<img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/2022111016110/636d12189c7e80680e0a98bajpeg.jpg" alt="" width="664" height="450"/>Nepal Rastra Bank’s report last month was badly timed — it was a bad idea to sound a warning that Nepal is going belly up just as the country was grinding to a halt for a month of Dasain-Tihar-Chhat festivals.The indicators were ominous: Nepal’s foreign currency reserves fell to $11.1 billion in September, much below the figure for last year and only enough to pay for 8 months of imports. There has been a 76% increase in the import bill to a record Rs352 billion last fiscal year — despite a pandemic slowdown.In the first two months of this fiscal year, <a href="https://www.nepalitimes.com/banner/defying-predictions-nepals-remittances-still-high/" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?q=https://www.nepalitimes.com/banner/defying-predictions-nepals-remittances-still-high/&amp;source=gmail&amp;ust=1636429484700000&amp;usg=AFQjCNHKGPEf-eEDtwjn0f_p_HMzrqYQGw">overseas remittances that had held steady despite the pandemic</a> went down by 6.3% to Rs155 billion.One of the holy days of Tihar last week was dedicated to Goddess Laxmi, and many prayed for individual wealth and prosperity. We should have been praying for the country’s economic survival.Just those two figures for falling remittances and rising imports should have been enough to sound the emergency alarm. But fatalism is so steeped in Nepal’s governance culture that we hope things will sort themselves out.After all, if things go really wrong, Pashupatinath will come to the rescue. But the Lord Protector of Nepal must be shaking his head at the disarray of the state.We have come to expect lack of accountability in self-dealing politicians and elected officials, but the judiciary used to be relatively untainted and independent.The violation of the principle of separation of powers by <a href="https://www.nepalitimes.com/latest/what-is-happening-to-nepals-supreme-court/" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?q=https://www.nepalitimes.com/latest/what-is-happening-to-nepals-supreme-court/&amp;source=gmail&amp;ust=1636429484700000&amp;usg=AFQjCNG-raVzHQQBlpr5oUCza97BMC7wkA">Chief Justice Cholendra SJB Rana</a> and the mutiny in the Supreme Court has dragged the judiciary also into dysfunction.With the court system paralysed, Rana has been reported to be looking for a ‘graceful exit’, and apparently proposed a leave of absence until his term expires. The <a href="https://www.nepalitimes.com/latest/who-wants-early-elections-and-why/" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?q=https://www.nepalitimes.com/latest/who-wants-early-elections-and-why/&amp;source=gmail&amp;ust=1636429484700000&amp;usg=AFQjCNHWRzSQmjSbl2C65i3KvLsEqN0uUA">top leadership</a> of the main parties have been silent about the fate of Chief Justice Rana, who after all was instrumental in overturning K P Oli’s dissolution of the Lower House which <a href="https://www.nepalitimes.com/here-now/nepal-court-orders-deuba-to-succeed-oli/" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?q=https://www.nepalitimes.com/here-now/nepal-court-orders-deuba-to-succeed-oli/&amp;source=gmail&amp;ust=1636429484700000&amp;usg=AFQjCNHI-krjS3d3YX690askSFTe2LB0vA">put Deuba in office</a> on 14 July.They also have all kinds of pending cases in the Supreme Court, and do not want antagonise a Chief Justice in case he survives this crisis. Rana has reportedly used the holidays for intense political lobbying through emissaries. That would likely entail a quid pro quo over not starting an impeachment process in Parliament in return for future favours.Whether Rana remains chief justice or is forced to step down is mixed up with politics — after all it was the failure of politicians to sort out their power struggles in Parliament that allowed the judiciary to have such a magnified role in who gets to be in government and who doesn’t. There is so much corruption and vested interest in the political nominations to the Supreme Court that just removing Chief Justice Rana will not stem the rot.Besides, the real emergency Nepal faces today is not about who succeeds Rana or if the coalition remains intact till elections, but the fate of the economy.Remittances pay