Economic Agendas of Political Parties: How Viable Are Election Manifestos?

Government officials and stakeholders have made public announcements on the deteriorating economic status of the country.

High inflation, stress on foreign exchange reserve, massive trade deficit caused due to burgeoning imports, low capital expenditure, liquidity crunch and reduced investments in productive sectors are the key challenges of our economy at present.

In addition, the COVID-19 pandemic and the Russia-Ukraine war have also impacted our economy.

Amid such economic uncertainties, the political parties have unveiled their election manifestos targeting the elections to the House of Representatives (HoR) and provincial assemblies scheduled for November 20. 

However, economists have argued that the existing global economy and Nepal’s current status is low-key in the political parties’ election manifestos but distributive and populist agendas are promised. The economists have expressed their concerns about the possibility of plunging the country’s economy into further crises while prioritizing populist programmes by the parties without taking the country’s economic status and financial base into account.

However, they have pinned hope on limited objective announcements in the election manifestos.

Economist Dr Dilliraj Khanal said that the political parties have relegated the internal and external challenges hovering in the economy and lacked a clear roadmap to implement the announcements made in the manifestos.

“In general, political parties are in competition to bring different projects for development and prosperity. This is positive in itself. But, they are silent on resource management to implement those projects. Projects are also announced in the election manifestos even by violating fiscal discipline,” according to Dr Khanal.

Economist Dr Chandra Mani Adhikari argued that the economic issues of the parties are abstract and far away from the ground reality though they are fine theoretically and conceptually.

He was of the view that the projects listed in the manifestos are unachievable.

Adhikari was of the view that the political, economic, social and other views and priorities of all political parties are almost similar. “Our national documents have also prioritized those issues. But, the implementation side of those priorities does not seem realistic,” Adhikari observed.    

The election manifestos have not only failed to assess the global economy and Nepal’s situation but are also poor on Nepalis’ general concerns.

Control of high inflation, accessible employment opportunity, livelihood and basic infrastructure development issues should have been accorded priority but that has not been done, Adhikari commented.

The manifestos the political parties brought in the previous elections also suggest that the election agenda are not objective and implementable. Adhikari adds, "Planning should be scientific, objective, and dependent on resources for implementation. Rather, the parties are focused on distribution. Many goals presented in the manifesto of the 2074BS election are repeated, Adhikari commented.

Moreover, Professor of economics at Kathmandu University, Achyut Wagle, viewed, "All political parties mentioned economic agenda in the election manifesto by ignoring legal aspect. It is sheer competition on scattered issues and programmes. The resources for the economic programmes are not studied."

He also pointed out that the economic agenda is not implemented because of not having institutional capacity. Wagle also recalled that the election manifestos brought in the last three decades have similar plans and programmes. "Most of the issues are common. Centralized mindset is reflected in the economic agenda though we are a federal country," he underscored.

Similarly, a lecturer at the Central Department of Economics of Tribhuvan University, Dr Ramesh Poudel, observed that the political parties' election manifestos are not research-oriented. They ignore experience too. They do not show objective reality and problems in the country, but cheap dreams, he added.

Dr Poudel further viewed the political parties as failing to enforce the commitments they made in the election manifestos. A rigorous study is needed to make the national economy dynamic.

The political parties are blaming each other for their failure to realize past commitments, said economist Khanal, stressing that they must be accountable to implement the economic programmes they mentioned in the manifestos.