However, it doesn’t mean that I don’t welcome negative comments which afford an opportunity to correct errors of omission and commission. This time, disappointingly, the angry and nasty negative comments were only superficial. However, I am happy to note a silver lining in the dark cloud – none of these comments were able to refute following points that I was making in my article:
- Even exporting full economic potential of 43,000 MW will not make Nepal’s GDP comparable to that of Saudi Arabia by any stretch of imagination; notwithstanding the proclamation of Ms Susan Goldmark, the World Bank country director in Nepal.
- Hydro-dollars from the export of power will not mitigate Nepal’s balance of payment deficit significantly as only about 3% of the export proceed will “stay” in Nepal.
- Although statistically, balance of trade will become favorable by the quantum of hydro-dollars, value addition to Nepal’s economy will not be commensurate to export; it will rather be limited by the quantum of percolation into Nepal’s economy. Ninety-seven percent of hydro-dollars flowing out of the economy will not meaningfully add value, will neither increase industrialization nor generate employment.
Ratna Sansar Shrestha