for imports, and inflows are down and imports are up. Hard currency reserves to finance <a href="https://www.nepalitimes.com/editorial/blood-sweat-tears/" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?q=https://www.nepalitimes.com/editorial/blood-sweat-tears/&amp;source=gmail&amp;ust=1636429484700000&amp;usg=AFQjCNH52fe2VOfxxaDWmxbqr8rkJcg-Hg">Nepal’s imports, mainly of petroleum</a>, food and other items are falling. Exports did go up, but the trade deficit rose to Rs270 billion in the past two months.Besides, Nepal’s main item of export is processed palm and soya oil that depend on massive imports of raw material. A <a href="https://www.nepalitimes.com/latest/nepal-less-and-less-able-to-feed-itself/" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?q=https://www.nepalitimes.com/latest/nepal-less-and-less-able-to-feed-itself/&amp;source=gmail&amp;ust=1636429484700000&amp;usg=AFQjCNHt2gsBj5b0itg1RhxrL9unH8Y3-Q">growing asymmetry between imports and exports</a> means the balance of payments is now Rs83.4 billion — double what it was in July.Prime Minister Sher Bahadur Deuba pledged at COP26 to reduce Nepal’s carbon footprint, and Energy Minister Pampha Bhusal is pushing for a transition to electric transport. They seem to have finally realised that having a petroleum import bill more than all exports combined is not sustainable.Destructive post-monsoon rains will reduce rice harvests by 20%, which means increased food import. What will we use our remaining foreign exchange reserves for: to buy food or fuel? It might to be an either/or.There does not seem to be a sense of urgency about this emergency in the Finance Ministry. It must act immediately to increase taxes on luxury items, encourage local agriculture production and invest heavily in infrastructure to create local jobs.The economic crisis is a result of political neglect and disarray. Trouble is: we cannot wait for the politics to sort itself out to fix the economy this time.

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Urgency about Nepal’s economic emergency

<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221110161132/636d19939c7e80680e0ac827jpeg.jpg" alt="" width="664" height="450"/><figcaption></figcaption></figure>Even as Nepal tries to recover from the impact of the pandemic, the country’s economic indicators released this week by the central bank show dismal performance in the first two months of the fiscal year.The report by the Nepal Rastra Bank shows that Nepal’s foreign currency reserves fell to $11.1 in mid-September, 6.6% below the figure for last year, this is enough to pay for only 8 months of total imports.Even more worrying is that <a href="https://www.nepalitimes.com/banner/defying-predictions-nepals-remittances-still-high/" target="_blank" rel="noopener noreferrer">overseas remittances that had held steady despite the pandemic</a> for the past two years have now started declining. Nepalis abroad sent home Rs155 billion in the past year, which is 6.3% below the same period last year.Despite the pandemic, remittances had risen by 8.1% in fiscal year 2019-2020. Experts attributed that to overseas workers sending money home as the economic crisis hit families back home, and not necessarily due to higher earnings.The concurrent decrease in foreign currency reserves to finance <a href="https://www.nepalitimes.com/editorial/blood-sweat-tears/" target="_blank" rel="noopener noreferrer">Nepal’s imports, mainly of petroleum</a>, food and other commodities, is seen as an indicator of an impending economic crisis. The main reason for the current downturn is shrinking remittances, which prop up Nepal’s economy.Indeed, compared to 2019-2020, the past year has seen a steep 76% increase in imports to a record Rs352 billion, mainly due to a rise in the import of petroleum products, gold, silver and other items, according to Rastra Bank figures.Even though exports went up by 115% in the same period to Rs44.4 billion, it did not put much of a dent on the trade deficit which has risen to Rs270 billion in the past two months of the fiscal year. This represents a 71% increase in the trade gap compared to last year.The <a href="https://www.nepalitimes.com/latest/nepal-less-and-less-able-to-feed-itself/" target="_blank" rel="noopener