<img width="1594" height="986" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221110161152/636d1ed09c7e80680e0af42fjpeg.jpg" alt=""/>The rapid spread of the<a href="https://www.nepalitimes.com/latest/nepal-on-high-alert-for-omicron/" target="_blank" rel="noopener noreferrer"> new coronavirus variant Omicron</a> across the globe has cast serious doubts about the efficacy of different Covid-19 vaccines in use worldwide. In particular, non-mRNA vaccines have been put on the spotlight, with initial lab reports suggesting their decreased protection against the new strain. Nepali Times spoke with regional <a href="https://www.nepalitimes.com/here-now/nepal-needs-urgent-american-vaccine-support/" target="_blank" rel="noopener noreferrer">health expert Sushil Koirala</a> based in Bangkok this week about Omicron setting off a <a href="https://www.nepalitimes.com/latest/nepal-needs-to-prepare-for-new-covid-wave/" target="_blank" rel="noopener noreferrer">new surge</a> in the Subcontinent, the danger of falling vaccine efficacy, and the best strategy for Nepal moving into 2022. Nepali Times: Initial lab reports suggest that non m-RNA vaccines are largely ineffective against Omicron. Would this be accurate? Sushil Koirala: I am not aware of any specific evidence that says viral vector vaccines are ineffective against the Omicron variant. I have also not seen any evidence of it being effective. The problem is the lack of transparency from manufacturers. That unknown, compared to some evidence we have with the mRNA vaccines, is the problem. Since little is known on the effectiveness of viral vector vaccines particularly VeroCell, the natural tendency is to think that the mRNA vaccines are a better choice as a booster against delta reinfection and Omicron variant. Read also: <a href="https://www.nepalitimes.com/latest/all-vaccines-prevent-severe-covid/">“All vaccines prevent severe Covid”</a>, Nepali TimesIn that case, how should our vaccination drive move ahead now?Nepal should swiftly provide booster doses to the vulnerable population, many of whom were vaccinated almost a year ago. Early evidence based on lab studies shows that a recent (booster) jab provides ‘increased’ protection against Omicron. Most importantly, The Imperial College London Covid-19 response team has recently estimated that the risk of reinfection with the Omicron variant is 5.4 times greater than that of the Delta variant. This implies that the protection against reinfection by Omicron afforded by past infection may be as low as 19%.  <figure><img width="126" height="150" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221110161152/636d1ed49c7e80680e0af430jpeg.jpg" alt=""><figcaption>Sushil Koirala</figcaption></figure>In short, there is some evidence that natural immunity from past infection and or vaccine-induced immunity from prior vaccination may not be sufficient to prevent Omicron infection. However, it’s good to point out that it is too early in the day, and there is insufficient knowledge on how those infections will translate to increased severity and or death at a population level. Good thing is, Nepal has now received sufficient Moderna vaccines to provide booster doses to elderly and vulnerable groups and will have additional 2 million doses to continue vaccinating those of 12-18 years of age.  Read also: <a href="https://www.nepalitimes.com/here-now/living-with-covid-in-2022/">Living with Covid in 2022</a>, Sonia Awale Is there now a clearer picture of Omicron? What can we say about a possible new surge, increased transmissibility and severe diseases? Though it is still quite early to conclude anything, there is a broader general consensus on the following evidence:  1) Due to mutations in the spike protein, Omicron is highly transmissible. Early studies suggest that it is four-fold more infectious than the original coronavirus and two-fold more infectious than <a href="https://www.nepalitimes.com/banner/we-knew-the-tsunami-was-approaching/" target="_blank" rel="noopener noreferrer">Delta</a>.  Lab studies suggest that Omicron was able to replicate 70 times faster in human respiratory tissue than Delta, which may help the variant spread more rapidly between people. There were also higher levels of the Omicron variant in respiratory tissue 48 hours after infection than the Delta variant.  2) There is some evidence that natural immunity from past infection and or vaccine-induced immunity from prior vaccination may not be sufficient to prevent Omicron infection as discussed earlier. 