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Ambica Shrestha (1933-2024)

Heritage champion, exponent of women’s empowerment, philanthropist and founder of <a href="https://www.dwarikas.com/our-story/">Dwarika’s Hotel</a>, Ambica Shrestha, passed away in hospital on Thursday after a brief illness. She was 92.&nbsp; Of her many accomplishments, the Dwarika’s Hotel which was named after her late husband Dwarika Das Shrestha stood as a monument to <a href="https://www.youtube.com/watch?v=_HM6kNBEbJg">cultural and architectural preservation</a>.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2024071811078_4e670c49f82675e42c25ced2adb251f0b8d22e7ddfe024c396d98b23c283de54.jpg" data-media-id="editor_2" data-image-id="2024071811078_4e670c49f82675e42c25ced2adb251f0b8d22e7ddfe024c396d98b23c283de54" data-rendition-name="original" width="1094" height="1424" loading="lazy" alt="Ambica and Dwarika Das Shrestha"> <figcaption>Ambica and Dwarika Das Shrestha in 1972.</figcaption> </figure>  The unique multiple award-winning hotel in Kathmandu used carved wooden windows, columns, eaves and other priceless objects rescued from ancient buildings that were being torn down over the past decades to make way for modern structures. Many of the carved wooden architectural elements in Dwarika's Hotel are therefore museum pieces. The hotel served as a living <a href="https://nepalitimes.com/banner/time-capsule-of-kathmandu">memorial to Kathmandu Valley civilisation</a>, and underlined the importance of heritage conservation among Nepalis. The construction of the hotel also revived Nepal’s ancient wood carving and construction techniques in building and maintaining the property.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20240718110712_d83d18d655703d2cfb4b73697f7d73a8029db9dedb4e8962fa5ea874890befc0.jpg" data-media-id="editor_4" data-image-id="20240718110712_d83d18d655703d2cfb4b73697f7d73a8029db9dedb4e8962fa5ea874890befc0" data-rendition-name="original" width="1600" height="799" loading="lazy" alt="Dwarika's Hotel"> </figure>  Besides the hotel, Ambica Shrestha was the founder of Nepal Heritage Society, a strong proponent of gender empowerment and <a href="https://nepalitimes.com/opinion/so-far-so-good/four-years-later-nepals-farmers-rise-from-the-rubble" target="_blank">women in business</a>, and led the <a href="https://www.bpwnepal.org.np/" target="_blank">Federation of Business and Professional Women of Nepal</a> (BPWN). She was the Honorary Consul General of Spain in Nepal, and was conferred the <a href="https://nepalitimes.com/business/spain-award" target="_blank">The Order of Isabella</a> medal by the Spanish government in February this year. She also served as Chair since its inception in 1998 of Himalmedia, the company that publishes Nepali Times.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2024071811078_346a6328f28b8fc6258a08fa4153b25ef9c8cdd930ae7174ba59ab7fe028bee2.jpg" data-media-id="editor_8" data-image-id="2024071811078_346a6328f28b8fc6258a08fa4153b25ef9c8cdd930ae7174ba59ab7fe028bee2" data-rendition-name="original" width="1600" height="1019" loading="lazy" alt="Ambica Shrestha"> </figure>  She and her husband founded Kathmandu Travels and Tours, and entered the tourism business in the 1970s during the coronation of King Birendra, and built Dwarika’s Hotel, expanding it in installments over the years. Today, the company also runs a resort in Dhulikhel. Ambica Shrestha’s family was from Sikkim and she moved to Kathmandu after getting married to Dwarika Das Shrestha in 1955, and had three children. She is survived by two daughters, grand- and great-grandchildren. <a href="https://l.facebook.com/l.php?u=https%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3DreZU7utOln0%26fbclid%3DIwZXh0bgNhZW0CMTAAAR1MZTUnnVTS8VLQPDO00hH_vDCWLBqJwKU_SdGi5R_69E6y9mx1_kDZUv4_aem_nxpD2cG4ruLKtHfqea0jLA&amp;h=AT2f1qT8yFYATI51q6lK-Q3jFOEgCSGNravpZsSZZgxCUxp8_3R1oOjUH33-O97BMVjh-tNpNvngrsWYxUoamkr-ga4e1WJ-EPeD5nx7QmfwlBCkMht3NL4p82CtX4cMajO9Ag">Ambica Shrestha</a> used to say: “There is no shortcut to success, it is a long struggle to preserve our past for the future. And it helps if you ensure that no one in society is left behind.” Read also: <a href="https://archive.nepalitimes.com/news.php?id=1181">Brick by brick by brick</a>, Aarti Basnyat Farewell and tributes from 8-11AM Saturday 20 July at Dwarika's Hotel.

