Bipul Chettri felt right at home at a concert last week in Pokhara (pictured), the lakeside crowd sang along as he strummed his guitar to his most recent ballad, Salala.
Fans knew the lyrics by heart, and followed <a href="https://nepalitimes.com/here-now/bipul-chettri-back-in-kathmandu">Chettri’s languid Darjeeling voice</a>. For Bipul Chettri, this was homecoming — returning to the land of his ancestors to sing of love, longing and loss.
Chettri’s grandfather was a poet, his grandmother played the sitar, and his father Birendra Mohan Chettri was a singer-songwriter in Kalimpong. The young Bipul picked on guitars, wrote songs and whistled along to melodies. 
Bipul Chettri is now a household name in the Nepali universe, his trademark singing style drawing diaspora crowds in concerts all over. 
His father died when he was just three in Kalimpong, and Bipul was frequently taken to visit relatives in Dharan and Pokhara.
In school in New Delhi, he tried singing in English but there was something missing in the music — they lacked a soul. Not much satisfaction singing in Hindi either. 
“I was looking for my identity and voice at that point in time,” Chettri added, describing how he wrote his first Nepali song <a href="https://www.youtube.com/watch?v=7yLWjCai4-s">Wildfire (Dadhelo)</a> in 2012. 
The song indeed spread like wildfire on YouTube and Facebook. The lyrics, music and message were different from anything sung before in Nepali.
Chettri also felt true fulfilment for the first time, and recalls being overwhelmed at finally finding the musical spark he was looking for. It was genuine music, expressing genuine sentiments, and sung in a pure Nepali voice.
“Singing in Nepali was meaningful, it took me to my roots,” Chettri says. “When I write songs in Nepali, I am honest with myself.”
When Chettri travels to New Delhi or Kathmandu, he passes through Siliguri near the Nepal border. It was on one of these trips that he was inspired to write Syndicate in a country-western style about an intense encounter with a stranger at a bus stop. 
Chettri wrote one of his singles, <a href="https://www.youtube.com/watch?v=mqhyXNj1JVA">Aashish</a> (Blessings), on the day his daughter was born. “I hope she will still be listening to this song when I’m gone,” he says.
Inspiration often comes to Chettri during journeys, in dreams, or with the pitter-patter of raindrops on the roof (<a href="https://www.youtube.com/watch?v=LLg3sbyOtvE&amp;list=RDEMlXhOQ3hcfL50ML3AaRAozA&amp;index=5">Asara</a>). Nature is also his muse (<a href="https://www.youtube.com/watch?v=ChOV_o7JeJo&amp;list=RDEMlXhOQ3hcfL50ML3AaRAozA&amp;index=3">Junkeri</a>). His latest single, Salala is inspired by the sound of the Teesta flowing down from Sikkim and about the deadly flood on the river last year.
Chettri has a degree in classical guitar from London, and now heads the arts department at the Vasant Valley School in New Delhi.
Chettri’s The Travelling Band then released its first album, Sketches of Darjeeling, which included Wildfire and Syndicate. One of the songs is Ram Sailee, written by his father.
The Travelling Band is made up of Pranai Gurung on guitar, Rahul Rai on bass, Aman Singh Rathore on drums, Prince Nepali on sarangi, Kiran Nepali on tungna, Achint Khare on keyboard and has Binaya Man Amatya as sound designer. The band is managed by Sonam Tashi.
There have been three albums so far: Sketches of Darjeeling, Maya, and Samaya, and seven singles.

