A lot of the discussion on the new budget has hinged on taxes. But the fact that it allocated more money for debt servicing than for capital expenditure is a much more stark indication of the state of the economy.&nbsp;
The government earmarked Rs331 billion to pay back domestic and external loans and interests, higher than Rs320 billion set aside for capital expenditure. In essence, this means there will be less money for health, education, or infrastructure.&nbsp;
In fact, the government plans to borrow Rs240 billion in internal loans, but will be spending over Rs275.79 billion paying off old debt.
With falling tax revenue unable to cover expenses, more than a quarter of the budget is now borrowed from outside and within the country. Public debt as a proportion of GDP before the earthquake was 22%, now it has exceeded 42%.&nbsp;
Read also: <a href="https://www.nepalitimes.com/here-now/nepal-s-tax-system-widens-rich-poor-gap">Nepal’s tax system widens rich-poor gap</a>, Ramesh Kumar
“We are falling into a domestic debt trap, we have reached a point where we are having to borrow more money to pay our debt,” warned former finance minister Yubaraj Khatiwada. “Alternatively, the government’s capacity to spend on development is now weaker.”
According to the Public Debt Management Office, Nepal’s total public debt has exceeded Rs2.15 trillion. Of this, domestic debt is Rs1.08 trillion and the other half is foreign loans. In 2015, domestic debt as a proportion of GDP was 8.1% and foreign debt was 14.2%. By the end of December 2022, this ratio increased to 19.9% and 22.7% respectively.&nbsp;
Government housing grants post 2015 earthquakes, implementation of financial mechanisms within the federal system including building of new infrastructure, and the Covid-19 pandemic have been blamed for the increase in public debt. Wanton expenditure by successive ruling parties has also played a hand.&nbsp;
“The expenditure will increase now that the internal bonds taken by the government have matured and the repayment period has started,” says Finance Ministry spokesperson Dhaniram Sharma. During the pandemic, the government had requested donors to postpone loan repayment period by a few years. We have now passed that grace period.&nbsp;
Read also: <a href="https://www.nepalitimes.com/editorial/institutionalised-inequality">Institutionalised inequality</a>, Editorial
On the other hand, the government has started to raise more domestic debt through development bonds since 2018/19. This will lead to an increase in the amount earmarked for interest and capital repayment, further diverting resources from development. &nbsp;
In the financial year 2022/23, the government allotted Rs.609 billion for development and Rs.188 billion for the payment of interest on loans. This fiscal year, the development budget has shrunk by 23%, while debt repayment increased by a whopping 76%.&nbsp;
“Because all of this is costing the government more money, it is raising the debt of the market. Now what this does is create a situation where only a few in the private sector can manage to get loans,” says Khatiwada.
Foreign loans from donor countries, agencies and multilateral organisations are concessional in nature, meaning they have an affordable interest rate of less than 1%. Many of these loans have a repayment period of up to 40 years. For example, the government has taken a loan of about Rs16 billion from the Japanese government to build the Nagdhunga tunnel. The interest rate of such a loan taken for 40 years is only 0.01%
Read also: <a href="https://www.nepalitimes.com/?p=21822&amp;preview=true" target="_blank">Some are more equal than others</a>, Anil Chitrakar
However, internal borrowing is expensive. As soon as the interest rate of loans of banks and financial institutions increases, the government also has to borrow more expensively. According to the Public Debt Management Office, the average interest rate on bonds is 10.30%, up from 5.75% in 2017, primarily due to the lack of investable funds in the financial system.
“Internal debt is an invisible tax imposed on the common man. As the internal debt increases, the government starts looking for ways to generate income to pay it. As a result, taxes are added to goods and services used by citizens,” says former secretary at the Finance Ministry Rameshore Khanal.