3) There is mixed evidence based on small lab-based studies that suggest that vaccine still provides some level of protection against Omicron and while other studies suggest that there are vaccine escapes. The magnitude of either one is unknown.  4) Early data suggests that Omicron may be milder than previous variants, but most of this anecdotal data comes from young and fully vaccinated patients. It is also important to note that many of these initially confirmed Omicron cases were already fully vaccinated or previously infected, revealing the occurrence of breakthrough reinfection and the immune escape of the Omicron variant. 5) There are not many studies/data that look at the severity of Omicron infections among unvaccinated and elderly/vulnerable people. Some experts believe that Omicron's increased transmissibility could still result in high rates of severe disease and death particularly among vulnerable and unvaccinated people.  Read also: <a href="https://www.nepalitimes.com/opinion/masks-and-vaccines-to-stop-nepals-2nd-wave/">Masks and vaccines to stop Nepal’s 2nd wave</a>, Sushil Koirala At this point in the pandemic, what should be Nepal's best strategy moving forward? We have three confirmed imported cases of Omicron. Since the first case arrived in Nepal in mid-November, it is safe to assume that there must be small cluster transmission happening in Nepal, particularly in Kathmandu. Recent<a href="https://www.nepalitimes.com/latest/unconventional-party-conventions/" target="_blank" rel="noopener noreferrer"> superspreader political events</a> have exacerbated the risks of the transmissions to other parts of Nepal. All three confirmed cases were detected when they were clinically sick and among vaccinated people. It shows that our active surveillance is not working well.  Despite having multiple cases from fly-in travelers, our real risk of a large-scale outbreak is likely to come from across the southern border. So, yet again, what will happen in Nepal will largely depend on how the Omicron outbreak unfolds in India. Nepal should keep its focus on surveilling border cases and up its vaccination drive, which has flattened in recent months.   As natural immunity seems to be unable to prevent Omicrom infections, it is of outmost importance that<a href="https://www.nepalitimes.com/banner/how-nepal-must-prepare-for-3rd-covid-wave/" target="_blank" rel="noopener noreferrer"> Nepal prepare critical care </a>for a large-scale Omicron outbreak.  We have a relatively lower vaccinated coverage, we have not provided <a href="https://www.nepalitimes.com/opinion/to-boost-or-not-to-boost/" target="_blank" rel="noopener noreferrer">booster doses</a>,  the efficacy of the Chinese vaccine against the new variant is unknown, and public health measures at population levels are sketchy and insufficient.  This presents all necessary conditions for a highly contagious variant to spread in Nepal. It is still too early to tell how this increased transmissibility translates to the severity and deaths. We will eventually know that, but we cannot afford to wait. Read also: <a href="https://www.nepalitimes.com/here-now/delta-variants-wake-up-call-for-nepal/">Delta variant’s wake-up call for Nepal</a>, Sushil Koirala and Ben Ayers

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“Nepal has all the conditions for an Omicron surge”

<img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221108151116/636a64a29c7e80680e0598eajpeg.jpg" alt="" width="927" height="401"/>Thai International introduced Nepal to the jet age with its first regular flights between Bangkok and Kathmandu on 4 December 1968, and the airline is marking its 51st anniversary with a series of events this year.The first flight was by a Caravelle aircraft that flew from Bangkok to Kathmandu with a stopover in Calcutta. The plane deployed iconic parachute from its tail on landing to slow down the plane because of Kathmandu airport's elevation and short runway at the time.After that, Thai used DC-9s and the bigger four-engined Douglas DC-8 on the route, bringing Nepal closer to the rest of the world and promoting tourism in Nepal through its Asia-Pacific and Europe network. In the 1970s, Thai International had a management contract with SAS, sharing crew and aircraft, and aggressively promoted tourism to exotic Asian destinations like Bali and Kathmandu from Bangkok.Thai International was also the first airline to start widebody service to Nepal with the Airbus 310 and Airbus 300s, and 15 years ago started flying its new Boeing 777s to Kathmandu. It dropped its Calcutta stopover, and increased the frequency to daily flights with convenient connections to other destinations in the airline's network.