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Homecoming with music

https://www.youtube.com/watch?v=nHEfw0E8LdgIn a time when everything from medicine to marriage has shifted into a digital medium, there is something almost spiritual about a vinyl record: the weight of the thing, the way it sits in both hands, the ample real estate on the cardboard cover for actual artwork, lyrics, and the occasional essay.The music sounds crisp and crackled, so warm and wholesome that any imperfections or skips only add to the authenticity of the experience. The thing about old records is that they actually smell good: that sweet, lost, analogue smell of dust and time and all of the hands that have held it before.Vinyl pushes one into hyperbole, and modern collectors of old records tend to be privileged enough to entertain deliberate and impractical passions, to be hopeless connoisseurs of the senses – which, in this age of digital hyper-convenience, can be a beautiful thing.<img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221110111120/636cd0d99c7e80680e08f87cjpeg.jpg" alt="" width="1200" height="800"/>This is a story about three fellow dreamers, three dedicated friends who have never actually all met in person, three successful entrepreneurs and professionals who, inexplicably, decided to start a vinyl record company targeting a country where you still cannot buy a record player.In researching this article, I struggled to understand whose idea it was to start a record label in the first place. So I will start with Sushil Koirala, a public health expert who advises international policymakers on pandemics from a small room stacked floor to ceiling with vintage stereo equipment in Bangkok.When not fighting HIV/AIDS across Asia, Sushil was spending his late-night hours on the internet, searching for antique Nepali records. During an ultimately unsuccessful pursuit of a rare Japanese pressing of a Narayan Gopal record, he met Neeraj Gorkhaly.Neeraj, in keeping with our story, is a public policy expert who advises the US Government on physics and astronomy. Based in Washington DC, he describes his 15 years with the National Academies of Sciences as a means to an end. And that end is collecting records and philanthropy. He received the aforementioned Narayan Gopal record as a wedding present, and said he will “carry it with me to my grave”.Kiran Byanjankar rounds out the trio. Kiran’s introduction to vinyl was listening to his ठुलो दाइ play Pink Floyd and Deep Purple on an ancient wind-up gramophone at their home in the Chyasal neighbourhood of Patan. He first met Neeraj at a cassette shop in New Road where Neeraj worked, dubbing bootleg mixtapes and manning the counter.<a href="https://www.nepalitimes.com/banner/on-a-high-note/" target="_blank" rel="noopener noreferrer">Tibetan music in Nepal’s sacred valley</a>, Sewa Bhattarai<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221110111120/636cd0dc9c7e80680e08f87djpeg.jpg" alt="" width="1920" height="1080"><figcaption> </figcaption></figure>By this point, Kiran had found punk and heavy metal, and was in pursuit of Megadeth. After an unsuccessful attempt to fail his interview for a study visa to America, Kiran reluctantly ended up in Chicago. He completed his computer engineering degree and promptly started up a series of successful Nepali restaurants. As his businesses grew, Kiran started collecting vinyl records and taking his employees out to heavy metal concerts as an annual bonus.And this is how Wild Yak Records started: three friends, spread across the globe, spend countless hours chatting about records on the internet and decide to start a strictly-vinyl Nepali record label. There was never a question about where to begin.<a href="https://archive.nepalitimes.com/article/Nepali-Times-Buzz/making-the-sound-of-music-in-patan,3976" target="_blank" rel="noopener noreferrer">Saving the sound of music</a>, Sebastian Wellingbat“There is no other singer who is as beloved in Nepal as Narayan Gopal,” says Sushil. Narayan Gopal – the स्वर सम्राट himself – in many ways helped invent Nepali popular music. His voice, smooth as scotch, silky as the Queen’s sari, was on heavy rotation across Nepal and Darjeeling for nearly four decades, and came to define the fundamentals of Nepali film soundtracks and pop.There are few Nepalis in popular culture, and even fewer outside of the monarchy or the Maoists, that achieve a level of fame and ubiquity that allows them to shed their last name.Narayan Gopal Gurucharya, born to a Newa family in the very heart of old Kathmandu, was one. His art was also inseparable from his legend, which invited plentiful speculation and rumour: the prodigious drinking and smoking, the whispered affections for (and from) Queen Aishwarya, partnerships with poets and writers that all somehow crumbled – and cumulating in an early death in 1990 from his excesses at 51.It was as if this life could not keep him around, and his songs about love and loss were real, lived experiences. He tapped into the sublime melancholy of the soul -- the kind of thing that led his contemporaries in the American South to coin the blues.In 1961, under the tutelage of King Mahendra, His Majesty’s Government founded Ratna Recording Sansthan, which paired with Radio Nepal to press records of Nepali national music. Most of the recording was done in Nepal or India on old reel-to-reel tapes, then shipped off to Calcutta or Japan for pressing onto vinyl. (There are rumours of records made in the former Soviet Union but these remain as elusive as the yeti.)These records all made their way back to Nepal and were played on the radio or listened to on the scratchy gramophones that now gather dust in the attics, or hold cocktail glasses in the well-appointed living rooms of Kathmandu’s gentry. This lasted for about two decades, until it was thoroughly and permanently made irrelevant with the introduction of affordable cassette tapes in the mid-1980s.