But in addition to paying off instalments of the old loans, the Finance Ministry is also under pressure to increase salaries, social security allowances and other expenditure obligations. As such, the government has started imposing higher tax rates to increase its income. Nepal is already one of the countries with the highest tax rates in South Asia. Revenue makes up 22% of Nepal’s GDP.&nbsp;
More than half of the country’s annual budget is being spent on salaries, administrative expenses, social security, subsidies, etc., so the government relies on debt to raise resources for development. Large budget and distribution-oriented programs in turn have further increased the internal debt. Experts say loans should be taken only for priority areas and for productive sectors that can repay the amount.&nbsp;
Says economist Pushkar Bajracharya: “Otherwise, taking out loans and spending them indiscriminately will only further burden the future generation of our people.” &nbsp;
Read also: <a href="https://www.nepalitimes.com/here-now/state-sponsored-economic-crisis-ikcxxmnp">State-sponsored economic crisis</a>, Ramesh Kumar

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Till debt do us part

Nepal’s former king Gyanendra was greeted by flag-waving supporters as he arrived at Kathmandu Airport on Sunday afternoon from Pokhara after attending pro-monarchy rallies in various parts of the country. Gyanendra and his family were escorted from the airport by supporters to his residence at Nirmal Niwas, where his family has been living since 2008 when the Constituent Assembly abolished the monarchy. The 2015 Constitution then turned Nepal into a federal democratic republic. The deposed monarch had been on a two-month long tour of religious sites and local communities across western Nepal, ending in a two-week stay in Pokhara. After staying out of controversy, Gyanendra made a statement on Nepal’s Democracy Day last month in which he said he was willing to play a role in “saving the country”. There has been a surge of pro-monarchy posts and videos on social media, where the country’s previous kings have been glorified as being nationalists who were respected by the international community.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250309120340_07b324fee8d082ed3f8566544e24d45fcd600bbb122374fc39c7a94ce3d044f2.jpg" data-media-id="editor_0" data-image-id="20250309120340_07b324fee8d082ed3f8566544e24d45fcd600bbb122374fc39c7a94ce3d044f2" data-rendition-name="original" width="1914" height="1276" loading="lazy" alt="The ghost of monarchy returns to haunt Nepal NT"> </figure>   <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250309120340_769f688f3a5eb3602f4c24c350ba1caa6965a171c079d783e28db0f746b810d0.jpg" data-media-id="editor_1" data-image-id="20250309120340_769f688f3a5eb3602f4c24c350ba1caa6965a171c079d783e28db0f746b810d0" data-rendition-name="original" width="2000" height="1333" loading="lazy" alt="The ghost of monarchy returns to haunt Nepal NT"> </figure>  Nepal’s monarchists, which include Gyanendra’s backers, several pro-monarchist parties and other anti-government figures, think <a href="https://nepalitimes.com/editorial/new-year-same-difference">public disillusionment </a>with the country’s ageing and ineffective leaders and institutions is at breaking point.&nbsp; There is also disappointment with elected leaders and technocrats from new parties like the Rastriya Swatantra Party (RSP), with its <a href="https://nepalitimes.com/news/rabi-s-detention-churns-nepali-politics">leader Rabi Lamichhane under investigation</a> for his alleged involvement in a scandal involving diverting funds from cooperatives. One of the staunchest backers of Gyanendra’s comeback as king is former BBC journalist Rabindra Mishra, who has been active on social media platforms posting videos and text extolling the monarchy. He has referenced recent street uprisings in Sri Lanka, Bangladesh, and Syria, cautioning Nepal’s mainstream leaders not to dismiss support for the monarchy. ‘Support for a return to monarchy is increasing even though the mainstream parties may dismiss it,’ wrote Mishra. ‘Like the leaders of Sri Lanka and Bangladesh, they should not try to suppress the voices on the streets.’  