Thai marks 51 years in Nepal

<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107161120/636922d89c7e80680e03a14ejpeg.jpg" alt="" width="1400" height="1050"/><figcaption>Photo: EELUM DIXIT</figcaption></figure>When immigration officials at Dubai or Kuala Lumpur airports saw a green Nepali passport they automatically used to look for the <a href="https://www.nepalitimes.com/banner/kleptocrats-of-kathmandu-and-kualalampur/">work permit</a>. But with the number of outbound Nepali tourists on the rise, they now turn the pages for tourist visas.Kathmandu airport is busy these days: the arrival concourse is packed with Nepali migrant workers who have started returning home for holidays, and across the hall there are throngs of Nepali families flying out for foreign vacations.It is not just individuals and families taking flights to Malaysia, Singapore, Bali or the UAE, Nepali companies are also offering employees subsidised Dasain-Tihar holidays as an incentive.One of many such groups this week is a Kathmandu company taking its 104 employees, divided in two groups, for a five nights and six days retreat to Vietnam.“The vacation season has just started and we are pretty busy,” syas Banney Shrestha of <a href="http://www.natrajtours.com/">Natraj Tours and Travels</a>, which recently organised that tour, and a trip for 125 Nepali employees of a health care company in Bangkok.Many travel agents, which used to specialise in organising sight-seeing and trekking for inbound foreign tourists in Nepal, now say more than half their business is from Nepalis spending holidays abroad, and the volume is growing. Many travel agencies reported up to 15% growth in outbound passengers from last year, while 50-year-old Natraj saw 30% growth.Read also: <a href="https://archive.nepalitimes.com/article/nation/dasain-goes-global,3950">Global Dasain</a><a href="https://archive.nepalitimes.com/article/nation/vegetables-and-famous-veggie-dishes-this-Dasain,3951">This Dasain, vegetate</a>, Sonia AwaleIn the last fiscal year, Nepali outbound travellers spent Rs80 billion against Rs67 billion spent by foreign tourists in the country over the same period. The travel industry expects this year to be even better than last year for both inbound and outbound tourism.“People have started making use of their savings to explore and travel to new places in the region and beyond,” explains Shrestha.One of the most popular destinations is Bangkok because of its combination of shopping, recreation and beaches. Cheap air fares offered by <a href="http://www.nepalairlines.com.np/">Nepal Airlines</a>, <a href="http://customercarecontacts.com/thai-airways-kathmandu-contact-phone-address/">Thai Airways</a> and <a href="https://www.lionairthai.com/">Thai Lion</a> are a factor, although the need for Thai visas is a downer. Natraj says that more than half the inquiries by Nepalis on social media about spending their holidays abroad this season are about Thailand.Singapore is the number 2 most popular destination because of its rich offerings for families, shopping and visa on arrival. With Indonesia now also offering visa on arrival for Nepalis, Bali has also become popular for its exotic Hindu culture and famous beaches.<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107161120/636922db9c7e80680e03a14fjpeg.jpg" alt="" width="640" height="480"><figcaption> </figcaption></figure>Europe and the US were popular this summer, and many have booked autumn holidays in London over Dasain-Tihar. Nearly 40% of tickets to and from Kathmandu on <a style="background-color: #ffffff; letter-spacing: 0.01em;" href="https://www.qatarairways.com/en/destinations/flights-to-doha/from-kathmandu.html">Qatar Airways</a> in August were to the UK, and 26% to the US. Students and families settled abroad often call their parents over on visit visas. Airlines which arrive full in Nepal for the trekking season offer discounted fares on their return flights, making tickets affordable for Nepalis.Because of a direct seven hour flight, Istanbul has emerged as a popular destination and is in the bucket list of many Nepali tourists. Turkish culture and the Bosporous bridging Asia and Europe are the attractions. Nepalis have even discovered Cappadocia, the historical region in Anatolia, famous for hot air balloon rides.