap as a percentage of GDP
the trade Mis-invoicing and other mismatches in is approx. 4.5%, which imply that Nepal loses the
trade between the two countries, thus value gap potential revenue of almost 4.5% of GDP due to
can be regarded as the nearest estimator of Trade trade Mis-invoicing and other inconsistencies in
Based Money laundering. trade. This gap gives a closer look to the situation
of trade-based money laundering in Nepal. As
Trade Based Money laundering is the process the economy of Nepal is highly reliant on trade
of moving illegal funds through the international with 35 %of total GDP shared by trade sector
trade system via several technique-like Mis- alone as on FY 2079/80. This higher dependency
invoicing, over-shipment, under-shipment to on trade at one hand and huge trade value gap on
legitimize the source of funds. FATF defines another hand has been proven vulnerable to Nepal
trade-based money laundering as the process of signifying Nepal is turning a fertile ground for
disguising the proceeds of crime and moving the money laundering..
value using trade transactions to legitimize their
illicit origins. Identified or Suspected Methods of Money
Laundering in Nepal
Value Gap and GDP There is various technique of money laundering
Based on the above estimated Value Gaps ranging from the use of financial system to
and given the size of the GDP, the estimation advanced block chain technology. In Context of
of potential trade-based money laundering as a Nepal, the common identified methods of money
percentage of GDP is calculated below: laundering are:
Year
GDP in USD Value Gap in ● Buying expensive, luxury assets like lavish
Million USD Million bungalow, branded cars and so on.
2009 14,663 654
2010 18,253 723 ● Frequent and high value purchase of share and
2011 21,685 924 bonds in secondary market.
2012 21,703 1,184
● High value purchase of precious metals like
2013 22,161 1,105
2014 22,722 1,240 gold, diamond etc.
2015 24,361 982 ● Misuse of legal person and arrangement by
2016 24,524 1,195 creating complex ownership structure.
2017 28,972 1,208
2018 33,112 ● Establishing fictitious companies or shell
Total 232,156 9,215 companies in tax heaven country.
Average $23,216 $1,024
Value Gap as % of GDP 4.41%
● Trade Mis-Invoicing (Over invoicing, under
Source forGDP data(Countryeconomy.com, 2018) invoicing).
243
 g]kfn /fi6« a}+s ;dfrf/
● Investment in cooperatives sector. ● Misuse of Remittance Company for activities
● By operating the multiple fictitious bank like hundi.
account to create complex network of ● Misuse of ATM card for receiving Indian
transaction. currency.
● Structuring and placement of large deposit into ● By Gambling, investing in virtual currency,
financial system. online betting is some other form of money
● By funding NGOs and INGO to conceal the laundering in Nepal.
true source of fund.
Sectors Vulnerable to Money Laundering in
● By entering into JV agreement or forming Nepal
alliance with foreign companies to transfer National Risk Assessment 2020 has rated certain
illegal money abroad. sector as vulnerable to money laundering, which
was further validated by third round of mutual
● Smuggling of elephant’s trunks, Tusks, Red
evaluation. The threat and problems seen in these
sandalwood etc.
sectors are as below:
Sector Threat Problems

Structuring. Lack of rigorous screening and sanction check.

Fictitious and mule account. Poor AML/CFT based Supervision.
Digital banking fraud. Weak digital security measures.
Bank and financial
Business credit fraud. Poor outreach and public awareness on AML/CFT.
sector
Misuse of Trade finance products. Sanctions are not fully dissuasive.
Misuse of personal bank account Weak corporate governance.
and wallet account. Lack of fit and proper check.

Weak governance and management.

Poor regulation and ineffective Supervision.
No provision to disclose the source of funds.
Pseudo Banking System. Poor screening on member’s profile.
Misuse of public deposit. High reliance on self-declaration.
Cooperatives
Loan to criminals and money Poor AML/CFT outreach programs for cooperatives in
launderer. rural areas.
Lack of regulatory uniformity on governance of
cooperative at different level.
Lack of fit and proper check.

Weak due diligence audit and sanction check.

Difficulty to obtain information on beneficial Owner
Insider Trading.
especially in case of legal person and arrangement.
Securities Market manipulation.
High reliance on self-declaration.
Circular trading.
Lack of AML/CFT awareness and outreach program.
Poor and ineffective Supervision.

No rigorous screening and AML checks.

No periodic due diligence audit.
Misuse of Insurance loan
Insurance Poor AML/CFT awareness.
Misuse of Insurance Policy.
Lack of proper regulation and supervision.
Lack of strict regulation and poor sanction.

244
g]kfn /fi6« a}+s ;dfrf/
Poor Screening and sanction check.
Lack of proper due diligence audit.
Hundi
Remittance Lack of public awareness on importance of AML/CFT.
Smurfing
Service provider Large informal sector.
Poor regulation and supervision.
Lack of strict punishment up on non-compliance.
Weak regulation and supervision.
Foreign Exchange Misuse of foreign exchange Poor AML/CFT awareness and outreach program.
providers Weak Customer Due Diligence and sanction check.
Lack of clear AML/CFT operational guideline.
Open border with neighboring country.
Misuse of Foreign exchange. Poor Screening and sanction check on customer.
Transnational organized crime. Lack of Customer Due Diligence audit.
Casino’s Rise in informal economic Poor awareness and outreach program on AML/CFT.
activities. Rules and Regulation is not restrictive.
Poor and ineffective supervision.
Lack of clear AML/CFT operational guideline
Open border with neighboring country.
AML/CFT Directive are not applicable to the retailers
Dealers in
Illegal mining and smuggling of of precious metals.
precious metals
precious metals like gold. Lack of AML/CFT awareness.
and stone
Lack of strict regulation on sanction evasion.
No Risk based supervision.
Difficulty to obtain information on beneficial Owner
especially in case of legal person and arrangement.
Artificial hikein price (Price Lack of adequate regulation from governing body.
Bubble) Regulatory framework is not clear and effective.
Real Estate
Distortion in property price. Lack of fit and proper check.
Economic instability. Lack of AML/CFT awareness.
Deficiency with respect to available sanctions.
Lack of clear AML/CFT guideline.
Lack of AML/CFT outreach program for NGOs.
Terrorism financing
Non-Profit Poor regulation and ineffective supervision.
Financial and cybercrime.
organization Sanctions are not fully dissuasive.
Lack of clear AML/CFT guideline.
Easy availability of Hire purchase credit.
Weak corporate governance.
Artificial price hike. No mandate to declare the source of funds.
Hire-Purchase
Distortion in asset value. Lack of clear AML/CFT guideline.
Lack of effective regulation and supervision.
Lack of fit and proper check.

Difficulty to obtain information on beneficial Owner.

Misuse of company for buying Poor awareness on ML/TF risk underlying legal person
virtual assets. and arrangement.
Legal person and
Involvement of company in Sanctions applied to legal persons are not fully
Arrangement
Corruption, Tax Evasion, and proportionate or dissuasive.
other illegal activities. Poor screening and verification of legal entity.
Lack of effective regulation and supervision.

245
 g]kfn /fi6« a}+s ;dfrf/

Some Instances of money laundering in Nepal 3. Cooperatives and Money Laundering

An article entitled,” Special court convicts
1. Fraud, Organized Crime and Money former lawmaker Ichchha Raj Tamang of money
Laundering laundering” highlight the fraud case of civil
(The Kathmandu Post, 2023) article on, saving & credit cooperative limited where the
“Prithvi Bahadur Shah and associates sent to accused Ichchha Raj Tamang was a promoter. He
judicial custody for fraud” and (Gyawali, 2023) an was found guilty of money laundering as he used
article on,” Prithvi Bahadur Shah arrest: Here’s cooperative as a medium of cleaning illegal money
how he allegedly duped an American” reveals (The Kathmandu Post, 2024).
how the businessman Prithivi Bahadur Shah
launders the money earned illicitly by defrauding An article entitled,” Money laundering:
foreign citizens. The illicitly earned money in Cooperatives on watch” enlighten on how the
abroad was remitted to Nepal and further injected cooperative has been the trending entry point for
into different investment vehicles like real estate, injecting black money into the system and how the
shares, gold, company registration, and insurance. cooperatives have been a smokescreen for black
He was found guilty in a white-collar crime called money transactions (Adhikari, 2023).
money laundering. Along with he was charged for
fraud, document forgery, cooperatives fraud and 4. Hire Purchase Sector and Money Laundering.
so on. The hire-purchase sector is being the attractive
avenues for investment and continue to lure the
2. Foreign Direct Investment and Money money launderer and criminal offender. Its further
Laundering state that hire-purchase sector is being misused by
(Subedi, 2019) An article entitled,” How Nepal’s money launderer for cleaning their money earned
ultra-rich are using foreign direct investment to illegally (Ratopati, 2080).
turn their black money into white” published by
The Kathmandu Post advocate on how illegal 5. Terrorism and Money Laundering
money is coming into country from tax heaven An article entitled,” Nepal is Reemerging as a
country in the form of Foreign Direct Investment. safe haven for Islamist” State that Nepal is once
again emerging as a safe haven for Indian Islamist
(Gurung, 2019) an article entitled,” Flouting radicals and terrorists who are getting help from
laws, dozens of Nepalis invested in companies in sections of Nepal’s own Islamists (Mazumdar,
tax haven nations” published by The Kathmandu 2020).
Post disclose how the elite section of Nepal are
involved in illicit capital flight in tax heaven An article entitled, “Why has Nepal become a
country and further routing the funds to Nepal in safe haven for terrorists and criminals” reveals
the form of FDI. that Nepal on the diaries of the Intelligence
Bureau has always been a preferred destination for
(CIJ, 2019) an article entitled, “How Nepali terrorists and criminals to make an escape before
Companies Have Used FDI To Launder Black they reach Pakistan. The report further raised the
Money “reveals how the Nepali businesspeople concerns about the weak border security and how
set up companies in Nepal, transfer their illegally it had become a transit point for international
earned money to offshore companies set up in tax terrorists (Nanjappa, 2023).
haven countries and repatriate it to Nepal under
foreign direct investment (FDI). The article also Factor Fueling Money Laundering in Nepal
discloses how Nepal’s largest telecom company, Informal Economy
Ncell, was found involved in money laundering. Informal economy is the unrecorded,

246
g]kfn /fi6« a}+s ;dfrf/

unreported shadow economy that operates outside different sectors. Regulation plays the vital role
the boundaries of formal regulation and insights. in combating money laundering. However, the
regulatory body in Nepal are not strong enough
A study by the Central Department of Economics to discourage the criminal from doing illegal
of the Tribhuvan University (TU) has estimated activities. Lack of uniform regulation, absence of
that the size of Nepal’s informal economy is restrictive provision has let the criminal the easy
approx. 42% of Gross Domestic Product (GDP), accessto various sectors.
which is about Rs.1682 billion as on Fiscal Year
2020/21. The study reveals that the large segment Poor Sanction
of the economy is unregistered. The study further One of the key highlights of the third-round
discloses that Hundi, Tax evasion and brokering mutual evaluation of Nepal was on the sanctions not
are prevalent issues within Nepal’s informal being deterrent to offenders. Sanctions applied are
economy. Higher the informal economic activities not fully effective, proportionate, and dissuasive.
higher the possibility of money laundering. When the benefit of doing a crime exceeds the cost
of doing it, then the sanction is said to be weak.
Open Boarder Thus, Nepal should consider the risk of sanction
Nepal shares a 1770-kilometer open border evasionto keep the financial system safe from the
with India. This open and porous border of Nepal threat of money laundering.
has posed significant risk of Money Laundering as
having a strong nexus to some predicate offences High External Dependency
such as narcotics trafficking, gold and cash Nepal being a small developing economy with
smuggling, human smuggling, and environmental a narrow production base, it is highly reliant on
crime. Further, casinos operating along Nepal’s external economy to fulfill its needs. Beside this,
border has been attractive destination for the infrastructure of development like health,
laundering of foreign proceed and misuse of road, and education are not well developed. Thus,
foreign exchange. Similarly, the open border is a the nation has to rely upon other countries for
key risk factor to terrorist activities as well. the development of various sector. It has led to
dependency on trade, investment, employment,
Weak Governance remittance, and many other sectors. The
As per the report published by transparency dependency has led to various form of crime like
international 2023, the perceived level of public hundi, smuggling of gold and so on.
sector corruption in Nepal is at the score 35 points
and hold the position of 110th out of 180 countries. Other Factor
This shows the situation of poor governance in ● Lack of high-level political commitment.
Nepal. ● Inadequate legal framework.
● Poor AML/CFT awareness and outreach
There are various issues related to weak programs.
governance in Nepal such as, corruption, ● Lack of dedicated AML/CFT supervision.
political instability, red tape, low accountability, ● Lack of cooperation and coordination among
responsiveness and transparency, social exclusion, different authority of AML/CFT regime.
and inefficiency. Therefore, in the absence of good
governance Nepal has been the must-preferred Challenges of Money Laundering in Nepal
destination for doing illegal and criminal activities. ● Political instability.
● Weak IT infrastructure and its adaptation.
Weak Regulatory Framework ● Poor cyber security and safety of public
Different regulatory body in Nepal regulates information.

247
 g]kfn /fi6« a}+s ;dfrf/

● No centralized institution for reservoir of a Investment in Unproductive Sector: Rise in

public information. investment demand in sector especially like real
● Lack of reliable source for verifying the estate, automobile, golds lead investment of
customer identity. unproductive sector. The excessive investment in
● Lack of comprehensive list of domestic and unproductive sector might lead to the economic
foreign politically exposed person. recession. The 2008 bankruptcy of Lehman
● Lack of record management system and Brother’s Inc. was the consequences of reckless
database in many public authorities. investment in unproductive sector.
● Difficulty to trace true Beneficial Owner of
legal person and arrangement. Foreign Exchange Volatility: Huge capital flight,
● Lack of well-equipped resources required to misuse of foreign exchange by casinos, foreign
investigate and prosecute the complex cases exchange dealer, and smuggling of gold can lead
of trade-basedmoney laundering, terrorism to foreign exchange volatility. For example, few
financing, proliferation financing etc. time back the border areas of Nepal witnesses
● Unstable tenure of officer in key authorities the devaluation of Indian currency, which was
leaves investigation weak and delayed. exchanged at Rs.150-155 per 100 IC. Many experts
● Poor ability to apply artificial intelligence in claim it to be the consequences of large smuggling
investigation and prosecution. of gold in Nepal. With tons of gold smuggled
● Failure to criminalize the legal person in Nepal. for delivery to be made in Indian market create
● Leakage of confidential Information. the huge demand of Nepalese rupee leading to
● Failure to maintainconfidentialityin conduit of appreciation of Nepalese currency against Indian
transaction. Currency.

Consequences of money laundering in Nepal Loss of Public Revenue: Governments are losing
legitimate tax revenue because of the sale of
1. Economic Consequences underpriced goods and reduced duties because of
Capital Flight: Money gained from the illegal undervalued imports or fraudulent cargo.
activities are remitted to offshore location by
several fraudulent technique to clean the source Loss of Public Welfare: The loss in government
of origin. It lead to loss in potential revenue and revenue leads to loss in public welfare as the
financial resources required in development of government can’t fetch the required resources
country. in public welfare projects due to shortfall in
government revenue. It further results rise in
Rise in Informal Economy: Money laundering unemployment, rise in inequality, poverty and so
give rise to several informal activities like hundi, on.
smuggling of gold, cryptocurrency that can further
increase the size of informal economy. Disturb Financial System: Money laundering
disturb the smooth functioning of the economic
Asset Price Bubble: With the huge illegal money and financial system. As the loan and other facility
earned from criminal activities, the launderer provided to criminal and launderer may turn
makes the huge investment demand of several default and hinder the growth of financial system.
assets like real estate, capital market instrument,
gold, diamond, automobile and so on. This Discourages Entrepreneurship: Money
huge demand and rampant investment create Laundering has more severe impact on business as
the artificial price hike, known as price bubble, they put the genuine businesses at a competitive
ultimately leading to burst in the financial system. disadvantage and the business fails to compete

248
g]kfn /fi6« a}+s ;dfrf/

with those corporate launderers with tricky like trade, education, employment, remittance,
business strategy. As a result, it creates a barrier investment, and many other aspects has added
to entrepreneurship and crowding of legitimate more vulnerabilities to money laundering. On the
economic activity. other hand, the weak compliance, poor regulation,
poor governance, weak legal framework, political
2. Social Consequences instability has made the country more attractive
Money laundering negatively affect the income destination for money laundering and illegal
distribution, resources mobilization as it supports activities. Thus, it cannot be denied that Nepal has
the enrichment and upliftment of few individuals been the fertile ground for money laundering by
or groups in the society. The exploitation of public criminals and fraudster. Nepal being a developing
resources by few elite groups creates the gap in economy, the infrastructure, resources, institutional
public social welfare. body, and legal framework are not fully equipped
and adequate to resist any shock arising due to
On the other hand, money laundering weakens money laundering. Thus, it is an alarming time
the governance, resulting in corruption, impunity, that Nepal should wake up with full zeal to cope
and other crime and violence. up with the challenges and threat posed by money
laundering and making country a better home to
It threatens the peace, harmony, and prosperity live in with peace and prosperity.
of the society.
Way Forwards
3. Security Consequences The collaboration between the government,
Launderer directly or indirectly are the part of investigative body, law enforcement agencies,
criminal and terrorist organization. They finance Financial Intelligence Unit, regulatory bodies, and
their operations by selling drugs, counterfeiting other concerned authorities should be streamlined
goods, and poaching endangered species. They use as the initial step toward fighting money laundering.
the various laundering technique to move illicit These institutions should be empowered by
money for such terrorist and criminal groups, thus building the capacity and strengthening the
threatening the security worldwide. potential to perform their dedicated AML/CFT
role. Similarly, Government should address the
If not checked in time, Nepal may be a hub for strategic deficiency in various sector by drafting
conducting criminal and terrorist activities. the necessary laws wherever needed. The sectoral
risk assessment should be conducted in a regular
Conclusion basis by incorporating those sector not included
The wave of Money laundering has threatened before by the national risk assessment 2020
the entire world. It has challenged the world and further recognized as vulnerable by Nepal
economic system, social harmony, peace, and Mutual Evaluation Report,2023. The risk-based
prosperity. Money laundering creates the ripple supervision should be made more rigorous and
effect hindering the several aspects of development. compelling in all sectors. As, financial sector stands
The quick transmission mechanism of money at a greater risk of money laundering, the provision
laundering has left the world with enormous loss of enhanced customer due diligence and know
both in monetary and non-monetary terms. In your customer should be adequately established.
Nepal, the situation of money laundering is stressful Similarly, the clear guidelines is missing in
and vulnerable. It has resulted huge revenue loss various sector regarding the operationalization of
and has threaten the national sovereignty, peace, Anti -Money laundering policy, and hence such
and security. Nepal being a small economy with authority needs to draft the required guideline to
high external dependency on several dimension bridge such gap. Similarly, the related AML/CFT

249
 g]kfn /fi6« a}+s ;dfrf/
[Article on Money laundering]. (n.d.). European
authorities should be strengthened to embrace the
Commission. Money laundering - European
good governance and integrity in discharge of their
Commission (europa.eu)
function. On the other hand, the sanction for non-
compliance of AM/CFT laws should be made fully Indo-Asian News Service. (2023, September 28).
effective, proportionate, and dissuasive. Money laundering via illicit trade hovering at
5% of India’s GDP: FICCI study. Retrieved
Similarly, there should be the regular research from: Zee Business (zeebiz.com)
and study regarding the application of artificial Global Financial Integrity. (2021, December 16).
intelligence and other new technology to meet Trade-Related Illicit Financial Flows in 134
the new and complex challenges posed by money Developing Countries 2009-2018. Retrieved
laundering. from: Trade-Related Illicit Financial Flows in
134 Developing Countries 2009-2018 - Global
As, money laundering being a national agenda, Financial Integrity (gfintegrity.org)
the success of anti-money laundering effort lies Government of Nepal. (2020, April). National
in a collaborative action from various concerned Risk Assessment Report on Money Laundering
authority. The active participation in various key and Terrorist Financing, 2020. Retrieved
aspect of national priorities make the journey from: NRA-Report_2020-Summarized-Final-
of anti-money laundering successful. Hence, it Version.pdf (opmcm.gov.np)
has been the need of the time that nation should
APG. (2023, September). Anti-money laundering
prioritize the objective of anti-money laundering
and counter-terrorist financing measures –
as the national agenda in order to uplift the position
Nepal, Third Round Mutual Evaluation Report.
of Nepal in the global risk of money laundering.
APG, Sydney Asia / Pacific Group On Money
Laundering (apgml.org)
References
The Kathmandu Post. (2016, August 06). Money The Kathmandu Post. (2023, March 15). Prithvi
laundering risk: ‘Nepal second most vulnerable Bahadur Shah and associates sent to judicial
in SAsia. (https://kathmandupost.com/) custody for fraud. Retrieved from: Prithvi
Bahadur Shah and associates sent to judicial
Kuskowski, P. (2023, March 9). Money Laundering
custody for fraud (kathmandupost.com)
- the World’s Third- Largest Business - with
3-5% of total GDP which accounts to up to 4 Gyawali, K. (2023, January 20). Prithvi Bahadur
trillion USD annually. LinkedIn Shah arrest: Here’s how he allegedly duped
an American. Onlinekhabar. Retrieved from:
Financial Transparency coalition (2011, October
(onlinekhabar.com)
25). UNODC: Illicit Money: How Much Is
Out There? Financial Transparency coalition. Subedi, B. (2019, January,18). How Nepal’s ultra-
Retrieved from: https://financialtransparency. rich are using foreign direct investment to turn
org2) their black money into white. (kathmandupost.
com)
Brown, R.W. (2018, December). Countries are
advancing efforts to stop criminals from Gurung, T. (2019, January 17). Flouting laws,
laundering their trillions. International dozens of Nepalis invested in companies in
Monetary Fund. Retrieved from: Straight Talk: tax haven nations. The Kathmandu Post.
Cleaning Up (imf.org) (kathmandupost.com)
Kolmar, C. (2023, March 29).20 MONEY Centre for Investigative Journalism-Nepal. (2019,
LAUNDERING STATISTICS [2023] FACTS January 16). How Nepali Companies Have
ABOUT MONEY LAUNDERING IN THE U.S. Used FDI To Launder Black Money. (cijnepal.
Zippa. Retrieved from: Zippia org.np)

250
g]kfn /fi6« a}+s ;dfrf/
The Kathmandu Post. (2024, January 22). Special become a safe haven for terrorists and criminals.
court convicts former lawmaker Ichchha Raj one india. https://www.oneindia.com/india/
Tamang of money laundering. Retrieved from: Adhikari, S.R., & Raut, N.K., (2024). Size of
(kathmandupost.com) informal economy in Nepal. Research report
The Kathmandu Post. (2023, February 11). series, Centre department of Economics. https://
Money laundering: Cooperatives on watch. cdec.tu.edu.np/
(kathmandupost.com) The Kathmandu Post. (2023, January 31). Nepal
Ratopati. (2080, Magh, 10). Illegally earned ranks 110th in Corruption Perception Index.
money being used for purchasing vehicles. https://kathmandupost.com/
https://www.ratopati.com/story/407827/yatayat Home (fatf-gafi.org)
Muzumdar, J. (2020, February 03). India’s Homepage - (nrb.org.np) https:// The Kathmandu
Intelligence Agencies Have A New Headache- Post. (2016, August 06). Money laundering
Nepal is Reemerging as a safe-haven for risk: ‘Nepal second most vulnerable in SAsia.
Islamist. (swarajyamag.com) (https://kathmandupost.com/)
Nanjappa, V. (2023, March,28). Why has Nepal



251
 g]kfn /fi6« a}+s ;dfrf/

Navigating a Crisis: How Nepal Can Adapt

Lessons from Japan’s COVID-19 Response
@ Suprima Poudel*

1. Background However, the initial response from the Japanese

The emergence of COVID-19 presented a global government was perceived by some experts as
challenge, forcing countries to adopt unprecedented slow and measured. (Bird, 2020) This cautious
measures to safeguard public health and mitigate approach has been attributed to several factors,
economic damage. While geographically distant including a desire to prioritize economic stability
from the initial outbreak, nations across the world and avoid disrupting daily life. Nevertheless, as
were not spared. Nepal, a landlocked country the pandemic progressed, the government’s stance
heavily reliant on tourism, faced a unique set of evolved. This report aims to delve into the policy
challenges in the wake of the pandemic. implications and relief packages implemented by
Japan’s government.
This article explores how Japan tackled the
COVID-19 crisis and how Nepal can learn from Here’s key timeline of events of Japan’s
the policy measures implemented by Japan, a response to COVID-19:
developed nation that also grappled with the
economic fallout of the pandemic. While Japan’s ● February 29th, 2020: Prime Minister Shinzo
specific policies may require adjustments to Abe announces an initial emergency package
fit Nepal’s economic and social context, the of 270 billion yen (approximately 2.5 billion
underlying principles provide valuable inspiration. USD). This initial focus on health measures
This study will explore examine potential policy reflects the early recognition of the need to
areas such as employment support, economic bolster the healthcare system.
stimulus, customs facilitation, and tax relief,
exploring how Nepal could adapt these measures ● March 23rd, 2020: The International Olympic
to its specific needs. Committee (IOC) announces its consideration
of modifying or postponing (but not
As one of the geographically closest countries cancelling) the Tokyo 2020 Olympic Games.
to the initial outbreak in China, Japan was This news intensifies pressure on the Japanese
inevitably among the first nations outside China government to develop a robust economic
to be affected. Compounding this challenge was stimulus package. Plans emerge for a package
Japan’s rapidly aging population, with the highest totaling around 30 trillion yen (approximately
percentage of elderly people in the world. This 270 billion USD), with a significant portion
demographic reality placed a significant portion of earmarked for fresh fiscal spending.
the population at a higher risk of serious illness
or death from the virus. Given these factors, one ● April 7th, 2020: Underscoring the growing
might reasonably expect Japan to have been at concern for economic stability, the government
the forefront of developing and implementing announces an additional economic package
aggressive measures to contain the spread of the exceeding 108 trillion yen (approximately 1.0
disease. trillion USD). This unprecedented intervention

