1st September 2023, Kathmandu
In a recent session of the House of Representatives, Dr. Swarnim Wagle, an MP from the Rashtriya Swatantra Party ( IT Sector in Nepal’s Economic Landscape), voiced concerns about the underutilized potential of Nepal’s IT sector.
He emphasized that while the IT industry holds immense promise for the country’s prosperity, significant steps have yet to be taken to harness its transformative power.
The Neglected Potential:
During the session, Dr. Wagle pointed out that the current budget had not adequately addressed the immense potential of the IT sector.
He highlighted the opportunity to leverage the IT industry’s capabilities to bolster Nepal’s economy, create jobs, and generate revenue. Despite Nepal having a burgeoning pool of IT talent, the government has not given sufficient attention to nurturing this sector.
Realizing the Economic Impact:
Dr. Wagle raised important questions about the potential impact of the IT sector on Nepal’s economic landscape.
He questioned the number of Nepalis working abroad and their earnings. Preliminary data suggests that the IT sector could have a profound effect on the country’s economy. He stressed the importance of recognizing and capitalizing on the transformational potential of the IT industry.
Impressive Statistics:
Drawing from data provided by the private sector, Dr. Wagle presented statistics that shed light on the vibrant IT landscape in Nepal:
More than 7,600 IT companies are registered in the company registrar’s office. Approximately 7,000 individuals contribute to tax revenue through the IT sector. There are 106 export-oriented IT exporters in Nepal.
IT Sector in Nepal’s Economic Landscape
Over 66,500 freelancers operate within the IT domain, with an average income of $4,723. The per capita income of senior IT professionals in Nepal surpasses that of countries like Russia, China, and Malaysia.
The sector generates an annual income of more than 51 crores (approximately $6.7 million).
Foreign Currency Potential:
Dr. Wagle also highlighted the foreign currency earning potential of the IT sector. He acknowledged the valuable contributions made by those working in this sector and emphasized the need for improvements in laws and regulations to fully harness its economic benefits.
Call for Action:
Dr. Swarnim Wagle’s impassioned speech serves as a call to action for policymakers and the government to recognize and support the growth of Nepal’s IT sector.
As the sector’s capabilities continue to expand, tapping into its potential could bring about significant economic transformation, offering Nepalis the opportunity to contribute to the global economy while remaining rooted in their homeland.
As Nepal stands on the precipice of economic evolution, Dr. Wagle’s insights underscore the importance of nurturing the IT sector to realize its full potential.
The untapped talents of thousands of IT professionals could not only lead to increased income for individuals but also contribute significantly to the country’s economic development.
It is now up to policymakers to create an enabling environment that fosters innovation, attracts investment, and propels Nepal’s IT sector onto the global stage.