noreferrer">growing asymmetry between imports and exports</a> means that the country’s balance of payments situation is now Rs83.4 billion in the red — up from Rs38.7 billion in July.With the alarm bells ringing, the government has drastically reduced the amount of money Nepalis can officially exchange before traveling abroad from $1,500 to $200-500. This week, further austerity measures were announced, including a ban on the purchase of vehicles for official use.The negative trend in economic indicators could not have come at a worse time. Just as the country was recovering from the <a href="https://www.nepalitimes.com/banner/the-real-cost-of-nepals-second-wave/" target="_blank" rel="noopener noreferrer">economic impact of the pandemic</a>, it was hit by extreme rainfall this month which killed more than 110 people across the country, and destroyed up to one-third of the country’s ready to harvest rice crop.The Ministry of Agriculture estimates that nearly 90,000 hectares of rice fields were severely damaged by <a href="https://www.nepalitimes.com/latest/post-monsoon-rain-ruins-nepals-crops/" target="_blank" rel="noopener noreferrer">the unseasonal post-monsoon rains</a>, and paddy losses will amount to more than Rs8 billion. Lumbini Province is said to have suffered the worst, with more than half of the initially reported damage nationwide.The unprecedented destruction comes just as farmers and officials were optimistic about a healthy rice harvest because of a healthy monsoon season. Rice is such an important component of Nepal’s economy that it will impact on the GDP, economic growth, and have a knock-on effect on the trade deficit because more rice will now need to be imported.Last year Nepal produced 5.6 million tonnes of rice from 1.4 million hectares of paddy fields, up 1.3% from the previous year. However, rising income levels of Nepalis has also meant that rice consumption is growing, and the country had to import Rs 51 billion worth of rice last year, compared to only Rs23 billion in 2019.Analysts say the <a href="https://www.nepalitimes.com/here-now/are-nepalis-really-eating-more-rice/" target="_blank" rel="noopener noreferrer">sharp increase in rice imports</a> cannot be attributed only to rising consumption, explaining it by the rise in demand from Nepal’s breweries and the dramatic rise in domestic beer consumption.

Nepal’s remittances, forex reserves drop

<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221109191124/636bf0a94b0ad905ca02f024jpeg.jpg" alt="" width="1618" height="1000"/><figcaption>Pushpa Kamal dahal and K P Oli factions within the ruling Nepal Communist Party is on the verge of a formal split. Illustration: BHANU BHATTARAI</figcaption></figure>After a year of stagnation due to the Covid-19 crisis, Nepal’s economy has just started getting back on track. But political uncertainty once more threatens to derail it.Just as Nepal Rastra Bank put out an optimistic economic report last week, Nepal plunged once more into instability as the ruling Nepal Communist Party (NCP) <a href="https://www.nepalitimes.com/latest/nepals-1-party-2-central-committees-system/" data-saferedirecturl="https://www.google.com/url?q=https://www.nepalitimes.com/latest/nepals-1-party-2-central-committees-system/&amp;source=gmail&amp;ust=1609215418397000&amp;usg=AFQjCNFz9xXx-qQQ18yjS74HPf9Ap1Xpdg">headed for a split</a> after Prime Minister Oli’s dissolution of the Lower House on 20 December.All macro-economic indicators were looking up: foreign exchange reserves and balance of payment situations have improved, the trade deficit has narrowed, remittances from Nepali workers overseas is robust, bank lending rates are going down, and as economic activity picks up even tax revenue is looking satisfactory.Imports of industrial raw materials have hit Rs38 billion in November, which is only slightly lower than last year, and capital investment is back to pre-Covid levels indicating that the wheels of the economy are starting to turn again.All these are indications that despite Covid-19, Nepal’s economy has not been hit too badly — at least at the macro level. However, the dissolution of the Lower Home last week, daily protest rallies on the streets, and <a href="https://www.nepalitimes.com/editorial/step-back-from-the-brink/" data-saferedirecturl="https://www.google.com/url?q=https://www.nepalitimes.com/editorial/step-back-from-the-brink/&amp;source=gmail&amp;ust=1609215418397000&amp;usg=AFQjCNHlqurvAcevQGFke2PyBadt7SErdQ">moves to split the NCP</a> do not bode well for the economy. Snap elections in April-May next year will be expensive, and will eat a big hole in the budget.