Ethical wealth creation is key to growth and bridging inequality, according to International Monetary Fund (IMF) Executive Director and former Chief Economic Advisor of the Government of India, Dr. Subramanian Krishnamurthy Venkata.

Speaking at the first Prabhakar SJB Rana Memorial Lecture as the keynote speaker in Kathmandu, he emphasised the importance of religious capitalism. “Wealth generation is not a necessary evil but a boon — an ideology rooted in the East, inspired by dharmic capitalism and the civilisational ethos that empowered our ancestors to achieve remarkable success,” he stated.

Dr. Subramanian highlighted that socialism and communism are not indigenous to the East but were imported from the West, adding that capitalists historically supported these ideologies.

“The dharmas — the four purusharthas, including Dharma, Artha, Kaama, and Moksha — are integral to our cultural ethos,” he said, referencing the Sri Suktam. “We must view wealth not as a necessary evil but as a blessing, and therefore, move away from borrowed ideologies.”

He stressed the role of ethical wealth creation in building a prosperous nation during the programme organised by the Nepal-India Chamber of Commerce and Industry (NICCI) to honour Late Prabhakar SJB Rana’s contributions to the economy.

“Inclusive growth is critical. India has achieved this by reducing poverty and lowering consumption inequality, as evidenced by the latest survey,” Venkata added.

Speakers at the event remembered Rana as a towering figure close to political circles who maintained good relations with political parties without leveraging them for personal gain.

Siddhartha SJB Rana, chairman of Tara Management and son of the Late Rana, reflected on Nepal's economic trajectory.

“Nepal was ahead of India in the 90s in opening up the economy but has since stagnated,” he remarked. “Unfortunately, Nepal has focused on changing political systems without adequately addressing economic priorities. With better planning, the Bhairahawa and Pokhara airports could have been fully operational by now.”

NICCI organised the Prabhakar SJB Rana Memorial Lecture: Celebrating Leadership, Vision, and Legacy to honour his lasting contributions to the economy and the nation.

Late Rana, the founding President of NICCI, also established various business and social associations, including the Hotel Association of Nepal (HAN), Independent Power Producers’ Association, Nepal (IPPAN), PATA Nepal Chapter, and Nepal Heritage Society.

Prasanna Srivastava, Deputy Chief of Mission at the Embassy of India to Nepal, highlighted the recent commerce secretary-level talks following the trade and transit meeting in January this year.

He noted the ongoing Nepal-India collaboration to facilitate bilateral trade and energy, the tripartite power agreement between Nepal-India-Bangladesh, and Nepal's revenue gains from energy exports and digital connectivity.

“NICCI is honoured to remember Rana as a visionary leader, entrepreneur, and pioneer in Nepal’s business, hospitality, industry, and hydropower sectors,” said NICCI President Sunil KC. He announced that NICCI will hold the Prabhakar SJB Rana Memorial Lecture every two years.

NICCI's Immediate Past President (IPP,) Sreejana Rana, also praised the Late Rana for his trailblazing contributions to Nepal’s private sector.