Former Prime Minister of Nepal Baburam Bhattarai on Sunday announced the setting up of a new political party under his leadership with the agenda of economic prosperity of the Himalayan nation.
The former Maoist leader said the new party is named "Naya Shakti", which means New Force in English.
Addressing the inaugural ceremony attended by thousands of well-wishers, party cadres and various political party leaders at the Dasarath Stadium in the capital, Bhattarai declared that his party has given top most priority to economic development of the country, Xinhua news agency reported.
"We can make Nepal one of the richest nations of the world within a period of 25 years by developing it as a bridge between the global economies China and India," Bhattarai said.
Following a serious rift with party Chairman Pushpa Kamal Dahal, Bhattarai had in last September announced his resignation as Vice President of the Unified Communist Party of Nepal-Maoist, ending a 25-year-long affiliation with the ultra-Left party.
Bhattarai, who is regarded as a mastermind of the 10-year-long Maoist insurgency in the Himalayan nation from 1996 to 2006, was elected as the country's 35th Prime Minister in 2011.
Leaders of major political parties, including Nepal Prime Minster K.P. Sharma Oli, attended the inaugural ceremony of the Naya Shakti party.
--IANS
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