<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221109191124/636bf0ac4b0ad905ca02f025jpeg.jpg" alt="" width="1125" height="750"><figcaption>Protests erupted across the country against the Prime Minister’s move to dissolve the House of Representatives early last week. Photos: BIKRAM RAI</figcaption></figure>Three private sector organisations have expressed deep concern about the country being pushed towards uncertainty. They said continuity in economic policy and investment are only possible when politics is stable.“There is a real need now to accelerate infrastructure development, create jobs and spur economic growth, but because the NCP government’s focus is elsewhere, we are wasting the opportunity,” says economist Biswo Poudel.Nepal’s foreign exchange reserves have hit $12.65 billion, the highest ever, and enough to pay for a record 14 months of imports. Most developing countries have foreign exchange reserves only for 4-5 months of imports. Just in the past five months, the treasury added another $1 billion in reserves.While <a href="https://www.nepalitimes.com/business/remittances-from-nepali-workers-rise/" data-saferedirecturl="https://www.google.com/url?q=https://www.nepalitimes.com/business/remittances-from-nepali-workers-rise/&amp;source=gmail&amp;ust=1609215418397000&amp;usg=AFQjCNHNXypcj_xP95YRL0I-zxi7vZNF6A">remittances have defied expectations</a> by not decreasing drastically, Nepal’s imports also fell because of the lockdown. Petroleum imports came down in the first half of 2020, and because there were no tourists, the import of luxury items also fell.Experts say that the foreign exchange reserves should be put to good use to import industrial machinery and capital investment to boost manufacturing and infrastructure, which in turn will generate employment and create lasting downstream benefits for the economy.Says Poudel: “We are not putting this huge foreign exchange reserve to productive use. It is being wasted.”<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221109191124/636bf0af4b0ad905ca02f026jpeg.jpg" alt="" width="1125" height="750"><figcaption></figcaption></figure>Nepal’s current account position is also finally looking healthy after four years of recurring deficits. This year, the current account savings were at Rs20.46 billion, indicating that the deficit fell sharply this year because of the drop in imports. Similarly, the balance of payments is also looking better than previous years because imports fell by 10.6% in August-November, and exports rose by 10.8%.The average bank lending rate has fallen to 9.5% this year compared to last year’s 12%, and this could encourage investors. Says economist Keshav Acharya: “This is the perfect opportunity for those interested in starting quality medical care, better schools, and financing infrastructure and manufacturing.”In fact, there is no lack of money in Nepal, what the country lacks is the capacity to spend. The government wastes billions every year on infrastructure projects that never get built. Even in the first five months of this fiscal year, only Rs35.1 billion has been spent, which is 10% of the development budget.Economist Poudel says the government has enough resources to accelerate the construction of 500km of fast-track highways. “You need the political will to go ahead with it, and the slow pace of work on infrastructure is proof that such political will is absent,” he adds.Indeed, there are several hydropower projects with 700MW capacity under construction, but no one seems to be in a hurry to complete them because of delays in putting up transmission lines. Similarly, the Kathmandu-Tarai expressway, Melamchi Water Supply Project, Tama Kosi Hydropower project, Sikta Irrigation and the Mid-Mountain Highway are all languishing.Prolonged political uncertainty will delay these projects further, and remove the benefits that Nepal can accrue from its healthy macro-economic position.