Ambica Shrestha, 92

<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221108111152/636a35199c7e80680e048290jpeg.jpg" alt="" width="1000" height="998"/><figcaption>Photos: SHEILIN TEO</figcaption></figure>The <a href="https://archive.nepalitimes.com/page/Patan-town-as-a-museum-piece" target="_blank" rel="noopener">Patan Museum</a> is a must-visit among the draws of Kathmandu Valley: tastefully designed and informative, its curation is logical yet sensitive to the nuances of the richly-layered heritage and local traditions. Visitors can trace chronological lines in Nepal’s cultural history, and are guided to recognise stylistic themes in the faces of gods and goddesses and the iconography that they pass on the streets of the Valley’s old towns.Visitors get an introduction to the symbiosis of Hinduism and Buddhism in the Nepa civilisation. Besides the artifacts on display, the corridors provide an unassuming serenity, places of repose and leisure of rulers past. We see courtyards where the public would gather to celebrate, debate or venerate, and sense a graciousness, a deep attention to detail. And most striking: these are living traditions that carry on to the present day.Read also: <a href="https://www.nepalitimes.com/here-now/saving-kathmandus-past-for-the-future/" target="_blank" rel="noopener">Saving Kathmandu's past for the future</a>, Sonia Awale<img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221108111152/636a351b9c7e80680e048291jpeg.jpg" alt="" width="1250" height="1252">There is the bathing well, (tusha hiti) of King Siddhi Narasimha Malla in <a style="background-color: #ffffff; letter-spacing: 0.01em;" href="http://archive.nepalitimes.com/news.php?id=17399#.XKXurlUzaUk" target="_blank" rel="noopener">Sundari Chok</a> with its gilded garuda spout. Or, a large display of a gilded pair of the Buddha’s hands, ‘calling the earth to witness’, depicting the moment he attained enlightenment.In these days of quick-fix concrete and steel, visitors sense a dwindling appreciation of lingering around a water well, resting on a courtyard ledge, or leaning in to admire the intricate carvings of a temple’s eaves.Which is why it is important to accept the invitation to spend a day at the museum, to explore, to rest, to compose one’s impressions of the city, and even rekindle the divine spark with greenery, nourishing food and inspiring architecture.Monuments are kept alive by their relevance to the community. In Nepal, they have been maintained by devotion: annual rites and festivals that ensure places of worship are regularly tended to and repaired by devotees. In cases where monuments are given into state care, they have often fallen into disrepair.Luckily, the team led by <a href="http://archive.nepalitimes.com/article/nation/The-guardian-of-the-shadows-%20G%C3%B6tz%20Hagm%C3%BCller,3352" target="_blank" rel="noopener">Austrian architect Götz Hagmüller</a> that was given the charge to restore Patan Durbar in the 1990s, took to the task with an intention to turn the palace complex into a self-sustaining cultural institution, capable of withstanding not just natural shakeups but also political instability.In its modernisation into a world-class cultural treasure, the palace complex underwent a significant rearrangement to house not only artifacts, but a constant flow of people within what would once have been quiet, private quarters of the royal court. Amid the mostly faithful restoration of the palace to its Malla heritage, the Patan Museum also features a clutch of modern elements: new materials and motifs seamlessly worked into the intricate historical fabric of the East Wing’s Malla and <a href="http://archive.nepalitimes.com/article/Nepali-Times-Buzz/the-rana-reign-a-recap-of-history,3751" target="_blank" rel="noopener">Rana styles</a>. As part of the rearrangement, a graceful timber staircase leads from a new foyer to a stunning display of iconic tundaal: intricately carved timber struts featuring deities in various poses.The columns and capitals supporting the restored Rana-style wing are detailed in steel and timber, to clean modernist lines, and hold their own within the simple brick and white plastered detailing of the period. They also feature a postmodern take on the scrolls of old Newa capitals, reinterpreting the decorative art of traditions past, whilst acknowledging the architectural language of the restoration’s own timeline. At the Museum Café, new metal-roofed pavilions also feature similar modern detailing in timber, a graceful reminder within the new construction of its heritage.The restoration efforts that led to the establishment of Patan’s Royal Palace as a public museum in 1997 features modern twists on traditional motifs, designed in timber and steel by Hagmüller’s team. The clean lines and geometric postmodern interpretation of decorative Newa carving presents a nod to the architectural language