*
Assistant Director, Nepal Rastra Bank

252
g]kfn /fi6« a}+s ;dfrf/

represents roughly 20% of Japan’s GDP and and the economic fallout from the pandemic.
demonstrates the government’s commitment
to stimulating economic activity during a 2. Fiscal, Monetary and Other Policy Measures
potential downturn. Adopted by the Japanese Government

● April 8th, 2020: Recognizing the need to 2.1. Employment-Related Measures: Preserving
address both public health concerns and Jobs During a Downturn
economic stability, the government declares The Ministry of Health, Labor and Welfare
a state of emergency. This measure, initially (MHLW) recognized the critical role of
applied to seven prefectures including major employment security in mitigating the economic
metropolitan areas, aimed to curb the spread impact of the pandemic. To achieve this, they
of the virus while minimizing economic significantly expanded and eased eligibility
disruption. criteria for the employment adjustment subsidy
program. This program served as a lifeline for
This timeline highlights the gradual shift in businesses struggling with a decline in revenue but
the government’s approach. Initially focused on committed to retaining their workforce (KPMG,
healthcare measures, the response evolved to 2020)
encompass significant economic intervention as
the pandemic’s potential impact on the economy 2.1.1 Program Mechanics: Companies experiencing
became clearer. The declaration of a state of a downturn could utilize the program to
emergency marked a turning point, signifying maintain employment by paying employees
the government’s recognition of the need to a leave allowance while they take temporary,
balance public health concerns with economic partly paid leave. This provided a crucial
considerations (Szechenyi & Jr., 2020). financial buffer for businesses, allowing them
to avoid permanent layoffs during a period of
The following sections of this report will explore uncertainty.
the various policy measures and relief packages
implemented by the Japanese government in 2.1.2 Enhanced Benefits: To incentivize program
greater detail. This article will examine how these participation, MHLW implemented special
measures addressed both the public health crisis measures for a specific period (April 1st to

Figure 1 Timeline of Japan’s response to COVID-19

253
 g]kfn /fi6« a}+s ;dfrf/

June 30th, 2020). During this time, SMEs interest rate. This program directly addressed
(Small and Medium Enterprises) received the financial challenges faced by corporations,
subsidies covering up to 80% of leave allowing them to access vital liquidity to
allowances, while larger enterprises obtained maintain operations and navigate the crisis.
subsidies for 60% of leave allowances.
This significant financial support helped d. Enhancing Corporate Bond Market Activity:
businesses weather the financial storm and The BOJ increased the upper limit for its
retain valuable employees. purchases of commercial paper and corporate
bonds. This measure aimed to improve liquidity
2.1.3 Upper Limits: To ensure program in the corporate financing environment by
sustainability, an upper limit of 8,330 yen per increasing demand for these instruments,
day per employee on leave was established ultimately leading to lower borrowing costs for
as of April. This placed a check on the businesses (Christensen & Spiegel, 2023).
program’s overall cost while still providing
substantial assistance to businesses. 2.3. Fiscal Policy Measures by the Ministry of
Finance (MOF)
2.2. Economic Stimulus Measures: A Multi- 2.3.1 Loan Support for Large Companies: The
Pronged Approach MOF implemented a loan for crisis response
The Japanese government understood the program through the Development Bank
need for a comprehensive strategy to stimulate of Japan (DBJ). This program targeted
economic activity and mitigate the pandemic’s large companies severely impacted by the
negative effects. This strategy encompassed both pandemic, such as airlines and automotive
monetary and fiscal policy measures. manufacturers. These low-interest rate loans
provided much-needed financial resources
2.2.1 Monetary Policy Measures by the Bank of to help these companies remain operational
Japan (BOJ) and preserve jobs.
a. Boosting Asset Prices: The BOJ doubled its
target for net purchases of exchange-traded 2.3.2 Loan and Guarantee Programs for SMEs:
funds (ETFs) to 12 trillion yen (approximately Recognizing the unique challenges faced
$112 billion). This measure aimed to increase by SMEs, the MOF established various
demand for Japanese assets, thereby stabilizing programs through government financial
the financial markets and restoring investor institutions like JFC and Shoko Chukin
confidence (Bank of Japan, 2021). Bank. These programs offered:

b. Facilitating International Borrowing: To 2.3.3 Safety net loans: Provided low-interest rate
ensure access to US dollars at lower interest loans with a maximum limit of 720 million
rates for Japanese businesses, the BOJ yen for SMEs facing financial difficulties.
collaborated with the US Federal Reserve
to establish coordinated foreign swap lines. 2.3.4 Loan for crisis response: Offered low-
This collaboration provided a vital source interest rate loans with a maximum limit
of international financing, especially crucial of 300 million yen for SMEs in critical
during a period of global economic uncertainty. situations.

c. Supporting Corporate Finance: The BOJ 2.3.5 Special loan program for novel
established a new one-year facility offering coronavirus: A low-interest rate loan
loans against corporate debt as collateral at a 0% program co-managed by JFC and Okinawa

254
g]kfn /fi6« a}+s ;dfrf/

Development Finance Corporation, offering due to the pandemic. This program provided
loans with a maximum limit of 300 million eligible companies with financial assistance
yen. These programs provided essential for a wide range of purposes deemed crucial
financial support for struggling SMEs, for their survival or revival. The maximum
helping them stay afloat during the pandemic. subsidy amount a company could receive
was 2 million yen. This program offered
2.3.6 Guarantee Programs: The Ministry of targeted support to businesses most at risk
Economy, Trade and Industry (METI) of closure, helping them bridge the gap and
complemented the MOF’s loan programs weather the economic storm.
by offering guarantee programs for SMEs. 2.4. Customs Measures: Facilitating Trade
These programs included:
During a Pandemic
2.3.7 Safety net guarantee program: Guaranteed
a portion of loans taken by SMEs, reducing The COVID-19 pandemic significantly
the risk for lenders and facilitating access to impacted global trade. Recognizing this challenge,
credit for businesses with a higher perceived the Japanese government implemented measures
risk profile. The guarantee limit for this to expedite customs clearance for essential goods
program was set at 280 million yen. and minimize disruptions to critical supply chains.

2.3.8 Crisis-related guarantee: Provided a similar 2.4.1 Prioritizing Essential Goods: The
guarantee program specifically designed for government prioritized the import and export of
SMEs facing crisis situations. This program goods deemed crucial for combating the pandemic
also had a guarantee limit of 280 million yen. and maintaining basic necessities. This included:

2.3.9 Private Financial Institution No-Interest a. Relief Goods: Medical supplies, personal
Unsecured Loan: The government proposed protective equipment (PPE), testing kits, and
a program utilizing prefectural directed sanitation products received urgent clearance
credit programs to facilitate the provision to ensure their timely availability for healthcare
of no-interest unsecured loans by private workers and the public.
financial institutions. This program targeted
SMEs with a loan limit of 30 million yen. b. Lifeline Goods: Customs procedures were
However, implementation of this program streamlined for essential goods like food,
hinged on budget approval by the National medicine, and energy supplies to maintain a
Congress, which according to Japanese stable flow of these critical resources within the
media reports, was expected in late April country.
2020. This program aimed to further expand
access to credit for SMEs, particularly those 2.4.2 Duty Relief for Donations: To encourage
that might not qualify for the other loan international cooperation and support relief
programs offered by government financial efforts, the government offered duty relief
institutions. for imported relief goods donated free of
charge. This measure reduced costs for
2.3.10 Subsidy Program for Sustaining international organizations and foreign
Businesses: The Ministry of Economy, Trade governments providing aid to Japan.
and Industry (METI) established a subsidy
program specifically designed to support 2.4.3 Simplified Declarations: Recognizing
businesses facing severe financial difficulties the time-sensitive nature of importing and

255
 g]kfn /fi6« a}+s ;dfrf/

exporting essential goods, the government 2.5.3 Donation Deduction for Cancelled Events:
implemented simplified customs declaration To incentivize support for the cultural and
procedures. This expedited the clearance entertainment sectors significantly impacted
process for businesses involved in critical by the pandemic, the government allowed
supply chains, reducing delays and ensuring taxpayers to deduct donations they made
a steady flow of essential goods. towards cancelled events. This benefit
applied even if they forfeited their right to
These customs measures played a vital role in a refund from the event organizers. This
mitigating the economic impact of the pandemic measure aimed to encourage continued
by ensuring the efficient movement of essential financial support for these sectors despite
goods. By prioritizing essential goods, offering the cancellations.
duty relief for donations, and simplifying
declaration procedures, the Japanese government 2.5.4 Property Tax Relief: Recognizing
aimed to strike a balance between public health the financial strain on businesses, the
and economic stability. government implemented a property tax
reduction program. Fixed asset taxes on
2.5 Tax Measures: Providing Relief for business properties were halved or even
Businesses and Individuals exempted entirely based on the severity of
Understanding the significant financial strain income loss experienced by the business.
caused by the pandemic, the Japanese government This measure aimed to alleviate the tax
introduced various tax relief measures to support burden on struggling businesses and free up
businesses and individuals (OECD, 2021). resources for them to navigate the crisis.

2.5.1 Loss Carryback for Tax Refunds: These tax relief measures provided a vital safety
Previously available only to smaller net for businesses and individuals facing financial
companies, the government expanded the hardship due to the pandemic. By allowing loss
eligibility for loss carryback provisions. carrybacks, deferring tax payments, offering tax
This allowed larger companies with a capital deductions for donations, and reducing property
of up to 1 billion yen to claim tax refunds taxes, the Japanese government aimed to stimulate
for past profits by offsetting them against economic activity and support those most affected
COVID-19 related losses. This measure by the crisis.
provided much-needed cash flow relief for
struggling businesses. 3. Policy Implications for Nepal: Learning from
Japan’s COVID-19 Response
2.5.2 Tax Payment Deferral: Recognizing the The COVID-19 pandemic exposed
cash flow challenges faced by SMEs and sole vulnerabilities in economies worldwide, and Nepal,
proprietorships, the National Tax Agency with its dependence on tourism and a significant
(NTA) allowed for the postponement of informal sector, was no exception. While the
income tax, corporation tax, and other tax specific challenges faced by Nepal differ from
payments for up to a year. This provided those of Japan, there are valuable lessons to be
immediate financial relief without incurring learned from the policy measures implemented by
interest charges or additional collateral the Japanese government to combat such uncertain
requirements. This measure aimed to help crisis.
businesses stay afloat during a period of
reduced revenue.

256
g]kfn /fi6« a}+s ;dfrf/

3.1 Employment Measures situation, addressing immediate needs while

3.1.1 Adapting the Employment Adjustment laying the groundwork for future growth.
Subsidy: Nepal could consider a similar Public works projects could focus on areas
program that subsidizes a portion of salaries like rural road construction, irrigation
for businesses retaining employees during systems, or renewable energy initiatives,
reduced work hours. However, the program all of which would contribute to broader
might need adjustments to cater to the high economic development.
prevalence of informal employment in
Nepal. 3.3 Customs and Tax Measures
3.3.1 Essential Goods First: Nepal should
3.1.2 Focus on Training and Upskilling: Japan’s prioritize the speedy clearance of essential
focus on direct job preservation might medical supplies, food, and hygiene products
not be entirely applicable to Nepal. Nepal through customs. This ensures their timely
could explore programs that focus on skills availability, minimizing disruptions to vital
development and retraining for workers in sectors like healthcare and basic necessities.
sectors heavily impacted by the pandemic, Implementing a dedicated “fast track” lane
such as tourism, to prepare them for new job for essential goods at customs checkpoints
opportunities. could expedite the clearance process.

3.2 Economic Stimulus Measures 3.3.2 Easing Informal Trade: A significant

3.2.1 Targeted Loans with a Reach: Similar to portion of Nepal’s trade occurs informally
Japan, Nepal can offer low-interest loans to across borders. Streamlining customs
support struggling businesses, particularly procedures for small traders can expedite the
Small and Medium Enterprises (SMEs). flow of essential goods while minimizing
However, reaching informal businesses disruptions to this critical sector. This not
and rural populations requires innovative only supports informal businesses but
solutions. Partnering with microfinance also contributes to the overall health of
institutions, which specialize in providing the economy. Simplifying customs forms,
financial services to underserved reducing unnecessary documentation, and
communities, could be crucial. Exploring potentially implementing mobile applications
mobile banking options could further bridge for customs declarations could all contribute
the gap and ensure financial inclusion, to a more efficient and accessible system.
allowing even those without access to
traditional banking to participate in the 3.3.3 Flexible Tax Relief: Deferring tax payments
program. can help businesses with cash flow, but
Nepal should consider flexible repayment
3.2.2 Cash Transfers vs. Infrastructure options and potential waivers for particularly
Investment: While cash transfers offer vulnerable sectors. This flexibility could
immediate relief, Nepal can also consider involve extending deadlines or offering
public works programs. These programs installment plans for deferred taxes.
would not only provide temporary Additionally, temporary tax exemptions or
employment opportunities, especially for reductions for sectors most affected by the
those in the informal sector who may have pandemic, like tourism and hospitality, can
lost their usual work, but also contribute to provide much-needed relief. Identifying
long-term economic benefits by improving clear criteria for eligibility and establishing
infrastructure. This creates a win-win a transparent application process would be

257
 g]kfn /fi6« a}+s ;dfrf/

crucial for the success of such tax relief streamline procedures for informal trade, and
measures. offer flexible tax relief options. Most importantly,
Nepal can build long-term resilience by investing
3.4 Building Long-Term Resilience: Beyond in economic diversification through sectors like
immediate crisis response, Nepal should sustainable agriculture, renewable energy, and
also consider policies that promote technology. By adapting these measures to its
economic diversification. This reduces specific context, Nepal can create a framework
dependence on specific sectors, like tourism, to lessen the economic blow, support vulnerable
and makes the economy more adaptable to populations during such crisis, and build a more
future challenges. By investing in areas robust economy for the future.
like sustainable agriculture, which can
improve food security and create new export References
opportunities, renewable energy, which can Ando, M., Furukawa, C., Nakata, D., & Sumiya,
reduce reliance on fossil fuels and promote K. (2020). Fiscal Responses to the COVID-19
environmental sustainability, and technology, Crisis in Japan: The First Six Months. National
which can drive innovation and create new Tax Journal, 73(3).
job opportunities, Nepal can build a more Bank of Japan. (2021). Annual Reveiw 2021. Bank
resilient and robust economic foundation. of Japan .
This diversification can be achieved through
Bird, C. (2020, 04 02). Business owners criticize
targeted government investments, public-
Japanese government’s ‘slow’ response to
private partnerships, and the creation of
coronavirus pandemic. NBC News.
incentive programs to encourage businesses
to invest in these sectors. Christensen, J. H., & Spiegel, M. M. (2023).
Central bank credibility during COVID-19:
Conclusion Evidence from Japan. Journal of International
To sum up, Nepal can benefit immensely from Money and Finance, 131.
Japan’s COVID experiences with crisis policy KPMG. (2020, 12 02). Japan-Government and
measures. While Nepal and Japan have distinct institution measures in response to COVID-19.
economic and social situations, valuable lessons Retrieved from KPMG: https://kpmg.com/xx/
exist for Nepal to adapt. Japan’s initial response en/home/insights/2020/04/japan-government-
prioritized healthcare but later broadened to include and-institution-measures-in-response-to-
significant economic intervention. Measures covid.html#:~:text=Key%20measures%20
included employment support programs, economic include%20establishment%20of,budget%20
stimulus packages, customs facilitation, and tax for%20additional%20economic%20stimulus.
relief programs. Nepal can learn from these by
OECD. (2021). OECD Economic Surveys: Japan.
considering wage subsidies during reduced work
Retrieved from OECD iLibrary: https://www.
hours, while also focusing on retraining programs
oecd-ilibrary.org/sites/124266a0-en/index.
for impacted sectors. Targeted loans for small
html?itemId=/content/component/124266a0-en
businesses and public works projects creating
temporary jobs are recommended. Partnering Szechenyi, N., & Jr., J. S. B. (2020, April 23).
with financial institutions serving underserved Japan’s response to covid-19: A WORK IN
communities and exploring mobile banking can PROGRESS. CSIS. https://www.csis.org/
ensure everyone benefits. Nepal should prioritize analysis/japans-response-covid-19-work-
clearing essential goods through customs, progress



258
g]kfn /fi6« a}+s ;dfrf/

Post Federal Budgetary Practice in

Nepal
@ Ravi Dhungel*

Background along with regular governance of the government

The federal era of Nepal was institutionalized have also magnified. With this, the need for
and formalized by the country’s constitution of more financial resources has also grown every
2015. The adoption of a federal structure means fiscal year. This has posed a challenge in terms
shifting from a unitary government system to a of identifying, managing, allocating, and rational
multi-layered government system. With this, the utilization of fiscal resources. The financing of the
practice of delegation of authority to 7 provincial budget deficit from internal borrowing, external
governments and 753 local governments began. borrowing, and foreign grants has been a key
The Provincial and Local Governments (PLGs) aspect of the government budget of Nepal. Despite
have been assigned with right of collecting being so, such deficit financing is becoming more
revenue and mobilizing it within their authority challenging due to the increasing size of such
assured by the constitution and related laws. deficit.
PLGs can receive grants of different types i.e.
Fiscal Equalization, Complementary, Conditional, The budget preparation process, implementation
and Special from the federal government for mechanism, its monitoring, and review have been
their governance and developmental activities. the features of Nepalese budgetary practice to
They have the right to prepare a budget for their date. This prevailed in the pre-federal era and has
territory. The right to present a budget by different continued in the post-federal era too. However, it
levels of government has been specified by the was transformed as per the administrative, legal,
Constitution. According to this the budget for the and institutional changes in the country. Fiscal
next fiscal year has to be presented by the federal year 2073/74 was the last fiscal year before
government on Jestha 15, provincial governments federalism was formally imposed in Nepal. Fiscal
till Ashadh 1, and local governments till Ashadh year 2074/75 was the year of the beginning of
10 of every year. federal practice in the country. The post-federal
era remained from fiscal year 2075/76 to the
The budgetary practice in Nepal started running fiscal year 2080/81. The post–federal
in 2008 BS. Since then, the entire budgetary period is the period of budgetary practice of not
system and practice have evolved remarkably. just the federal government, but also provincial
The preparation of the budget and allocation of and local governments. All the governments
resources in terms of priority, methodology, and involved in the post-federal budgetary practice are
rationality have experienced significant change. learning and maturing in terms of the full-fledged
The budgetary mechanism of Nepal has adopted practice of the system. However, the federal
a modern, scientific, inclusive, progressive, and budget still holds the key for the allocation of
goal-oriented approach over time. The role, financial resources for it as well as sub-national
duty, responsibility, and accountability of the governments. Thus, it has higher significance
government have also expanded and extended and relevance in terms of value in the national
every fiscal year. The development activities budgetary system.

*
Assistant Director, Nepal Rastra Bank

259
 g]kfn /fi6« a}+s ;dfrf/

The Changed Practice the necessary arrangements to equitably distribute

With the impartment of federalism, the fiscal the revenue it generates between the federal,
status of the national and sub-national governments provincial, and local levels. According to Article 60
has been ensured. The right to arrange, allocate, (3), the amount of fiscal transfer that a province
utilize, and manage fiscal resources has been or local unit receives is recommended by the
assigned to provincial and local governments. National Natural Resources and Fiscal Commission
Introduction of new and amendment of old acts and (NNRFC).
laws have been done to facilitate the use of such fiscal
authority. Institutional and legal frameworks have Apart from constitutional changes influencing
been developed to practice revenue sharing, inter- post-federal budgetary practice in Nepal, the
governmental transfer, and handling government legal changes that have been made to the practice
transactions. Simultaneously, necessary changes of fiscal federalism are also influencing it. The
have been made to the budgetary practice of a changes made for fiscal transfer, fiscal resource
budgetary system of the federal government and sharing, fiscal discipline, and fiscal responsibilities
governments of provincial and local levels. of all levels of government are also influencing
Nepalese post-federal budgetary practice. The
With the institutionalization of federalism, Intergovernmental Fiscal Arrangement Act, 2074
the status, power, and linkage between national (IGFA Act, 2017) was enacted to implement
and sub-national governments have changed. intergovernmental fiscal transfers among the three
Article 56 of the Constitution of Nepal defines the levels of government. The IGFA Act defines the
structure of the Nepali state as consisting of the process related to the transfer of grants, revenue-
federal, provincial, and local levels. Article 57 divides sharing, borrowing, budget management, public
state power between the three levels, which are expenditure, and financial discipline for all three
further enumerated in the constitutional Schedule. levels of government. Similarly, the National
Schedule 5 enumerates the 35 exclusive powers of Natural Resources and Fiscal Commission Act,
the federal level. Schedule-6 lists the 21 exclusive 2074 (NN- RFC Act 2017) defines the institutional
powers of the provinces and Schedule-8 lists the 22 arrangement, and roles and responsibilities of
exclusive powers of the local levels. Schedule 7 of the NNRFC along with the principles of fiscal
the Constitution enumerates 25 concurrent powers federalism in accordance with constitutional
shared between the federal level and the provinces. provisions.
Similarly, Schedule 9 includes 15 concurrent powers
shared between the federal, provincial, and local Additionally, the Finance Procedure and Fiscal
levels. Article 59 (1) of the Constitution states that all Responsibility Act, 2076 (FPFR Act, 2019) was
three levels can formulate laws, prepare an annual enacted to make the financial management system
budget, take decisions, formulate plans and policies, accountable, transparent, and result-oriented.
and implement them in matters related to their Apart from this, each province and local level
financial powers within their respective jurisdiction. has passed its financial procedure management-
related acts and laws. All these constitutional,
The Constitution provides functional federal, provincial, and local level-driven changes
responsibilities and revenue powers to the sub- in terms of practicing fiscal federalism and budget
federal levels and provides for fiscal transfers, have defined the process of budget formulation,
including grants and revenue-sharing. Provinces implementation, and review. Furthermore,
can, in matters within their jurisdiction, levy taxes institutional changes and adoption of technology
and collect revenue in accordance with Article for fiscal management at each level and integration
60 (1) of the Constitution. Article 60 (2) states of them have also key role to play in overall post-
that the Government of Nepal (GoN) shall make federal budgetary practice in Nepal.

