On November 11, 2024, Nepal Economic Forum (NEF) hosted the third edition of our annual event, the NEFmeet, on the topic ‘Towards Connected Economy’.
The emergence of global villages as a product of globalization has fostered connections and promoted interdependence globally. This is highly visible in countries like Nepal that have been connected economically and socially, like never before, as the product of globalization. Thus, NEFmeet 2024 highlighted the current scenario and prospects of the connected economy, and presented three speakers focusing on different perspectives on Connected Economy, moderated by our Chair, Sujeev Shakya.
We also took a mooment to remember Bibek Debroy, a trailblazer in his field who was a guiding force for NEF.
Dr. Shamika Ravi's talk focused on the importance of economic growth for India and how it has been achieved through deliberate policymaking and reforms. She emphasized that growth is not a random occurrence but a result of conscious decisions and actions. Highlighting the significance of infrastructure development and sector-specific reforms (especially in telecommunications and power), she discussed how the gradual dismantling of the License Permit Raj ushered in a new era of economic progress in the country. Dr. Ravi stressed the importance of going beyond GDP in measuring progress, citing India's remarkable progress in human development indicators like poverty, maternal mortality, and financial inclusion.
Drawing a comparison with China, she highlighted that while India has a comparatively lower GDP per capita, the two countries perform comparably on human development. She shared that India’s adoption of precision policy-making with programs like Aspirational Districts and Aspirational Blocks has enabled effective targeting of laggard areas. India’s robust Digital Public Infrastructure ecosystem has been a game-changer in achieving rapid progress in backward regions. She concluded by answering audience questions on data-driven policymaking for shaping future growth policies.
Preeti Adhikari began her session with intriguing questions that marked achievements of Nepali diaspora, such as a chip that powers the Mars rover and technology that lights Times Square. These examples highlighted the diaspora’s significant impact on the global stage. She went on to share her motivation behind founding The Great Nepali Diaspora which was to create a platform for Nepali abroad who want to contribute to their homeland, which she humorously referred to as a mid-life crisis. She added that, despite geographic, ethnic and diverse work industries, the community has brought together international professionals with Nepali roots emphasizing inclusivity. Key initiatives by the community include diaspora mapping to collect robust data, addressing systematic gaps through audits, and formulating aviation safety recommendations The efforts have extended to disaster preparedness, climate change challenges, and partnering with Momo VC to support underrepresented founders.
Preeti also emphasized the need of expanding businesses beyond local markets in her closing remarks, stressing the value of domain expertise, strategic approach and the role of the diaspora community in connecting entrepreneurs with experts, refining ideas and building globally competitive companies.
Saloni's presentation highlighted how globalization and digital networks have allowed local entrepreneurs to express their ideas and innovations on the global stage. She emphasized the notable opportunities that come from tapping into international platforms that promote collaboration, growth and resilience. Sharing her journey of engagements with programs like the Stanford Seed program and her involvement in Entrepreneur Organization (EO) and Global Shapers, she reflected on how global connections have opened the doors to powerful networks, highlighting the importance of the connected economy. Through the inspiring stories of Nepali ventures, she illustrated how Nepali entrepreneurs are leveraging global networks and digital technologies to thrive and serve as inspiring models for other companies too.
Acknowledging the challenges Nepali entrepreneurs faced in the global market, like limited market and strict regulatory framework, she talked about a strong commitment to navigate these boundaries and truly broaden horizons. She wrapped up by providing three major reflections: connected economy empowers entrepreneurs to think beyond; working together helps in overcoming challenges and amplifies reach; and with perseverance and creativity, entrepreneurs can transform rigorous boundaries to pave the way for the future.
Evidence-based policy making is an important lesson that Nepal can learn from India or through other successful nations, that could promote and cater the needs of the laggard population. Learning from India, that has been progressing in terms of Human Development, data-based or evidence-based policy making is essential for futuristic growth of the nation.
As the Nepali diaspora has been excelling across different sectors, the engagement of the community remains extremely important in terms of scaling business prospects of Nepali businesses around the globe. This could also be valuable in terms of sharing and innovating ideas through collaboration, growth and resilience providing notable opportunities for Nepali entrepreneurs to enhance their businesses.
To promote the presence of Nepali entrepreneurs in the global market, it is important to promote connectivity among the entrepreneurs, to think beyond, overcoming challenges and enhancing innovation.
