Process reform has been key for India’s fast growth : Modi govt economic advisor

By Ajay Chhetri, Kathmandu, May 10: Process reform has been key for India’s fast growth. He mention that changing structure of indirect system to introducing good and service tax (GST) is a sort of structural reform. But structural reform is not only kind of reform. Changing monetary policy to inflation targeted is a structural reform. The original 1991 reform which change from socialist based system to market based system. He added that most of the reforms are painstaking. He also mentioned a course of MBA  (Masters in Business Administration) which is business process re-engineering. 

He said 80 to 90 percent of problems are solved by 10 to 20 percent of process. He said structural reform could face political backlash however there is minimum chance of political backlash which performing process reform.  Most of the reforms are painful nuts and bolts reform.

Binod Chaudhary said 

The Banking, Finance and Insurance Institute of Nepal (BFIN), in collaboration with the India-Nepal Centre of the PHD Chamber of Commerce and Industry (PHDCCI), successfully organized a high-level symposium titled “An Aspiring Nepal: How to Benefit from Economic Reforms?” at Kathmandu.

The symposium brought together a distinguished assembly of thought leaders, policymakers, economists, and industry experts from Nepal and India to engage in comprehensive dialogue on Nepal’s economic reform agenda and the prospects for enhanced bilateral and regional collaboration.

The welcome address was delivered by Dr. Binod Atreya, Managing Director of BFIN, setting a purposeful tone for the program. 

Mr. Sanjeev Sanyal, Member of the Economic Advisory Council to the Prime Minister of India, delivered the keynote address, offering compelling insights into India’s reform journey and outlining actionable lessons relevant to Nepal.

 Addressing the program, Binod Chaudhary, Member of the House of Representatives and President Emeritus of the Confederation of Nepalese Industries (CNI), underscored the critical role of a dynamic private sector in advancing effective economic reforms.

Dr. Prakash Kumar Shrestha, Member of Nepal’s National Planning Commission, and 

Mr. Prasanna Shrivastava, Deputy Chief of Mission at the Embassy of India in Nepal, both of whom reaffirmed India's support for Nepal’s developmental aspirations. 

Additional distinguished speakers included Mr. Chandra Prasad Dhakal, President, FNCCI; Mr. Guru Prasad Paudel, Executive Director, Nepal Rastra Bank; Mr. Upendra Prasad Poudel, President, CBFIN; Mr. Ram Kumar Tiwari, MD & CEO, Nepal SBI Bank Ltd. and Mr. Anand Jha, Head of Government Engagement-India & South Asia, Visa Inc. 

The panel discussion, moderated by Mr Atul K. Thakur, Secretary, India-Nepal Centre (PHDCCI), explored key themes such as policy innovation, financial sector transformation, and sustainable regional growth.

Bringing together policymakers, economists, and industry leaders, the program Symposium provided valuable insights into strengthening bilateral economic ties. 

With keynote addresses and discussions featuring distinguished experts, including Mr. Sanjeev Sanyal, Eminent Economist and Member of the Economic Advisory Council to the Prime Minister of India, the program highlighted key areas where joint efforts can drive mutual prosperity.

Focusing on actionable strategies, this platform encouraged deeper cooperation, innovation, and policy alignment to unlock shared economic potential, shaping a stronger and more prosperous future for both nations.

KEY TAKEAWAYS 

-Provided insights into the potential benefits of economic reforms for Nepal’s growth and development.

-Discussed strategies for leveraging economic reforms to promote sustainability, prosperity, and job creation in Nepal.

-Fostered collaboration and knowledge-sharing between Nepal and neighboring countries, particularly India, to maximize the impact of reforms.

-Engaged policymakers, economists, and industry leaders in discussions on actionable steps for Nepal to align with regional economic trends.

-Raised awareness about the role of economic reforms in shaping Nepal’s future and the importance of inclusive growth for all citizens.

The program witnessed active participation from senior government officials, corporate executives, academics, and media representatives. It served as a strategic forum to deliberate on practical economic reforms vital to Nepal’s long-term growth and self-reliance. This impactful initiative marked a significant step forward in enriching economic dialogue, reinforcing regional cooperation, and shaping a reform-oriented path toward a more prosperous Nepal.