<a style="background-color: #ffffff; letter-spacing: 0.01em;" href="https://www.google.com/url?q=https://www.nepalitimes.com/business/turkish-airlines-goes-daily/&amp;sa=U&amp;ved=0ahUKEwjYnaLQhd3dAhWBSH0KHe5ABF4QFggFMAA&amp;client=internal-uds-cse&amp;cx=011870630917993763279:opm7uqsat-4&amp;usg=AOvVaw0upSTEu5RAhdXT10IymXVf">Turkish now offers daily direct services</a> to Istanbul, and being the only European airline serving Kathmandu offers no-visa entry for Nepalis travelling on to Europe or the United States wishing to spend a few days on their way out. Turkish has bookings from two Nepali tour groups of 20 passengers each for this Dasain period alone.<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107161120/636922de9c7e80680e03a150jpeg.jpg" alt="" width="640" height="480"><figcaption> </figcaption></figure>The other surprising destination is Russia, with Nepalis are still going there to see the World Cup stadiums. “Moscow is popular among Nepalis, and the chief attraction is Lenin’s mausoleum,” says Padam Kattel of <a style="background-color: #ffffff; letter-spacing: 0.01em;" href="https://www.acetravels.com/">Ace Travels</a>, which is taking 200 customers there with stopovers in Dubai this Dasain. While a holiday in western Europe can cost more than Rs300,000, Russia is only half of that.Along with Moscow, Ace Travels introduced Baku in Azerbaijan as an affordable new destination for Nepali holidaymakers last year when it handled over 1,500 outbound Nepali tourists to Russia and Central Asia.There was a time that the only Nepalis on ocean cruise-liners were the Gurkha guards and housekeeping staff. More and more, Nepali passengers can also be seen on ships. The most popular holiday cruises are from Singapore to the Malacca Straits, the Mediterranean and the East China Sea. <a href="http://www.zetsholidays.com.np/">ZETS Holidays</a> is the sales agent for Star Cruises and Norwegian Cruise Line, and it says there has been an exponential growth in Nepali passengers.Read also: <a href="https://www.nepalitimes.com/business/samsung-offers-cashback-for-dashain/">Samsung offers for Dasain</a> <figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107161120/636922e09c7e80680e03a151jpeg.jpg" alt="" width="640" height="360"><figcaption> </figcaption></figure>As for those who insist on spending Dasain-Tihar with families in Nepal, travel agencies are offering winter holidays in the Southern hemisphere: Australia, New Zealand and South Africa, and the Mediterranean .

Where are you going this Dasain?

The monsoon has got bad press because Nepal’s tourism operators actively told visitors to avoid <a href="https://nepalitimes.com/opinion/managing-the-monsoon?%2F">the rainy season</a>. It is time to change that. The reason can be found right here in the vast alpine meadows of Central Nepal where this time of year you can walk on velvet grass of pastures abloom with delicate pink, red and yellow flowers as the mist rolls up the valley. There is no sound except the hum of bumble bees. &nbsp;&nbsp; There are dozens of places across high Nepal called Chaurikharka, which means yak pasture. But this particular Chaurikharka in Rukum East located at an altitude of 4,000m stands out for its serene beauty, rustic charm and bucolic setting. There is just the occasional chime of <a href="https://nepalitimes.com/here-now/when-yaks-go-so-does-culture">yak bells</a> in the distance, and the sharp whistle of herders corralling sheep. &nbsp;&nbsp; The grass shoots are so fragile that one hesitates to step on them, the rounded ridges appear and quickly vanish in waves of mist. With the<a href="https://nepalitimes.com/here-now/before-the-next-monsoon"> arrival of monsoon</a>, these meadows are a soothing shade of green dotted with millions of <a href="https://nepalitimes.com/review/the-anatomy-of-a-flower?%2F=">multi-coloured flowers</a>. Until very recently, it took a week or so to hike up to places like Chaurikharka, but with the expansion of the road network even to these far-flung mountains in the lap of Dhaulagiri, they are much more accessible. It is just a three-hour uphill from the Mid-Hill Highway on the border between Baglung and Rukum East.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250802130828_a0b06b494d751b2144ffbbf10894ea64b29e8aed844bc8c66171783abfaf4e16.jpg" data-media-id="editor_4" data-image-id="20250802130828_a0b06b494d751b2144ffbbf10894ea64b29e8aed844bc8c66171783abfaf4e16" data-rendition-name="original" width="2048" height="1365" loading="lazy" alt="Visit Nepal in the monsoon"> </figure>  Purists would say that such easy access devalues the sanctity of these remote high meadows, but it also means more people will be moved to treasure the experience, appreciate <a href="https://nepalitimes.com/banner/natures-fragile-gift-to-nepal">the value of nature </a>so they can take steps to protect it.