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250309120340_d8758f6b7474c9f3aea3661ccd60955d8553971cb0d799039bbfd232aa1a0691.jpg" data-media-id="editor_4" data-image-id="20250309120340_d8758f6b7474c9f3aea3661ccd60955d8553971cb0d799039bbfd232aa1a0691" data-rendition-name="original" width="1890" height="1260" loading="lazy" alt="The ghost of monarchy returns to haunt Nepal NT"> </figure>   <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250309120340_63613759744c0fac33ff3eabc298079c3e525063882f4b3760954bbc0833b5cd.jpg" data-media-id="editor_5" data-image-id="20250309120340_63613759744c0fac33ff3eabc298079c3e525063882f4b3760954bbc0833b5cd" data-rendition-name="original" width="2000" height="1333" loading="lazy" alt="The ghost of monarchy returns to haunt Nepal NT"> </figure>  But for all their bluster, Nepal’s mainstream politicians who have rotated leadership of the country between themselves, seem worried about the crowds on the streets in support of the monarchy. The TikTok ban last year, which the government said was to ‘maintain social harmony’ was put into effect to prevent pro-monarchy groups from organising on the platform. The ban on TikTok has now been lifted, and supporters of the monarchy have mobilised platforms to fan nostalgia of the golden age of royalty, and to brand former kings Mahendra and Birendra as <a href="https://nepalitimes.com/review/a-past-foretold">nationalists who upheld Nepal’s sovereignty during the Cold War</a> and commanded respect worldwide. Archival video clips of Mahendra being received by President Eisenhower in 1960 and <a href="https://nepalitimes.com/here-now/if-birendra-was-alive-nepal-could-still-be-a-monarchy">Birendra </a>by President Reagan in 1983 have been liked by thousands. Comments contrast this to the incompetence and poor standing of Nepal’s current prime ministers.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250309120340_7dab05f5703e17a82da73277f0b39bf178c1005e0758aa50077ffe1a037f4af6.jpg" data-media-id="editor_8" data-image-id="20250309120340_7dab05f5703e17a82da73277f0b39bf178c1005e0758aa50077ffe1a037f4af6" data-rendition-name="original" width="1810" height="1206" loading="lazy" alt="The ghost of monarchy returns to haunt Nepal NT"> </figure>   <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250309120340_1ab38cdccfd076babd78579fa345520a7b2fa9c838322226a259540c8c290437.jpg" data-media-id="editor_9" data-image-id="20250309120340_1ab38cdccfd076babd78579fa345520a7b2fa9c838322226a259540c8c290437" data-rendition-name="original" width="1812" height="1206" loading="lazy" alt="The ghost of monarchy returns to haunt Nepal NT"> </figure>  While most of the people present at the demonstration included the older demographic, younger people have especially used social media to express their support for the monarchy. Young Nepalis, disillusioned with leaders who have been prime minister multiple times since the mid-1990s, are attracted to the idea of reinstating the monarchy as a form of anti-incumbent protest, but also because they have little to no memory of living under an authoritarian absolute monarchy. ‘Those who say the monarchy is paramount today are the ones who did not live through it in the past, and are dissatisfied with the current state of affairs,’ wrote Guna Raj Luitel, Chief Editor of Nagarik Daily, in an op-ed in the newspaper on Sunday.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250309120340_720d0059207b9918def39e983d9b5c114b6afb4e7ac0ed1dadd2cba2f20f9aa6.jpg" data-media-id="editor_10" data-image-id="20250309120340_720d0059207b9918def39e983d9b5c114b6afb4e7ac0ed1dadd2cba2f20f9aa6" data-rendition-name="original" width="2000" height="1333" loading="lazy" alt="The ghost of monarchy returns to haunt Nepal NT"> </figure>   <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250309120340_bfe50ebd413d1b177ebd02df5f837038d8a04c9d343afe39be1ebcde36db893a.jpg" data-media-id="editor_11" data-image-id="20250309120340_bfe50ebd413d1b177ebd02df5f837038d8a04c9d343afe39be1ebcde36db893a" data-rendition-name="original" width="2000" height="1333" loading="lazy" alt="The ghost of monarchy returns to haunt Nepal NT"> </figure>  He added: ‘For those of us who have spent parts of our lives under the rule of the king… we have not yet forgotten those days, when the institution was unable to do any useful work, a disheartening period characterised by Nepalis being unable to speak freely.’ Commentators have especially been pointing to Gyanendra’s military coup in 2005 when he dissolved parliament, and tried to take the country back to the time of absolute monarchy, just like his father Mahendra did in 1960. Gyanendra became king after his brother and most of his family were killed in the royal palace massacre in 2001. Many Nepalis still seem to believe that Gyanendra was responsible, and some of this is reflected in comments on monarchist social media posts. As the monarchist rallies spread, Prime Minister K P Oli said last week that if Gyanendra really wanted power, he should form a political party and run in the next elections in 2027. Other leaders have urged the former king to honour the 2008 Constitutional Assembly decision to abolish the monarchy, as well as Nepal’s 2015 Constitution.