260
g]kfn /fi6« a}+s ;dfrf/

Statistical Reflection of Practice ● The financial management stood at Rs.39.41

The post-federal era of Nepal has witnessed the billion (actual) in the fiscal year 2073/74,
budgetary practice of almost 6 fiscal years from Rs.116.59 billion (actual) 2074/75, Rs.223.28
the fiscal year 2075/76 to the fiscal year 2080/81. billion (revised) in the fiscal year 2079/80, and
During this period, the budgetary practice has Rs.145.30 billion in the fiscal year 2080/81.
unfolded different outcomes. Such outcomes are in ● The ratio of the total budget, total revenue,
institutional, legal, formulation, implementation, capital expenditure, and recurring expenditure to
and statistical terms. Some of the highlights from Gross Domestic Product (GDP) stood at 28.93
statistical terms during the post-federal budgetary percent, 23.50 percent, 12.25 percent, and 23.85
practice have been mentioned below: percent respectively in the fiscal year 2080/81.
● The total figure of the provincial budget (sum of
● The allocated total budget size in the fiscal year all provinces’ budget) stood at Rs.279.62 billion
2073/74 which was the last fiscal year before in fiscal year 2080/81.
federalism was Rs.1048.92 billion which reached
Rs.1278.99 billion in fiscal year 2074/75 which What Has Not Changed
was the first year of federalism. The total budget It is true that the post-federal budgetary
size has already reached Rs.1751.31 billion in practice of Nepal has evolved in terms of its
fiscal year 2080/81. preparation, implementation, resource sharing,
● The actual total budget expenditure in fiscal resource mobilization, and achievement of budget
year 2073/74 was Rs.834.31 billion (Recurring objectives. However, many aspects of the budget
– Rs.518.61 billion and Capital – Rs.208.75 in post-federal practice have not changed as it was
billion) which reached Rs.1087.28 billion in the pre-federal era. First of all, the tendency
(Recurring – Rs.696.92 billion and Capital – to increase budget size every year and making
Rs.270.71 billion) in fiscal year 2074/75 which its revisions due to the inability to implement
was the first year of practice of federalism. The has continued. This has extended to provincial
revised total budget size for fiscal year 2079/80 and local governments too. The trend of rise in
was Rs.1505.00 billion (Recurring – Rs.640.39 recurring expenditure and low spending of capital
billion and Capital – Rs.258.35 billion). The expenditure prevails in all levels of government
estimated total budget for fiscal year 2080/81 budgets. Similarly, the amount of fiscal transfer,
is Rs.1751.31 billion (Recurring – Rs.741.70 financial management, and budget deficit has
billion and Capital – Rs.302.07 billion). widened tremendously. The rise in budget
● The actual revenue generated by the Nepal size, budget deficit, public debt, and financial
government in the fiscal year 2073/74 was resource constraint have compelled governments
Rs.612.60 which reached Rs.726.71 billion in to bear added fiscal resource arrangement and
the fiscal year 2074/75. The revised estimate of management.
total revenue collection in fiscal year 2079/80
was 1179.84 billion. The estimated total revenue The federal revenue structure of Nepal comprises
collection in fiscal year 2080/81 is Rs.1422.54 tax revenue, non-tax revenue, and other receipts.
billion. Excessive dependence on tax revenue, mainly on
● Speaking of the total grant received by the customs duty and VAT has the challenge of meeting
Government of Nepal, its actual figure in the growing financial duties and responsibilities of the
fiscal year 2073/74 was Rs.31.93 billion which government. Further, the generated revenue must
reached Rs.39.32 billion in fiscal year 2074/75. be shared with provinces and local levels. This
The amount of total grant was Rs.38.46 billion has reduced the mobilizable revenue fund of the
(revised) in fiscal year 2079/80 and Rs.49.94 federal government. During the post-federal era,
billion (estimated) in fiscal year 2080/81. some of the federal government’s responsibilities

261
 g]kfn /fi6« a}+s ;dfrf/

have been shared with provinces and local levels. management systems. The integrated system has
For this, they too need sufficient fiscal resources. not been developed to facilitate the publication of
The pattern of insufficient fiscal resources has comprehensive financial reports of provinces and
transferred to sub-national governments too. The local levels. This was an issue prior to federalism
inefficiency in the collection of non-tax revenue in district development t committees and village
is prevailing and has broadened its horizon to development committees. The off-budget and off-
provincial and local governments. treasury foreign assistance has not been included
in national accounting which was a problem
The budget preparation, implementation, and identified a long time ago. This means the post-
review attitude and pattern also have not changed federal budgetary practice has carried on with
since the beginning of post-federal budgetary issues, problems, and challenges of pre-federal
practice in Nepal. The budget resource estimation, budgetary practice. In fact, with the change in
resource mobilization, allocation problems, and fair the administrative structure of the country, new
distribution of available resources have remained issues along with these carried ones have made
a significant issue in Nepalese budgetary practice the post-budgetary practice more comprehensive,
which has continued in post-federal practice also. challenging, and sustaining.
Similarly, the budgetary system of Nepal is not
free from problems at the implementation level Conclusion
of the formulated budget. Poor evaluation of Nepal entered the era of federalism in fiscal
budget implementation ability along with rising year 2074/75. After this, the entire budgetary
expenditure on social security has not changed system and practice of the country adopted a
even in the attempt to practice effective fiscal federal model. Under this, each national and sub-
federalism. The selection of projects after pre- national governments have its specific rights of
study and detailed study was practiced very low revenue collection, mobilization, and sharing.
before federalism which also has not changed. This has been constitutionally provisioned.
Further acts like the Intergovernmental Fiscal
The spending of capital expenditure is key Arrangement Act, 2074, National Natural
for achieving targets of economic growth, Resources and Fiscal Commission Act, 2074,
prosperity, and development. The trend of poor Finance Procedure and Fiscal Responsibility Act,
project preparation, politically driven project 2076, etc. have been enacted to facilitate the enter-
selection, insufficient budget allocation, delayed government fiscal transfer, fiscal discipline, fiscal
tender procedure, effective monitoring, etc. resource mobilization process, and manage fiscal
have remained a challenge for adequate capital interdependence. With the budgetary practice after
budget spending. Interestingly, these challenges federalism, the budget-related dimensions have
have not been dealt with effectively even after changed. Each level of government has the right to
federalism. Instead, these tendencies have prepare plans and programs including the budget for
spread to provincial and local levels. The issues operating governance along with the development
related to contract management t, procurement of their respective regions. The budgetary practice
management, managerial skills of project heads, after federalism is reflected in statistical terms
sufficient project monitoring practice, etc. have too. Notably, the budget size, Amount of recurring
not changed. Similarly, the problems related to expenditure, and budget deficit size have increased.
the accounting system and record management Due to the added responsibility of revenue sharing
have not been resolved drastically. There are and fiscal transfer to subordinate governments, the
problems related to the timely entry and recording federal government has the additional challenge of
of accounting transactions and their reporting due arranging and managing fiscal resources. Most of
to technological issues in budget and treasury the practices of the federal budgetary system and

262
g]kfn /fi6« a}+s ;dfrf/

its issues are visible in the budgetary practice of The project tender, feasibility study, and pre-
PLGs. This is evident in legal, institutional, and study mechanisms have to be made more sound to
statistical aspects of the national budgetary system. ensure timely initiation and completion of projects
of national pride and provincial pride. The role,
Considering the experience of the post-federal authority, and applicability of Project Bank have to
budgetary practice of Nepal so far there exists a be strengthened to ensure better project selection,
handful of learning that has to be taken to make the management, and completion. These measures
entire budgetary system more effective, efficient, are vital in the context of the federal government
transparent, accountable, transparent, inclusive, as well as sub-national governments. Only
and goal-oriented. There has to be improvement overcoming these challenges and issues will direct
in the budget formulation stage. For this, the the fiscal federalism of Nepal toward success by
budget has to be formulated based on the reality making the post-federal budgetary practice more
of the availability of resources, capacity of its stable, sustainable, and smooth.
mobilization, automation of revenue forecasting
and collection mechanism, avoidance of scattered Reference
project budgeting, ability to hold public debt,
Devkota , K. et al.(2021). Planning and Budgeting
etc. Additionally, the Medium-Term Expenditure
in The Provinces of Federal –Nepal.
Framework (MTEF) has to be made more realistic
and institutionalized for the preparation of the MOF. (2016 – 2023). Budget Speeches.
budget. Along with this, the budget implementation
also has to be improved. For this, the budget has Panda, G.R. (2011). Information Kit On The
to be implemented purposefully in a transparent, National Budget of Nepal.
accountable, and with fiscal discipline. The project PRAD. (2011). Public Expenditure Management
selection, budget allocation, implementation, Reform Through Budget Publication.
monitoring, and prioritizing process has to be
made more logical, scientific, and implementable. Written By:Economic Research Department



263
 g]kfn /fi6« a}+s ;dfrf/

Corporate Governance in Nepalese

State-Owned Enterprises (SOEs)
@ Ran Bahadur Bomrel*

Background an end in 1951, paving the way for development

Corporate governance is the system of rules, and transformation. Before this, the government
practices and processes by which a firm is directed expenditures for public benefit did not exceed
and controlled. Corporate governance essentially 1% of the revenue it generated. The nation was
involves balancing the interests of a company’s economically underdeveloped, with approximately
many stakeholders, such as shareholders, only 2% of its citizens being literate. Additionally,
management, customers, suppliers, financiers, the lack of accessible medical facilities for
government and the community. Since corporate the general public resulted in a reduced life
governance also provides the framework for expectancy, and the majority of the population,
attaining a company’s objectives, it encompasses engaged in subsistence farming, lived in poverty
practically every sphere of management, from under the control of high rent-seeking landlords.
action plans and internal controls to performance Amidst the chaos of political turmoil following
measurement and corporate disclosure. A State- that year, the new government brought into action
Owned Enterprise (SOE) is a legal entity that is the first five-year development plan in 1956 and
created by a government in order to participate Nepal’s first manufacturing industry, Biratnagar
in commercial activities on the government’s Jute Mill began its operations. The first plan
behalf. It can be either wholly or partially owned lasted till 1961 through which the government
by a government and is typically reserved to established multiple public enterprises - National
participate in specific commercial activities. It Trading Ltd, Timber Corporation of Nepal, and
is a business enterprise where the government or National Construction Company Ltd, to drive
state has significant control through full, majority, the development of transportation, power, and
or significant minority ownership. Defining irrigation facilities in the nation.
characteristics of SOEs are their distinct legal form
and operation in commercial affairs and activities. There are 44 total public enterprises in Nepal
While they may also have public policy objectives among which 25 are profit-making, 17 are loss-
(e.g., a state railway company may aim to make making and two are closed. The escalating
transportation more accessible), SOEs should be government spending on Public Enterprises (PEs)
differentiated from government agencies or state against a backdrop of mounting losses presents a
entities established to pursue purely nonfinancial noteworthy concern in the economic landscape.
objectives. It includes, but is not limited to, any An analysis of government spending reveals
entity recognized by the borrower’s national law an alarming trend. In the fiscal year 2017/18,
as an enterprise in which the state or government the government disbursed 28.91 billion rupees,
exercises direct or indirect (whole or partial) equivalent to 19.7% of total income tax, toward
ownership or control. loans and subsidies. This figure increased to 21.15
billion rupees (13.23% of income tax) in 2018/19,
Status of SOE in Nepal surged to 39.4 billion rupees (20.3% of income
Nepal’s Rana regime’s century of rule came to tax) in 2019/20, and further ballooned to 53.9

*
Assistant Director, Nepal Rastra Bank

264
g]kfn /fi6« a}+s ;dfrf/

billion rupees (24.5% of income tax) in 2020/21. services to businesses and consumers with
The most recent fiscal year, 2021/22, witnessed demonstrate better transparency and accountability
government spending of 46.1 billion rupees, in the use of scarce public funds.
constituting 20.05% of income tax. This translates
to a substantial 57.5% increase in government A number of governments in developed and
spending from 2017/18 to 2021/22. developing economies alike are taking concrete
actions to address the given challenges in order to:
Moreover, an examination of government • Enhance the competitiveness of SOEs and the
investments in PEs unveils an even more striking
economy as a whole;
trend. In 2021/22, government investments reached
a staggering 618.16 billion rupees, marking an • Provide critical infrastructure, financial, and
extraordinary 169% increase over the past five other services in a more efficient and cost-
years, specifically since 2017/18 when investments effective manner;
stood at 364.79 billion rupees. Paradoxically, • Reduce the fiscal burden and fiscal risk of SOEs
despite substantial government support in the form
while improving their access to external sources
of loans, subsidies, and extensive investments, the
financial health of PEs remains precarious. Over of finance through the capital markets;
the last five years, loss-making public enterprises
have witnessed an astonishing 6361.5% increase A good corporate governance system in
in losses reaching 41.48 billion rupees in 2021/22, general is associated with a number of benefits
while profit-making companies have experienced for all companies, private or state owned. As
a 2.4% decrease in profits even as their numbers documented by Claassens and Yurtoglu (2012),
expand reaching 43 billion rupees in the same year. good corporate governance leads to a number of
positive outcomes:
Need for Corporate Governance in SOEs
State-owned enterprises (SOEs) are assets that
• Better access to external finance by firms,
the government manages on behalf of citizens. which in turn can lead to larger investments,
Thus, it is essential to ensure that these assets are higher growth, and greater employment
handled with utmost care and professionalism. creation.
For economic growth and development, it is
critical that the SOEs perform efficiently. One • Lower costs of capital and higher firm
must understand the fact that the resources utilized valuation, which make investments more
by the SOEs are ultimately the public resources.
attractive to investors and thus also lead to
So, when the SOEs are not managed properly,
public resources are wasted, funds are channeled growth and more employment.
away from the productive activities, and the
development is ultimately hindered. But when • Improved strategic decision making and
they are governed transparently and efficiently, operational performance, through better
they can correct market failures, improve public allocation of resources and more efficient
service delivery and play a role in creating fairer management, which create wealth more
and more competitive markets. It enhances their
generally.
competitiveness as a way to boost the economy as
a whole, particularly in nations where they play • Reduced risk of corporate crises and
a dominant role and increase their operational
scandals, a particularly important outcome
efficiency and cost effectiveness in the delivery
of essential infrastructure, financial, and other given the potentially large economic and social

265
 g]kfn /fi6« a}+s ;dfrf/
costs of financial crises.
any subsidies to SOEs are calibrated to the actual
costs of fulfilling clear public policy objectives,
• Better relationships with stakeholders,
to avoid market distorting cross-subsidization of
which improve social and labor relationships, SOEs’ commercial activities
help address such issues as environmental
protection, and can help further reduce poverty Key Corporate Governance Elements for State-
and inequality. Owned Enterprises
The key elements for improving SOE corporate
Issues of Governance in SOEs governance. Several elements contribute to
Corporate governance norms address these improved SOE governance which are:
types of conduct through measures that deal with  Establishing a sound legal and regulatory
related-party transactions, such as through a review
framework for corporate governance: For
of the transaction by an independent committee of
directors and obtaining a shareholder vote in which sound legal and regulatory frame work of
the interested shareholder cannot participate.Their corporate governance bringing SOEs under
accountability is often dispersed among various company law and applying other laws and
state bodies with inherently different policy regulations to SOEs to create a level playing
interests. SOEs might serve various political
field. Listing them on the stock markets to
masters who may have different interests.
create capital market discipline. Developing
SOEs face some particular governance modern SOE laws and regulationsthatuniting
challenges that can impair/reduce their ability to SOEs under a national code of corporate
perform efficiently, create value, and contribute to governance or creating a specific SOE code to
economic development. One of the main reasons
codify good practices.
is the unclear accountability of the SOEs.There is
no clear line of accountability of the SOEs. This  Creating proper ownership arrangements
may lead to an excess political influence on the for effective state oversight and enhanced
working of the SOEs; or it may leave a vacuum, accountability: It helps to identifying and
with passive ownership and limited oversight, separating the state’s ownership functions from
increasing the risk that corporate insiders will
its policy-making and regulatory functions.
advance their personal interests rather than
those of the enterprise and the general public. Creating safeguards against government
Bribery can also be a major issue in the SOEs. interventions. Centralizing the state’s ownership
Their employees are particularly at a high risk of functions to bring focus, consistency, and good
soliciting and receiving bribes. The policies of practices to the SOE sector.
the SOEs such as procuring profits with private
 Developing a sound performance monitoring
companies while dispensing public services add
to the complexity of the issue. Creating a balance system: Define SOE mandates, strategies, and
between performances of multiple objectives objectives for key performance indicators
intensively and falsifying competition can be a and targets, both financial and nonfinancial.
challenging situation. In the current scenario, it is Corporate Governance establishes performance
of prime importance to prevent the market collapse
agreements between SOE owners and SOE
by establishing equal application of the market
regulation to SOEs and private competitors, boards. Corporate governance helps to faced
such as guidelines relating to competition and by measuring and evaluating performance
procurement. It is also important to make sure that with the goal of holding SOEs accountable for
266
g]kfn /fi6« a}+s ;dfrf/
results and ensuring good performance.  Protecting shareholder rights in mixed-
 Promoting financial and fiscal discipline: ownership companies: The corporate
Reducing preferential access to direct governance framework should protect and
and indirect public financing. Identifying, facilitate the exercise of shareholders’ rights.
computing, and financing the true cost of They can help shareholders exercise their rights
public service obligations and monitoring and by effectively communicating information
managing the fiscal burden and potential fiscal that is understandable and accessible and
risk of SOEs. encouraging shareholders to participate in
 Professionalizing SOE boards: For general meetings. Basic shareholder rights
professionalizing SOE boardsby developing includes, Share in the profits of the corporation,
a structured and transparent process for Elect members of the board, Participate and
board nominations. Defining the respective vote in general shareholder meetings, Obtain
roles of the state, as owner, of boards, and of relevant information on the corporation
management and empowering boards with on timely and regular basic, Convey or
core responsibilities such as strategy setting, transfer shares, Secure methods of ownership
choosing and overseeing the chief executive registration etc.
officer (CEO), and managing risks. Enhancing
board professionalism through the separation OECD Guideline on Corporate Governance of
of chair and CEO, development of board State-Owned Enterprise
Good governance of State-Owned Enterprises
committees, and the like. Putting in place
(SOEs) is essential for efficient and open
board remuneration and evaluation policies markets at both the domestic and international
and practices. Providing training to members level. In many countries SOEs are the main
of boards of directors. providers of key public services, including public
 Enhancing transparency and disclosure: utilities. This means that their operations have
an impact on citizens’ everyday life and on the
The corporate governance framework should
competitiveness of the rest of the economy. SOEs
ensure that timely and accurate disclosure is are increasingly prominent actors in international
made on all material matters regarding the markets. Ensuring that they operate in a sound
corporation including the financial situation competitive and regulatory environment is crucial
performance, ownership and governance of to maintaining an open trade and investment
environment that underpins economic growth. The
the company that applying private sector
OECD Guidelines on Corporate Governance of
principles and international standards to State-Owned Enterprises are recommendations to
SOEs. The corporate governance framework governments on how to ensure that SOEs operate
should promote transparent and efficient efficiently, transparently and in an accountable
markets, be consistent with the rules of law manner. They are the internationally agreed
standard for how governments should exercise
clearly articulate the division of responsibility
the state ownership function to avoid the pitfalls
among different supervisory, regulatory and of both passive ownership and excessive state
enforcement authorities by strengthening intervention. The Guidelines were first developed
the control environment and carrying out in 2005 as a complement to the OECD Principles
independent external audits. of Corporate Governance.

267
 g]kfn /fi6« a}+s ;dfrf/

Source: OECD(2023)

They have been updated in 2015 to reflect a a sale of goods and services in the marketplace.
decade of experience with their implementation Economic activities mostly take place in markets
and address new issues concerning SOEs in the where competition with other enterprises already
domestic and international context. occurs or where competition given existent laws
and regulations could occur.
Ownership and control
The Guidelines apply to enterprises that are Public policy objectives
under the control of the state, either by the state Public policy objectives are those benefitting the
being the ultimate beneficiary owner of the general public within the SOE’s own jurisdiction.
majority of voting shares or otherwise exercising They are implemented as specific performance
an equivalent degree of control. Examples of requirements imposed on SOEs and/or private
an equivalent degree of control would include, enterprises other than the maximization of profits
for instance, cases where legal stipulations or and shareholder value. These could include the
corporate articles of association ensure continued delivery of public services, such as postal services,
state control over an enterprise or its board of as well as other special obligations undertaken in
directors in which it holds a minority stake. the public interest.

Economic activities The governing bodies of SOEs

For the purpose of these Guidelines, an economic Some SOEs have two-tier boards that separate
activity is one that involves offering goods or the supervisory and management function into
services on a given market and which could, different bodies. Others only have one-tier
at least in principle, be carried out by a private boards, which may or may not include executive
operator in order to make profits. The market (managing) directors. In the context of this
structure (e.g. whether or not it is characterized document “board” refers to the corporate body
by competition, oligopoly or monopoly) is not charged with the functions of governing the
decisive for determining whether an activity is enterprise and monitoring management. Many
economic. Mandatory user fees imposed by the governments include “independent” members in
government should normally not be considered as the boards of SOEs, but the scope and definition

268
g]kfn /fi6« a}+s ;dfrf/

of independence varies considerably according owner, ensuring that the governance of SOEs
to national legal context and codes of corporate is carried out in a transparent and accountable
governance. manner, with a high degree of professionalism and
effectiveness
Listed SOEs
Some parts of the Guidelines are specifically • State-Owned Enterprises in the marketplace
oriented towards “listed SOEs”. For the purpose of Consistent with the rationale for state
this document, “listed SOEs” refers to SOEs whose ownership, the legal and regulatory framework
shares are publicly traded. In some jurisdictions for SOEs should ensure a level playing field and
SOEs that have issued preference shares, exchange- fair competition in the marketplace when SOEs
traded debt securities and/or similar financial undertake economic activities
instruments may also be considered as listed.
• Equitable treatment of shareholders and other
Ownership entity investors
The ownership entity is the part of the state Where SOEs are listed or otherwise include
responsible for the ownership function, or the non-state investors among their owners, the state
exercise of ownership rights in SOEs. “Ownership and the enterprises should recognize the rights
entity” can be understood to mean a single state of all shareholders and ensure shareholders’
ownership agency, a coordinating agency or a equitable treatment and equal access to corporate
government ministry responsible for exercising information.
state ownership.
• Stakeholder relations and responsible business
Applicability The state ownership policy should fully
The Guidelines are applicable to all SOEs recognize SOEs’ responsibilities towards
pursuing economic activities, either exclusively stakeholders and request that SOEs report on
or together with the pursuit of public policy their relations with stakeholders. It should make
objectives or the exercise of governmental clear any expectations the state has in respect of
authority or a governmental function. Whether responsible business conduct by SOEs.
other units of government should follow to
the Guidelines depends in part on the extent to • Disclosure and transparency
which they undertake economic activities. As a State-owned enterprises should observe high
guiding principle, those entities responsible for standards of transparency and be subject to the same
the ownership functions of enterprises held at high-quality accounting, disclosure, compliance
sub national levels of government should seek to and auditing standards as listed companies
implement as many of the recommendations in the
Guidelines as applicable. • The responsibilities of the boards of state-
owned enterprises
• Rationales for state ownership The boards of SOEs should have the necessary
The state exercises the ownership of SOEs in the authority, competencies and objectivity to carry
interest of the general public. It should carefully out their functions of strategic guidance and
evaluate and disclose the objectives that justify monitoring of management. They should act with
state ownership and subject these to a recurrent integrity and be held accountable for their actions.
review.
Framework for Corporate Governance Reform
• The state’s role as an owner For the pursuing fundamental governance
The state should act as an informed and active reforms to improve the relationship between the

269
 g]kfn /fi6« a}+s ;dfrf/

companies and the government as owner. Such financial system and promote financial sector
reforms have focused on improving both the role development more broadly.
and the behavior of the state as an owner and on
instigating corporate governance reforms within Way Forward
the SOE sector. The main elements in improving Given the current situation regarding corporate
the overall corporate governance framework are governance of SOEs in Nepal, it is beyond doubt
the following: that there is considerable room for improvement,
and much scope for further reform. It would be
• Developing a sound legal and regulatory imprudent to impose governance norms on SOEs
framework for SOE governance in a manner similar to private companies. The state
• Improving the state’s ownership role is a unique type of shareholder and governance
• Establishing a performance monitoring system norms require targeted treatment. International
for accountability bodies such as the OECD and the World Bank
• Enhancing financial and fiscal discipline of SOEs have issued guidelines for governance of SOEs.
• Professionalizing SOE boards of directors While international experience may be relevant,
• Enhancing transparency and disclosure care must be taken to ensure that any such
• Ensuring shareholder protection in mixed- adoption pays adequate attention to the unique
ownership companies circumstances that prevail inNepal.
• Building support and capacity for implementation • Empower boards of SOEs to take decision af-
ter considering all relevant interests, including
Conclusion
It is intended to increase the accountability of those of minority shareholders;
a company and to avoid massive disasters before • Emphasize the independence of SOE boards,
they occur. Well-executed corporate governance including by strengthening the process of ap-
should be similar to a police department’s internal pointing independent directors;
affairs unit, weeding out and eliminating problems
• Ensure minimal government interference in
with extreme prejudice. Good management
is, of course, critical for the operation of a the functioning of SOEs;
company. But managers need direction in order • Simplify the holding structure of SOEs by pos-
to prioritize operations and to allocate funds. sibly consolidating ownership in a single en-
In context of state-owned enterprise, corporate tity as in the case of the State-owned Assets
governance is important as it helps to enhance
Supervision and Administration Commission
their competitiveness and moreover increases
operational efficiency and cost effectiveness. A (SASAC) in China, Temasek in Singapore or
good corporate governance system in a country Khazanah in Malaysia, for example;
is associated with a number of benefits for all • Greater recognition and protection of minority
companies, whether private or state owned. These shareholder interests; and
benefits can boost the efficiency of SOEs and, in
• Appropriately balancing the interests of share-
turn, that of the economy as a whole and make
transactions among companies more competitive holders and other stakeholders (such as con-
and transparent which results in more efficient sumers and the general public interest).
allocation of resources by reducing the fiscal burden
and fiscal risk of SOEs leading to greater public References
and private investment in critical sectors such as Claessens, Stijn,andBurcinYurtoglu. 2012.
infrastructure that contribute to competitiveness Corporate Governance and Development:
and growth which reduces vulnerabilities in the An Update. Global Corporate Governance

270
g]kfn /fi6« a}+s ;dfrf/
Forum Focus 10 (rev.), International https://www.oecd.org/corruption/oecd-
Finance Corporation, Washington,DC. strategic-approach-to-combatingcorruption-
http://www.ifc.org/wps / wcm/connect/ and-promoting-integrity.htm.
518e9e804a70d9ed942ad6e6e3180238/ OECD (2018c), OECD Due Diligence Guidance
Focus10 _CG%26Development. for Responsible Business Conduct, http://
pdf?MOD=AJPERES. mneguidelines.oecd.org/OECD-Due-
Drilon, Franklin, M. 2011. Recent Endeavors of Diligence-Guidance-for-ResponsibleBusiness-
the Philippines on Drafting a New SOE Act. Conduct.pdf.
A Presentation for the 6th OECD Meeting of OECD (2019), Guidelines on Anti-corruption and
the Asia Network on Corporate Governance of Integrity in State-Owned Enterprises, www.
State-Owned Enterprises, Seoul, Korea, May. oecd.org/corporate/Anti-Corruption-Integrity-
IFC (2018). Corporate Governance of State- Guidelines-for-SOEs.htm.
Owned Enterprises. Retrieved From http:// OECD(2023). Public Consultation on Draft
www.ifc.org/corporategovernance Revisions to the OECD Guidelines on Corporate
OECD (2015a). OECD Guidelines on Corporate Governance of State-Owned Enterprises
Governance of State-Owned Enterprises, 2015 Varottil, U.(2015). Corporate governance in State-
Edition, OECD Publishing, Paris, https://doi. Owned Enterprises. NSE Centre for Excellence
org/10.1787/9789264244160-en. in Corporate Governance.
OECD (2015b). G20/OECD Principles of World Bank Group (2014).Corporate Governance
Corporate Governance, OECD Publishing, of State-Owned Enterprises: A toolkit
Paris, https://doi.org/10.1787/9789264236882-
https://myrepublica.nagariknetwork.com/news/
en.
economic-renewal-the-time-is-now-for-
OECD (2018b). OECD Strategic Approach to privatizing-public-enterprises/#/google_
Combating Corruption and Promoting Integrity, vignette



271
 g]kfn /fi6« a}+s ;dfrf/

#
A Text Mining Analysis of Monetary
Policy Communications in Nepal
@ Utsav Raj Pant*

Abstract
This study conducts the text mining analysis of Nepal Rastra Bank’s monetary policy communications
during period of FY 2019/20 to FY 2023/2024. Text mining methods like word count analysis, readability
index and topic modelling are used to evaluate monetary policy communications. The results of the
readability index showed that the monetary policy documents readability has increased over recent years.
The monetary policy documents are easily readable for 8th to 10th grade students/readers. Similarly, the
findings of topic modelling showed that topics relating to “policy response for economic revival “and
“macroeconomic stability” were communicated mostly in monetary policy documents over the last five
years. As the role of central banks has transformed from being the most secretive institutions to being
among the most talked about and transparent ones, effective communication has been a key component
in managing market expectations. Thus, Nepal Rastra Bank should focus on continuously refining its
communications of policies to enhance the monetary policy transmission mechanism.