&nbsp; To be sure, the <a href="https://nepalitimes.com/here-now/deadly-monsoon-in-nepal-turns-deadlier">monsoon season can be challenging for road travel</a>. The roads are rough even at the best of times, and in the monsoon they become muddy and treacherous, often blocked by<a href="https://nepalitimes.com/news/monsoon-deluge-in-nepal"> landslides</a>. But that could be precisely the kind of adventure that the more intrepid visitors crave. Improved road connectivity has already made Chaurikharka and places like Badimallika &nbsp;and other sacred lakes in the mountains of western Nepal popular with domestic tourists. What is driving this traffic is the urge to go to exotic new places and share videos and selfies on social media. Several of Nepal’s travel vloggers have visited Chaurikharka and popularised the place, enticing followers on TikTok or YouTube to retrace their footsteps. But even as they become more popular, these fragile and once-remote places should be protected from over-tourism.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250731110736_f97110b7cdc3e7f80d5877690948fc9f4c95a09c583deb23b07355491e6c5446.jpg" data-media-id="editor_8" data-image-id="20250731110736_f97110b7cdc3e7f80d5877690948fc9f4c95a09c583deb23b07355491e6c5446" data-rendition-name="original" width="1083" height="699" loading="lazy" alt="Visit Nepal in the monsoon NT"> </figure>  <h2>INCREASING FOOTFALL</h2> Chaurikharka is located in Bhume Rural Municipality of East Rukum, near the scenic valley of Dhorpatan in Baglung district. Even in the <a href="https://nepalitimes.com/banner/monsoon-culture">middle of the monsoon</a>, there is a steady stream of Nepali hikers trooping to these high pastures – especially during festival days like Saune Sankranti which this year was on 17 July and actually marks the auspicious beginning of the monsoon here. “This year the rains have not been as heavy and there have been some clear mornings when we could see everything from Dhaulagiri to Machapuchre,” says Khageswar Bhandari, who trekked up here from the road. “The flowers, the greenery and the snowy mountain views make this an incredibly unique place.”&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250802130824_1b9e26f2e9853fdfe69154bb42a7c9ea6da4bf4940efc1da99b304dcfbd7d3d9.jpg" data-media-id="editor_10" data-image-id="20250802130824_1b9e26f2e9853fdfe69154bb42a7c9ea6da4bf4940efc1da99b304dcfbd7d3d9" data-rendition-name="original" width="2048" height="1152" loading="lazy" alt="Visit Nepal in the monsoon"> </figure>  Chaurikharka is worthwhile to get to in any season, but it has a different charm during the monsoon. Word has spread and because it is now easy to get to from Baglung or even Pokhara, people have been flocking here.&nbsp; “Holidays and Saturdays see the largest crowds, with up to 500 visitors every day,” says ward chair Mankaji Pun of Bhume.&nbsp; There was a time not too long ago when local herders brought sheep, goats, cows, buffaloes, horses, and mules to graze here during the monsoon. Although there are still livestock around, animals have been replaced by visitors taking selfies. Read also: <a href="https://nepalitimes.com/here-now/the-monsoon-and-nature-s-arithmetic">The monsoon, and nature’s arithmetic</a>, Tom Robertson Ward Chair Pun says infrastructure development is his main priority. A foot trail to Chaurikharka was built last year by the Tourism Division Office in Kohalpur, but access via the Raniwas-Koipa road section still remains challenging.&nbsp; “If we get more budget, we can improve the road and facilities to make Chaurikharka the main tourist attraction of this region,” says Bhume Municipality Chair Hom Prakash Shrestha. “After that, we hope to promote Chaurikharka as a top tourist spot.”&nbsp; Economic activity is also picking up with the arrival of visitors, but there seems to be a need to manage the makeshift sheds made of corrugated sheets that spoil the beauty of the place. Tea shops and lodges are also available but facilities are basic. Kuldeep Neupane took a three-day trip from Ghorahi in Dang to visit Chaurikharka recently, and says: “This is an ideal trip to make a quick getaway and let nature recharge your mind and body. And it is much more fun with a tent, to watch the sunrise over the Himalaya or the mist blowing in.”