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Instability to cost Nepal dear in 2021

<a href="https://nepalitimes.com/here-now/waiting-for-bipin-joshi" target="_blank">Nepali student Bipin Joshi</a>, who was taken captive by Hamas on 7 October 2023, was not on the list of those freed following the end of the bombardment and fighting in Gaza.&nbsp; On Monday morning, the Israeli military notified Bipin's family and Nepal’s ambassador to Israel Dhan Prasad Pandit, that there is no evidence of him still being alive. However, Nepal's Foreign Ministry is yet to be notified by Israel's government of Bipin's status. The news came three days after a US-brokered ceasefire between Israel and Hamas came into effect, and hostage and prisoner exchanges by the two sides started Monday morning.&nbsp; Almost 2,000 Palestinians held in Israeli prisions are expected to be released by Israel in exchange for the hostages during the next phase of the peace deal between the two parties, and the bodies of deceased hostages remaining in Gaza are also expected to be returned.&nbsp; Bipin Joshi was among a group of Nepalis who had arrived in Israel in 2023 just weeks before 7 October 2023 as part of a ‘learn and earn’ program to work and earn in kibbutz farms there.&nbsp; Along with other students Joshi had been working on a farm in Kibbutz Alumim in southern Israel near Gaza. <a href="https://nepalitimes.com/here-now/war-in-israel-earthquake-and-grief-in-nepal">Ten Nepali students were killed </a>while taking cover in shelters near their farms in two separate attacks by Hamas fighters.&nbsp; Joshi’s colleagues, fellow Nepalis who survived the attack, recall gunmen lobbing two grenades into the bunker that they had taken cover in. Bipin hurled one of the grenades out, they say, but the other one exploded, killing and injuring Nepalis inside. &nbsp;&nbsp;&nbsp;&nbsp; Shortly after, Bipin was captured by Hamas along with a Thai national and led away into Gaza. CCTV footage showed Bipin alive and at a hospital in Gaza on the day of the attack itself after he was taken hostage.&nbsp; Thirty-one Thai citizens, who like Nepalis worked in farms in Israel, were taken hostage during the Hamas attack, the highest number of foreign captives in October 2023.&nbsp; <a href="https://nepalitimes.com/news/deft-diplomacy-freed-thai-hostages">Deft Thai diplomatic engagement</a> with officials from Iran, Egypt, and Qatar brought about the release of 23 of its nationals in 2023. Five more Thai nationals were released earlier this year.&nbsp; In August, Joshi’s family visited Israel at the invitation of the government and urged the international community to push for his return. Bipin’s mother Padma and sister Pushpa have been at the United Nations to lobby for his release.&nbsp; His family last week also released a video clip of Bipin briefly speaking on camera, reportedly obtained by Israel and said to be filmed in November 2023, around a month after he was taken captive. Joshi looks healthy in that video.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251013091028_d551c7f88204c52217152fb5db655bb5a5f8bf2cff1e6a055326ebf64453ff9f.png" data-media-id="editor_3" data-image-id="20251013091028_d551c7f88204c52217152fb5db655bb5a5f8bf2cff1e6a055326ebf64453ff9f" data-rendition-name="original" width="2848" height="1528" loading="lazy" alt="Bipin Joshi NT"> </figure>  More than 67,000 Palestinians have been killed during the last two years of the genocide in Gaza. About 1,200 people were killed during the Hamas attack on 7 October 2023, while more than 251, including Bipin Joshi, were taken as captives.&nbsp; This is the third ceasefire implemented in Gaza since 7 October 2023 after previous ones in November 2023 and January 2025. This 20-point deal facilitated by intermediaries US, Qatar, Turkey, and Egypt included terms for Hamas to give up its arms, and for a devastated Gaza to be governed by a Palestinian body of independent technocrats, while Israeli troops will withdraw in stages from Gaza.&nbsp; Hamas has agreed to relinquish control of Gaza, but has rejected the demand for disarmament, saying the group will demobilise but is prepared to resume fighting if Israel breaches the ceasefire.&nbsp; Following the ceasefire, Palestinians in Gaza have begun long journeys back to homes reduced to rubble by Israel’s two-year assault on the strip. The flow of humanitarian aid in the city has also increased following the peace deal.&nbsp; Israel's closure of humanitarian corridors in the past months had blocked the entry of food and medicine into Gaza, causing widespread famine. The United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) has said that the restriction of aid into the beseiged city has left as many as <a href="https://www.unrwa.org/newsroom/news-releases/gaza-unrwa%E2%80%99s-lancet-study-reveals-alarming-surge-child-malnutrition">54,600 children acutely malnourished</a>.&nbsp; Meanwhile, US president Donald Trump landed in Israel on Monday as hostages were being released, and world leaders are expected to head to Egypt for an international summit to discuss the next steps in Gaza, Israel, and West Asia.&nbsp;

