Government Plans to Harness Diaspora Skills, Capital and Networks

The government has announced plans to effectively utilize the skills, capital, and global networks of the Nepali diaspora starting from the upcoming fiscal year. Presenting the national budget for fiscal year 2083/84 in Parliament, Finance Minister Dr. Swarnim Wagle said the government will expand Nepal’s “soft power” by mobilizing the potential of Nepali citizens living abroad.

He added that the government will work to integrate the diaspora into national development efforts while strengthening institutional mechanisms to engage them more effectively. The government also plans to ensure voting rights for Nepali citizens living abroad by integrating them into the democratic process.

According to the budget statement, necessary legal, technical, and administrative frameworks will be developed to enable diaspora participation in elections. The budget emphasizes making the social security system more equitable and targeted.

Finance Minister Wagle said economically capable citizens will be encouraged to voluntarily opt out of social security allowances under a national campaign titled “Let’s Step Aside, Let the Needy Be Included.”

Such voluntary contributions will be recognized as an example of intergenerational justice and national solidarity. The child nutrition allowance provided to Dalit children across the country has been doubled to Rs 1,000 per month.

Similarly, nutrition support programs in 25 districts of Madhes, Karnali, and Sudurpaschim provinces, areas with high poverty and low human development indicators, will continue.

The government will implement a mandatory labour registry system for both workers and employers. Services such as insurance, housing, and digital grievance mechanisms provided through licensed manpower agencies will be regulated with clear standards.

Written contracts, minimum wages, workplace safety, insurance coverage, and salary payments through banking channels will be made compulsory across labour sectors including domestic work, construction, agriculture, security services, hospitality, transportation, and industry.

The budget also proposes faster resolution of labour disputes through labour tribunals within a fixed timeframe. Violations such as wage fraud, contract breaches, and labour exploitation will be treated as economic offences.

A special campaign will be launched to bring workers in the informal sector under the social security system. The government aims to make the capital market more disciplined and investment-friendly.

Regulatory capacity will be strengthened, trading systems will be made more technology-driven, and investor protection mechanisms will be reinforced. The Nepal Stock Exchange will be restructured, and new instruments such as intraday trading, short selling, and derivatives will be introduced gradually.

The government has adopted a zero-tolerance policy against market manipulation practices such as share cornering and insider trading. Listed companies will also be allowed to issue Global Depository Receipts (GDRs) in foreign markets after meeting required procedures.

A new immigration bill will be introduced to make the system more investment-friendly. The government stated that Nepal has already met the minimum criteria for graduation from the United Nations list of Least Developed Countries and aims to ensure a smooth transition within the next two years.

The budget also emphasizes transparency and accountability in the political system. A proposal will be explored to provide state funding to nationally recognized political parties based on their vote share in the most recent general elections, along with mandatory auditing of such funds.

To improve policy formulation and monitoring, several data systems will be integrated under the National Statistics Office. Food quality testing, agricultural data systems, and consumer price index systems will be unified. The Policy Research Institute will be placed under the National Planning Commission to strengthen long-term policy and development planning capacity.