<img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221110111120/636cd0e09c7e80680e08f87ejpeg.jpg" alt="" width="599" height="602"><figure><figcaption> </figcaption></figure>Narayan Gopal would have been 81 this year. Nobody really knows how many recordings of his songs actually exist. His legend, now amplified on the internet, claims something in the neighbourhood of 500, but all estimates point to something closer to 130-150 recordings.As Ratna Recording shut down, the original tapes were moved to Nepal Television. After that, it’s murky. But thankfully, Music Nepal has carefully saved copies of the analogue recordings of many of the original recordings from that era.<img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221110111120/636cd0e49c7e80680e08f880jpeg.jpg" alt="" width="644" height="859">In 2018, Sushil tracked down the original recordings at Music Nepal and had them copied directly onto vintage reel-to-reel tapes, imported from France. It was clear to everyone at Wild Yak that this would be a completely analogue process from start to finish. The master copies were then sent to Ohio where they were painstakingly remastered.“We made every attempt to keep the old sound intact,” recalls Sushil. “In some cases, this even meant sacrificing cleanness or quality, but we wanted the records to sound like they originally did.” Before long, 300 copies of Swor Samrat Narayan Gopal – Golden Collection were pressed into metallic gold vinyl records, and began their slow journey to eager collectors across the Planet.<a href="http://archive.nepalitimes.com/news.php?id=18795#.X-_siy8w3BJ">Songs of our past</a>, Amar Gurung<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221110111120/636cd0e79c7e80680e08f881jpeg.jpg" alt="" width="1100" height="733"><figcaption> </figcaption></figure>Was the effort worth it? It seems so. Kiran told me: “The record left me spellbound.” Sushil adds: “When I first listened to it I could make out Narayan Gopal’s Newa accent.”Kashish Das Shrestha, a former radio DJ and editor of Wave magazine, spent a few of his own more productive years searching fruitlessly for Narayan Gopal’s original recordings. He was thrilled to receive his copy of the new record: “It’s phenomenal. Something I’ve wanted for over a decade.”Of the 300 records, only 50 remain available for purchase. With these strong, albeit modest, sales of the Narayan Gopal collection, I couldn’t help but ask again: Was all this effort worth it? “This was never started to be a profitable business,” Neeraj replied. “We roll all of our income into paying for the next project.”With this in mind, Wild Yak has nearly completed its next album. With the hope of tapping into a younger generation of enthusiasts, a Hanuman-esque bright orange pressing of Bipul Chhetri’s Sketches of Darjeeling will be ready for distribution in January.“Bipul is like the new Narayan Gopal. Everyone loves him,” says Kiran.<a href="https://www.nepalitimes.com/review/eastern-melodies-in-kathmandu/" target="_blank" rel="noopener noreferrer">Eastern melodies in Kathmandu</a>, Sewa Bhattarai<img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221110111120/636cd0ea9c7e80680e08f882jpeg.jpg" alt="" width="1375" height="916">After this, the label has plans for compilations of Kumar Basnet, Aruna Lama, and a selection of popular Nepali rock and roll from the ’70s and 80s – bringing back bands like The Influence, Cross Roads, and 1974 AD.But first, they need to locate the original tapes.When I first received my own copy of Swar Samrat in September, I had just returned to the United States. Awash in the Covid sterility of America, I was quickly nostalgic for Kathmandu. As I pulled the record out of the dust jacket, I was struck by the gold colour, shining like a storefront on New Road during the week before Dasain.I put the record carefully on the turntable and set the needle. Out of my speakers crept a flute and loping bass, lightly dusted with reverb. A few seconds in, The Emperor’s voice emerged crisp and rich, sweet as जेरी and चिया, I was transported.मेरो गीत भन्ने अधिकार छैन,गीत को पो म हुंमेरो गीत हैन।I have no right to call this my song,The song doesn’t belong to me, I belong to the song.<a href="https://www.nepalitimes.com/here-now/ex-refugee-takes-refuge-in-music/">Ex-refugee takes refuge in music</a>, Gopal GartoulaBen Ayers is a humanitarian, documentary filmmaker, and National Geographic Explorer based in Kathmandu.