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250309120340_978ef979c7774312ac00d3192803d974ea57ec45d704f89663b301f4f0cc9704.jpg" data-media-id="editor_12" data-image-id="20250309120340_978ef979c7774312ac00d3192803d974ea57ec45d704f89663b301f4f0cc9704" data-rendition-name="original" width="1832" height="1221" loading="lazy" alt="The ghost of monarchy returns to haunt Nepal NT"> </figure>   <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250309120340_d11276de0161d258f135e8fba4d3eb37d0a9e579b06a4819c6609b4ecdbbe51e.jpg" data-media-id="editor_13" data-image-id="20250309120340_d11276de0161d258f135e8fba4d3eb37d0a9e579b06a4819c6609b4ecdbbe51e" data-rendition-name="original" width="2000" height="1333" loading="lazy" alt="The ghost of monarchy returns to haunt Nepal NT"> </figure>  &nbsp;In response, royalist leaders including Kamal Thapa, Rajendra Lingden, and Rabindra Mishra have responded that the monarchy is above the electoral system, calling for the reinstatement of a constitutional monarchy in which Gyanendra would be a figurehead. “There is no question of the king contesting an election, that is our job,” said RPP-Nepal chair Kamal Thapa in a tv interview. “The monarchy is a custodian of the nation, it is an institution above electoral politics.” However, there does seem to be a disagreement between hardline royalists who want a return to absolute monarchy in which Gyanendra would actually hold executive powers, and those who favour a ceremonial one. Gyanendra recently visited Bhutan, where he was given a royal welcome, and has made several trips to India where there is some support for reinstating Nepal as the world’s only Hindu kingdom.

The ghost of monarchy returns to haunt Nepal

Kathmandu was once a lake inhabited by <a href="https://nepalitimes.com/news/snakes-on-plains">serpents</a>, until Manjushree visiting from present-day China saw a fluorescent lotus in the water. To reach it, the sage used his flaming sword to cut a gorge <a href="https://nepalitimes.com/from-the-nepali-press/dry-port-at-chobhar-faces-resistance">at Chobhar</a>, draining the lake and turning it into a fertile valley. The Manjushree Trail Race (MTR) is inspired by this legend. There are five categories along a near-circular route around the rim of <a href="https://nepalitimes.com/banner/bringing-silicon-valley-to-kathmandu-valley">Kathmandu Valley</a>: 10k, 30k, 50k, 100k, and one that is 100 miles that is 157.7km (map, right). The 100 miles category starts at 8AM on 14 March, and runners have 52 hours until noon on 16 March to complete it. Arjun Kulung Rai’s 26:52:56 is the current record, set in 2024. “<a href="https://archive.nepalitimes.com/news.php?id=17327">The Manjushree legend</a> and the perfect loop make the race very meaningful, and I wanted to do it,” says participant Dong Sheng from the northern Chinese city of Harbin who started running in 2016 with 5k until he accomplished a 100 miler in 2022. “<a href="https://archive.nepalitimes.com/article/nation/first-edition-ultra-trail-kathmandu,1050">Running </a>is spiritual, as you are always trying to overcome what you could previously do.” Sheng is one of 131 international runners who have signed up for the Manjushree race, where there are a total of 502 participants this year, 94 of them women. The first edition of the race only had 7 runners total. Read also: <a href="https://nepalitimes.com/here-now/nepali-trail-running-champions">Nepali trail running champions</a>, Preeti Khattri “A reason this race is popular is because it is a good mix of rural and accessible,” says Jimmy Oostrom, a Dutch runner. “Often, 100-milers are way out of the way. Here, the start is only a short drive after landing in Kathmandu.”&nbsp; The 100 mile and 50km are now qualifier races for the Asia Trail Masters, an international series of trail races based in Hong Kong. Last year, a Nepali team competed and won in the Asia Trail Master Championship series in Borneo. The 100-mile category starts and finishes at Single Tree on Nagarjun, other distances have different start and end points. On the winning team was Rashila Tamang, who is part of Trailmandu that implements logistics for the race, such as recruiting and training volunteers, and marking the route. “Nepal has great <a href="https://archive.nepalitimes.com/news.php?id=9938">geography</a> for <a href="https://nepalitimes.com/here-now/mira-rai-racing-to-help-other-runners">trail running</a>, but it is still very hard to make it your career,” says Tamang.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025031219034_98b83aa3d42c7d5e8a2ef2f80dc03512374413e31eb55441234cd075bea7e113.jpg" data-media-id="editor_8" data-image-id="2025031219034_98b83aa3d42c7d5e8a2ef2f80dc03512374413e31eb55441234cd075bea7e113" data-rendition-name="original" width="1244" height="598" loading="lazy" alt="Manjushree Trail map "> </figure>  The MTR has a guidebook detailing the categories, route, checkpoints, rules and what is available at each stop.