Key Words: Central Banks, Monetary Policy, Communication

Introduction of monetary policy, its frameworks to achieve

In the pre-Greenspan era, central banks used to the stated targets and the long run implications
be very secretive and esoteric institutions beyond of current policy actions became a norm for
the reach of common people. Yellen (2012) noted central bank communications. In this context,
in her speech1 ‘when I started my first job at the transparent communications in tandem with the
Federal Reserve Board, it was an article of faith information needs of government, markets, and
in central banking that secrecy about monetary public started to enhance the effectiveness of
policy decisions was the best policy’. The practice monetary policy. As suggested from the European
of being reticent about the central banks policies central banks survey on theory and practice of
was prevalent for a long time and the effectiveness central bank communications till 2008, effective
of monetary policy was determined based on its communication can be a valuable toolkit for
ability to shock the markets (Marco Casiraghi central bank’s as it can influence financial
and Leonardo Pio Perez, 2022). However, with markets, increase the predictability of monetary
the positioning of monetary policy as inflation policy choices, and perhaps aid in the achievement
fighter and adoption of inflation targeting of macroeconomic goals (Alan S. Blinder, 2008).
policies by central banks during late 1990s, With the changing perception of monetary policy
concerns over importance of monetary policy as a public good, communicating policy goals with
communications started to emerge (Bernanke, prescience and clarity evolved as an influential
2007). Central bank communications, which once instrument of monetary policy to better anchor
used to be full of constructive ambiguity started public expectations and enhance monetary policy
to be clear and transparent. Explaining the goals transmission (Das, 2022). In this juncture, central

#
Third prize winning article in ‘Economic Article Competition 2081’
*
Assistant Director, Nepal Rastra Bank
1
See vice Chair Janet L. Yellen speech on Revolution and Evolution in Central Bank Communications, 2012

272
g]kfn /fi6« a}+s ;dfrf/

banks through its communications provide forward In his argument, it is important for central banks
guidance to control economic expectations. to have clear communication objectives to avoid
Communicating effectively is therefore one of the information overload that could lead to the
most powerful tools in the arsenal of contemporary “deterioration of the rational decision making
central banks. process by the public”. While the final objective
relates to the effective management of expectations,
In this context, effective communication the intermediate objectives of central bank
has been a critical element of monetary policy communication should necessarily encompass
framework. Communicating with all stakeholders transparency, accountability, and credibility as
by maintaining the gravitas of central banks has shown in Figure 1. These arguments are in line
been par of the course. Monetary policy being with the findings of study by Michael Ehrmann
public policy, everyone has the right to understand (2017) on how monetary policy communication
what central banks are doing. In addition, monetary worked under unconventional times. The study
policy works better when people understand it as mainly assessed the effectiveness of central
at times when public don’t understand it, central bank communications during the announcements
bank faces the risk of losing public trust in its of asset purchase programs. The findings
policies, actions, and the words (Simon, 2022). revealed that, announcements of asset purchase
For instance, Mr. Mario Draghi’s announcement2 programs accompanied by a contextual release of
as the President of the European central bank to do implementation details such as the estimated size
“whatever it takes” to protect the euro during the of the program helped to manage the expectations
July 2012 eurozone debt crisis buoyed the market of market participants by lowering the market
sentiments and raised the confidence of people uncertainty.
in monetary policy actions. But on the contrary,
the risks emulating from the miscommunications Figure 1: Central Bank Communication
makes the central bank communications tool act Objectives
like a double-edged sword. The instance of Federal Intermediate Objectives

Reserve triggering the “taper tantrum3” in 2013 led Transparency Final Objective

to uncertainty over the course of monetary policy Central Bank

Accountability
Credibility
Adequate
Communication Expectations
and increased volatility in the world’s financial Objectives

markets. This incident portrayed the unforeseen

Enlightenment

effects of harsh communications by central

Preserving Operational Independence Status
banks. Therefore, central bank communications
must be balanced and well conveyed to manage Source: Naghdaliyev (2011)
the expectations as people hold trust in these
institutions to say and do the right things. As the importance and popularity of central
bank communications have grown over time,
The study by Naghdaliyev (2011) states that central banks around the world have developed
ineffective communication was one of the key their policy announcement practices. For example,
factors in exacerbating the global financial crisis. the European central bank conducts its monetary
Central banks depicted their inefficiencies in policy meeting and press release in every six
elaboration of monetary and financial stability weeks, the Bank of Canada distributes four
expectations. In this regard, communication plays monetary policy reports in a year, the Federal
an important role in management of expectations. Reserve issues eight monetary policy statements

2
See, https://www.europarl.europa.eu/thinktank/en/document/IPOL_STU(2022)703367
3
The term “taper tantrum” refers to the 2013 spike in U.S. Treasury yields that followed the Federal Reserve’s (Fed) announcement that it
will be tapering its quantitative easing program in the future.

273
 g]kfn /fi6« a}+s ;dfrf/

annually and Reserve Bank of India conducts at that the bank expressed negative sentiments while
least four monetary policy committee meetings in communicating the policy and macroeconomic
a year. With the rise in availability of central bank outlooks. Finally, the study revealed the topic
communication documents, studies on evaluation models and its evolution from the texts using
of communication strategy of central banks using Latent Drichlet Allocation (LDA) method. A total
methods like text mining are also on the rise. The of 6 different topics were extracted from the policy
study by Tchebotarev (2019) on Bank of Canada’s documents, which are “exchange rate management
communication strategy analyzes the length, most and exchange rate pass-through to domestic
frequently used words, and readability levels of prices”, “monetary policy and macroeconomic
core texts of monetary policy. The findings of stability”, “macroeconomic implications of oil
study revealed that the monetary policy reports price shocks”, “economic performance, recovery
were slightly more complicated than the average and government policies”,“economic growth and
Canadian can understand. global developments” and “policy response to
domestic constraints”.
Similarly, Omotosho (2020) analyzed the
communication strategy of Bank of Ghana using In this context, the purpose of this study is to
monetary policy committee press releases for the analyse the Nepal Rastra Bank’s monetary policy
period of 2018-2019. Text mining tools such as communications during period of FY 2019/20 to
the Coleman and Liau readability index, sentiment FY 2023/2024 using text mining techniques. The
analysis and hidden topics modeling were used. study aims to determine the word count trends
The findings showed, the word and sentence and examine the readability of monetary policy
structures of press releases were less complex and documents. Along with this, the study aims to assess
readable. Likewise, the sentiments analysis showed the evolution of topics communicated by Nepal
that the bank expressed positive sentiments while Rastra Bank in its monetary policy documents
communicating the policy and macroeconomic during the period of FY 2019/20 to FY 2023/2024.
outlooks. Finally, the study revealed, topic models
and evolution of topics using Latent Drichlet Study Methodology
Allocation (LDA3) method. The results concluded For the analysis, the textual data used were
that the topic proportion of “monetary policy and sourced from the monetary policies published in
inflation” was prominent in the year 2018 while the Nepal Rastra Bank’s website4. Therefore, the study
topic proportion of “exchange rate” was prominent corpus consists of 5 monetary Policy documents.
in the year 2019. The monetary policy document for each year
comprises of 4 major sections namely, “Review
Likewise, Mohammed M. Tumala (2019) of last year’s Monetary Policy”, “Macroeconomic
evaluated the communication strategy of central bank Situation and Outlook”, “Monetary Policy
of Nigeria using monetary policy committee press Framework for this Year” and “Financial and
releases for the period of 2004-2019. Text mining Foreign Exchange Policies for this year”. Among
techniques such as Coleman and Liau readability these four topics, “Monetary Policy Framework for
index, sentiments score and topic modeling were this year” and “Financial and Foreign Exchange
employed. The findings showed that the word and Policies for this year” were included in the texts to
sentence structures were more complex and difficult be analyzed as they depict the policy directions of
to read. Similarly, the sentiment analysis showed Nepal Rastra Bank. As the topics like “Review of

3
LDA is a model is which words and documents are assigned probabilities and related to multiple topics. LDA has been widely applied in
computer science and statistics and is beginning to appear in economics.
See (David Bholat, 2015) for Central Bank Text Mining Techniques.
4
https://www.nrb.org.np/category/monetary-policy/

274
g]kfn /fi6« a}+s ;dfrf/

last year’s Monetary Policy” and “Macroeconomic (Nst) and number of words (Nw) in documents
Situation and Outlook” are less effective in the readability index is computed. Lower value
capturing the current policy directions of Nepal of Coleman and Liau Index implies the easy
Rastra Bank, texts from these topics were excluded readability of documents. Readabiltiy index less
from the corpus. In addition, the appendix and list than 7 implies the documents are very easy to read.
of statistical tables were also excluded from the Likewise, the index in between 7 to 10 implies the
corpus. documents have conversational english with easy
readability. Similarly, index above 10 indicates that
Text Normalization documetns are hard to read. The index is calculated
To analyze the texts, normalization of the using the equation written below:
documents was done to make the corpus suitable
for text mining analysis. First the numbers, Topic Extraction and Modeling
punctuations, spaces, and special characters For the purpose of identifying the hidden
(‘/”) were removed from the documents. Then topics from Nepal Rastra Bank’s monetary
after, all the words were converted to lower case policy documents, Latent Dirichlet Allocation
and the English stop words such as “for”, “on”, (LDA) method was executed using the BigML5
“the”, “a”, “if “as”, “to”, “therefore”, “due” were software . The normalized textual data was used
removed. Furthermore, redundant words like as an input in the BigML software. Based on the
“NRB”, “million”, “billion”, “bfis”, etc. were also results generated by software, the key words were
excluded from the textual data used for analysis. categorized into three major topics. As suggested
After completing the above stated textual data in the topic modelling method by Stefan Debortoli
normalization procedure for all 5 monetary policy (2016), while defining the topics under each topic,
documents, a total of 10,419 words were removed the top 20 words based on their probability of
and only 7,212 words were used for text analysis as occurrence were listed and appropriate topic name
shown in Table 1. was assigned based on associations of those top
20 words with other words in the monetary policy
Table 1 : Word Count of Monetary Policy, FY documents. The topic assignment to categories
2019/20 to FY 2023/2024 was driven by author’s intuition. Finally, based
Monetary Policy Release Word Count on the proportion of occurrence of the three topics
FY 2019/20 3,145 identified, an area chart was plotted to depict the
FY 2020/21 4,277 evolution of the monetary policy communications
FY 2021/22 4,105 during the period of FY 2019/20 to FY 2023/2024.
FY 2022/23 3,031
Results and Discusssions
FY 2023/24 3,073
Total 17,631
Word Count of Monetary Policy Documents
Removed Words 10,419
Figure 1 depicts the frequency of words in the
Total (After Normalization) 7,212 normalized monetary policy documents for the
Source : Authors Compilation
period of FY 2019/20 to FY 2023/2024. During
Readabiltiy Index the period, the average word count of documents is
To evaluate the readableness of the monetary found to be 1442. Similarly, the word count during
policy documents, redability index developed by FY 2020/21 and FY 2023/24 are above the average
Coleman and Liau (1975) was used. By counting the of word count for the last five years. From the
number of characters (Nch), number of sentences FY 2020/21, the word count of monetary policy

5
https://bigml.com/about/

275
 g]kfn /fi6« a}+s ;dfrf/

documents has significantly increased depicting Frequent terms in Monetary Policy Documents
the rising communication efforts of Nepal Rastra To identify the key issues where Nepal Rastra
Bank in the recent times. Bank showed its concern through monetary policy
documents, the most frequent terms used in the
Figure 2 : Word count of Monetary Policy monetary policy documents are presented in Figure
Documents 3. As depicted by the histogram and word cloud,
the most frequently used term during the period of
5 years is “loan”, occurring 120 times. Similarly,
terms like “credit”, “sector”, “rate”, “payment” and
“stability” are also mostly used in the monetary
policy documents. The most frequently used
term “loan” is mostly associated with the terms
like “refinance facilities” and “working capital”.
Similarly, the term “credit” is mostly associated
with the term “deprived sector lending” in the
monetary policy documents. Likewise, the term
Source : Authors Calculation
“sector” is mostly associated with the term “external
Readability of Monetary Policy Documents sector”. The term “rate” is mostly associated with
The readability index assesses the reading “interbank rate”, “base rate” and “interest rate”.
complexity level of communications made Finally, the word “payment” is mostly associated
during FY 2019/20 to FY 2023/2024. Figure 2 with “digital payments”. This prescribes, Nepal
exhibits the Coleman and Liau readability index Rastra Bank’s monetary policy documents showed
of monetary policy documents. For FY 2019/20, concern regarding “loan/credit”,” external sector”,
the readability index is found to be 13.95 which “interest rates” and “digital payment” during the
means that the documents are understandable to period of FY 2019/20 to 2023/2024.
university level students/readers. For FY 2023/24,
the readability index stood at 8.06, meaning that, Figure 4 : Most used terms in Monetary Policy
the documents had conversational English and Documents
are easily understood by 8th to 10th grade students/
readers. The declining trend of readability index
in recent years indicates readability of monetary
policy documents has been increasing.

Figure 3 : Coleman and Liau Readability Index

Source : Authors Calculation

276
g]kfn /fi6« a}+s ;dfrf/

policies can be categorized under three major

topics. The top 20 words with highest probability
of occurrence under each of three topics are listed
in Table 2. Under topic 1, the most probable
terms are “sector”, “production”, “exchange”,
“economic”, “policy”, “facilities”, “growth”,
“stability”, “inflation, etc. These combinations
of words infer the external, real and price sector
stability. So “macroeconomic stability” is the topic
assigned to these set of words.

Similarly, under topic 2, the most probable

terms are “rate”, “credit”, “digital”, “payment”,
“electronic”, “risk”, “regulatory”, “mobilization”,
“inflation”, “interbank”, etc. With the combinations
of all 20 words as shown in Table 2, the topic
Source : Authors Calculation assigned is “interest rates and digitization”.

Topic Modelling Finally, under topic 3, the most probable terms

From the corpus of monetary policy documents, are “loan”, “payment”, “covid”, “agriculture”,
it is assumed that communications made on “refinance”, “extend”, “facilities”, “borrowers”,
Table 2 : Topics identified along with their probable terms
SN Topic 1 Topic 2 Topic 3
1 sector rate loan
2 production credit payment
3 exchange foreign business
4 economic payment covid
5 policy electronic provision
6 facilities risk development
7 growth regulatory agriculture
8 stability merger transactions
9 inflation mobilization limit
10 liquidity access financial
11 operation digital lending
12 domestic macroeconomic projected
13 reviewed collateral capital
14 price interbank refinance
15 reserves Inflation promote
16 resources international deposit
17 manage cooperation commercial
18 market flow extend
19 target integrated facilities
20 capital measures borrowers
Assigned Macroeconomic stability Interest rates and digitization Policy response for economic
Topic revival
Source : Authors Calculation
277
 g]kfn /fi6« a}+s ;dfrf/

etc. With the combinations of all 20 words as communications have been mainly driven towards
shown in Table 2, the topic assigned is “policy the topic “macroeconomic stability”. To sum up,
response for economic revival”. So, the three topics like “policy response for economic revival”
major topics which are communicated in monetary and “macroeconomic stability” are emphasized
policy documents are “macroeconomic stability”, mostly monetary policies of the last five years.
“interest rates and digitization”, and “policy
response for economic revival” Conclusion
Central banks around the world are emphasizing
Topic Evolution their communications as the effectiveness of
The topic evolution of Nepal Rastra Bank’s monetary policy and its ability to affect market
monetary policy during FY 2019/20 to FY expectations is largely driven by the art of
2023/2024 is depicted by Figure 5, which plots communicating. Communicating in a transparent,
the proportion of occurrence of the three identified precise, and clear manner builds up the credibility

Figure 5 : Topic evolution of Monetary Policy Documents

Source : Authors Calculation

topics. The wider the area for the topic, the more and legitimacy of central banks as public
is its probability of occurrence. The area sizes of institutions. With the gradual rise in the number
topics depict the degree of emphasis of the central of communiques of central banks and easy access
bank on that topic. During FY 2019/20 to FY to information, the concern of the public and other
2022/23, the monetary policy communicated more stakeholders in the words used by central banks
on the topic “policy response for economic revival”. has increased. In this regard, communications have
This can be associated with the expansionary become a policy instrument and the evaluation of
policy stance adopted by Nepal Rastra Bank after what and how central banks are communicating
the outbreak of COVID-19. Similarly, during has become crucial.
FY 20/21 and FY 22/23, the monetary policy
communicated more on the topic “interest rates This paper examined the Nepal Rastra Bank’s
and digitization”. Likewise, from FY 2021/22, the communications through the monetary policy

278
g]kfn /fi6« a}+s ;dfrf/
David Bholat, S. H. (2015). Text Mining for Central
documents. The results of readability index
Banks. Bank of England.
showed that Nepal Rastra Bank has increased
its communication effectiveness over the years. Marco Casiraghi and Leonardo Pio Perez. (2022).
Furthermore, the topic modelling showed that topics Central Bank Communications. International
relating to “policy response for economic revival” Monetary Fund.
and “macroeconomic stability” are predominant Michael Ehrmann, G. G. (2017). Communication of
in monetary policy documents during the last five monetary policy in unconventional . Frankfurt:
years. Center for Financial Studies.
Mohammed M. Tumala, B. S. (2019). A Text
Thus, central banks, from being one of the most
Mining Analysis of Central Bank Monetary
secretive institutions to the most open and talked
Policy Communication in Nigeria. CBN Journal
about institutions with wide ramifications of their
of Applied Statistics, 35.
words and actions, communications have been a
strong pillar to manage the markets expectations. Naghdaliyev, N. S. (2011). Central Banks’
The art of communicating the right thing in the Communication in the Post-crisis Period.
right way at the right moment reduces uncertainty New York: The Harriman Institute,Columbia
and gives confidence to the public and reduces University.
antagonism. Considering the economic stress Omotosho, B. S. (2020). Central Bank
currently being observed in Nepalese economy, Communication in Ghana : Insights form a Text
focus on continuously refining the communications Mining Analysis. 15.
on policies and their spirit is crucial to enhance Simon, J. H. (2022). Central bank communication:
monetary policy transmission mechanism. what can a machine tell us about the art of
communication. IFC-Bank of Italy Workshop on
References “Data Science in Central Banking: Applications
Alan S. Blinder, M. E.-J. (2008). Central Bank and tools”, p. 56.
Communication and Monetary Policy : A Survey
Stefan Debortoli, O. M. (2016). Text Mining For
of Theory and Evidence. Frankfurt am Main,
Information Systems Researchers: An.
Germany: European Central Bank.
Tchebotarev, A. B. (2019). Canada’s Monetary
Bernanke, F. a. (2007). Inflation Targeting : A
Policy Report: If Text Could Speak, What Would
new framework for Monetary Policy? In F. a.
It Say? Econpapers, 19.
Bernanke, Monetary Policy Strategy. The MIT
Press. Yallen, J. (2012). Revolution and Evolution in
Central Bank Communications. Haas School of
Das, S. (2022). Monetary Policy and Central Bank
Business, University of California, Berkeley,
Communication. National Defence College,
Berkeley, California.
Ministry of Defence,, (p. 15). New Delhi .


279
 g]kfn /fi6« a}+s ;dfrf/

Risk Based Approach to Combat ML/TF

in Nepalese Banking Sector
@ Dana Raj Panta*

Background (FATF) in 2012. The revised version emphasizes the

It is estimated that if money laundering were an banking sector. The RBA guidelines for the banking
economy, it would be the 5th largest in the world, sector were drafted by a group of FATF members
with 2-5% of laundered money as a proportion of co-led by the UK and Mexico.
global GDP. Money laundering (ML) is the process
of concealing the sources of money obtained from The risk-based approach to anti-money
illegal sources and converting it into legitimate laundering and countering financing of terrorism
funds through placement, layering, and integration. indicates that countries, competent authorities, and
Money laundering focuses more on the sources of financial institutions are expected to identify, assess,
funds and how they are cleansed, while terrorist and understand the ML/TF risks they face. They
financing (TF) is concerned with the use of funds should take AML/CFT measures commensurate
for terrorism and causing chaos. Money laundering with those risks in order to effectively mitigate them.
and terrorist financing can have macro impacts on
economies and harm society in numerous ways. The establishment of Nepal Bank Limited in
1937 AD marked the beginning of the formal
The risk-based approach (RBA) is instrumental banking sector in Nepal. Since then, the Nepalese
in the effective implementation of the revised banking industry has undergone significant changes
international standards on combating money in terms of size, complexity, functions, and roles in
laundering and financing terrorism and proliferation, the economy. Like other sectors of the economy, the
adopted by the Financial Action Task Force Nepalese banking sector has gone through massive

*
DCEO, First Microfinance Laghu Bitta Bittiya Sastha Ltd

280
g]kfn /fi6« a}+s ;dfrf/

changes over the last three decades, from the information. It forms the basis for effective risk
introduction of ATMs, ABBS, and internet banking mitigation and should be kept up to date to remain
to cash deposit machines, QR codes, mobile banking, relevant.
and more recently, RTGS, IPS, and mobile wallets.
The banking sector of Nepal has witnessed rapid Developing a Common Understanding of the
changes in recent years. With the introduction of new RBA
technologies in banking, cross-border transactions An effective risk-based regime builds upon and
have become an essential part of business. The risk reflects a country’s legal and regulatory approach,
factors related to money laundering and financing the nature, diversity, and maturity of its financial
terrorism have tremendously increased in recent sector, and its risk profile. Banks’ identification and
years. The major predicate offenses and their assessment of their own ML/TF risk should consider
associated threats are analysed and rated based on national risk assessments and take into account the
their frequency of occurrence. national legal and regulatory framework. Where
ML/TF risks are higher, banks should always apply
The RBA protects the integrity of the Nepalese enhanced due diligence, even though national law
financial system by providing governments with or regulation might not precisely prescribe how
stronger tools to combat financial crime. The RBA these higher risks should be mitigated.
allows countries to adopt more flexible sets of
measures to target their resources more effectively The effectiveness of an RBA depends on a
and apply preventive measures tailored to the nature common understanding by competent authorities
of risks, focusing their efforts in the most efficient and banks of what the RBA entails, how it should be
way. Major offenses that generate substantial applied, and how ML/TF risks should be addressed.
proceeds and have larger adverse impacts, including In addition to a legal and regulatory framework that
activities related to corruption, tax evasion, banking outlines the level of discretion, banks have to deal
offenses, and hundi, have been identified as with the risks they identify, and it is important that
significant threats requiring further measures for competent authorities and supervisors, in particular,
control. issue guidance to banks on how they expect them
to fulfill their legal and regulatory AML/CFT
Assessing ML/TF Risk obligations in a risk-sensitive manner. Ongoing
While assessing the risk, the country, competent and effective communication between competent
authorities, central banks, and banks and financial authorities and banks is an essential prerequisite for
institutions have to determine how the ML/TF the successful implementation of an RBA.
threats identified will affect them. They should
analyze the information obtained to understand It is important that competent authorities
the likelihood of these risks occurring and their acknowledge that in a risk-based regime, not all
impact on individual banks, the banking sector, banks will adopt identical AML/CFT controls
and possibly on the national economy for large- and that a single isolated incident of insignificant,
scale, systemic financial institutions. Risks are crystallized risk may not necessarily invalidate the
often classified as low, medium, and high, with integrity of a bank’s AML/CFT controls. On the
possible combinations of different categories (low- other hand, banks should understand that a flexible
medium, medium-high, etc.) in order to establish RBA does not exempt them from applying effective
the RBA. Such classification is meant to assist in AML/CFT controls.
understanding ML/TF risks and to help prioritize
them based on the possible impact of the identified Countries and competent authorities should take
risks. The assessment of ML/TF risks goes beyond into account the need for effective supervision of all
the mere collection of quantitative and qualitative entities covered by AML/CFT requirements. This