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The sweet smell of music

<img width="640" height="895" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107171132/636933e49c7e80680e03dfc5jpeg.jpg" alt=""/>In September, American producer and DJ Diplo and Danish singer/songwriter star MØ released a music video with Nepali singer-songwriter <a href="http://archive.nepalitimes.com/article/Nepali-Times-Buzz/Bipul-Chhetri-reviving-our-love-for-Nepali-folk-music,979">Bipul Chettri</a> and rapper Laure. ‘Stay Open’ has already got 9.4 million views in YouTube. Now, Bipul Chettri, Laure, Diplo and others, are bringing a one-of-a-kind concert to Kathmandu on 17 November. Nepali Times spoke with Bipul Chhetri about his arrival in Kathmandu for the concert. Excerpts:Nepali Times: Are you happy with your musical journey so far?  Bipul Chettri: Music for me is a tool to express my thoughts and emotions. My journey has only just begun, and I am still learning and progressing. Satisfaction comes with every new song or tune, so I am quite content.Which of your recent overseas gigs stands out for you?I speak for most musicians when I say performing live is special, no matter where you are. But there are some venues, like the SSE Arena at Wembley, which are on bucket lists for artists. Especially since most of the people who have played at such venues are icons one has grown up listening to, and have been huge influences in shaping our musical expressions.The Nepali audience is fragmented, yet your music seems to appeal to everyone. What is the secret?I cannot fathom what the secret is but if I can guess: it has to be the feeling of home that the diaspora audience misses. The music may help them escape the foreignness, even if for a brief moment.How did the Stay Open collaboration with Laure, Diplo and MØ happen? The song was already composed by Diplo and sung by MØ. Tuborg provided a set of guidelines to follow in terms of space and lyrics to add Nepali perspective to the tune without actually taking away from the melody and theme of the song. We accepted the project so that we could understand and experience how international artists worked. It was a great learning experience for all of us.https://www.youtube.com/watch?v=qlxoTk68CxUHow do you see the scope and prospect of folk songs in the Nepali-speaking diaspora?Nepali music listeners are very active and informed in the age of the Internet. Content is available at the click of a button, and people are now exposed to more music than ever before. The chance of Nepali music being heard is greatest now, be it folk or any other genre. It may be too early to say if Tuborg Stay Open helps create an image for Nepali music, but I think it is a stepping-stone for local musicians to test the waters for an international audience. Most Latin music that we know and hear, have actually come out of these kinds of associations.How difficult is it to mix and market music in Nepal and India separately?Music is not a brick and mortar business like it used to be, when tapes or CDs were the only way to acquire music. Physical borders no longer matter, any content one uploads to an online platform is available to everyone in Nepal, India or the world. But being an independent artist is the real challenge as everything ends up being a DIY project, which in a way is fun and exciting but it does bog one down with compromises along the way.Can you tell us about your day job?I do have a day job as head of the Arts Department at a school here in Delhi, and I teach western classical guitar to children aged 6-18.What’s next for Bipul Chettri?We are currently recording some new material and we hope to release it by first half of 2019, not sure how many songs. <a href="http://www.tuborgbeer.com/ne/np/products/" data-elementor-open-lightbox=""> <img width="512" height="1024" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107171132/636933e69c7e80680e03dfc6jpeg.jpg" alt=""></a> Tuborg Open Fest17 November, 4-10pmHotel Annapurna, Darbar MargRs2,000Tickets: tktmonkeys.com, (01) 4444428Read also: <a href="https://archive.nepalitimes.com/article/review/bipul-chhetri-calling-home-review,1598">Calling home</a>, Sunir Pandey<a href="http://archive.nepalitimes.com/article/Nepali-Times-Buzz/Bipul-Chhetri-reviving-our-love-for-Nepali-folk-music,979">The sound of our soul</a>, Ayesha Shakya

Bipul Chettri back in Kathmandu

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