Nepali hostage in Gaza not alive: Israel

Scenic Phortse in the lap of Mt Everest is called ‘the village of mountaineers’ because just about every household has someone who has summited the world’s highest mountain multiple times. However, while the international mountaineers they assist to make it to the top go on to fame and glory, their Sherpa guides from Phortse <a href="https://nepalitimes.com/news/without-sherpas-there-is-no-mountaineering" target="_blank">barely get a mention</a>. It is a risky occupation for Nepal’s high altitude guides, and every other family in this village has lost a member in Himalayan expeditions. Sherpa guides are <a href="https://nepalitimes.com/news/on-mt-everest-s-70th-records-and-fatalities" target="_blank">disproportionately more at risk </a>on Mt Everest because they have to traverse the Khumbu Icefall many times during an expedition. One third of the over 300 climbers who have died climbing Mt Everest are Nepali high altitude guides and porters. In 2014, <a href="https://archive.nepalitimes.com/article/nation/everest-dangerous-place-to-work,1316" target="_blank">16 guides were killed</a> when an avalanche fell on them while going up the treacherous Icefall carrying expedition gear. Then in 2015, the <a href="https://archive.nepalitimes.com/article/Nepali-Times-Buzz/big-drops-in-Everest-bookings-affect-livelihoods-of-Nepali-high-altitude-guides,2048" target="_blank">earthquake triggered a massive avalanche</a> that killed 22 climbers at Base Camp. Many of the fatalities in both years were Sherpa guides from Phortse. Despite the danger, Phortse honours and celebrates its climbers like heroes. One such is the late &nbsp;Nima Tshiring Sherpa, who was a porter and guide in the 1953 John Hunt expedition in which Edmund Hillary and Tenzing Norgay became the first to set foot on the world’s highest summit.&nbsp; Nima Tshiring and his eldest son Pasang Gyalzen both reached 8,000m carrying expedition gear for the Hunt expedition in 1953. Nima Tshiring had eight sons and a daughter and although he never submitted himself, most of them have climbed Mt Everest at least once. In fact, his children and grandchildren have been to the top of Mt Everest a total of 81 times — a record for any family in Nepal.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251011171048_a55e45bee2b5bbf38e4ee5bcea101edcc3041f40e331b8fee44e473457f42553.png" data-media-id="editor_4" data-image-id="20251011171048_a55e45bee2b5bbf38e4ee5bcea101edcc3041f40e331b8fee44e473457f42553" data-rendition-name="original" width="2144" height="1436" loading="lazy" alt="Sherpa climbers"> <figcaption>Nima Tshiring Sherpa with wife and children in Phortse. An unanmed Everest climber on right.</figcaption> </figure>  “We were born in Phortse which is in the lap of Everest, our identity is Chomolungma,” says one of his sons, Panuru, using the Sherpa name for the mountain. “In fact, I feel our entire family was born to climb Everest.”&nbsp; Phortse has a population of 350 people living in 95 households. Besides Nima Tshiring’s clan, more than 75 of the inhabitants have climbed Everest, many of them multiple times.&nbsp; Another one of Nima Tshiring’s sons, Ngawang climbed Everest 11 times, his brother Mingma Dorje has summited 14 times, and another brother Ngati not only got to the top seven times, but was the first climber to reach the peak from the Chinese side and descend down the Nepal part of Mt Everest. Ngati was killed in an avalanche on Annapurna while climbing with an American expedition in 1993.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251011171044_60693527b31aba22fe6f6c233cf367a3683b88be8dc2a53bfb5c2c02b2db1e5b.png" data-media-id="editor_5" data-image-id="20251011171044_60693527b31aba22fe6f6c233cf367a3683b88be8dc2a53bfb5c2c02b2db1e5b" data-rendition-name="original" width="2242" height="1660" loading="lazy" alt="Sherpa climbers"> <figcaption>Mingma Dorje has climbed Everest 14 times.