Abstract
Nepal initiated a development policy and plans to both modernise and develop its predominantly agricultural economy only in the early 1950s. In the last four decades, the country has implemented nine five‐year plans and invested billions of rupees to develop its economy. This article examines the poor performance of past development efforts in the light of a myriad of challenges, local and global, economic and political, structural and institutional. It concludes that the economic reforms which have been introduced vigorously since the restoration of democracy in 1990 will not yield the desired results unless they effectively and positively contribute to improving the agricultural sector, lead to higher productivity and growth, generate increased mobilisation of domestic resources, alleviate poverty, and bring about greater social equity.
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