French citizen Louis arrived in Nepal for the first time earlier this year, planning to <a href="https://nepalitimes.com/banner/the-abcs-of-a-winter-trek-in-nepal">trek the Annapurna Circuit </a>before heading down to Bardia to hopefully catch a glimpse of some<a href="https://nepalitimes.com/news/nepal-counting-its-tigers"> tigers</a>. Before he began his journey from Besisahar, Louis (who only revealed his first name) had imagined breathing crisp mountain air, and following the melodious gurgle of the Marsyangdi.&nbsp; Instead, he had to breathe fumes and dust all the way to Chame. Louis says he masked his face with a handkerchief: “It was not what I expected, this is not right.”  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025080304080_f03fce1527cf8a63178e4e82589a1a7096c8cfa28893ca4a5f7fe82d91a6e38a.jpg" data-media-id="editor_2" data-image-id="2025080304080_f03fce1527cf8a63178e4e82589a1a7096c8cfa28893ca4a5f7fe82d91a6e38a" data-rendition-name="original" width="2419" height="1814" loading="lazy" alt="Manang trails NT 1"> </figure>  Many other trekkers are similarly disappointed as roads have been built along what used to be <a href="https://nepalitimes.com/banner/a-walk-back-in-time-chandragiri-hatiban">walking trails</a>. Manang and Humla are the last remote regions in the Himalaya to be connected to the national road network. &nbsp;Construction of the 87km Besisahar-Manang road began in 1994, but was stalled during <a href="https://nepalitimes.com/news/14-years-after-conflict-no-closure-in-nepal">the Maoist conflic</a>t, and finally finished in 2012.&nbsp; Most of it has not yet been blacktopped, and sections have been carved out of vertical cliff faces, making them treacherous. But it has allowed road access to Manang, a journey that previously took a week on foot.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025080304084_32b3ca875a0df9f1dd42dbe915e6f6a2cd4f2e53f1cf2d3ee5cbdb3435905000.jpg" data-media-id="editor_5" data-image-id="2025080304084_32b3ca875a0df9f1dd42dbe915e6f6a2cd4f2e53f1cf2d3ee5cbdb3435905000" data-rendition-name="original" width="2400" height="1505" loading="lazy" alt="Manang trails NT 1"> </figure>  While the <a href="https://nepalitimes.com/opinion/the-road-out-of-nepal">road has improved access</a>, it has impacted on<a href="https://nepalitimes.com/here-now/trekking-in-the-time-of-climate-change"> trekking tourism </a>— the mainstay of Manang’s economy. The number of tourists visiting the scenic valley behind the Annapurnas grew from 21,245 in 2023 to 30,866 in 2024. The Annapurna Circuit is known for unique sights like <a href="https://archive.nepalitimes.com/news.php?id=9194">Tilicho</a>, one of the highest lakes in the world, the Thorong La pass that connects Manang to Mustang, and the valley’s own rich cultural heritage. Thorong La at 5,416m is the highest hiking pass in the world, and was used by locals for trade with Mustang before it became a <a href="https://nepalitimes.com/opinion/comment/lift-restrictions-on-upper-mustang">popular trekking route</a>. &nbsp; “For guests, the excitement of reaching Thorong La is now overshadowed by their disappointment of having to journey through dusty roads to get there,” says Manang lodge-owner Ongma Gurung. “That is the complaint we get the most.” <a href="https://nepalitimes.com/banner/tourism-that-treads-lightly-on-the-land">Local tourism </a>operators are trying to get the government to build alternative foot trails. But there have been delays due to a lack of budget.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025080304084_c5f76e398182785bb17846a148e3ca89de5687b4623580f8e2d725a7a287edfa.jpg" data-media-id="editor_11" data-image-id="2025080304084_c5f76e398182785bb17846a148e3ca89de5687b4623580f8e2d725a7a287edfa" data-rendition-name="original" width="2419" height="1762" loading="lazy" alt="Manang trails"> </figure>  The Naso Rural Municipality has identified other routes along the Annapurna Circuit in Chyamche, Tal, and Khotro so trekkers can bypass heavy vehicles involved in the construction of the Manang-Marsyangdi Hydropower Project. “But the local government cannot do everything,” admits the chair Dhan Bahadur Gurung. “And for leaders in Kathmandu, Manang is out of sight and out of mind.” Munindra Jung Gurung represents Manang in the Gandaki Provincial Assembly, and says he has raised the issue in <a href="https://nepalitimes.com/news/pokhara-s-tourism-woes">Pokhara</a>. He is hopeful there will be a hearing. To be sure, the road is not all bad news. Locals benefit, the number of visitors has grown, and trekkers can now also save time and use it to explore <a href="https://archive.nepalitimes.com/news.php?id=5960">side valleys in Manang</a>, visiting the villages like Nar and Phu. Annapurna Conservation Area (ACA) chief Rabin Kadariya concedes that the road to Upper Manang was crucial to connect the remote region with the rest of Nepal, but adds: “We have built an alternative trail connecting Talgaun, and we will consult local communities about their priorities on other hiking trails.”&nbsp;