</figcaption> </figure>  Panuru himself has reached the summit of Everest 16 times, and set up the<a href="https://www.khumbuclimbingcenter.com/" target="_blank"> Khumbu Climbing Centre</a> in 2003 to train others in climbing techniques. Following in his footsteps was another brother Mingma Tshiring, who has been up 15 times and <a href="https://nepalitimes.com/here-now/sherpaland-co-usa" target="_blank">now lives in Colorado</a>.&nbsp; Nima Tshiring’s only daughter Mingma Yanjin has also climbed Cho Oyu, Ama Dablam and other &nbsp;Himalayan mountains. Her husband Lhakpa Chiri Sherpa has climbed Everest 11 times. Counting him, the total summits for the family would be 92. This number also does not include other Himalayan eight-thousanders besides Mt Everest that the family from Phortse has summited. Nima Tsiring’s youngest son is Danuru who has climbed Everest 16 times, and has been on top of North American peaks from his base in Colorado. He is giving Everest yet another try.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251011171048_cd3e2961567ca507fc4110c97e01d85ee1c7e35f787276564ff59a4a76151fe2.png" data-media-id="editor_8" data-image-id="20251011171048_cd3e2961567ca507fc4110c97e01d85ee1c7e35f787276564ff59a4a76151fe2" data-rendition-name="original" width="1308" height="980" loading="lazy" alt="Sherpa climbers"> <figcaption>Nima Tshiring Sherpa and his son Danuru.</figcaption> </figure>  Even his grandchildren are following Nima Tshiring’s footsteps up Everest. Panuru’s son Lhakpa has climbed Everest from both sides and wants to break previous Everest records.&nbsp; “It is a dangerous occupation, but the rewards in terms of fame and money are substantial,” says Danuru. “One season’s income is enough for a Phortse climber to support his family for a year. And we have Chomolungma to be thankful for.”  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251011171048_d1f16e3925890663cadf3e20d955a531f21c479708f662df371fad3fdb87cf7a.png" data-media-id="editor_9" data-image-id="20251011171048_d1f16e3925890663cadf3e20d955a531f21c479708f662df371fad3fdb87cf7a" data-rendition-name="original" width="760" height="1040" loading="lazy" alt="Sherpa climbers"> <figcaption>Mingma Chhiring Sherpa who has climbed the Everest 16 times with a client.</figcaption> </figure>

Nepal’s most prolific mountaineering clan

National interest vs community needs

In the very first page of the first chapter of Nepal 2043: The Road to Prosperity are two maps. The first places Nepal right at the epicentre of Asia, and in the second the Kathmandu is at exactly the midpoint between Mumbai and Beijing. With his trademark optimism, author Sujeev Shakya says Nepal is not land-locked but land-linked to three billion people in China and India. We just need those two economic engines to pull us in the same direction. ‘With China and India becoming the two largest economies in the world in the next two decades … Nepal is the most valuable piece of real estate in the world,’ Shakya writes. For one thing, Nepal does not look beyond India and China for tourism — with the right policies it can attract millions of tourists just from those two countries. Nepal is set to graduate from a low- to a middle-income country by 2026 and to a high-income country in 2043 — hence the name of the book. The year 2043 in the Bikram Sambat calendar is also 2100 — a new Nepali century. The book delves into the past, present and future of Nepal and analyses enablers including hydropower, a fundamental transformation of which will drive the 2043 goal. The commoditisation of electricity will be the biggest transformation. Nepal can deploy ‘Cyber Gurkhas’ to attract foreign investors with the management of data centres with climate friendly renewable energy. Access to technology such as precision agriculture, a data-driven approach to farming to improve food production, reduce environmental impact and enhance profitability could be Nepal’s strategy into 2043 and beyond. ‘Earlier, we needed ploughs and strong hands in agriculture. Now, you need a computer and strong fingers,” Shakya writes, citing a neighbour’s son who inspects his crops from drone cameras. A farmer in an Ilam teashop tells the author he asks AI questions in Nepali, and it answers promptly. The biggest enabler of all is Nepal’s young demography with 62% of the population in the active 15-60 age bracket, while 28% are younger than 14. Nepal’s dependency ratio has dropped to the lowest in history with 100 Nepalis having to support 62 dependents. But this demographic dividend window is closing. Nepal’s