At 11:56AM on 25 April 2015, the <a href="https://archive.nepalitimes.com/article/nation/rebuilding-new-structures-using-old-traditions,2827">ancient Newa town of Bungamati </a>on the southern fringes of Kathmandu Valley suffered more damage than most-- it was completely razed.&nbsp; Some 700 buildings collapsed and at least seven people were killed. The iconic Bungadyo temple dedicated to <a href="https://nepalitimes.com/banner/the-red-god-rises-again-in-patan">the rain god Machindranath</a> collapsed in the <a href="https://nepalitimes.com/news/11-56-25-april-2015-wkc9q2an">7.8 magnitude quake</a>. &nbsp;&nbsp;&nbsp;&nbsp; Ten years later, Bungamati was rebuilt. But the original architecture of two-storey houses with tilted tile roofs have been replaced with modern concrete boxes, their façades still gleaming with fresh paint.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250409040432_d7083d8b65119dd1f989c17eaab1f837a067e14d4a55a22fb67d4cbb2ceff138.jpg" data-media-id="editor_3" data-image-id="20250409040432_d7083d8b65119dd1f989c17eaab1f837a067e14d4a55a22fb67d4cbb2ceff138" data-rendition-name="original" width="1000" height="667" loading="lazy" alt="Bungamati builds back"> <figcaption>All photos: SUMAN NEPALI</figcaption> </figure>  The Bungadyo complex at the heart of the town, however, is being restored to its original grandeur as it prepares for this year’s <a href="https://nepalitimes.com/banner/delayed-machindranath-festival-resumes">Machindranath chariot festival.</a> For many residents here, the horror of that day is still fresh in their minds. They remember narrow escapes, losing loved ones and the numerous <a href="https://archive.nepalitimes.com/article/Nepali-Times-Buzz/after-the-aftershocks-the-survivors,3006">aftershocks</a>. The survivors took refuge in tents and had just started drifting back to their damaged homes when the 7 May aftershock hit. “We got exactly one tent,” says a local Kamala Tuladhar, 40, of the earthquake rescue and relief, recalling the financial strain of rebuilding. “We rebuilt everything by ourselves, that money could have gone to our children’s education.” Some families in Bungamati received financial aid of up to Rs50,000 for reconstruction but most families here say that they never got any help and rebuilt on their own. Jogmaya Maharjan, 52, received only Rs20,000 from the Red Cross despite<a href="https://archive.nepalitimes.com/article/nation/broken-promises-reconstruction,3627"> government promises of reconstruction grants</a>, and had to sell a plot of land to build a new house. “Everything is new now, which is good for progress, but it doesn’t feel the same,” she says, adding that she misses the cosy warmth of her old mud-mortar house.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250409060416_3f2810530af9c5f1bbfd2e113485444e0ff1771e6f4cac04c089e2e46de92345.jpg" data-media-id="editor_7" data-image-id="20250409060416_3f2810530af9c5f1bbfd2e113485444e0ff1771e6f4cac04c089e2e46de92345" data-rendition-name="original" width="1000" height="667" loading="lazy" alt="Kamala Tuladhar"> <figcaption>Kamala Tuladhar</figcaption> </figure>  Kamala currently runs a small eatery in the town and says almost everyone now has <a href="https://archive.nepalitimes.com/article/nation/A-concrete-future,2251">concrete houses</a>, as well as increased awareness about <a href="https://nepalitimes.com/editorial/be-prepared">earthquake safety</a>. “We have a concrete house now, it is stronger but we lost our ancestral building,” she adds. Ratnaman Maharjan’s five-storey Bungamati Homestay offering a panoramic view of the Valley to the north is a popular lodging destination for tourists looking to stay over the weekend.&nbsp; “Without the earthquake, Bungamati would have remained a sleepy town that few people visited,” he says. “The earthquake was a tragedy, but it forced a much-needed change.” Read also: <a href="https://nepalitimes.com/here-now/khokana-and-bungamati-strive-to-save-heritage">Khokana and Bungamati strive to save heritage</a>, Prabhas Pokharel Bungamati has always embodied a quintessential Newa ambience of the kind that had steadily disappeared from <a href="https://nepalitimes.com/banner/preserving-patan-post-earthquake">Patan</a> or Kathmandu. It is a compact and densely-packed town sitting on higher ground with vegetable and paddy terraces below.&nbsp; This <a href="https://archive.nepalitimes.com/news.php?id=1885">unique urban-rural symbiosis</a> was the hallmark of the Kathmandu Valley culturescape. Despite its proximity to Kathmandu, Bungamati was essentially a <a href="https://archive.nepalitimes.com/article/nation/migrants-return-home-to-do-commercial-farming,3929">traditional farming village</a> — but <a href="https://nepalitimes.com/here-now/rebuilding-kathmandu-after-the-1934-quake">after the earthquake </a>it has transitioned into a modern suburb.