&nbsp; “If we say we’re going to start at 8, we’re going to start at 8,” says Narayan Acharya, the man behind naming the race ‘Manjushree’. “People tried to sign up after the deadline, we had to tell them no.” Acharya who builds <a href="https://nepalitimes.com/banner/foundations-for-sustainable-buildings-in-nepal">traditional rammed earth houses</a> through his company Sustainable Future Nepal, has been long involved with promoting trail running in Nepal, and hailing from Jumla himself, mentored <a href="https://nepalitimes.com/here-now/run-sunmaya-run">Sunmaya Budha</a> also from Jumla, now a trail running star in and outside Nepal. Read also: <a href="https://nepalitimes.com/here-now/sunmaya-budha-stays-in-the-running">Sunmaya Budha stays in the running</a>, Vishad Raj Onta&nbsp; The organisers are sponsoring up to 50 runners from <a href="https://nepalitimes.com/banner/portrait-of-a-photographer-in-rural-nepal">rural Nepal</a> who may not afford the Rs6,000 entry fee to participate. “It is hard to get sponsors to give us money because Nepal is still a pretty small market,” says Oostrom, currently on crutches due to an ACL injury. “We also have to take the necessary precautions to make sure we can quickly help a runner in trouble.” The logistics of an ultra trail race are more complicated than a <a href="https://archive.nepalitimes.com/news.php?id=1223">marathon</a>. Marking and maintaining the trail requires careful work, especially as signs often get lost. The <a href="https://nepalitimes.com/multimedia/the-steadfastness-of-a-long-distance-runner">long distances </a>also require runners to run through the night.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025031219030_19111e03939541b8980007437c89966dc7a8fd6246b8407440694503bf7890a3.jpg" data-media-id="editor_15" data-image-id="2025031219030_19111e03939541b8980007437c89966dc7a8fd6246b8407440694503bf7890a3" data-rendition-name="original" width="2250" height="1501" loading="lazy" alt="Manjushree Trail "> </figure>  A <a href="https://nepalitimes.com/business/buddha-air-gets-state-of-the-art-flight-tracking-system">live tracking system </a>would ensure a runner’s safety as well as prevent cheating, but for now organisers are relying on vigilant volunteers and fellow runners to find runners needing help. There are strict rules for the race, and breaking them can result in significant time penalties or even disqualification. Get food or drink assistance outside of the checkpoints and you get a penalty of 15 minutes. Miss any pieces of mandatory gear and an hour is added to your time. Take some sort of shortcut or cheat using a vehicle, and you are disqualified. There are dangers like cliffs <a href="https://archive.nepalitimes.com/page/cantilever-trail-nepal">along the trail</a>, lightning on exposed ridges, <a href="https://nepalitimes.com/banner/disasters-in-nepal-come-in-waves">landslides caused by earthquakes</a>, <a href="https://nepalitimes.com/banner/trekking-to-save-nepals-snow-leopards">leopards</a>, and hornet swarms. Ultra running takes a massive toll on the body. The brain may shut off certain areas to be able to keep going, so volunteers watch runners carefully.&nbsp; “After mile 50, your body starts digesting itself,” says Oostrom.&nbsp; Alongside Acharya and Oostrom, the organising crew is made up of race director Ashish Mishra, and Jeevan Lama and Rashila Tamang from Trailmandu. “We can execute this race well because we are all passionate runners ourselves,” says Acharya. The team has taken measures to make the race safe and comfortable for female participants. ‘Run freely, speak openly, and wear what makes you feel comfortable in our races,’ says the guidebook. Prize money is the same for male and female winners, across categories.&nbsp; Lately, Nepal has been steadily building itself as a destination for<a href="https://nepalitimes.com/banner/taking-the-high-line"> adventure sports </a>such as <a href="https://nepalitimes.com/here-now/nepal-pushes-mountain-bike-tourism">mountain biking</a> and trail running. And with the Manjushree race, enthusiasts have hopes to set the standard for other trail races in the country. Sheng has been part of big races in China. “The better the economy, and more money people have, the more they can get involved in such pursuits,” he says. “But I have to say, for the scale of this race, everything has been done very professionally.”&nbsp;

Around Kathmandu in 100 miles

Generative <a href="https://nepalitimes.com/here-now/artificial-censorship">AI models</a> such as <a href="https://nepalitimes.com/banner/chatgpt-news-about-nepal">ChatGPT</a> and Sonnet are trained on massive amounts of data that have over time enabled them to answer general questions. But they do not perform as well on narrower domains, even hallucinating or making things up.