281
 g]kfn /fi6« a}+s ;dfrf/

will support a level playing field among all banking CFT supervision by conducting on-site and off-
service providers and prevent higher-risk activities site inspections and accessing all relevant risk and
from shifting to institutions with insufficient or compliance information. Off-site supervision alone
inadequate supervision or control measures. may not be appropriate in higher-risk situations. On-
site inspections are generally conducted once a year
Implementation of RBA in each bank. There is also a provision for special
The RBA to AML/CFT aims to develop inspections when any non-compliance incident is
prevention or mitigation measures that correspond noticed, or risky circumstances arise in a particular
to the ML/TF risks identified. In the case of bank.
supervision, this applies to the way supervisory
authorities allocate their resources. The central bank Supervisors should adjust the frequency of AML/
of Nepal is the supervisory authority for Banks and CFT supervision in line with the risks identified
Financial Institutions (FIs) and has adopted the RBA and combine periodic reviews and ad hoc AML/
to supervise FIs in place of traditional compliance- CFT supervision as issues emerge, for example, as
type supervision. a result of whistleblowing, information from law
enforcement, or other supervisory findings resulting
The supervision department of Nepal Rastra from, for instance, general prudential supervision or
Bank started adopting a risk-based approach in its a bank’s inclusion in thematic review samples.
on-site inspections since FY2014/15.
Risk Mitigation
The central bank of Nepal carries out off-site Depending on the probable risk, purpose, and
and on-site inspections at FIs to identify the ML/TF intended nature of business, the bank should adopt
risks at individual banks and assess their impact on either simplified and standard customer due diligence
the financial sector. The regulator of the FIs should (CDD) or enhanced customer due diligence (ECDD).
take into account factors like the jurisdiction’s Banks should develop and implement policies and
national risk assessments, domestic or international procedures to mitigate the ML/TF risks they have
typologies, supervisory expertise, and feedback identified through their individual risk assessment.
from the Financial Intelligence Unit (FIU). CDD processes should be designed to help banks
understand who their customers are by requiring
While regulating and supervising individual them to gather information on what they do and why
banks, the central bank’s supervision department they require banking services. The initial stages of
considers the level of inherent risk, including the CDD process should be designed to help banks
the nature and complexity of the bank’s products assess the ML/TF risk associated with a proposed
and services, its size, business model, corporate business relationship, determine the level of CDD
governance arrangements, financial and accounting to be applied, and deter persons from establishing
information, delivery channels, customer profiles, a business relationship to conduct illicit activities.
geographic location, countries of operation, etc.
Supervisors should also assess the controls in place, Risk- based CDD is proportionate and allows for
including the quality of the risk management policy simplified CDD for low risk scenarios. Under RBA,
and the functioning of internal oversight functions. the ML/TF risk management program is formulated
in such a way that a higher level of attention is given
Supervisors adjust the intensity of control to identifying high-risk customers and monitoring
measures required to perform their authorization the transactions carried out by them. Therefore,
function and the level of information they require ECDD is applied to identify high-risk customers
to prevent criminal activity and its association and manage the relationship.
with banks. They also adjust the type of AML/

282
g]kfn /fi6« a}+s ;dfrf/

A few mandatory formalities should be complied to prepare the AML/CFT policy and guidelines.
with while carrying out ECDD, which includes The bank’s board should approve and implement
obtaining approval from senior management to these guidelines. Under the RBA, the board should
establish the relationship, obtaining additional have a risk appetite statement and provisions for
information and documents where warranted, risk tolerance limits, develop the AML/CFT policy
monitoring each and every transaction, updating and procedures, KYC, CDD & UBO. Senior
KYC information at least every year, and obtaining management has the responsibility to identify,
information relating to undivided family members assess, and rate the risks and respond according
and related persons/parties, etc. to the gravity of the risks. Banks and financial
institutions should conduct ongoing monitoring of
Financial Intelligence Unit (FIU) transactions and activities and submit suspicious
Nepalese banks are required to report TTRs, activity reports, suspicious transaction reports, and
STRs, and SARs to the FIU, established as Section threshold transaction reports to the FIU. They should
9 of the Assets Laundering Prevention Act, 2008 of also obtain documentary evidence where required.
Nepal. The roles and responsibilities of the FIU are
as follows: The RBA to combat money laundering and
● Receive and collect reports on suspicious and the financing of terrorism has been successfully
prescribed threshold financial transactions and and progressively implemented in Nepal through
other information relevant to money laundering collective efforts by the government, regulators,
and terrorist financing activities from banks, other reporting entities, and concerned
government agencies, financial institutions, and stakeholders in Nepal.
non-financial institutions.
References
● Analyze and assess the information received
Nepal Rastra Bank. (2022). Bank Supervision
from reporting entities and inspect transactions
Report, 2021/2022. Kathmandu, Nepal.
and records of banks, financial institutions, and
non-financial institutions. Financial Action Task Force. (2014). Risk-
based approach guidance for the banking
● Provide suspicious and other relevant
sector.
information to the Investigation Department
and other relevant entities. Financial Action Task Force. (2013).
National Money Laundering and Terrorist
● Guide banks, financial institutions, and non-
Financing Risk Assessment: FATF
financial institutions regarding reporting.
Guidance.
● Impose fines on Banks and Financial Institutions
Government of Nepal. (2020). National Risk
(BFIs) and non-financial institutions for failure
Assessment Report on Money Laundering
to comply with reporting requirements.
and Terrorist Financing.
● Develop an information exchange mechanism
Nepal Rastra Bank. (2023). Annual Report
with other FIUs or related international
2022. Retrieved from https://www.
institutions by entering into memoranda of
nrb.org.np/contents/uploads/2023/06/
understanding or membership agreements.
Annual-Report-2022.pdf
Nepal Rastra Bank. (n.d.). Retrieved from
Conclusion
www.nrp.org.np
The accountability of the risk-based approach to
combating ML/TF is distributed at various levels. Ministry of Finance, Nepal. (n.d.). Retrieved
The central bank or financial authority requires FIs from www.mof.np.gov

283
 g]kfn /fi6« a}+s ;dfrf/

Navigating Behavioral Banking:

Strategies for Success
@ Arpan Paudel*

Background scopes and theories out of them some of the key

The world of banking has undergone significant elements that can play a crucial role to shape and
transformation in recent years due to a technological form behavior can be as detailed below:
revolution in the global economy, leading to the
gradual replacement of conventional definitions • Framing: The decision frame in banking
and practices with techno-savvy innovations and pertains to participants' perceptions of an issue
changes in human behavior. Within this evolving and its potential outcomes. This frame can be
landscape, all legitimate business scopes and influenced by factors such as presentation,
activities envisioned for banks and bankers fall personal characteristics, and their perception
under the aggregate banking ecosystem. Similarly, of the issue, even when the underlying facts
human responses, shaped by various stimuli remain unchanged. Psychologists term this
such as situational factors, motivational levels, phenomenon 'frame dependence' behavior.
goal orientations etc. are perceived as behaviors, Despite the constancy of objective facts,
which are inherently unpredictable and cannot be participants demonstrate sensitivity to
easily categorized. This combination of banking context, often failing to perceive how issues
and human behavior, known as "Behavioral are presented. Consequently, financial
Banking," is defined as the field of finance that service providers must address framing-
utilizes psychological patterns of customers/ related challenges by developing efficient
practitioners to explain banking-related activities/ and impressive service delivery mechanisms
offerings. Within the realm of behavioral banking, across all service fronts, while also avoiding
it is assumed that the information structure and scopes with adverse media coverage.
the characteristics of participants systematically
influence decisions and outcomes of envisioned • Heuristics: It is a process through which
business scopes. Furthermore, behavioral banking individual learn and develop their own
integrates behavioral and data science to provide guidelines, often resulting in errors. Heuristics
individualized and dynamically contextualized can also be described as the application
experiences that are emotionally and financially of experience and practical efforts to
compelling to members, using language and tone solve problems or enhance performance.
that catalyze proactive but non-intrusive action. By Proper interpretation of new information
emphasizing the centrality of banking and behavioral necessitates recognizing and comprehending
aspects, this highlights the integral role of human all heuristics that influence financial decision-
behavior and the potential for efficient management making, such as anchoring, representatives,
through ongoing technological advancements. and conservatism. Every banking service
provider should ensure that disclosure
Elements of Behavioral Influence of their services is readily accessible to
While reviewing the literature of human facilitate customers' understanding based on
behavior formation, we we can find multiple heuristic attributes.

*
Head-Transaction Banking, Kumari Bank Limited

284
g]kfn /fi6« a}+s ;dfrf/

• Emotions: The majority of human decisions Customer’s Banking Behavior = Fx ( IS,R, C, B,

are influenced by needs, desires, fears, F, O….)………………………………(i)
and fantasies. John Keynes coined the
term "animal spirit" to describe the innate Emerging Areas of Behavioral Influences in
drive of individuals to participate in more Banking
banking services. Emotions play a crucial In the past, banks used to provide a variety
role in elucidating customer preferences, of savings accounts, debit and credit card
consequently shaping the banking industry. services, as well as loans and investment plans.
The psychological landscape influencing Throughout the recent years, the banking industry
banking decisions is primarily shaped by has evolved in its scope responding to the
customers' emotions, often leading to irrational emerging changes and determinants. It has now
choices. Consequently, the presence of transformed into the digital banking era, where
associated cognitive errors can also impact the banks nowadays have to explore new methods
banking sector. Thus, it is essential to consider of delivering their offerings to target market.
these factors when developing products or Therefore, in order to maximize offerings based
services in banking. outcome from the selected market, banks have
to be vigilant about the emerging paradigm and
Furthermore, banking behavior is influenced above equation based customer’s preferences.
by various factors such as the practitioner's age, Some of the key emerging waves that can govern
level of education, technological literacy, cultural behavioral banking in days to come are as
background, and social attributes. Looking back, outlined below.
Generation X faced challenges like the 1987
stock market crash upon entering the workforce A. Customer’s Experience and Ease: At the core
and witnessed the burst of the 2001 Internet of the banking sector lies a focus on customer
bubble. Similarly, Millennials were impacted experience, which has long been paramount.
by the 2008 financial crisis. Now, the potential With banking services increasingly providing
global recession may affect these two generations streamlined transactions, convenience has
as well as Generation Z, who are just entering the become an anticipated norm among customers.
workforce. Consequently, banks are intensifying efforts
to enhance security measures, expedite
As outlined in economic theories, customer transactions, and improve customer assistance.
behavior significantly shapes demand patterns. These endeavors include prioritizing the
Factors such as product/service prices, development of user-friendly interfaces
customer income levels, prices of substitute/ and straightforward navigation across bank
complementary goods/services, customer websites, mobile banking applications, and
preferences, and future expectations play crucial other platforms. Furthermore, banks are
roles as demand determinants. Similarly, in actively seeking to design their services and
banking, customer behavior is greatly influenced facilities to reduce manual complexities
by Interest rates/Service Quality (IS), Savings/ wherever feasible.
Lending Requirement (R), Interest Rate/Facility
Offered from competitors (C), Brand Image B. Emergence of contactless payments: In recent
of Service Provider (B), Future Expectation of years, there has been a growing preference
Customer (F), and Opportunity Benefits/Cost for contactless channels in shopping, fund
(O). Consequently, the determinative equation of transfers, and payments. Many customers now
customer behavior in banking can be outlined as favor options that facilitate convenient digital
follows: transactions over traditional methods like

285
 g]kfn /fi6« a}+s ;dfrf/

visiting banks for check encashment, statement cross-selling. Consequently, customers gain
retrieval etc. This trend is expected to persist access to a wide array of financial product
and possibly intensify in the upcoming year. To categories through a single platform. The
meet this demand for seamless services, banks expansion of open banking is underway, with
are focusing on enhancing their digital footprint a focus on innovating new services while
and embracing innovative technologies within safeguarding customer data.
the industry.
F. Buy Now Pay LaterArrangements (BNPLA):
C. Usages of Artificial Intelligence (AI): The Sometimes, making hefty payments can
incorporation of AI into banking services serves impose a financial burden. Hence, the BNPLA
as a significant advantage by streamlining option started surfacing in digital banking over
intricate operations and offering immediate the last few years. With the advent of BNPLA
customer support. Through the integration of banking technology trend, customer can shop
AI and chatbots tailored to respond to common for any product without making an upfront, full-
inquiries swiftly, banks can provide round- price payment. Flexible payments via equated
the-clock virtual assistance to their clientele. monthly instalments (EMIs) are equipped
Furthermore, the utilization of AI technology in with BNPLA with seamless service delivery
the banking sector extends to the management mechanism. Considering the affordability and
of customer data. Additionally, AI serves as a convenience, BNPLA is estimated to progress
valuable tool in fraud detection, addressing a and extend to wider product categories.
critical concern that the banking industry has
long been endeavoring to mitigate. G. Advancement of block chain technology:
Block chain technology is an advanced
D. Neobank’s Existence: Another emerging trend database system that allows transparent and
in banking is the proliferation of Neobanks, secure record-keeping of financial transactions.
also referred to as digital-only banks. These Due to digitalization in the banking sector, the
digital banks operate solely through their use of block chain technology is paramount. It
banking apps, as they do not maintain physical holds relevance in securing data when customer
branches. Consequently, customers no longer use banking services. Currently, banks are
need to visit a bank branch for any service, as using block chain technology to secure simple
all banking functions are accessible digitally. transactions and money transfers. In the future,
Furthermore, the absence of physical locations block chain may also be applied for even wider
reduces maintenance costs such as rent, array of banking.
electricity, and other overhead expenses,
making Neobanks cost-efficient. However, it H. Analytics and business intelligence: As
is important to note that Neobanks may not banks seek to grow in the competitive market,
offer the full range of services provided by the need to deliver personalized and efficient
traditional banks. banking services grows. Big data & analytics
assist with the same. They are components
E. Growth of open banking: Open banking, or that facilitate prediction of customer behavior
banking facilitated through APIs, is still in its and preferences. Hence, the importance
nascent phase in many developing nations. of big data & analytics is indispensable in
Through APIs, banks can share data with third- the banking sector. It is expected to grow
party fintech providers. This integration of in coming days in wide range to improve
data between banks and third-party financial customer acquisition, retention and better
institutions generates new opportunities for service delivery.

286
g]kfn /fi6« a}+s ;dfrf/

I. Self-service orientation: The dependency the historical pattern. Some of the key proactive
on bank personnel to assist with banking preparation to cope with the emerging behavioral
activities is a time-consuming hassle. Hence, banking patterns shall be routed through a
customer may find it convenient to use self- strategic action plan. Key ingredients of such
serving tools. However, banks today facilitate strategic plan can be as follows;
self-services with Interactive Voice Response a) Needs to meticulously study customers’
(IVR), kiosks, multifunctional ATMs and specific money habits, lifestyles, life stages
mobile banking apps with all the banking and more to establish a 360-degree view of
facilities available at fingertips. Innovations to how they can make their money work best for
include better, additional self-service tools are them.
another new trend in digital banking. b) Needs to consider when, how and where
behavioral science principles can be used to
J. Emergence of quick and hassle-free digital create a more effective experience
platform: Website creation/development
used be a matter of very extensive coding c) Banks should think about how using principles
knowledge and time duration. Nowadays, one such as default bias and the automation of
can create websites with minimal to no coding. processes (i.e. monthly savings) can increase
Such efficiency saves time and avoids reliance the financial wellbeing of customers
on expensive, professional IT services. Hence, d) Banks can incentivize and motivate their
even small-scale banks can create robust customers to keep on top of finances by using
websites within a few days instead of months reward-based approaches (i.e. reaching their
without high-end coding services. As these savings goals in return for discounts at retail
banks enter the digital space with low/no-code stores)
platforms, they can provide quick services and
e) Companies have a responsibility to ensure that
face the cut-throat competition in the banking
interventions are used in an ethical manner that
sector.
is good for the customer as well as the business
– nudges should be transparent, and allow the
Therefore, banking service provider shall
customer to still make their own choices.
develop a robust mechanism to track, process,
analyze, predict and initiate appropriate action f) Banks have to develop a strong cyber and data
plan to exploit the business prospect driven from security arrangement. Additionally, export
above innate. In some cases, imitation seems easy work force acquisition and retention shall be
and hassle-free but it may cause serious impact ensured to keep the arrangement interrupted.
later. Therefore, banking service provider has g) Banks should have enough cost absorbing
to develop an appropriate mechanism to cope capacity to procure, update and replace
with changing behavior of target market through technologies in operational ecosystem.
initiating insightful proactive action plan.
h) Bank has to keep connect intact with
Strategic Action Plan to Manage Behavioral community/target through different ways and
Banking. means.
Key elements aligned with the behavior i) Conducting different types of knowledge
formation and stimulus shall be properly aligned sharing as well as financial literacy session
to attain aspired outcomes of banking business. to make target market familiar with ongoing/
Therefore, respective service provider shall be emerging innovation. Such sessions to be
vigilant enough to navigate the forthcoming adequate to address the community-based
tendencies of customer’s behaviors based on banking need and inherent anomalies and risk.

287
 g]kfn /fi6« a}+s ;dfrf/

Upon having dependable and hassle-free add additional, value-added information to

arrangement of above scopes, banking service has the data itself, helping them consistently and
to develop a robust and prudent service delivery easily understand the purpose of specific data
and data processing hubs. Such arrangement shall points. Subsequently, these insights are fed
be developed in such a way from where following back into a digital core banking application
attributes can be attained in uninterrupted nature. via APIs to trigger personalized experiences.
To enhance AI applications further, banks
I. Resilience: Banks need a highly scalable, can utilize predictive and generative AIs.
reliable, rock-solid foundation to run on. If Predictive algorithms, among other functions,
payments system fails, this could not only can assign probabilities, categorize outcomes,
play havoc with a bank’s operations but could and support decision-making, while generative
lead to a disastrous data-driven customer algorithms can produce text or images of
experience. So, one of key foundations to human-level quality in response to prompts.
shape the behavioral banking is resilience.
Conclusion
II. Agility: A consistent architecture enables the In the context of Nepal, stiff competition
product team to design and test new products, has been observed, particularly in increasing
services, and related features rapidly: fail fast market share and balance sheet size in the past.
(but learn from the past mistakes). Ultimately, However, lately, with the overall non-performing
the end-to-end architecture needs to support asset (NPA) level hinting at upward swings
the creativity of the business to build market due to the impact of diminishing distributable
differentiation for the bank. profit, the business acceleration of the past is
becoming questionable. Presently, banks are
III. Speed: In a hyper-connected world, speed is a unable to lend out money even during surplus
pivotal element to offer personalized services liquidity. Therefore, banks need to develop
to customers. The pace at which information a rigorous module to alleviate the currently
is consumed, analyzed, harmonized and observed frozen market conditions, for which a
processed can make all the difference to behavioral banking approach could be the best fit.
cross-/up-sell opportunity or a potential new However, some banks are working towards this
revenue stream. So, the velocity of process to goal by arranging different automation modules
be faster enough to catch the business race. and user-friendly digital portals, but the scope is
yet to be fully exploited. Emerging multifaceted
IV. Application Programming Interfaces scopes of behavioral banking can also be broadly
(APIs): Certainly, behavioral banking relies shaped by the RegTech arrangement that assists
on APIs to a great extent. These interfaces highly regulated stakeholder including regulator,
not only facilitate banks in executing daily in settling, effectuating and meeting regulatory
business operations for content creation and governance, reporting, compliance and risk
updates but also offer data-derived insights management obligations. As technology-driven
necessary for a comprehensive understanding behavioral banking reshapes businesses and
of customers. Standardized APIs and events redefines operations, the ability to create and
provide a unified approach to sharing real- sustain a thriving AI ecosystem becomes a
time information and integrating applications strategic advantage that organizations cannot
from a broad partner ecosystem in a flexible afford to overlook.
yet cost-effective manner. However, digitally
driven banks go beyond harmonized APIs. (Note: The above-mentioned aspects represent the
Smart information models enable banks to personal opinion of the writer and do not reflect

288
g]kfn /fi6« a}+s ;dfrf/
Retrieved from https://journals.sagepub.com/
the views of associated organization.)
doi/full/10.1177/18479790221112797
References Jahan N., Shahria G. (2022) Factors effecting
Duxbury D. (2015) Behavioral finance. Insights customer satisfaction of mobile banking in
from experiments I: Theory and financial Bangladesh:South Asian Journal of Marketing,
markets. Review of Behavioral Finance Vol. Vol. 3 No. 1, pp. 60-76. Retrieved from https://
7 No. 1. Retrieved from 78-96. https://doi. doi.org/10.1108/SAJM-02-2021-0018
org/10.1108/RBF-03-2015-0011. Jaksic, M., & Marinc, M. (2015). The Future of
Banking: The Role of Information Technology.
Dubey, A., & Sharma, B. (2022) Digital International Journal of Scientific and
banking a need of time. International Journal Technology Research. Retrieved from https://
of Advanced Applied Research, Vol 9, 3. www.researchgate.net/publication/282868113.
Retrieved from https://www.researchgate.net/
publication/360809100. Dospinescu O and Anastasiei B, (2019) “Key
Matar A., Alkhawaldeh A. M. (2022) Adoption factors Determining the expected benefit of
of electronic cards using Wi-Fi platform customers when using bank cards; An analysis
services by clients of banking sector during on Millennials and Generation Z in Romania”
COVID-19 pandemic. International Journal Symmetry,11,(12), 1449. Retrived from https://
of Engineering Business Management,14. doi.org/10.3390/sym11121449



289
 g]kfn /fi6« a}+s ;dfrf/

Consumer Data Protection in Banks

and Financial Institutions
@ Dwaipayan Regmi*

Background the world about different data breach cases that exist
Consumer data protection means the policies, globally. Some notable data breaches of financial
practices, and measures that would be implemented institutions are explained as under:
by organizations to safeguard the personal and
sensitive information of customers, consumers, ● First American Bank: First American Financial
or clients they hold. It may include general data Corp, which took place in May 2019 led to 885
like names, phone numbers, addresses, PAN million credit card application data breaches.
numbers, financial records, etc. It can also be There, records linked with real estate transactions
understood as general data privacy regarding how were exposed at the time of common website
third-party agencies (banks) collect, manage, use, designing tasks. The error known as the ‘Business
and ultimately protect data in different forms of Logic Flaw’, the First American Financial Corp
transactions. The data can be anything to everything website, led to the exposure of sensitive data
about their customer there. which was not even initiated by hackers. There
were names, email addresses, and phone numbers
The Data Act 2079 (2022) (only available in that were exposed.
Nepali here), which went into effect on October 13, ● Equifax Data Breach: In September 2017, when
2022, was promulgated on September 13, 2022, to the company failed to patch a well-known
consolidate the laws governing the collection of data vulnerability for its open-source developing
as well as make the task of producing, processing, framework, Equifax failed to segment its
storing, publishing, and distributing data more ecosystem letting attackers seamlessly access
dependable, systematic, and timely. The Data Act did multiple servers after gaining access through
not, however, meet expectations for comprehensive a web portal breach. Hackers found usernames
regulations covering data collection, processing, and passwords sorted in plain text which were
storage, and publication as well as privacy-related used for the escalation of privileges to achieve a
issues. It also did not provide sufficient clarity on deeper level of access there. It was explained that
data protection-related issues. more than 40% of the American population was
impacted by data breaches with an impact of 147
Data Breaches by Financial Institutions million customers there.
The cases of hacking and data breaches do not ● Indian Bank Data Breach: In October 2016, 3.2
have a very long history. It was in June 2017, that million debit cards were compromised. Data of
the Department of Passports got hacked. In July SBI, HDFC Bank, ICICI, YES Bank, and Axis
2017, 58 government websites were reported to be Bank were at worst hit. Indian bank and SBI
hacked by a group of hackers called ‘Paradox Cyber had to announce the blocking and replacement
Ghost’. It was in March 2020, nearly 50,000 users’ of almost 600,000 debit cards. As per the audit
data of Foodmandu were stolen and released online performed by SISA Information Security, the
by hackers. Later after a month, nearly 170,000 breach was because of malware injected into
Vianet customers were exposed by anonymous the payment gateway network of the Hitachi
hackers there. The cases had remained throughout Payment System.