of the restoration’s own timeline.Patan Museum8am-6.30pmCourtyards and access to the Museum Cafe are open 7am-6.30pm.Entry fees to the Museum:Foreigners: Rs1,000 (included in Patan entry fee)SAARC: Rs250Nepali Rs30Nepali Students Rs5 (with ID)<a href="http://www.patanmuseum.gov.np/" target="_blank" rel="noopener">http://www.patanmuseum.gov.np/</a>Read also:<a href="http://archive.nepalitimes.com/article/Nepali-Times-Buzz/In-perfect-harmony,3251" target="_blank" rel="noopener">In perfect harmony</a>, Sahina Shrestha<a href="http://archive.nepalitimes.com/news.php?id=15470#.XKXxaFUzaUl" target="_blank" rel="noopener">Ancient mordern</a>https://www.youtube.com/watch?v=ViWX21zLjVQ&amp;feature=youtu.be<h2>Heritage gastronomy</h2><figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221108111152/636a351f9c7e80680e048292jpeg.jpg" alt="" width="1250" height="833"><figcaption> </figcaption></figure>Ever since it opened more than 20 years ago, <a href="http://archive.nepalitimes.com/article/Nepali-Times-Buzz/patan-museum-updated,1304" target="_blank" rel="noopener">Patan Museum</a> has been a quiet sanctuary hidden away from the densely-packed city outside. And in a tranquil, leafy corner of the complex is an oasis within an oasis: the Patan Museum Café.Under new management by Dwarika’s Hotel, the restaurant offers a delectable selection of continental cuisine, as well as finessed pickings of Nepali and Asian dishes. The menu features healthy salads, brunch specialties, snacks and full-portioned meals, hinting at the raison d’être of the place: all-day dining, whether you choose to start, continue or end your day at the museum.Lush greenery reaches up to rooflines of weathered jhingati tiles. Artfully contained shrubs spread against the geometric curves of patterned brick and into dining nooks and inviting enclosures. Low-slung pavilions reminiscent of Patan’s many resting platforms (pati) provide shady private cubicles, as do cafe-style umbrellas dappled with shadowplay as the trees dance with the wind.Austrian <a href="http://archive.nepalitimes.com/blogs/thebrief/2016/06/15/gotz-hagmuller-awarded/" target="_blank" rel="noopener">restoration architect Götz Hagmüller</a> also transformed the Kaiser Café in the Garden of Dreams in Thamel into the popular destination it is today. It seems fitting, then, that both these treasured historic restorations now feature bars and cafés managed by Dwarika’s Hotel whose revenues contribute to the upkeep of the sites. Patan Museum Café now has a menu and service that places quality and consistency foremost.Read also:<a href="http://archive.nepalitimes.com/article/nation/The-guardian-of-the-shadows-%20G%C3%B6tz%20Hagm%C3%BCller,3352" target="_blank" rel="noopener">The guardian of the shadows</a>, Sebastian Gansrigler<a href="http://archive.nepalitimes.com/news.php?id=19497#.XKXvEFUzaUk" target="_blank" rel="noopener">Living in Bhaktapur the Austrian way</a><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221108111152/636a35229c7e80680e048293jpeg.jpg" alt="" width="476" height="1024">Museum menuOrganic produce from Dwarika’s own organic farm in Dhulikel features on the cafe menu.Caprese saladCreamy buffalo mozzarella, organic tomatoes and torn holy basil, drizzled with rich, flavourful olive oil, and a selection of viscous balsamic or crisp white wine vinegar to liven the palate.<img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221108111152/636a35259c7e80680e048294jpeg.jpg" alt="" width="1250" height="1671">Baked Jalkapur fish with quinoa and vegetable saladA sweet sticky sauce accentuates the mouthwatering caramelisation of a fried Jalkapur fillet, cooked to moist, breakaway softness. Soft quinoa and hearty vegetables complete the healthy ensemble.<img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221108111152/636a35289c7e80680e048295jpeg.jpg" alt="" width="1250" height="938">Shrimp bisqueA rich bisque, perfectly sweet and buttery, with pieces of cooked shrimp and a hint of cream, garnished with a sprig of micro herbs.AffogatoA generous double shot of espresso with a double scoop of vanilla ice cream, served in style in a martini glass.<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221108111152/636a352c9c7e80680e048296jpeg.jpg" alt="" width="1250" height="1568"><figcaption> </figcaption></figure>Almond chocolate cakeA luscious log of nutty chocolate cake, smothered in rich chocolate ganache, accompanied by an assortment of fresh fruits and slivered almonds.Read also:<a href="https://www.nepalitimes.com/banner/nepoli-nepali/" target="_blank" rel="noopener">Napoli Nepali</a>, Kunda Dixit<a href="https://www.nepalitimes.com/here-now/northeast-indian-cuisine-is-a-hot-new-sensation-in-nepal/" target="_blank" rel="noopener">Northeast Indian cuisine is a hot new sensation in Nepal</a>, Sewa Bhattarai

Patan's museum piece

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