Now here comes <a href="https://www.anthromind.com/">Anthromind</a>, a startup developed by a 28-year-old Nepali engineer Pratik Karki in the tech-womb at <a href="https://nepalitimes.com/here-now/nepal-in-the-decade-of-ai">Silicon Valley</a>, which develops datasets to improve the performance of AI models in specific areas.
Large<a href="https://nepalitimes.com/here-now/nepal-bhasa-on-google-translate"> language models </a>are ‘distilled’ by running them on smaller, higher-quality data. AI is first used to assist with labelling or generating data. After that, human experts look at the responses and explain how they are wrong, helping tune the model just right.
Karki got the idea while working at Google, where he saw that while companies were trying to create their own models, they failed because the data was of low quality. In 2024, he left his lucrative job and took a risk by <a href="https://nepalitimes.com/here-now/nepal-can-create-a-business-friendly-environment?fb_comment_id=2995148037177314_6370548419637242">setting up a business </a>that could make real impact.
It has not been easy. At Google he was one of over 100,000 employees, but after launching Anthromind, Karki has had to do sales, <a href="https://archive.nepalitimes.com/news.php?id=4323">marketing</a>, and recruiting, as well as leading a whole new team.
“At some point in your career, everything turns into sales,” Karki told us by phone. “You need to sell <a href="https://nepalitimes.com/news/why-invest-in-nepal">potential investors</a> on your vision, and you get a million no’s before a yes.” The connections he made at Google helped, and he even managed to poach a few and others became <a href="https://nepalitimes.com/here-now/nepal-has-to-curb-corruption-before-wooing-investors">investors</a>.
Karki studied in Biratnagar before moving to Kathmandu to do his A-levels where he did business courses. He remembers those formative years and credits his teachers in Nepal for encouraging him to put himself out there and to speak up when needed.
He then went to Grinnell College in Iowa where he studied computer science and statistics, and realised that he liked to code: “I especially got a high debugging a program until it worked.”&nbsp;
He went on to pursue a Master’s in Computer Science and describes the course as a pure program with some very difficult machine learning courses.
Read also: <a href="https://nepalitimes.com/opinion/comment/tech-and-transition-in-nepal">Tech and transition in Nepal</a>, Ashutosh Mani Dixit
Karki was recruited to Google from a highly selective early career program and got to work closely with the companies that were then building the generative Large Language Models that have since taken the world by storm. He worked on essential training infrastructure, including data warehousing and <a href="https://archive.nepalitimes.com/news.php?id=9825">computing </a>needs.
“Internally, we all knew about this<a href="https://nepalitimes.com/opinion/makeshift/addressing-nepals-digital-divide"> technology </a>and how disruptive they would be,” says Karki. “But I also saw its limitations.”
Karki took a calculated risk in setting up his own company, knowing fully well that for Anthromind to succeed he would need a very obsessive and disciplined mindset.&nbsp;
“Every Friday evening I look at weekly data, and what worked and what didn’t, especially in terms of getting customers,” he says. “I had to be very deliberate with everything I did.”