*
Deputy Manager, Rastriya Banijya Bank Ltd

290
g]kfn /fi6« a}+s ;dfrf/

● Esewa Data Breach: Back in 2020, eSewa had ● For Facilitation of Digital Transformation: With
to face a massive data breach in the Nepalese the banking industry going through different sets
context itself where there was the exposure of of services and their movement online, it is really
email addresses, phone numbers passwords, and important to understand that there is a requirement
other details on an undetermined number of their for secure data protection practices which tends
users. This data breach comprised data of around to be something essential for enabling those sets
two dozen eSewa users exposing the vulnerability of transformation. Thereby, customers would be
of the data at the online payment service. required to feel safe at the time of using mobile
or online platforms that banks have been offering.
Why Consumer Data Protection? ● To protect against insider threats: When employees
There are ample reasons explains the reason within the bank have sensitive information in
about why data protection is something crucial in access, the data protection thereby would tend
the corporate world. The following reason briefly to measure and help guard against such insider
explains the importance of consumer data protection threats which allows to ensure that employees
in the financial world: would not be misusing or mishandling customer
information.
● To Safeguard Sensitive Information: Since banks ● To obtain competitive advantage: Some banks
are involved in handling highly sensitive personal demonstrate strong data protection-based practices
and financial data, it is their major obligation to that allow for obtaining some form of competitive
protect that information to prevent identity theft, advantage thereby, customers would be more
fraud, and unauthorized access to any form of likely to choose those banks that tend to prioritize
financial assets that they hold. their security base and the privacy concern would
● To build customer trust: Trust turns out to be be enhanced accordingly. They will all be in the
something basic foundation in the financial space. space to seek and enhance competitive advantage
Only when customers feel confident enough there. Strong data security is indeed a competitive
about their financial institutions about their data, advantage for firms.
they are likely to continue using the services and
products of that particular financial institution. Data Protection Modes
● For Prevention of Financial Crimes: For secure Consumer data protection is something of vital
customer data and prevention of financial crimes importance in banking and financial institutions.
it is really important to carefully look after account At a time when the sensitive nature of information
takeovers, unauthorized sets of transactions, comes around in banks for handling, there certainly
phishing scams, and external attacks. There can lies different practices that get employed by banks
be loopholes within the system itself too which for the protection of consumer databases. The
should be wisely monitored as they can all lead to following are the major modes of data protection in
some financial crimes. Through the protection of banks and financial institutions as a whole:
consumer data, banks will then manage to protect
consumer data, where risks can be mitigated. ● Through encryption: Since banks tend to use
● To accompany legal Compliance: Since banks are secure socket layer (SSL) or transport layer
equally responsible and liable for a wide variety security (TLS) protocols for encrypting data
of regulations and laws regarding data protection, that gets transmitted among clients, their
such noncompliance can lead to penalties, fines servers ultimately ensure for secured set of
along various sets of legal consequences. On communication. Through advanced modules
being able to ensure consumer data protection, the of data encryption like Advanced Encryption
legal requirement would also be met in different Standard (AES) data can be safeguarded.
sets of jurisdictions which might pop up shortly. ● Timely Security Audits and Testings: Banks

291
 g]kfn /fi6« a}+s ;dfrf/

and financial institutions should conduct timely suspicious cases.

security audits and penetration for testing and ● Strong Data Backups and Recovery Plan: On
identifying vulnerabilities within their system and being able to regularly back up customer data,
their application. Such regular testing will help in and with strong preparation of recovery plans
figuring out or fixing potential security flaws that upon necessity, the data will tend to be safe at any
would come around. The audit department of a point from cyber attack or natural disaster form.
bank or external audit can be active enough in this On being able to maintain this part, any form of
case. customer data would be safe - be it during a cyber
● Multi-Factor Authentication: Thereby, when attack or natural disaster.
banks implement Multi-Factor Authentication, ● Through strong regulatory compliance: Banks
it compels users and lets users remain secured will have a huge obligation to comply with
through passwords, biometrics, and security international norms, central bank’s norms, and
tokens before getting to access any accounts. their internal policies followed by government’s
This will add adding extra layer of security for practices. If a policy is made tight and strict
banks and financial institutions there. enough for data security, automatically the data
● Data Minimization: An important way through would be safe and retained in a safe manner. This
which banks and financial institutions ensure method compels banks and financial institutes to
that their data are safe is through the level of data adhere to the regulations regarding data.
which if minimized would limit potential damage. ● Educating Customers: When banks and financial
So, through minimal data, they would reduce the institutions succeed in educating their customers
chances of data breach. Lesser the information, about maintaining security and adopting best
the lesser the data and the lesser the chances of security practices, they will themselves be aware
such breaches. of how to maintain minimum norms for updating
● Through Access Control and Authorization: At any sort of information. They will be careful from
the time when there would be role role-based their end, which will ultimately lead to enhancing
access mechanism, it would reduce the chances the protection of data.
of damages through internal protocol. It would let
to identify those bunch which would let to access, Challenges
let to modify or work to delete any specific types In today’s digital time, banks and financial
of modality which would work for prevention of institutions certainly undergo massive risk regarding
unauthorized set of access there. the protection of sensitive customer data. With the
● Regularly updating software: If banks and unpredictable nature of cyber threats, safeguarding
financial systems tend to upgrade their software data has turned out to be something worth a huge
making it up to date with the latest security challenge. They certainly increase sophistication in
patches, it will work to protect against their regarding cyber-attacks and seek potential impact
vulnerabilities which would be exploited by for data security at any time. Data encryption and
hackers. On being able to make regular updates, access play an important role in securing sensitive
banks will also be secured from their end. financial data at the time of transit and during
● Employee Training and Awareness: When rest which serves as a fundamental component
banks conduct regular training for their staff to regarding cyber security strategies for banks and
educate employees, it would lead to minimizing financial institutions therefore confidentiality and
cybersecurity threats, and other fraudulent data breaches all come side by side there. They
cases. When employees become aware, it would also protect confidentiality regarding financial data
reduce risks relating to human error too. This ensuring integrity there. Apart, be it for mobile
sort of training program would make employees and remote devices while making use of remote
aware and encourage them to take action on any arrangements or while securing data, they would

292
g]kfn /fi6« a}+s ;dfrf/

all hold something worth significant importance. of compliance, technological solutions, and their
Assessment of risks like privacy risks is something employee training bases. It can also be regarded
complicated too. There are operational loopholes that safeguarding the data of consumers in banking
that remain unidentified - be it service disruptions or and financial institutions would require some kind
quality of services. Retaining all these dimensions of multi-faceted approach that would involve
accounts for be important challenge. technology-based policies where employee training
and their collaboration with regulatory bodies
Conclusion would hold something meaningful. Thereby,
In today’s world, data is not only about enough priority for data protection would lead
information of an individual, but assets that any to in implementation of a comprehensive set of
institution has to be liable for. Although, data are strategies. A single institution itself is not liable for
being extracted from the phones we use to social any such changes and collaborative effort of policy
media that are being used – data regarding financial makers, institutions and consumers is something
institutions is something that would directly impact must for bring a safe environment anywhere.
the finances of an individual. A simple data breach
can lead to distrust among a big mass ultimately References
leading to a big mess questioning integrity as a Alneyadi, S., Sithirasenan, E., &
whole. The same applies in regarding Banks and Muthukkumarasamy, V. (2016). A survey on data
Financial institutions too. leakage prevention systems. Journal of Network
and Computer Applications, 62(C), 137–152.
On not being able to ensure safe consumer Bertino, E., Terzi, E., Kamra, A., & Vakali,
data protection there would not just be legal A. (2005). Intrusion detection in RBAC-
consequences or financial loss, but there would administered databases. In: 21st Annual
be reputational damages, identity theft, and fraud, Computer Security Applications Conference
emotional and psychological impacts with trust (ACSAC’05), 1–10.
erosion too. The Facebook Cambridge Analytica Borders, K., Weele, V. E., Lau, B., & Prakash, A.
Scandal, where data of up to 87 million users (2009). Protecting confidential data on personal
were harvested without their consent for political computers with storage capsules. In: Proceedings
advertising damaged Facebook’s reputation and of the 18th Conference on USENIX Security
wider level. Yahoo’s Data Breach of 2013 made Symposium, 367–382. Berkeley, CA: USENIX
3 billion users suffer with entire consequences Association.
leading to Yahoo’s reputational aspect. Colwill, C. (2009). Human factors in information
security: the insider threat - who can you trust
It can therefore be regarded that data protection these days? Information Security Technical
financial institutions hold a paramount set of Report, 14, 186–196.
importance in today’s time. As the use of technology McAfee. (2017). Data exfiltration study: Actors,
has been increasing and there has been rapid growth tactics, and detection. Retrieved from https://
in several online transactions (even Core Banking www.mcafee.com/us/resources/reports/rp-data-
System (CBS) is an online medium), safeguarding exfiltration.pdf
data is not just important for obtaining customer’s Julisch, K., & Dacier, M. (2002). Mining intrusion
trust but only to comply with a regulatory set of detection alarms for actionable knowledge.
requirements that would tend to avoid financial In: Proceedings of the Eighth ACM SIGKDD
losses for the data breaches there. It therefore seeks International Conference on Knowledge
aspects under which consumer data protection Discovery and Data Mining, 366–375. New
would assure trust and reputation, regulatory set York, NY: ACM.

293
 g]kfn /fi6« a}+s ;dfrf/

Quality of working life (QWL)

@ Kanchan Joshi*

Background quality of working life in the organization and for

In today’s world, the environment is becoming the employee’s life and work.
more sophisticated, dynamic, modern, and
competitive due to technological advancement, Quality-Q
modernization of human life and their working Quality refers to the degree of characteristics or
environment, education, learning, and development, features of something or somebodythat satisfy the
becoming the world as one village.In the modern, person or the things (Visible or invisible), or make
dynamic, and sophisticated landscape of world, them satisfaction, or feel them easy, acceptable,
each and every person and organizationare facing happy, comforts, attached, and committed. The
challenges to sustain, growth, and development in degree or severity of the quality of something or
order to live life peacefully, and operate the business somebody depends on the particular time, situation,
sustainably. Globalization makes it more challenging environment, person, person’s quality & ability or
to operate the organization and get benefits, achieve level or need, and how, where, when, why they use/
goals and objectives, and the sustainability of the perceive such situation, events, or things.
organization. Thus, the organizations in this present
environment should focus on ensuring the overall
favorable environment and its quality which helps to
satisfy, motivate and make the human resources more
committed towards the organization to achieve the
overall goals and objectives.As the human resource
is only the factors of production, used without its
consumption, has energy (Physical and mental) and
competency (skills, knowledge, ability, capability,
experience), and utilize all the other resources,
functions all the activities in the organization. The
quality of working life(QWL) is the emerging Source: John Gargani’s eval blog 2010/03/22
concept that aims tomaintain the overall quality
of working environment to ensure satisfaction, As Oxford Languages,The standard of something
motivation, participation, commitment, safety and as measured against other things of a similar kind;
security, OCB, CSR, ethics that ultimately lead to the degree of excellence of something. A distinctive
the organization to achieve higher productivity, attribute or characteristic possessed by someone
efficiency, effectiveness, goals and objectives of the or something. A feature of somebody/something,
organization. It also helps to match the goals and especially one that makes them different from
objectives of the persons towards the organization’s somebody/something else.
goals and objective, aims to maintain the work-life
balance. Thus, it is essential to understand about the Quality is the degree to which an object or
QWL, its dimensions, how it helps the organization entity (e.g., process, product, or service) satisfies
for its sustainability, growth and development. This a specified set of attributes or requirements.
article helps us to understand the importance of the The quality of something can be determined by

*
Assistant, Nepal Rastra Bank

294
g]kfn /fi6« a}+s ;dfrf/

comparing a set of inherent characteristics with a Working Life

set of requirements. The time,conditions, situations, events, or
overall environment in which the person does
Work-W works, grow, develop, enhance, maintain the
Work is defined as the activity, efforts, or the career and professional life is called working life,
actions (Physical or mental and visible or invisible) i.e., the overall time, situations and environment at
for doing or not doinganything else, in order to the workplace of a person is the working life of a
achieve something, and or specific or particular person.
result/objective. It is the energy transformation
process with some objective. So, work is the activity
done by someone in order to get some rewards
or results for themselves, and others or for the
company. To do something that involves physical
or mental effort, especially as part of a job,to make
efforts to achieve something.

Doing something-We are doing many things in

our life to fulfill our desires: Doing jobs for life, Figure: Working Life
education, health, society, group, personal life and Source:https://www.greatplacetowork.ca
family, formal career jobs, profession, growth and
development. Work Environment
Not doing anything-Some or many times we The overall forces, factors, situations, time that
are not doing anythingin our life or personal career. surrounds and affect the work and performance
It is the situation/state of null or empty or idle, of the organizations (sum of individual work/
either purposefully, or not for special purpose. Not performance)is called the work environment of
doing something matters much more than doing the organization in which the individuals are
something, has a long-term implication too, may performing the tasks and jobs for achieving the
positive or negative. It also encourages us to do common/ organizational goals and objectives.A
something in a better way. work environment is a space -physical and
emotional- in which employees perform their
Life-L daily tasks and jobs.It includes efficient managers,
Life is the time or situation in which somebody or supportive co-workers, challenging work,
something is born, grows, develops, lives and dies involvement in decision-making, clarity of work
or destroyed. Life is the ability to breathe, grow, and responsibilities and recognition.
produce young, etc. that people, animals and plants
have before they die and that objects do not have.

Figure: Work Environment

Figure:Life Source: https://liu.se
Source:futurelearn.com

295
 g]kfn /fi6« a}+s ;dfrf/

Elements of work Environment: • Environment: Air, water, sound, pollution,

• The organization’s vision, mission, goals, climate, communication, technologies, IT
objectives, policies, plans, strategies, actions
plan. Work environment is the combination of the
overall physical, environmental, organizational,
• The physical Infrastructures: Physical layout, managerial, economic, legal, political, social,
size of the building or organization, Furnishing, cultural, technological, factors and influences that
machinery and equipment, location, distances, has direct and indirect impact the employees to
workplaces, other physical facilities. their life and works.

• HR and their relations-Number of employees, Quality of Working Life-QWL

teams, groups, coworkers, employees' relations The level or degree or favorableness of the
overall aspects, i.e., the time, conditions, situations,
• Organizational Structure: Organizational events, or overall environment of Working Life. It
structure, work division, departments, units, represents the degree of the relationship between
offices, branches, the employee and the work environment.The
standard, level, condition, or favorableness of
• Rights, duties, authorities and responsibility the environment to the employee at workplace is
structure quality of working life.

• Employee regulating labor laws, rules, policies, QWL ensures the overall wellbeing of the
guidelines employees, so as to achieve the wellbeing of the
organization and stakeholders. The quality of the
• Employee benefits and compensation policies working environment lead to achieve the vision,
and plans: Wage, salaries, bonuses, pay structure, mission, goals, objectives of the organization
loan facility, retention plan, retirement plan, through motivation, satisfaction, participation,
pension communication, relationship building,
belongingness, suitable and fair compensation,
• Safety and Securities: Personal life, health, career planning and growth opportunities, personal
insurance, food security, safe work environment, and professional development opportunities,
physical security retention plan, job security, retirement plan,
ensuring the safe and healthy work place, preserving
• Personal career development: Training and their rights and dignity, work life balance. It is an
development, career plan, succession plan, important aspect of human resource management.
Education, learning incentives,
Quality of work life is a concept which talks
• Management System: organizing, staffing, about the overall focus on employee as a person
leadership, communication, coordination, rather than just the work done by him/her. Quality
relationship building, motivation, satisfaction, of Work Life is becoming an increasingly popular
participation, decision making, autonomy, concept in recent times. It basically talks about the
supervision, monitoring, performance evaluation, methods in which an organization can ensure the
control system holistic well-being of an employee instead of just
focusing on work-related aspects.
• Work life balances: Family friends' relation,
time, flexible work time, shift work, leave, International Labour Organization (ILO):
holiday, rest, enjoyment The ILO has stated that QWL "focuses on the

296
g]kfn /fi6« a}+s ;dfrf/

enhancement of the employee's personal well- such a manner that employees feel fully satisfied by
being, growth, and satisfaction as a means to the co-operation and support of their supervisors.
enhance organizational effectiveness." QWL is considered as an umbrella in which more
harmonized jobs are produced.
According to American Society of Training
and Development, QWL is a process of work
organizations which enable its members at all levels
to actively; participate in shaping the organizations
environment, methods and outcomes. This value-
based process is aimed towards meeting the twin
goals of enhanced effectiveness of organizations
and improved quality of life at work for employees.

Robert H. Guest (1979), a noted behavioral

scientist expressed the feelings of an employee
about his work while defining QWL. He further
pointed out “the effect of QWL on a person’s
feelings about every dimension of work including
economic rewards, and benefits, security, working Figure: Quality of Work Life
conditions, organizational and interpersonal Source: researchgate.net
relations, and its intrinsic meaning of a person’s "Quality of Work Life" (QWL) refers to the
life. overall satisfaction, happiness, and well-being
of employees in their workplace. It encompasses
Straw, R.J., and C.C. Heckscher, (1984), states various factors that contribute to employees'
that in an organization, people are trustworthy, experiences, such as job satisfaction, work
responsible and capable of making valuable environment, work-life balance, job security, health
contributions, and they should be treated with and safety, career development, and interpersonal
dignity and respect. relationships at work.

Walton (1973), the quality of work life Importance of qualit y of work life
refers to all the organizational inputs that aim The quality of work life is crucial for the
at the employees’ satisfaction and enhancing success and sustainability of organizations. It
organizational effectiveness. is not just a moral obligation but also a strategic
imperative. By investing in QWL, organizations
Harrison (1985), quality of Work Life is can create a positive work environment that
the degree to which work in an organization benefits employees, the organization's bottom
contributes to material and psychological well- line, and its overall reputation in the market. The
being of its members. key importance of the quality of working life is as
follows:
Researcher has heard a quote somewhere is
“You trust the people you work for, have pride in Employee Satisfaction and Engagement: QWL
what you do and enjoy the people you work with” plays a significant role in employee satisfaction
and engagement. When employees are satisfied
From the above definitions, it is viewed that with their work life, they are more likely to be
QWL focuses on the environment of work. All motivated, productive, and committed to their
the factors of the workplace should be managed in jobs. This leads to higher retention rates and

297
 g]kfn /fi6« a}+s ;dfrf/

lower turnover, saving the organization time and have legal requirements and regulations related
resources associated with hiring and training new to workplace safety, health, and employee rights.
employees. Prioritizing QWL helps organizations meet these
obligations and avoid potential legal issues.
Enhanced Productivity: A positive QWL
contributes to higher levels of productivity. Employee Empowerment and Development:
Satisfied employees are more focused, efficient, QWL encourages employee empowerment
and creative in their work. They are also more by providing opportunities for growth, skill
likely to go the extra mile to achieve organizational development, and career advancement. This
goals. fosters a sense of loyalty and commitment
among employees, leading to a more resilient and
Improved Health and Well-being: A supportive adaptable workforce.
work environment that prioritizes QWL can lead
to improved physical and mental health among Improving QWL is beneficial for both
employees. Reduced stress levels, better work- employees and employers. It can lead to increased
life balance, and access to wellness programs productivity, higher employee retention rates,
contribute to overall well-being, leading to fewer improved morale, and a positive reputation for the
absences and a healthier workforce. organization. Companies that prioritize QWL tend
to have happier, more engaged employees who
Attracting and Retaining Talent: In a are motivated to contribute to the success of the
competitive job market, organizations that offer organization.
a high QWL have an advantage in attracting top
talent. Prospective employees are more likely to be Work life balance
attracted to companies that value their well-being The concept of work-life balance refers to
and offer a positive work environment. Moreover, the equilibrium an individual seeks to establish
once employees are onboard, a good QWL between their work responsibilities and personal
encourages them to stay with the organization for life activities. Achieving this balance is essential
the long term. for overall well-being, happiness, and productivity.
The organization can make the balance between
Enhanced Reputation: Organizations known the work and life through using methods such
for their commitment to QWL develop a positive as:flexible hours, telecommuting, physical
reputation both internally and externally. This and mental health, alternate work schedules,
can lead to increased customer loyalty, as vacations, leisure and relaxation, family and social
customers often prefer to support companies with connections, wellness.
happy and engaged employees. Additionally, a
positive reputation can attract partnerships and
collaborations with other organizations.

Reduced Costs: Investing in QWL initiatives can

lead to cost savings in the long run. Lower turnover
rates mean less money spent on recruitment,
training, and onboarding. Additionally, a healthy
and engaged workforce can result in lower
healthcare costs and fewer workplace accidents.
Figure: Work-Life Balance.
Legal and Ethical Obligations: Many jurisdictions Source: https://www.brainzmagazine.com/

298
g]kfn /fi6« a}+s ;dfrf/

Scope of Quality of Work Life Better Career Opportunities: The management

Quality of work life is a multi-dimensional should provide facilities to the employees for
aspect. The scope of Quality of Work Life (QWL) improving their skills both academic and otherwise.
encompasses various factors that contribute to the The management should always think of utilizing
overall well-being and satisfaction of employees in human resources for expansion and development
their workplace. It is a broad concept that addresses of the organization.
not only the physical aspects of work but also the
psychological, social, and environmental factors Principles of QWL
that affect employees' experiences. The principles of Quality of Work Life
(QWL) revolve around creating a work
Compensation: The reward for work should be environment that values employees' well-
above a minimum standard for life and should also being, personal development, job satisfaction,
be equitable. There should be a just and equitable and work-life balance. These principles guide
balance between the effort and the reward. organizations in fostering a positive workplace
culture that supports the holistic needs of
Health and Safety: The working environment their employees. Here are some key principles
should be free from all hazards detrimental to of QWL
the health and safety of the employees. The main
elements of a good physical environment for work • Employee Participation: Involve employees in
should be reasonable hours of work, cleanliness, decision-making and value their input.
pollution-free atmosphere, risk-free work etc. • Job Enrichment: Design jobs to be meaningful
and challenging, providing growth
Job Security: The organization should offer opportunities.
security of employment. Employees should not • Safe and Healthy Environment: Ensure safety,
have to work under constant concern for their future health, and well-being at work.
stability of work and income. • Fair Compensation: Offer competitive wages
and comprehensive benefits.
Job Design: The design of jobs should be such • Work-Life Balance: Support flexible work
which is capable of meeting the needs of the arrangements and respect personal time.
organization for production and the individual for • Career Development: Provide growth
satisfying and interesting work. Quality of work opportunities and clear paths for advancement.
life can be improved if the job allows sufficient • Recognition and Appreciation: Acknowledge
autonomy and control, provides timely feed back and celebrate employees' contributions.
on performance and uses a wide range of skills. • Positive Workplace Culture: Foster teamwork,
diversity, respect, and inclusion.
Social Integration: The workers should be able to • Workload Management: Ensure manageable
feel a sense of identity with the organization and workloads and stress management support.
develop a feeling of self-esteem. This includes the • Ethical and Social Responsibility: Uphold ethics,
elimination of discrimination and individualism, integrity, and social responsibility.
whilst encouraging teams and social groups to form. • Continuous Improvement: Regularly gather
feedback and make ongoing improvements.
Social Relevance of Work: Work should not • Leadership Support: Leadership should
only be a source of material and psychological demonstrate a commitment to QWL through
satisfaction, but also a means of social welfare. actions and resources.
An organization that has greater concern for social These principles collectively contribute to
causes can improve the quality of work life. a workplace where employees feel valued,

299
 g]kfn /fi6« a}+s ;dfrf/

motivated, and supported, leading to higher • Workplace Relationships: Positive relationships

satisfaction, productivity, and retention. with colleagues and supervisors, Supportive
and respectful work culture, teamwork and
Aspects/Dimensions of QWL collaboration.
The dimensions of Quality of Work Life (QWL) • Compensation and Benefits: Fair and
represent various aspects of the work environment competitive wages, comprehensive benefits
and conditions that contribute to employees' package (healthcare, retirement plans, bonuses).
well-being, satisfaction, and overall quality of • Career Growth and Advancement: Clear
life. These dimensions are interconnected and career paths and opportunities for promotion,
collectively influence the overall work experience Regular feedback and performance evaluations.
and organizational performance. Here are the main • Organizational Culture: Values, norms, and
dimensions of QWL, organization should consider beliefs that guide behavior within the organization,
these dimensions while setting organizational diversity, equity, and inclusion practices, ethical
goals and objectives, making plans and policies, standards and social responsibility.
strategies, implementing accordingly so as to • Recognition and Appreciation:
achieve the goals and objectives. Acknowledgment of achievements and
contributions, celebrating milestones and
• Work Environment: Physical Environment: successes.
Safety, cleanliness, comfort, and ergonomics • Employee Well-being: Holistic support for
of the workplace, Psychological Environment: physical, mental, and emotional health, wellness
Stress levels, job demands, autonomy, and programs and initiatives, work-life integration
control. strategies.
• Work-Life Balance: Ability to balance work • Job Security: Stability and predictability in
responsibilities with personal life commitments, employment, assurance of continued employment
Flexibility in work schedules and arrangements. and advancement opportunities.
• Job Satisfaction: Contentment and fulfillment • Ethical and Legal Compliance: Adherence to
derived from the job itself, Recognition, rewards, ethical standards and legal regulations.
and appreciation for work done. By addressing these dimensions, organizations
• Health and Safety: Physical safety: Ensuring a can create a supportive and fulfilling work
safe workplace to prevent accidents and injuries. environment that fosters employee satisfaction,
Mental health: Support for stress management, productivity, and overall success.
mental well-being, and work-related mental
health issues. Conclusion
• Employee Development: Opportunities Quality of work life is the multidimensional,
for skill development and career growth, dynamic, modern concepts of management-HRM,
training programs, workshops, and educational emphasizes the overall wellbeing of the employee
opportunities. through participation, motivation, empowerment,
• Employee Empowerment: Autonomy satisfaction, safety and security, appropriate
and decision-making authority in the job, workenvironment, arranging the works and jobs,
Opportunities for involvement in decision- ethical values, work life balance, training and
making processes. development, career plan, job security, rewards
• Workload and Stress Management: and compensation, social and cultural value
Manageable workloads: Ensuring tasks are system. QWL helps to promote the OCB, CSR,
reasonable and achievable, stress management Ethics, commitments, productivity, efficiency and
resources and support. effectiveness, builds image of the company. Thus,

300
g]kfn /fi6« a}+s ;dfrf/

the organization focuses on all dimensions of the Harrison T.M. (1985), Communication and
QWL for higher, inclusive, sustainable growth and Participative Decision Making: An Exploratory
development of the organization, also taking the Study; Personnel Psychology, Vol. (1), pp. 97-
QWL as the strategic tool for HRM. 116.
https://evalblog.com/2010/03/22/what-the-hell-is-
References quality/
Robert H. Gust. (1979), Quality of Work Life–
https://www.greatplacetowork.ca/en/articles/
Learning from Terry Town, Harvard Business
best-workplaces-in-technology-%E2%80%93-
Review, July-August, Harvard, pp. 28-39
bringing-work-life-balance-to-the-forefront
8 Straw, R. J and C.C. Heckscher (1984),
https://liu.se/en/research/work-environment-
QWL: New Working Relationships in the
management-conditions-and-consequences
Communication Industry, Labour Studies,
Issue. 9, pp. 261-274. https://www.brainzmagazine.com/post/why-
work-life-balance-is-a-lie)
Walton, Richard E. (1973), Quality of Work Life:
What is it? Sloan Management Review, Vol. 15 ILO website
(1), pp. 11-21.