Visit Nepal in the monsoon

Two weeks ago, Prime Minister KP Sharma Oli announced jubilantly on social media that Nepal had achieved a historic annual growth of 81.8% in exports. He was right. Nepal’s trade did take a great leap forward compared to last year. But the dramatic rise was mainly due to processed soya bean oil.&nbsp; However, Nepal does not produce the edible oil it exports. In fact, the soya and palm oil that make up 44% of total exports are imported from Southeast Asia and South America, and simply re-exported, mostly to India.&nbsp; Under the SAFTA (South Asian Free Trade Area) Agreement, Nepal can export products to India duty-free if it has at least 30% value-added. Nepal’s traders have taken advantage of SAFTA even though the edible oils they export do not reach that value addition threshold. “The 30% value addition requirement is often only on paper,” says former commerce secretary Purushottam Ojha. “It is clear that simply packaging edible oils in Nepal does not fulfil the terms of the trade agreement.” Prime Minister Oli is aware of this, and even called Nepal’s export figures “fake” at an earlier event. The government is relying on other iffy figures to suggest that Nepal’s economy is strong and getting stronger. For example, the value of imports rose by 13.25% in 2024-25 compared to the previous fiscal year.&nbsp; Some of it was due to a jump in electric vehicle imports worth Rs 31.76 billion, but mostly it was because more wholesale soya oil was imported to be re-packaged and sold in India. The very fact that the government boasts about increased imports is an indication of how much it relies on taxing them for revenue. Touting such trade figures cannot be the basis to claim an economic rebound.&nbsp; “A jump in the value of imports can be interpreted as an increase in purchasing power, but it is not evidence of a stronger economy,” says economist Keshav Acharya. “Even though imports have increased, Nepal's domestic production and productive capacity have not improved.” Nepal Rastra Bank's semi-annual economic activity study report shows that industrial production was down in the first six months of the last fiscal year. This despite an increase in the number of new industries registered and investment commitments. Out of the Rs70.2 billion proposed foreign investment, Nepal received only Rs17.9 billion last year.&nbsp; Meanwhile, the rate of capital formation was limited to 24% last year, which is lower than the year before, suggesting that new investment, job creation and economic expansion all declined. If domestic production does not improve in relation to this year’s inflated trade figures, the outflow will put pressure on foreign exchange reserves like it did three years ago. At that time, Nepal borrowed from the IMF under its Extended Credit Facility Program to kickstart the economy.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025080710084_2cdaaa5795828c4a7de93a0604ba884ef0a8b8f24cccd939f6c24e279ab6058f.jpg" data-media-id="editor_0" data-image-id="2025080710084_2cdaaa5795828c4a7de93a0604ba884ef0a8b8f24cccd939f6c24e279ab6058f" data-rendition-name="original" width="1633" height="723" loading="lazy" alt="Nepal's bubble economy NT"> <figcaption>Source: NEPAL RASTRA BANK</figcaption> </figure>  The macroeconomy is on firm footing with foreign exchange reserves at a comfortable Rs2,520 billion in May, up 23% from last year. This was largely due to remittances, and partly due to a falling NPR exchange rate. Real estate transactions and the stock market index have also been climbing as a result of government policies to revive the sector.&nbsp; However, former executive director of Nepal Rastra Bank Nar Bahadur Thapa cautions: “This is not organic growth, it is the result of deliberate policy decisions to relax rules on real estate and stock markets transactions.” In reality, the sharp rise in land prices have increased the cost of production, and excessive monetisation of the real estate has become the main source of Nepal’s economic woes. The central bank has announced a slew of new policies, shifting the terms of loan repayment for industrialists and entrepreneurs, reducing interest rates, and injecting more working capital — all designed to inject adrenaline into the real estate and stock market sectors.&nbsp; When he was governor, Mahaprasad Adhikari made several financial reforms during the latter half of his tenure to stimulate the economy, including tightening credit flow.&nbsp; By the last fiscal year, additional financial reforms had resulted in a credit expansion rate of around 8%. As the pace of credit expansion slows, real estate prices have started to fall. This is actually beneficial to the economy, because it lays the foundation for improvements in land-related entrepreneurship, production, and the construction sector. Just because real estate and the stock market transactions increase, it does not indicate an economic turnaround — especially when manufacturing and productive sector continues to languish.&nbsp; “It is foolish to believe that real estate and the stock market have magically revived our economy. Agriculture employs more than half of the population, but it is in decline. Investment in the productive sector has not increased, and job creation has not increased.” Two years ago, Nepal’s industrialists, business leaders, and political leadership predicted a recession amidst a sluggish business, declining market demand, large-scale job loss, and a shrinking real estate and share market.&nbsp; Still, the economy grew by 3.36% in fiscal year 2023/24. In fact, Nepal’s economy has grown nominally over the last two decades even when all sectors of the economy are in decline.&nbsp; Says Keshav Acharya: “The growth in trade, real estate, and the stock market are bubbles. The real economy remains stagnant.”

