This comprehensive study, co-authored by R.K. Dhungana, delves into the critical role of science and technology (S&T) investment in driving innovation and influencing a nation’s Gross Domestic Product (GDP). The research provides a comparative analysis, examining both developed and least developed countries, with a particular focus on Nepal. Key factors analyzed include the ratio of S&T investment to GDP, innovative indices, and budget allocation to GDP. The study also features a trend analysis of Nepal, extending predictions to 2030, and utilizes data from 10 countries to explore transitions between income brackets, visually representing findings through curve fitting and histograms.
Furthermore, the article compares innovation across nations using the Global Innovative Index (GII). It highlights Nepal’s shift to a lower-middle-income nation, attributing this to remittances and human capital, while addressing specific challenges such as budget constraints and issues within the science and technology (S&T) subsectors. The study concludes by emphasizing the need for tailored problem-solving approaches for economies like Nepal, rather than simply replicating foreign models. It highlights the crucial role of S&T investment in promoting economic growth, innovation, and sustainable development, and provides evidence-based recommendations for enhancing this investment in Nepal. These recommendations include increasing budget allocation, improving STEM education, fostering collaboration between academia and industry, promoting entrepreneurial culture, and encouraging international partnerships to build a supportive ecosystem for scientific and technological progress.