&nbsp; The rebuilding of the Machindranath temple has been a rather long and arduous journey, and is only now nearing completion. Unlike in Kathmandu, Patan and <a href="https://nepalitimes.com/multimedia/bhaktapur-2-0-d8m66qhb">Bhaktapur</a>, there were no aid agencies to help rebuild the temples here. The local chair of the reconstruction committee also died by suicide, further delaying the process.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025040904048_7adb77af2fad4d4f9b389649c20a945e5d2534fea02dc03c7a4c02a3d3f7791e.jpg" data-media-id="editor_16" data-image-id="2025040904048_7adb77af2fad4d4f9b389649c20a945e5d2534fea02dc03c7a4c02a3d3f7791e" data-rendition-name="original" width="1000" height="667" loading="lazy" alt="Bungamati builds back"> <figcaption>Amir Shakya</figcaption> </figure>  “In the immediate aftermath, it was all about survival, so gods and religion were the last thing on our minds,” recalls Amir Shakya, chair of the rebuilding committee for Rato Machindranath. But as the dust settled after the earthquake, it became clear that unless the community took charge, the temple would never be built. The National Reconstruction Authority (NRA) formed a rebuilding committee, officially putting efforts in motion. Restoring the temple was no easy feat, particularly during <a href="about:blank">the Covid-19 pandemic</a>. Even transporting construction material was a logistical nightmare while prices skyrocketed. The community had to arrange for highly specific materials and <a href="https://nepalitimes.com/multimedia/a-portal-into-patan-s-past-and-present?%27%22=">intricate craftsmanship</a>, both of which were not readily available in the market.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250409040444_925c58caffe447f392818e75de7851c17d47db1461447bc2ccc7c18016c89de8.jpg" data-media-id="editor_19" data-image-id="20250409040444_925c58caffe447f392818e75de7851c17d47db1461447bc2ccc7c18016c89de8" data-rendition-name="original" width="1000" height="667" loading="lazy" alt="Bungamati builds back"> </figure>   <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250409030456_163d1aeabf3918541f9196b91a0c85cf3a97ed0bb7c8015295543234b8c85e53.jpg" data-media-id="editor_20" data-image-id="20250409030456_163d1aeabf3918541f9196b91a0c85cf3a97ed0bb7c8015295543234b8c85e53" data-rendition-name="original" width="1000" height="563" loading="lazy" alt="Bungamati builds back"> </figure>  “Rebuilding had to be meticulous and precise to truly preserve the cultural essence of the old Machindranath temple,” adds Shakya. “We lost more than just structures, we lost the very heartbeat of our heritage. Even now, it feels like we are still struggling to recover, and despite the reconstruction, something is still missing.” Ward chair Sagar Tuladhar says that the situation remained dire until the 2017 local elections, when the elected municipal council finally stepped in. The European Union provided help for mapping and technical support. "Before the earthquake, most families lived in ancestral homes—structures built using raw bricks and mud. In hindsight, we realise this was a major reason why so many of them collapsed,” says Tuladhar.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025040904048_5eb476e0f3a722ae7c114e7d9f7a96abba44a85a8503cfe2dd7a993866280a6b.jpg" data-media-id="editor_21" data-image-id="2025040904048_5eb476e0f3a722ae7c114e7d9f7a96abba44a85a8503cfe2dd7a993866280a6b" data-rendition-name="original" width="1000" height="667" loading="lazy" alt="Bungamati builds back"> <figcaption>Sagar Tuladhar</figcaption> </figure>  But today, while houses are stronger and more reliable, the challenge of balancing structural resilience with <a href="https://nepalitimes.com/here-now/dapcha-s-old-world-charm-awaits?fbclid=IwAR0EtIozNL7a0xiKnQSpHSxsoCACXltEUQj1xd2Fo7dRLUiqPMKt4c029ik_aem_AYAPWpOme51Fm9ZIGgneMuZKanrc3Y1IwEfpKmg7oxGwFoxjp0So1_xDNzkuA1acRYc">the preservation of traditional settlements</a> remains. There is also a danger of substandard concrete buildings which will not be able to withstand<a href="https://nepalitimes.com/here-now/lessons-not-learned-from-2015-o2etq6zu"> stronger earthquakes in the future</a>, becoming death traps. In response, regulations have been introduced to prevent haphazard building as well as to safeguard <a href="https://nepalitimes.com/banner/the-history-of-heritage">cultural integrity</a>. &nbsp;The cultural resettlement map design was approved after the earthquake, and requires the maximum height of buildings to be no more than 35m.&nbsp; “Many resist restrictions on the number of floors and construction materials,” admits ward chair Tuladhar. “Despite <a href="https://archive.nepalitimes.com/news.php?id=16161">modern housing trends</a>, we have also made every effort to uphold the distinct Newa architectural identity. Residents are not allowed to install shutters, use iron reinforcements, or plaster over traditional façades.” He adds that nearly all the homes and heritage structures have now been rebuilt, with only a few remaining to be completed in the next two years. Concrete structures stand where mud-brick homes once did, yet the soul of Bungamati endures in its traditions and its people as it prepares for next month’s Machindranath festival. &nbsp;