Nepal’s bubble economy

The final investigation report on the crash of a Saurya Airlines jet on 24 July 2024 at Kathmandu airport has revealed flaws in the carrier’s technical operation procedures, poor monitoring by the Civil Aviation Authority of Nepal (CAAN) and gaps in the airport’s emergency response. Eighteen people including a child were killed, and only the captain survived as the plane plunged seconds after takeoff, crashing within the airport perimeter. This was the latest in a series of aircraft accidents in previous years, and further tarnished Nepal’s already poor aviation safety record and contributed to the country being retained in the EU’s air safety list. &nbsp;&nbsp;&nbsp; The circumstances in the Saurya crash were different from the Yeti Airlines crash in Pokhara in January 2022 that killed all 72 on board, and two Tara Air crashes in February 2016 and May 2022 on approach to Jomsom that together claimed 45 lives. However, all four tragedies were a result of negligence of carriers and crew, failure to follow procedures, regulatory slackness, and overconfidence. The Saurya crash, especially, was a glaring example of how an ailing airline broke its own rules to allow passengers, including non-employees, a joy ride to Pokhara on a maintenance ferry flight. CRASH REPORT The Final Investigation Report prepared by the Aircraft Accident Investigation Commission and released on the first anniversary of the crash last week carried a long list of rules that were ignored or broken, and of regulatory failure. The first mistake was to cram spares, tools and inflammable chemicals needed for the aircraft’s C-Check in Pokhara into the cargo hold flouting its own ground handling procedures.&nbsp; There was no check-in of passengers, some of whom were not even employees – even though regulations say only flight and maintenance crew should be on board a maintenance positioning flight. Many brought their own luggage into the plane and stored it unsecured in the cabin. There was no flight attendant to give a safety briefing to passengers. The load and trim charts given to the flight crew were rough estimates, and the total takeoff weight of the plane was 18,300kg plus or minus 200 kg. That would still have been all right, but there was a glaring mistake in the speedchart Saurya pilots were using to calculate the minimum takeoff speed (known as VR), and it had been wrong ever since the 21-year-old aircraft entered service with the airline in 2017. FAULTY DATA&nbsp; The Commission probed Flight Data Recorder inputs from previous takeoffs of the Canadian-built CRJ200-LR in 2023-2024 and found that the undetected error in the speedchart had caused the plane to pitch up at an abnormal rotation rate at least 18 times on previous takeoffs.&nbsp; Any rotation rate more than 3°/sec is regarded as unusual. But on at least two occasions, this aircraft with tail number 9N-AME had rotation rates of 5.8°/sec and 5.5°/sec, the second one was when the pilot who survived was flying in March 2024.&nbsp; On this particular day, the plane’s rotation rate was 6.5°/sec, causing it to go into a deep stall soon after takeoff, the Commission report said. Essentially, the plane was not flying fast enough down the runway to take off safely.&nbsp; It is not yet clear whether excess weight, unsecured luggage, wrong centre of gravity were also factors, but relying on a faulty speedchart for the given takeoff weight, the captain flying pulled back on the yoke before the plane had reached takeoff speed and at a pitch angle that was too steep. The investigation report says the plane then went into a deep stall and started banking right with the stick shaking. At this point, the flight officer on the right hand seat is heard on the cockpit voice recorder saying: “Whoa, whoa, whoa. Sir, Sir, Sir…” It then banked left before the pilot flying turned the plane sharply to the right again in an evasive action to avoid the parking aprons of the international and domestic terminals. Had he not done so, there would have been a disaster of a much greater magnitude at Kathmandu airport that day. The plane scraped the runway with its right wingtip, collided with a container having helicopter spare parts, and plunged into a gully east of the runway, exploding in a fireball. The investigation also noted that the impact forces seemed to be survivable for some occupants. The fire trucks took unnecessarily long to reach the site even though it was inside the airport perimeter. The absence of an ICAO-standard runway strip, inadequate rescue drills, lack of training, and a blocked emergency service gate leading to the crash site were cited as other factors. &nbsp;&nbsp; <h2>Timestamp of a Disaster</h2>  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250731110724_39cdd04693994ce6e55a5b302905c0fa4884fe85bed21ff0779bb1439f3a5725.jpg" data-media-id="editor_0" data-image-id="20250731110724_39cdd04693994ce6e55a5b302905c0fa4884fe85bed21ff0779bb1439f3a5725" data-rendition-name="original" width="778" height="826" loading="lazy" alt="Flouting rules caused Saurya tragedy NT"> </figure>  11:10:34 - The Saurya Airlines CRJ200 on the takeoff roll from runway 02. It had a takeoff weight of about 18,300kg, but the pilot’s speedcard had a previously undetected mistake about the minimum takeoff speed. 