The CPN-M must disband the Maoist army, end the paramilitary activities of the Young Communist League and return all properties seized by the party during the period it waged a "People's War". These steps are necessary to reinforce the credentials of the CPN-M as a parliamentary party.

The CPN-M should, in consultation with the other parties, initiate the process for drafting a new constitution without any delay. Once the Maoists are able to secure the widest possible agreement on this, there should be a firm timetable so that the statute is ready in time, before 2010, when a new parliament has to be elected under the republican constitution.

The political vision of the constitution, needless to say, must create the impulses for a new and inclusive model of economic development that ensures security, equity and justice to all sections. This will be a critical test of how the world's first elected Maoist government can meet people's needs and aspirations.

To create the right climate for economic development, Prachanda's government would be required to maintain the best of relations with India, and with the international community.

It is an accepted fact in Kathmandu as well as in New Delhi, that Indian investment in Nepal is essential if the country is to attract capital from elsewhere in the world. Strengthening Nepal-India relations would be not only a test of political and foreign policy but also the basis of economic cooperation.

As Prime Minister, this is Prachanda's hour of reckoning. It can be his finest hour if he leaves behind the rhetoric and charts a new course to come to terms with the realities of building a New Nepal.

[Kanayalal Raina is a Brampton-based engineer by training, project consultant by profession and freelance writer by passion.]