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Bungamati builds back

Patan’s ongoing chariot festival is one of the most dramatic and instagrammable festivals in the world<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/2022110710118/6368cafd9c7e80680e02f348jpeg.jpg" alt="" width="1400" height="933"/><figcaption>Gopen Rai</figcaption></figure>The great chariot festival of <a href="http://archive.nepalitimes.com/article/Nepali-Times-Buzz/Red-rain-god,3141">Karunamaya</a> has begun, bringing with it the mandatory, and much anticipated, summer rain. The festival is celebrated by Valley residents and the people of Yala (Patan) with such enthusiasm that one cannot help but want to make sure the whole world knows about it, and bring them to Patan to join the festivities.While mountaineers head for the peaks this pre-monsoon season, the rest of the country and Kathmandu sees a decrease in tourist arrivals after the spring peak. The month-long festival of Karunamaya (Bunga Dyo, Rato Machindranath, Adi Lokeswara, or whatever other names you want to call it) should be marketed to the rest of Nepal and the world. Patan could probably make a whole year’s worth of income in a month if this was properly done.Nepal often makes international headlines for the wrong reasons: natural disasters or political upheavals.We need to get out some good news as well. The Chariot festival is one of the most dramatic and Instagrammable festivals in the world, comparable to bull-running in <a href="https://en.wikipedia.org/wiki/Pamplona">Pamplona</a>.Patan has a lot more to offer. Jitendra Shrestha and Prakash Dhakhwa have spent a good part of their creative efforts and resources to convert their own houses into high end home-stays and helped neighbors to do the same.Check out <a href="https://cosynepal.com/">Cosy Nepal</a> to see the wonderful spaces that the visitor can call their home away from home, in Patan. <a href="http://archive.nepalitimes.com/news.php?id=12050#.Wt6lbxuFO70">Newa Chen</a> has rooms, gallery and performing spaces. The visitor can also see how the <a href="http://archive.nepalitimes.com/article/Nepali-Times-Buzz/Patandurbarsquare-fitforaking-renovation,786">Kathmandu Valley Preservation Trust</a>, <a href="http://archive.nepalitimes.com/blogs/kundadixit/2010/08/17/good-job/">Rohit Ranjitkar</a> and their team of artists are restoring the monuments like <a href="http://archive.nepalitimes.com/article/Nepali-Times-Buzz/restoring-bhai-dega-temple-in-patan,4046">Bhai Dega</a> at the <a href="http://archive.nepalitimes.com/page/Patan-town-as-a-museum-piece">Patan Durbar Square</a> after earthquakes of the past.Patan today has eating places, there are enough hotels in the outskirts of the historical core area, the city has trained young people who can help guide the visitors, and has even launched an app so you can walk about Patan with the help of your phone. Patan, with the help of <a href="http://archive.nepalitimes.com/blogs/thebrief/2014/10/05/devoted-to-painting/">Lok Chitrakar</a>, has just freshly painted the gate at Patan Dhoka with the iconic depiction of the eight Asta-matrika mother goddesses who protect the city against anything bad that could befall this ancient settlement.At Pim Baha, <a href="http://archive.nepalitimes.com/article/nation/Heritage-homes-in-Kathmandu,3400">Shailendra Shrestha</a>, who operates Taaja Pha bed and breakfast, is there to take you through at least 2,300 years of history of the neighbourhood, the Ashok Stupa and the ancient pond. Please take time out to go to the neighbourhood in the evening when the illuminated temple is reflected in the waters.The chariot festival of Karunamaya is made of numerous facets that could be of interest to the world travelers. The open spaces, historical ponds, the families and guilds that make the chariot, the various species of timber and plants/flowers involved and offered, the musical instruments, rituals and feasts.The great festival keeps Patan a united community, and this is probably the biggest value created. It is not a small task to pull the great chariot through the lanes of Patan despite all odds. People’s participation is a term much used in development literature, but if you want to see what it really means, you have to come and see for yourself. The energy, the care, respect and sense of purpose of the faithful illustrate what people working together can achieve.The legends, folklores, history and anecdotes associated with the chariot festival are also of great interest. It consists of kings, naga mythical snakes, farmers, and of course, hidden treasures. There is deceit and integrity and suspense which ensure that each year there is a really good reason to come together and rebuild the chariot and have the festival again and again.So much has changed over the last 15 centuries in Nepal, the Kathmandu Valley and Patan, but the chariot festival of Karunamaya or Bunga Dyo goes on. No disaster like the earthquake of 2015, no political changes like the end of monarchy in 2006, have disrupted the festival that is an integral part of one of Nepal’s (and world’s) truly intangible heritages.Anil Chitrakar is President of SiddharthincRead Also:<a href="http://archive.nepalitimes.com/article/Nepali-Times-Buzz/saving-the-intangible,3303">Preserving the intangible</a>, Chandani KC<a href="http://archive.nepalitimes.com/article/Nepali-Times-Buzz/old-traditions-new-meanings-kartik-nach,3355">Old traditions, new meanings</a><a href="http://archive.nepalitimes.com/news.php?id=12050">They deserved to be preserved</a>, Kunda Dixit

Anil Chitrakar

Marketing the intangible

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

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Walking, working, worshipping in Patan