11:10:55 -The plane with tail number 9N-AME goes into deep stall soon after takeoff because it does not have enough speed to lift its weight. The plane also has an abnormally steep nose-up attitude.&nbsp; 11:11:03 - Without enough speed to generate lift, the plane banks right, then left and right again in CCTV photos taken from the domestic apron (below). If it had not banked right, it could have hit the aprons and terminal buildings. Seen parked is Saurya’s other CRJ200 with tail number 9N-ANM.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250731110732_608132f7225c649125cca2691dd6a6bf930984c5b359e888d7ad9e5eacce3afd.jpg" data-media-id="editor_1" data-image-id="20250731110732_608132f7225c649125cca2691dd6a6bf930984c5b359e888d7ad9e5eacce3afd" data-rendition-name="original" width="770" height="555" loading="lazy" alt="Flouting rules caused Saurya tragedy NT"> </figure>  11:11:08 - The plane scrapes the runway with its right wingtip, and falls into the gully. The captain is thrown off the left side of the cockpit and survives. 11:11:15: Plane explodes in a fireball inside the airport perimeter. Firefighters take time to reach the site because of lack of access road and a blocked gate. Read the full investigation report <a href="https://www.tourism.gov.np/files/9N-AME%20AIC%20Final%20Report.pdf">here</a>.

Flouting rules caused Saurya tragedy

American artist Peter Makela was in Nepal in 2022 on a Fulbright scholarship when he experienced the Matya festival in Patan in which devotees made the rounds of the city’s shrines.&nbsp;
He joined the procession, walking through 2,600 stupa and 140 bahal of the town. That immersion left a lasting impression.
As part of Gallery Mcube’s international residency program in Patan, he put his inspiration to canvas in the exhibition Yala Yatra: Walking, Working, Worshipping. The exhibition also coincides with this month’s Matya festival.&nbsp;
Makela has visited Nepal often in the past 11 years but he mostly stayed in and spent his time around Boudha. “This time I stayed in Patan, put the sites I wanted to visit on my map, and off I went,” he tells us. “Each of my artwork is inspired by the stupas and shrines in Patan that I visited.”
The stupa and Ganesh are recurring motifs in his watercolours, and the elephant gods are located in chaityas — reflecting the interplay and blending of the Hindu and Buddhist faiths in Kathmandu Valley.&nbsp;
The stupas and Ganesh are painted in vivid red, yellow, blue and green against abstract backgrounds meant to represent the sky.
“I use the sky as a backdrop because the sky has no border,” says Makela. “The four colours represent the four elements, the different Buddha families and also lights bouncing off of a rainbow.”
The use of just four colours for all the artwork stands out, and combined with the absence of heavy canvases, frames or stands render Makela’s art striking in its simplicity.&nbsp;
The Ganesh is always holding something and the art also portrays the elephant god’s sacred vehicle, the mouse.
While his vibrant stupas and Ganesh reflect the tangibility of Patan’s tradition and heritage, it is as if the backdrops with their shades of grey and red and yellow capture the soul of the city’s shrines.
“If you look closely, there is a sense of form and formlessness at the same time,” he says.&nbsp;
Makela walked 108 kora around the shrines during his exploration of the town, and in the process developed a spiritual connection with Patan’s heritage and traditions.&nbsp;
The exhibition connects with visitors on a deeper, more spiritual, level as well. And with it, they feel a sense of pride as well as the need to urgently preserve Patan’s heritage for future generations.
“Peter’s inclination and approach towards Nepali art and culture is fascinating, and it reflects in his work,” says Mcube curator Manish Lal Shrestha, whose international artist residency program promotes Nepal’s cultural heritage. &nbsp;&nbsp;
Yala Yatra: Walking, Working, Worshipping
1-5 August&nbsp;
10AM-7PM
Gallery Mcube, Patan