301
 g]kfn /fi6« a}+s ;dfrf/

Interrelationship Between Monetary

Policy and Fiscal Policy
@ Sarita Adhikari*

Background per the need of the economy. In contrast to this,

The policy formulated and executed by the Central bank adopts Contractionary Monetary
central bank of a country in order to achieve Policy in order to correct inflationary pressures
pre-specified macroeconomic objectives such and maintaining stability in the economy through
as maintaining macroeconomic and financial increasing interest rates, decreasing money supply
stability for sustainable and inclusive economic and tightening the ease of money supply in the
development is known as Monetary Policy. economy.

In another words, Monetary policy is the Fiscal policy is defined as the policy under
macroeconomic policy laid down by the central which the government uses the instruments of
bank. It involves management of money supply revenue, expenditure, public debt, borrowings,
and interest rate and is the demand side economic foreign aid, grants, and foreign investment to
policy used by the central bank of a country to achieve broad-based, sustainable and inclusive
achieve macroeconomic objectives like inflation, economic growth to make economy vibrant; ensure
consumption, growth and liquidity. In Nepal, quality social development, social security and
monetary policy of Nepal Rastra Bank is aimed social justice; boost up private sector confidence
at regulating excessive rise in prices of goods by creating investment friendly environment
and services, maintaining favorable balance of and ensure the effective implementation of
payments, maintaining external sector stability poverty alleviation programs through the
and to increase the pace of economic growth. creation of employment opportunities based on
the capabilities and capacities of the people;
The NRB implements the monetary policy maintaining macroeconomic stability; strengthen
through open market operations, bank rate federalism and good governance practices;
policy, reserve system, credit control policy, enhance effectiveness of public expenditure
moral persuasion and through many other through budgetary reforms.
instruments. Using any of these instruments will
lead to changes in the interest rate, or the money The macroeconomic framework and fiscal
supply in the economy. Monetary policy can policy statement for FY 2023/24 is based on the
be expansionary and contractionary in nature. policies set on the 15th periodic plan and medium
Increasing money supply and reducing interest term expenditure framework(MTEF) for FY
rates indicate an expansionary policy. The reverse 2023/24-FY 2025/26. It includes current state of
of this is a contractionary monetary policy. Central the economy and projections of fiscal parameters
bank adopts expansionary monetary policy when for next three years.
there are recessionary pressures in the economy to
increase aggregate demand, income, growth, output The Need of Fiscal-Monetary Policy
and employment through reducing interest rates, Coordination
increasing money supply and giving relaxations as The interaction between monetary and fiscal

*
Assistant, Nepal Rastra Bank

302
g]kfn /fi6« a}+s ;dfrf/

policy stress the need for coordination at two address the constraints that arise in the short term
different levels: Fulfillment of the overall policy regarding the operating procedures of monetary
objectives and institutional and operational and fiscal policies. Second, policy coordination
procedures. The main interaction between fiscal also has to deal with the long-term macroeconomic
and monetary policy relates to the financing of effects that could arise from an unbalanced policy
the budget and its consequences for monetary mix. In the short term, policy coordination is
management. The monetary policy stance will meant to ensure the attainment of orderly financial
affect the capacity of the government to finance the conditions including price stability. The main areas
budget deficit by affecting the cost of debt service where attention should be focused are monetary
and by limiting or expanding the available sources policy and public debt management. In the long
of financing. And, at the same time Financial term, policy coordination problem rests on how to
strategy of the government and its financial design a balanced monetary and fiscal policy mix
needs will place constraints on the operational that is conducive to maintaining the economy on
independence of the monetary authority. its equilibrium growth path- controlling inflation
and promoting financial conditions for sustainable
The efficient pursuit of the objectives of growth. This implies limiting the fiscal deficit to a
the authorities’ overall macroeconomic policy level that can be financed through the operation of
requires a close degree of coordination between the capital markets without creating distortions in
financial sector policies. The foremost objective the allocation of resources in the economy, without
of macroeconomic policy is to achieve sustainable having recourse to direct monetary financing
economic growth in a context of price stability from the central bank, and without relying on an
and viable external sector accounts. For this, it is excessive level of external borrowing.
essential to achieve a close degree of coordination
among decision makers in areas of fiscal and The joint determination of objectives and
monetary policy. Lack of efficient policy policies by the monetary and fiscal authorities is
coordination might lead to financial instability, a fundamental requirement for efficient policy
leading to higher interest rates, exchange rate coordination. The establishment and development
pressures, rapid inflation and an adverse impact on of domestic capital markets require an even greater
economic growth. degree of monetary and fiscal policy coordination.
The need for policy coordination also arises in the
The effective implementation of monetary and case of structural reform and liberalization of the
fiscal policies thus requires extensive coordination financial sector. Such reform can only proceed
between the respective authorities. Effective within the framework of supportive fiscal policy
coordination makes it easier for policy makers that provides macroeconomic stability, fiscal
to achieve their stated policy objectives in an discipline, and avoidance of taxes that discriminate
efficient manner. It also ensures the commitment against financial activity.
of decision makers responsible for these two policy
areas to mutually agreed objectives, thus helping The need for policy coordination is present
to eliminate the problem of time inconsistency in any economy, irrespective of its stage of
in the design of monetary policy. Thus, lack of development. However, it will take different forms
coordination between the monetary and fiscal depending on a country’s specific situation and the
authorities will result in inferior overall economic particular characteristics of its economy, including
performance. the depth of its financial markets, the exchange
rate regime, and other institutional arrangements.
Policy coordination needs to be undertaken
at two different levels. First, there is a need to The main sphere of interaction between

303
 g]kfn /fi6« a}+s ;dfrf/

monetary and fiscal policies that relates to the large public sector spending; but government debt
financing of the budget deficit and monetary is contained and inflation kept low. For these first
management. The actions of the monetary two scenarios, fiscal policy coordination with an
authorities will affect the management of the independent CB is counterproductive because
public debt through a variety of channels including it increases the incentive for fiscal authorities to
the stance of monetary policy, the choice and engage in surprise inflation. The best scenario
design of monetary policy instruments, and the occurs with credible inflation targeting by the CB.
measures taken to promote the development of This removes the incentive for the fiscal authorities
the domestic financial markets. These variables to cause surprise inflation. There are now welfare
collectively will affect the cost of debt service and gains from fiscal coordination with an independent
will determine the available sources of financing CB, but these are only substantial in a two good
for the government. At the same time, the financing world where there exists an incentive to attempt
strategy of the government will affect the conduct beggar-thy- neighbor improvements in the terms
of monetary policy and will place constraints on of trade by fiscal expansion. There are a number of
the operational independence of the central bank. directions for future research. We have arbitrarily
imposed various degrees of conservatism on the CB
The particular mix of monetary and fiscal whereas the type of banker can be seen as a strategic
policy to be adopted in any country will depend on variable chosen optimally in a ‘delegation game’.
the exchange arrangement in place. In general, the Stabilization policy is absent in our deterministic
role for monetary policy will be larger the more model, but the choice of conservative banker
flexible the exchange rate, although the structural should balance the gains of lower average inflation
characteristics of the economy and perceived against a less effective monetary stabilization rule.
sustainability of monetary and fiscal policies also Another development would be the re-examination
play a significant part in shaping the optimum of the fiscal-monetary policy games in the context
policy mix. of an endogenous growth model, drawing upon the
recent vast literature in this area.
Fiscal and Monetary Policy in a Monetary
Union: Credible Inflation Targets or Monetized Fiscal-Monetary Policy Coordination in the
Debt? presented by the Authors: Thomas Krichel, Context of Nepal
Paul Levine and Joseph Pearlman has emphasized Fiscal policy can play an unwavering role
the distinction between the purely fiscal reasons in promoting economic growth, diversifying
for fiscal policy coordination given a credible low- the economy, enhancing productivity, reducing
inflation policy by the CB and the spillover effects poverty, improving living standards and reducing
of an uncoordinated fiscal policy on monetary inequality in income, wealth and social status.
policy. Our worst scenario, ‘the unpleasant Tax policy, public expenditure policy and public
monetary arithmetic’, is where an independent enterprises policy are pillars of fiscal policy
CB sets the common nominal interest rate and that contribute to state-building in developing
responds to a rising government debt/GDP ratio in countries.
either of the two countries with a looser monetary
stance in effect monetizing the debt. This results The role of monetary policy is crucial in state-
in high inflation, high debt/GDP ratios and an building, by making a robust financial system and
excessively large public sector. Our intermediate financial reform policy, growth-promoting interest
scenario, ‘no monetization of debt by the CB’, is rate and credit policy. Monetary policy contributes
one where the CB sets the nominal interest rate and to stabilizing the economy through influencing
fiscal authorities bear sole responsibility for their money supply/credit, interest rate and exchange
own solvency. The result is again an excessively rate. Additionally, monetary policy tools can

304
g]kfn /fi6« a}+s ;dfrf/
overall macroeconomic development.
contribute to financial inclusion and expansion of
citizens’ access to credit and financial services in ● Representation of Ministry of Finance at the
the formal financial sector in developing countries. BOD of Nepal Rastra Bank.
● Representation of Ministry of Finance in the
If one policy is neutral or goes against another Open Market Operation Committee.
policy, effectiveness and efficiency of both policies ● Monetary Policy has been following the stance
cannot be maximized. and directions of Fiscal Policy.

The interrelationship between these two policies ● Nepal Rastra Bank has been working as a bank,
can be highlighted on the basis of following points: financial advisor and agent of the Government
of Nepal.
● In the case of attainment of national
macroeconomic objectives, if the Government The mutual coordination between the top level
of Nepal adopts a deficit budget policy policy makers in the time of formulations of plans,
for the expansion of economic activities, policies, procedures, directives and by-laws help
increasing employment opportunities and the in the attainment of the objectives set by both the
redistribution of overall national incomes, monetary and fiscal policies.
that in turns leads to increase inflation, in
such a case, Nepal Rastra Bank pursues a As envisioned in Section 69 of Nepal Rastra
contractionary monetary policy to control Bank Act, 2058 The bank shall be the banker,
inflation. advisor and financial advisor of Government of
Nepal. Nepal Rastra bank Collects, processes
● Government of Nepal sets goals and targets
and analyzes macroeconomic and financial data/
to increase exports and imports substitution,
information of various frequencies for preparing/
for this, Government provides various tax
publishing monthly/quarterly/half yearly/annual
exemptions facilities, concessional loans and
reports and publishing the Economic Review,
subsidies. In order to support the achievement
occasional paper. Monitoring daily liquidity,
of this objective monetary policy ensures low
short-term interest rates and other financial
interest rate export refinance to support the
market indicators and conducting macroeconomic
objective of an increase in exports.
diagnostics are also the prime concerns of
● The Fiscal policy formulates and implements Nepal Rastra Bank. Likewise, developing
various plans, policies and procedures in order liaison with various international agencies in
to ensure the mobilization of investment in the designing macroeconomic policies and sharing
productive sectors of an economy. Monetary data, information and policy inputs to various
policy helps to create a conducive environment stakeholders.
for investment through the use of various policy
variables such as; money supply, interest rates Conclusion
and credit flows in the economy. Monetary policy and fiscal policy both are the
macroeconomic policies aimed at maintaining
Coordination in Nepal: Examples distributive social justice by achieving targeted
● There is a representation of Nepal Rastra Bank economic growth and economic stability. While
at the resource committee of National Planning formulating the fiscal policy, the pre-budget
Commission which is responsible for fixing suggestions report is presented from the Nepal
the ceiling of budget. Rastra Bank. Similarly, the Secretary of the
● Nepal Rastra Bank presents the pre-budget Ministry of Finance presents at the Board of
suggestions report before the formulation of Directors of the Central Bank. Monetary policy
the budget for the coming FY based on the helps to mitigate the effects of fiscal policy as

305
 g]kfn /fi6« a}+s ;dfrf/
● To maintain macroeconomic stability.
deficit budgets increase inflation, but monetary
policy pursues a contractionary policy to control ● To fortify federalism and uphold good
inflation. governance.
● To augment the effectiveness of public
For fulfillment of national economic objectives. expenditure through budgetary reforms.
For example, the fiscal policy provides income tax ● Promotion of investment, industrial
exemption, customs tax exemption, etc. to increase development and trade balance.
exports, while monetary pursues a contractionary
policy to control inflation. ● Promotion of digital and green economy and
Adverse balance of payments correction
The fiscal policy makes policy arrangements for ● Maintaining price stability
investment growth while monetary policy helps to ● Maintaining financial sector stability
create a conducive environment for investment by
● Maintaining external sector stability
controlling the money supply through its various
instruments. ● To lay the foundation of a developed and
prosperous economy.
Generally speaking, a mutual coordination
between these two policies is essential for the References
attainment of the following common goals and Thomas Krichel, P. L. (1996). Fiscal and Monetary
objectives: Policy in a Monetary Union: Credible Inflation
● To build a strong economy with broad, Targets or Monetized Debt? Springer, pp. 28-54.
sustainable and far reaching inclusive Wojcikewych, R. (1985). An Empirical Investigation
economic growth by addressing the problems of the Interrelationship between Monetary and
and challenges seen in the economy. Fiscal Policy. Quarterly Journal of Business and
● To boost the morale of the private sector by Economics, 101-114.
creating an investment friendly environment, Wren-Lewis, C. L. (2000). Interactions between
and to alleviate poverty by generating income Monetary and Fiscal Policy Rules. The Economic
and employment opportunities. Journal, pp. 93-108.



306
g]kfn /fi6« a}+s ;dfrf/

Role of Insurance Sector in Economic

Development of a Nation
@ Prajwal Bikram Thapa*

Background risks which are beyond human control. It is a way

The need and use of insurance in the business to indemnify to those unpredictable losses. Thus,
world is increasing day by day. Potential losses that insurance is transfer of the risk of loss from one
may arise from the risks faced due to uncertainty entity to another in exchange for a premium and
in human and business life can be minimized can be taken as a guaranteed compensation of a
through insurance. The world we live in is full probable loss. M. Subba Rao, R. S. (2013) pointed
of contingencies and risks. While it is always not that the insurance sector boosts economic growth
possible to prevent such uncertain events from by promoting financial stability, mobilizing and
occurring, there is a mechanism to protect ourselves channelizing savings, supporting trade, commerce,
against the unpredictable losses. Insurance entrepreneurial activity and social programs; and
safeguards life, wealth and assets of individuals encouraging the accumulation of new capital and
by spreading the risk among large number of fostering a more efficient allocation. Moreover,
premium payers. Insurance is simply known as the the sector reduces the amount of capital needed
transfer of risk from individual to the insurance to cover these losses individually, thereby
industries in lieu of a premium amount. Not only encouraging additional output, investment,
insurance indemnifies the individuals and business innovation, and competition. Insurance companies
entities but also it plays an instrumental role in the have long investment horizons and can contribute
economic development of a nation by employment to the provision of long-term finance and more
creation, providing stability to functioning of effective risk management. The main goal of
business, investing in business ventures, all of insurance is protecting life, wealth and assets
which ultimately encourages savings and capital of the human being. Insurance companies play
formation. This sector can play a significance especially great role in economy. Insurance
role in financial mobility, economic growth and activities also help increasing the saving which
development. Life insurance and non-life insurance helps to capital formation and ultimately leads
are the two wings of insurance industries. Life to increasing country GDP. On the other side,
insurers have been selling various products of insurance increases employment in economy.
life policy, money back plans, endowment policy, Improve economic and financial stability also one
accident and health related policies, children of the main advantages of insurance.
insurance plans and policies etc., whereas non-
life insurers are selling various products like fire Current Scenario of Insurance Sector in Nepal
insurance, health and medical insurance, marine Insurance is one of the major components of
insurance, group accidental insurance, aviation financial system of Nepal. As a Nepalese financial
insurance and miscellaneous insurance. Insurance system, the share of insurance sector is second
industries can use their funds consisting of largest behind bank and financial institutions. As
premiums, reserves and capital to financial claim a risk transfer mechanism, insurance provides
payments and other expenses. Insurance is a way financial protection from unpredictable losses.
to minimize and provide protection against those The increasing number of insurance companies

*
Author is continuing his studies at Kathmandu University, School of Management

307
 g]kfn /fi6« a}+s ;dfrf/

Table 1: Key Indicators of Insurance Sector

S.N Indicators 2022 July 2023 July Changes

1 Total no. of life insurance policies 13,099,632 14,137,321 7.92

2 Total no. of non-life insurance policies 2,788,018 2,792,516 0.16
life insurance gross premium
3 138,640.51 142,355.61 2.68
(Rs. in million)
4 Non-life insurance gross premium (Rs. in million) 39,169.99 40,212.18 2.66

5 Gross premium (Rs. in million) 177,810.50 182,567.79 2.68

Percentage of population covered by insurance
6 (including term and micro term life insurance 38.44 39.03
policies
7 Total no. of offices (Life and Non-life) 3,366 2,801 (16.79)
8 Total no. of employees (Life and Non-life ) 11,861 11,205 (5.53)
Source: Nepal Insurance Authority

is the evidence that insurance sector is becoming From the present status, a conjecture can be drawn
more essential for the economic development of that insurance sector will become more significant
a nation. The cumulative impact of the global in the economic development of a nation.
recession, the COVID-19 pandemic, and the war
between Russia and Ukraine resulted in a 16.48% However, the total number of office has declined
increase in insurance gross premiums, which led in the FY 2022/23 to 2,801 which is a 16.79%
insurance sector to contribute 3.67 percent of the decrement from the previous fiscal year. Similarly,
GDP for the fiscal year 2021–2022. the total number of employees has also decreased
in the fiscal year 2022/23 and reached 11205,
There are altogether 37 (14 Life insurance, 14 which is 5.53% declination from the previous year.
Non-Life Insurance, 2 Reinsurance and 7 Micro
Insurance) insurance companies as of March, 2024. Regulatory Arrangements
Despite Covid-19 pandemic and economic crisis The insurance industry is closely linked with
around the globe, there have been some positive macroeconomic factors, regulation and supervision,
sign of growth in insurance sector in recent past and the achievement of national development
in Nepalese insurance sector. The total number objectives, as well as the international trade regime.
of life insurance policies was 14,137,321 in the It is also a subject connected with the regular life
FY 2022/23 which shows 7.92% increment from of common people, so that a legally responsible
previous fiscal year. Likewise, the total number body has been designated for its regulation and
of non-life insurance policies was 2,792,516 in monitoring. For this, currently an organization
the FY 2022/23 which shows a nominal growth of called Nepal Insurance Authority is doing the
0.16% from previous fiscal year. There is also a work of regulation and supervision of this sector.
slight increase of 2.68% in gross premium in the In order to make the insurance business transparent
FY 2022/23. There has been a moderate growth in and reliable, various regulatory arrangements have
coverage of insurance in recent year. Percentage been made by Insurance Board. Initiation has been
of population covered by life insurance have risen made from Provision of licenses to operational
steadily over the years and reached 39.03 percent issues, governance, internal control system, claim
in FY 2022/23 from 38.44 percent in previous year. and settlement, asset management, etc. Such

308
g]kfn /fi6« a}+s ;dfrf/

directives and instruction help to provide proper employed in insurance industry will increase
guidance to the insurance business and to provide consumer spending, and ensure financial
awareness to the stakeholders. In addition to this, a stability.
risk-based supervision system has been developed
and implemented to monitor the overall work and ● Investment in ventures is unarguably one of the
effectiveness of the insurance companies. pre-requisites of robust economic development.
Insurance allows individuals and businesses to
Role of Insurance Sector focus in their entrepreneurial pursuit, knowing
Insurance is an integral part of the economy, that they have a level of financial protection
performing a variety of important functions for the against uncertain circumstances. By acting as
efficient and effective development of economy. a risk transfer mechanism, insurance drives
So, it is not easy to explain the importance of the courage of entrepreneurs required to
insurance business in limited words. The general explore new opportunities and contribute to
public, society, business community and the nation the economic development of a nation. This,
as a whole can get unlimited benefits from the in turn channelizes the savings to long term
development and promotion of this sector. Some investments in different productive sector
of the major aspects are described below. which leads to overall growth and development
of economy.
● Insurance is an integral part of broader financial
system. The premiums collected from the ● The practice of setting aside a portion of regular
policyholders result into generation of financial income to pay premiums of insurance according
resources which are invested in diversified to contract develops a saving habit. Not only
portfolios such as government securities, fixed insurance acts as a tool for financial protection
deposits, stocks and real state. Investments in but also insurance policies serve as a means
government securities can contribute to public to accumulate savings over time or channel
projects and government funding while the funds into various investment avenues such
investment in stocks and real estate can support as retirement plans. Thus, insurance industry
the growth of private sectors. The generation fosters a conducive environment for savings
of financial resources from insurance industry and capital formation that provides necessary
fuels the growth of economy by creating resources to invest in human capital, and
economic stimulus. infrastructure which helps to achieve sustained
economic growth.
● Insurance sector provides employment
opportunities to many individuals by direct or ● Insurance generates significant impact on the
indirect means. Apart from employees directly economy by mobilizing domestic savings. It
working for insurance company, there are also also helps to develop service, agriculture and
many insurance agents and insurance surveyors industry sector of economy. The contribution
who are the benefited stakeholders of insurance of insurance premium to GDP ratio also
industry. There are 12,031 employees directly increasing in later days. Insurance enables to
employed in the insurance sector while the mitigate loss, financial stability and promotes
number of insurance surveyor was tracked trade and commerce activities, those results
1,240 in the fiscal year 2021-2022 in Nepal. into economic growth and development which
A significant growth has been witnessed in ultimately helps in sustainable growth and
the number of insurance agents as the number development of an economy.
of agents reached 296,403 in the fiscal year
2021-2022. The increasing number of people ● Insurance also plays a crucial role in crisis

309
 g]kfn /fi6« a}+s ;dfrf/

management for both individuals and more dynamic and vibrant the capital market.
businesses. History has been testimony that
insurance builds resilience for the economy ● Though the future of Insurance sector is
against pandemics and natural disasters thus promising, it still faces a major challenge of
allowing businesses and individuals to recover low penetration rate as insurance is an unsought
quickly from such unforeseen challenges. Like product. As per the report of Nepal Insurance
business, individuals are exposed to various Board, insurance penetration for life insurance
kinds of unforeseen challenges one of which was only 44.05% in the year 2023. The low
is associated to health. Health and wellbeing penetration of insurance reflects the consumer
of individuals and their family members is the ignorance towards the benefits of being insured.
biggest concern for most. Perhaps, medical The ability of insurance companies to win the
insurance is undoubtedly one of the most trust of general public is crucial for the growth of
demanded insurance product as the insured gets insurance industry. Nepal is prone to calamities
financial support in case of medical emergencies. such as earthquake due to its topography. Thus,
By preventing catastrophic medical expenses managing risks associated with such natural
that could otherwise lead to personal disasters, including assessing and pricing the
financial crises as medical treatment cost are risk while ensuring that the companies meet the
exponentially rising, medical insurance enables obligations in case of large-scale disasters will
a healthier and more economically productive be a challenging task.
population. Additionally, it contributes to the
overall stability of the healthcare sector and Conclusion
reduces the reliance on public resources for The role of insurance business has been growing
emergency medical care. importance in financial intermediation, which
has received less attention than bank and stock
● Agriculture which is an indispensable part markets. The ultimate goal of insurance sector is to
of economy for many nations, comprises of provide security to insurance industry according to
various risks associated with weathers, pests, national need by protecting all classes of the society
and diseases. Agriculture insurance acts as a from natural and social risks while embracing the
mechanism of protection for farmers against globally accepted insurance norms. The role of
such uncertainties thus encouraging the swift insurance sector in the economic development
adoption of advanced agricultural practices of a nation is significant and multifaceted. It
and stabilizing the agricultural yields. The contributes to the economic development by
increasing risk of climate change and its generating employment opportunities, mobilizing
possible implications on agriculture has made savings and investment, strengthening and
it more necessary for farmers to be insured. stabilizing the financial system, helping recovery
Furthermore, access to credit becomes easier from crisis for both individuals and businesses,
for insured farmers as their reduced risk profile and mitigating the risk associated with agriculture
increases the likelihood of getting credit. and helping the economy develop international
trust. The contribution of insurance sector in the
● Portion of insurance sector in Nepalese stock GDP of 2021-2022 was 3.67% and it is expected
market is going up. Insurance sector provides that the increasing trend is going to continue.
capital market more productive. As institutional Although the current situation and expansion of
investors, insurance companies contribute to the the insurance sector seems to be satisfactory, the
development as well as functioning of a capital practice of automatically providing property and
market. Insurance companies receive premiums life insurance has not yet increased in Nepal.
and invest to the capital market, which gives For this, it is necessary to create an environment