total fertility rate declined from 2.62% in 1981 to 0.92% in 2021 — below replacement level. We have less than 30 years left to make the best use of the youth, many of whom are currently studying and working abroad. Nepal’s biggest resource, therefore, is its diaspora spread across the world who send home $20 billion a year. Migration is not just a necessity but an aspiration for many Nepalis, and they are an important source of contacts, investment and soft power. This young and educated group has taken advantage of connectivity and digitisation in all arenas of national life. TikTok and Instagram have become e-commerce platforms, or mobile app-riven digital services. Nepal’s software companies exported over $1 billion worth of IT products last year. Next we need a change in the bureaucratic mindset to eliminate paper and manual processes, which would also contribute to reducing corruption. Shakya comes up with many revelations: 81% of Nepalis live in houses they own, much higher than most other South Asian countries which means higher disposable income. Nepal has the highest tax-to-GDP ratio in South Asia. The banking sector is twice the size of Bangladesh despite Nepal having just one-fifth of its population. In 2021, 12.62% of the population had demat accounts in Nepal, while India had only 5.32%. For every five male investors, there are four women in Nepal while it is 10:1 in India. With such figures and prospects, how come Nepal just went through a violent uprising that took the shortest time to topple a democratically-elected government in modern history? One early chapter of 2043 is actually dedicated to how Nepalis have always thrived on chaos. When people faced up to 20 hours of power cuts a day, people worked around the load-shedding schedule, woke up at ungodly hours to cook and stock up on inverters. They did not put up a fight, or even protest. ''Generally, Nepalis are used to taking things lying down, and perhaps this also needs to change,' says Shakya, writing that line before last month’s uprising. ‘On the one hand, some of these issues speak volumes about the average Nepali’s patience and perhaps optimism that things will change in the long run. On the other hand, one is also forced to wonder how much longer they will be able to put up with unfavourable conditions if things don’t change.’ It does seem Nepali had enough with corruption, governance failure and political apathy to the concerns of ordinary people. The final chapter lists the non-negotiables to realise the 2043 Nepal Roadmap: democratic values and freedom of speech, a capitalist welfare state and socio-political transformation to tackle corruption and impunity. The book notes, ‘Countries transitioning to democratic rule experienced a 20% increase in GDP over a 25 year period compared to what they would have achieved under authoritarian regimes. After the end of the Shah rule in 2006, Nepal’s GDP rose from US$10 billion to US$44 billion by 2024.’ The government’s Vision 2030 document projects Nepal’s GDP at US$100 billion, and the Vision 2043 estimates that it will be a US$423 billion economy with a per capita of US$12,100. However, it will need more than optimism and practical action to make these projections real. China and India loom large throughout the book with examples of small city states like Singapore which have taken advantage of their strategic location. Despite the tension between India and China, the two will have to collaborate given the inherent advantages. China has replaced the United States as India’s biggest trading partner. Sujeev Shakya is a great admirer of former Singaporean diplomat and author Kishore Mahbubani, and he has written a blurb for the book. He quotes Mahbubani saying that for the past 2,000 years, apart from the last two hundred, Asian countries have dominated the world, and it is quite natural that the world’s economic centre is returning to Asia. And Nepal is strategically placed to make the most of it because of its location between two of the world’s fastest growing economies. We just have to get our politics right, and have a strategy for equitable growth in the new Nepali century.  <figure><img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20251016091052_78b2d1495d59cd492a17693e0e770b65230c7cb749393ac6643f4676b73832ef.jpg" data-media-id="editor_0" data-image-id="20251016091052_78b2d1495d59cd492a17693e0e770b65230c7cb749393ac6643f4676b73832ef" data-rendition-name="original" width="1136" height="702" loading="lazy" alt="Sujeev Shakya book details NT"></figure>