Samriddhi The Prosperity Foundation released The International Property Rights Index (IPRI) 2014 in an econ-ity session in the valley at the Federation of Nepalese Chambers of Commerce and Industry (FNCCI)’s premises.
Nepal’s IPRI has remained at a stagnant 4.5 in 2014. LP has remained at 3.3 while PPR and IPR have gone down by 0.1 point each to 5.9 and 4.1 as compared to 6.0 and 4.2 respectively last year. Nepal remains a nation with one of the weakest property rights in the world, securing the 78th position out of 97 countries that were studied for the report.
The event was attended by a number of economic and political experts, including Dr. Chiranjibi Nepal who spoke at length about how rights enforcement was the way for wealth creation. He also argued against the state decision of seizing property for road expansion. Bhimarjun Acharya argued that the UN Fundamental Declaration on Human Rights recognized property as a fundamental right and that the government should uncover its pretense of acquiring land for roads alone.
Former CA member Khimlal Devkota in fact argued that property rights were legal and not fundamental rights and that property ownership does not directly correspond to economic freedom; for the owners shall be selfish to a certain extent and only look out for themselves. Only a certain percentage would then have control over most of the world’s wealth, he concluded.