310
g]kfn /fi6« a}+s ;dfrf/
for China, China International Conference on
of mutual trust and coordination among all
Insurance and Risk Management
stakeholders by making the insurance transaction
scientific and transparent. To unleash the full Pant, S., & KC, F. B. (2018). Contribution of
potential of insurance industry Nepal Government, Insurance in Economic Growth of Nepal.
Nepal Insurance Authority and the insurer should Journal of Advanced Academic Research,
focus on implementing policies that facilitates the 4(1), 99–110. https://doi.org/10.3126/jaar.
penetration of insurance in primary, secondary and v4i1.19523
tertiary sector of the economy for the economic M. Subba Rao, R. S. (2013). Contribution of
development. The adoption of rapidly changing insurance sector to growth and development of
technologies in the digital landscape to improve the Indian economy. IOSR. Journal of Business
the operational efficiency, customer service and and Management (IOSR-JBM), 7 (4), 45-52.
overall competitiveness another aspect that will
Ministry of Finance (2012). Economic Survey,
determine the fate of insurance industry.
2022/23. Kathmandu
References Nepal Insurance Authority, Monthly statistics,
PAN, G. and SU C. (2012). The Relationship 2022 July and 2023 July
between Insurance Development and Nepal Insurance Authority Annual Report 2022
Economic Growth: A Cross- Region Study



311
 g]kfn /fi6« a}+s ;dfrf/

Cloud Computing in Banking Sector

@ Shashank Ghimire*

Background cloud. A web browser is used to manage your

The world of finance is changing account and access these services.
dramatically. Consumer demands for a smooth,
digitally-first banking experience are changing 2. Private cloud: Third-party cloud service
quickly. In this changing environment, traditional providers, who offer computing resources like
on-premises infrastructure finds it difficult to keep servers and storage over the internet, own and
up. With the help of cloud computing, banks are run public clouds. One instance of a public
now better equipped to overcome these obstacles cloud is Microsoft Azure. The cloud provider
and open the door to a more creative, efficient, and owns and manages all the hardware, software,
flexible future. and other supporting infrastructure in a public
cloud. A web browser is used to manage your
The purpose of this article is to explore how account and access these services.
cloud computing can revolutionize the banking
industry. We’ll go over its main advantages, 3. Hybrid cloud: Public and private clouds
which range from scalability and cost reduction are combined in hybrid clouds, which are
to improved security and regulatory compliance. connected by a system that permits data and
We’ll also look at implementation tactics and the applications to be transferred between them.
difficulties that come with adopting the cloud. A hybrid cloud allows your company more
deployment options and flexibility by enabling
What is Cloud Computing? data and apps to migrate between private
Cloud Computing, simply, cloud computing is and public clouds. It also helps to optimize
the process of delivering computer services-such as your current infrastructure, security, and
networking, servers, storage, databases, software, compliance.
analytics, and intelligence-through the internet, or
“the cloud,” in order to provide economies of scale, Service Models of Cloud Computing
flexible resource options, and quicker innovation. IaaS (infrastructure as a service), PaaS (platform
Usually, you only pay for the cloud services you as a service), and SaaS (software as a service) are
use, which helps you scale your infrastructure as the three primary cloud service paradigms in cloud
your business needs change, reduce operational computing. IaaS, PaaS, and SaaS are also referred
expenses, and operate your infrastructure more to as cloud service offerings or cloud computing
effectively. categories; nonetheless, they all describe how
you use the cloud within your company and the
Types of Cloud Computing level of administration you oversee in your cloud
1. Public cloud: Third-party cloud service environments.
providers, who offer computing resources like
servers and storage over the internet, own and 1. IaaS (Infrastructure as service): Through
run public clouds. One instance of a public the cloud, infrastructure as a service, or
cloud is Microsoft Azure. The cloud provider IaaS, provides businesses with on-demand
owns and manages all the hardware, software, infrastructure resources like computing,
and other supporting infrastructure in a public storage, networking, and virtualization.

*
Student, Bachelor in Computer Science, IIMS College

312
g]kfn /fi6« a}+s ;dfrf/

Customers are in charge of the operating can switch to an operating expenditure (OpEx)
system, middleware, virtual machines, and model, where they only pay for the resources,
any apps or data, but they are not required to they really use, from a capital expenditure
operate, maintain, or update their own data (CapEx) one. This frees up important capital
center infrastructure. for innovation and fundamental business
operations.
2. PaaS (platform as a service) : Cloud application
development requires hardware and software 2. Enhanced Scalability: On-demand scalability
resources, which are delivered and managed is provided via cloud-based solutions. To meet
via Platform as a Service, or PaaS. PaaS allows varying needs, banks can effortlessly scale their
developers and IT operations teams to create, computer resources up or down, guaranteeing
execute, and manage applications without seamless operation during peak periods and
requiring them to construct and manage preventing overprovisioning during slower
the platform or infrastructure themselves. times. Being nimble is essential for launching
Although the cloud service provider manages new projects and adapting to changes in the
and maintains the environment needed to market.
develop and deploy apps, customers are
still responsible for writing the code and 3. Enhanced Security: Cloud service providers
maintaining their data and apps. make significant investments in cutting-edge
security protocols, such as intrusion detection
3. SaaS (software as a service) : Customers systems, access controls, and data encryption.
can access and utilize a whole cloud-based Banks can protect sensitive consumer data
application by using software as a service, or and adhere to strict regulatory standards by
SaaS, which offers the complete application utilizing these powerful security capabilities.
stack. SaaS solutions are ready to use and
come with all upgrades, bug patches, and 4. Simplified Innovation: Cloud computing
general maintenance handled by the service speeds up the creation and introduction of
provider. Most SaaS apps can be accessed new banking services and apps. Banks can
straight through a web browser, so users don’t accelerate innovation cycles and introduce
need to download or install any software on new products to the market by utilizing
their devices. development tools and pre-built cloud-based
solutions.
How can Cloud Computing be used in the
Banking Sector? 5. Better Customer Experience: Banks can provide
Digital assets like data algorithms, competences, a more convenient and customized customer
and software platforms designed especially for experience thanks to cloud-based solutions.
banking operations are combined in cloud banking. Banks may more efficiently customize their
Banks can quickly develop specialized software products and services by using cloud analytics
applications and infrastructures that simplify to obtain deeper insights into client behaviour
banking processes by using cloud services. and preferences. Furthermore, clients can
access their accounts from anywhere at any
Advantages of Cloud Computing in banking time with cloud-based mobile banking apps.
sector
1. Cost Optimization: Using cloud computing 6. Business Continuity and Disaster Recovery:
means that large upfront investments in IT Cloud providers offer resilient disaster
infrastructure are no longer necessary. Banks recovery solutions. In the case of a hardware

313
 g]kfn /fi6« a}+s ;dfrf/

failure or natural disaster, banks may quickly 5. Another method can be creating a cloud
and effectively resume operations from adoption culture by teaching the staff about
geographically diversified data centres, the advantages of cloud computing and their
minimizing downtime and ensuring business responsibilities during the cloud migration
continuity. process. Long-term success requires fostering
a culture of security awareness and ongoing
7. Regulatory Compliance: A growing number development.
of cloud service providers are providing cloud
solutions that are made to abide by rules 6. Environmental factors: According to Fonteset
particular to certain industries. Ensuring that al. (2016), environmental factors have an
data management methods of banks comply impact on the adoption of new information
with regulatory requirements can considerably systems. Government policies, in the opinion
alleviate their burden. of Chang et al. (2007), positively impact
organizations’ attempts to implement new
Adoption of Cloud Computing in Banking Sectors IT systems. Another important consideration
To fully profit from cloud computing in when deciding whether to use cloud computing
banking, a clear and well-defined cloud adoption is vendor lock-in (Opara-Martins et al., 2016).
plan is essential. Here are some essential actions Another consideration influencing the choice
for an effective implementation: to work with cloud computing is vendor
dependence, as it will be difficult to switch
1. Make a detailed analysis of your company’s vendors.
needs: Determining the precise business
objectives that the bank hopes to fulfil by 7. Since cloud computing is a new technology,
implementing cloud computing. This can help faults will need to be fixed through training and
the cloud computing organization to fully more importantly continuous support. Stated
understand the bank’s present and future goals. differently, one of the most important aspects
of technology adoption is the availability
2. Formulate an all-encompassing plan for cloud of support networks and systems (Gupta et
migration: Creating a plan for the cloud al., 2008). According to Patani et al. (2014),
migration of apps and data. Depending on the the laws and regulations as a significant
bank’s comfort level, the bank may need to impediment to e-banking and view the banking
migrate more sensitive data in stages, starting system’s endorsement of state laws as one of
with less important apps and working its way its success factors.
up to more important ones.
8. Human factors : When implementing new
3. Choose a trustworthy cloud service provider technology, human factors have a role, especially
(CSP): Consideration should be given for the staff of e-banking information systems
to prospective CSPs’ security protocols, (Shah and Siddiqui, 2006). Cloud computing
compliance certifications, scalability, and prior is an information technology innovation for
expertise in the financial services sector. electronic banking, and as such, the CIO is
essential to the adoption of this innovation.
4. Spend money on effective data security measures: The organization adopts a fresh mindset and
To protect the data in the cloud, putting strong constructive approach when new technology
data encryption, access controls, and intrusion is approved by the CIO (Thong, 1999). The
detection systems in place can be done. adoption of new information technology is
influenced by both employee competency and

314
g]kfn /fi6« a}+s ;dfrf/

technological capabilities (Wamba and Carter, hardware, and software. Due to the wide range
2014). To put it another way, workers need to of these expenses, this element may be crucial
be knowledgeable about and skilled in using for e-banking cloud computing adoption
new technologies (Chehrehpak et al., 2018). (Alkhalil et al., 2017; Lian et al., 2014).
Employee acceptance of new technology is
a topic of discussion in relation to adoption. 11. Technological factors : Data security and
Reports contend that, despite its high cost, privacy are the main issues with the adoption
people essentially do not use the most recent of electronic banking due to the unique
technologies. (Wang et al., 2003). Ultimately, characteristics of cloud computing technology
the degree of trust that bank customers have (Botta et al., 2016). For instance, clients
in these services and their providers may need a safe environment in which to conduct
be a deciding factor. According to Patani et business. Prior research has demonstrated that
al. (2014), one of the key issues with cloud the decision to use information technology
e-banking is trust. is significantly influenced by the complexity
of information systems (Peppard and Ward,
9. Organizational factor : Organizational 2016). The degree to which an innovation
considerations have a significant impact on is difficult to implement is known as its
banks’ intentions to implement IT systems complexity (Müller-Stewens et al., 2017;
(Chang et al., 2007; Lee, 2009). Among Nazari-Shirkouhi et al., 2015).
the organizational elements that relate to
the impact of higher operational profits and 12. According to Sultan & Sultan (2012),
operating expenses for banks are relative disruption is one of the main issues with
advantages. Capital expenses, capacity, agility, cloud computing. To make cloud computing
implementation, dependability, compatibility, services easily accessible to users, they must
ease of use, and flexibility are among the be available anywhere, at all times, without
relative benefits of cloud computing (Lin interruption. Users are encouraged to adopt
and Chen, 2012). Relative advantages technology by the services that are offered
have a positive impact on company and (Rittinghouse and Ransome, 2016). Another
encourage the adoption of new information important component of the technological
technology, as demonstrated by Premkumar dimension is system compatibility (Altalhi et
and Roberts (1999). al., 2017). When cloud computing technology
is interoperable with current systems and apps,
10. Sufficient resources are one organizational adoption of cloud computing can be more
aspect that is crucial for the adoption of beneficial and realistic.
new technologies (Chang et al., 2007). The
organizational resources that are required are Challenges in Adoption of Cloud Computing in
enough time, money, and human resources. Banking Sector
Senior management support is a crucial factor Cloud adoption in banking has its own obstacles,
in the acceptance and implementation of new despite its many benefits. Here are some challenges
technologies. Even in situations where the that may arise while adopting cloud computing. :
conditions are ideal, the adoption of a new
technology is hindered by a lack of support 1. Data Security and Privacy: Banks continue to
from upper management (Lian et al. 2014; place a high priority on protecting sensitive
Keramati et al., 2013). Numerous expensive consumer data. Banks need to make sure cloud
investments are needed for cloud computing, service providers follow data privacy laws by
including those in system integration, closely examining their security policies.

315
 g]kfn /fi6« a}+s ;dfrf/

Chart 1 : A diagram of a Cloud Computing Adoption Process

Source : www.researchgate.net

2. Vendor lock-in: When a cloud provider is Banks need to develop a comprehensive

overused, it can lead to vendor lock-in, which integration strategy to ensure smooth data flow
makes future provider switching challenging and avoid operational disruptions.
and costly. To reduce this risk, banks should
implement hybrid cloud models or create a Conclusion
multi-cloud strategy. For the banking industry, cloud computing offers
a game-changing possibility. Banks can improve
3. Regulatory Uncertainty: The banking scalability and security, expedite innovation, and
industry’s regulatory environment around save a substantial amount of money by utilizing
cloud computing is still developing. Banks its capabilities. This enables them to satisfy
must keep up with the latest regulatory changes customers more effectively, stay in compliance
and make sure their cloud adoption plans abide with regulations, and prosper in the ever-changing
by all applicable laws. digital environment.

4. Integration Challenges: Integrating cloud- According to recent polls, over 75% of CIOs
based solutions with existing on-premises stated that cloud computing will be necessary
systems can be complex and time-consuming. for their organizations soon (Kuo, 2011). Like

316
g]kfn /fi6« a}+s ;dfrf/
decision process model to support migration
any other invention, cloud computing adoption
to cloud computing’, International Journal of
requires consideration of a number of issues. This
Business Information Systems, Vol. 24, No. 1,
study found 16 sub-criteria and four technological,
pp.102–126.
organizational, human, and environmental aspects
that are effective in influencing the adoption of use of cloud computing in banking sector (no date)
cloud computing in e-banking. Experts used a Google. Available at: http://gemini.google.com/
fuzzy group decision-making model to weigh (Accessed: 23 March 2024).
these aspects. Putting the world in the World Wide Web: The
Globalisation of the internet https://www.
In line with Lian et al. (2014), experts claim inderscienceonline.com/doi/abs/10.1504/
that technological reasons had the greatest impact ijbis.2007.011417. Available at: https://www.
on the adoption of cloud computing in e-banking. inderscienceonline.com/doi/abs/10.1504/
This could be due to worries about data security IJBIS.2007.011417 (Accessed: 23 March
and the novelty of cloud computing in e-banking. 2024).
Altalhi, A., Alshomrani, S., Qamar, S. and Akram,
A secure environment is necessary for the S. (2017) ‘Identification of critical barriers in
storage and retrieval of banking data. Moreover, cloud computing adoption by enterprises using
Zissis and Lekkas (2012) state that one of the systematic review methodology’, International
primary concerns of electronic banking is privacy. Journal of Business Information Systems.

References Chandar, S.K. (2009) ‘Cloud computing:

Al-Jabri, I.M. and Alabdulhadi, M.H. (2016) opportunities and challenges in banking sector’,
‘Factors affecting cloud computing adoption: i-Manager’s Journal on Management, Vol. 4,
perspectives of IT professionals’, International No. 2, p.1.
Journal of Business Information Systems, Vol. Byington, J.R. and McGee, J.A. (2014) ‘Data
23, No. 4, pp.389–405. security and the cloud’, Journal of Corporate
Alkhalil, A., Sahandi, R. and John, D. (2017) ‘A Accounting & Finance.



317
 g]kfn /fi6« a}+s ;dfrf/
Table 1
Selected Macroeconomic Indicator
Annual Mi d- March
Headi ng
2018/19 2019/20 2020/21 2021/22 2022/23$ 2022/23 2023/24

A Real Sector (growth and rati o in percent)

Real GDP at basic price 6.4 -2.4 4.5 5.3 2.2

Real GDP at producers' price 6.7 -2.4 4.8 5.6 1.9
No minal GDP at producers' price 11.7 0.8 11.9 13.4 9.1

Gross National Inco me (GNI) 12.1 0.9 11.2 13.4 9.3

Gross National Disposable Income (GNDI) 12.7 0.5 10.8 11.6 10.8

Gross Capital Format ion / GDP 41.4 30.4 35.2 37.4 32.6
Gross Fixed Capital Fo rmation / GDP 33.8 30.5 29.3 28.5 25.2
Gross Domestic Sav ings / GDP 15.3 5.7 6.4 5.8 6.4

Gross National Savings / GDP 42.1 32.2 31.5 29.0 31.7

Gross Domestic Product( Current Price) (Rs in
billion) 3858.9 3888.7 4352.6 4933.7 5381.3

B Prices Change ( percent)

CPI (y-o-y) 6.02 4.78 4.19 8.08 7.44 7.44 4.82

Food CPI (y-o -y) 6.27 5.73 5.81 6.89 7.38 5.64 5.94

Non-food CPI (y-o-y) 5.83 4.04 2.94 9.03 7.48 8.87 3.95

CPI Annual / Period Average 4.64 6.15 3.60 6.32 7.74 7.93 6.08
National Wholesale Price Index (y-o-y) 5.40 5.60 8.21 12.74 4.98 7.10 3.69
National Wholesale Price Index Annual /
10.76
Period Average 6.23 6.87 7.61 9.51 8.47 3.31
Salary and Wage Rate Index (y-o -y) 9.09 7.48 2.76 9.09 8.71 8.56 5.56
Salary and Wage Rate Index Annual / Period
10.64
Average 9.26 9.49 1.60 6.65 9.90 5.53

C External Sector (growth in percent)

Expo rt Growth 19.4 0.6 44.4 41.7 -21.4 -29.1 -4.0

Import Growth 13.9 -15.6 28.7 24.7 -16.1 -19.1 -2.7

BOP(-Deficit) (Rs. in billion) -67.40 282.4 1.2 -255.3 290.5 142.0 327.6

Current Account Balance (Rs. in billion) -267.0 -33.8 -333.7 -623.4 -72.2 -55.3 166.9

Workers' Remittances (Rs. in billion) 879.4 875.0 961.1 1007.3 1220.6 794.3 961.2

Trade Balance (Rs. in billion) -1321.4 -1099.1 -1398.7 -1720.4 -1454.6 -953.6 -929.6

Trade Balance with India (Rs. in b illion) -855.2 -665.2 -865.2 -1044.9 -921.2 -582.6 -569.7
Gross Foreign Exchange Reserves (Rs. in
1038.9 1401.8 1399.0 1215.8 1539.4 1401.2 1872.8
billion)
Gross Foreign Exchange Reserves (USD in
9500.0 11646.1 11752.6 9535.0 11735.6 10663.7 14140.9
million)

318
g]kfn /fi6« a}+s ;dfrf/
Financi al Sector (growth and interest rate
D
in percent)
Broad Money (M2) (y-o-y ) 15.8 18.1 22.7 6.8 11.2 9.1 14.0

Narro w Money (M1) (y -o-y) 8.6 17.8 22.8 -9.3 -0.3 -0.2 1.5

Do mestic Credit (y-o-y) 24.0 14.0 27.1 14.5 8.7 8.1 8.4

Claims on Private Sector (y-o-y) 19.1 12.6 26.3 13.3 4.6 4.0 5.7

Reserve Money (y-o-y) -1.5 26.7 5.2 -11.4 10.4 4.4 7.6

91-day T-bills Rate* 4.97 1.27 4.55 10.66 6.35 9.33** 3.02**

364-day T-bills Rate* 4.78 2.26 4.16 10.19 7.00 9.60** 3.60**
Weighted Average Interbank Rate of
4.52 0.35 4.12 6.99 2.98 7.18** 2.92**
Co mmercial Banks*
Weighted Average Deposit Rate of
6.60 6.01 4.65 7.41 7.86 8.37** 6.74**
Co mmercial Banks*
Weighted Average Lending Rate of
12.13 10.11 8.43 11.62 12.30 13.03** 10.78**
Co mmercial Banks*
Base Rate* 9.57 8.50 6.86 9.54 10.03 10.64** 8.77**

Total Deposits (Rs. in b illion) 3235.1 3839.7 4662.7 5082.8 5710.0 5363.3 6145.9

BFIs Credit to Private Sector (Rs. in billion) 2866.2 3209.8 4084.8 4621.1 4797.0 4749.3 4996.5

NEPSE Index (Closing) 1259.0 1362.4 2883.4 2009.5 2097.1 1953.1 2108.7

Market Capitalization/ GDP 40.6 46.1 92.2 58.2 57.3 57.2 61.6
Public Finance (growth and ratio in
E
percent)
Revenue Growth (%) 15.5 0.2 16.0 14.1 -9.3 -14.9 9.7

Expenditure Growth (%) 2.1 -1.7 9.7 9.5 9.1 15.4 2.9

Do mestic Debt (Rs. in billion) 453.0 613.2 800.3 984.3 1125.2 1006.2 1197.3

External Debt (Rs. in billion) 594.9 819.7 934.1 1025.8 1170.3 1025.8# 1170.3#

Revenue / GDP 21.8 21.6 22.4 22.6 18.8

Recurrent Expenditure / GDP 18.6 20.2 19.4 19.3 18.7

Capital Expenditure / GDP 6.3 4.9 5.3 4.4 4.3

Do mestic Debt / GDP 11.7 15.8 18.4 20.0 20.9

External Debt / GDP 15.4 21.1 21.5 20.8 21.7

*Weighted average of mid Jun-mid Jul

**Weighted average of mid February-mid
March
$ Preliminary Estimate
y-o-y : mid-July to mid-July

319
 g]kfn /fi6« a}+s ;dfrf/

Table 2
Major Financial Indicators
Major Financial Indicators
as onasFagun End, 2080 (Mid-Mar, 2024)
on Fagun End, 2080 (Mid-Mar, 2024)
Class "A" Class "B" Class "C" Overall
A. Credit, Deposit Ratios (%)
1 Total Deposit/GDP 101.68 11.03 2.27 114.98
2 Total Credit/GDP 83.61 9.22 1.78 94.61
3 Total Credit/ Total Deposit 82.23 83.57 78.57 82.28
4 CD Ratio 79.64 82.69 77.65 79.87
5 Fixed Deposit/Total Deposit 57.18 66.81 72.33 58.40
6 Saving Deposit/Total Deposit 28.28 25.37 18.37 27.81
7 Current Deposit/Total Deposit 7.25 1.44 1.09 6.57
8 Call Deposit/Total Deposit 6.53 6.33 7.35 6.53
9 NPL/ Total Loan^ 3.63 3.61 9.18 3.73
10 Total LLP /Total Loan 4.26 3.69 8.54 4.29
11 Deprived Sector Loan/Total Loan $^ 6.32 11.18 7.06 6.80
B. Liquidity Ratios (%)
1 Cash & Bank Balance/Total Deposit 6.52 5.72 7.78 6.46
2 Investment in Gov. Securities/Total Deposit 18.75 16.25 18.61 18.51
3 Total Liquid Assets/Total Deposit 26.54 24.11 33.12 26.43
C. Capital Adequacy Ratios (%)
1 Core Capital/RWA 9.55 9.68 13.20 9.63
2 Total Capital/RWA 12.38 12.55 15.18 12.44
D. Financial Access
1 No. of institutions 20 17 17 54
2 No. of Branches 5,041 1,135 288 6,464
3 No. of Deposit Accounts 46,607,673 6,941,886 851,161 54,400,720
4 No.of Loan Accounts 1,546,277 287,729 42,467 1,876,473
5 No. of Branchless Banking Centers 1,200 17 - 1,217
6 No. of Branchless Banking Customers 312,127 1,560 - 313,687
7 No. of Mobile Banking Customers 20,439,360 3,161,084 182,945 23,783,389
8 No. of Internet Banking Customers 1,314,400 545,796 14,786 1,874,982
9 No. of ATMs 4,699 348 44 5,091
10 No. of Debit Cards 11,569,824 1,023,645 57,716 12,651,185
11 No. of Credit Cards 281,316 1,708 - 283,024
12 No. of Prepaid Cards 159,897 1,746 - 161,643
E. Interest Rate(%)
1 Wt. Avg Interest Rate on Deposit 6.74
(a) Saving 4.10
(b) Fixed 9.22
(c) Call 1.82
2 Wt. Avg Interest Rate on Credit 10.78

Note:
Bank balance includes money at call
Nominal GDP for 2022/23(P) stands at Rs. 5,381,335 million (Source: https://cbs.gov.np/national-accounts-statistics-
of-nepal-2022-23-annual-estimates/)
Negative core capital has been excluded in calculation of Capital Adequacy Ratios
$ 6 months prior Total Loan has been used to calculate Deprived Sector Lending Ratio
^Data as on Poush end of FY2080/81 (2023/24)

320