Karki attributes this discipline and frugality to growing up in Nepal, which he misses dearly, especially his family and the community. His best friends in California are Nepalis, they meet often and have already made plans to celebrate the approaching <a href="https://nepalitimes.com/editorial/new-year-same-difference">Nepali New Year</a> with home-made <a href="https://nepalitimes.com/banner/adventures-of-a-little-dumpling-named-momo-and-other-books">momos</a>.&nbsp;
Karki sees a lot more potential in the <a href="https://nepalitimes.com/news/it-is-it">IT industry in Nepal</a>, at the moment saturated with service-based companies when ideally new businesses should focus on products.&nbsp;
He explains how companies that provide offshore <a href="https://nepalitimes.com/opinion/tech-away/nepal-s-health-tech-industry-is-here-to-stay">tech services </a>operate in a ‘default:alive’ state, where they can carry on even if they only have one client.
The alternative is a company whose success depends entirely on the quality of the product it puts out, a ‘default:dead’ state. This forces programmers to adopt an urgent, disciplined mindset. While a lot harder and riskier, it also has higher returns.
Read also: <a href="https://nepalitimes.com/opinion/people-power/nepal-as-an-ai-power-bank">Nepal as an AI power bank</a>, Bikash Pandey
Karki is in a cohort of <a href="https://nepalitimes.com/opinion/12-full-opinion/let-s-listen-to-nepal-s-young-changemakers">young Nepalis</a> in the <a href="https://archive.nepalitimes.com/article/Nepali-Times-Buzz/it-is-all-about-it-in-nepal,3887">IT industry</a> who have proven that serious tech innovation can come out of Nepal. Pukar Hamal of SecurityPal was recently featured in Forbes, while Sameer Maskey’s FuseMachines has been listed on NASDAQ.
Financially independent since 18, Karki says <a href="https://nepalitimes.com/news/1-in-5-nepal-families-lack-food">Nepali families</a> should encourage their children to make such moves. Nepal’s education system should reward curiosity, instead of quelling it, to promote <a href="https://archive.nepalitimes.com/article/business/kesha-kumari-damini-awarded-by-norwegian-business-for-peace-foundation,1356">entrepreneurship</a>.&nbsp;
He says, “Students should be rewarded for thinking individually and speaking out, like I was.”

Kathmandu Valley to Silicon Valley

Throughout human history, civilisations have been named after the rivers along which they flourished: Indus Valley, Nile, Tigris-Euphrates. Many of these cultures later collapsed, partly because they could not manage their water needs properly. Three recent books about Himalayan rivers look at their history and geography, and how they nourished civilisations downstream. The rivers gave birth to the world’s major religions, their waters and the mountains from which they sprang were revered. Mythology and geology converge in High Asia. Mt Kailash is holy to the Hindu, Jain, Buddhist and Bon faiths as the centre of the world and the abode of the gods. Indeed, from its vicinity emerge Asia’s great rivers: the Indus and Sutlej, Ganga and the Yarlung Tsangpo (Brahmaputra) and Karnali (Mapcha Tsangpo).&nbsp; Legend has it that Kathmandu Valley was once a primordial lake drained by Manjushree who cut a mountain with his flaming sword. There is scientific evidence that the paleo lake was indeed emptied in stages starting 40,000 years ago after a tsunami unleashed by a major earthquake epicentred in Langtang. The Bon faith describes the Tibetan Plateau being pushed up from a roiling primeval sea, confirming current evidence about the orogenesis of the Himalaya. In local lore, supernatural lha (animal deities) and lu (serpents, naga) moved from sea to land, just as the theory of evolution explains the emergence of early amphibians and land creatures. In <a href="https://www.routledge.com/Rivers-of-the-Asian-Highlands-From-Deep-Time-to-the-Climate-Crisis/Gamble-Tan-Xu-Beavis-Maurer-Pittock-Powers-Wasson/p/book/9781032490595?srsltid=AfmBOopjkpgcN1_7t1jTI_Z1_27yRthBTbdHA15OWcE9Ge3S409jhUX3">Rivers of the Asian Highlands: From Deep Time to the Climate Crisis</a>, Himalayan historian <a href="https://scholars.latrobe.edu.au/rgamble">Ruth Gamble</a> and co-authors begin by tracing the genesis of the Himalaya, citing evidence that the Tibetan Plateau pre-dated the collision of the Indian and Eurasian plates 50 million years ago. Asia’s main rivers co-emerged with the mountains, their waters cutting canyons through rocks as they were uplifted. The gigantic pileup acted as a moisture trap for the proto-monsoon, the rain and ice sculpting peaks as they rose. But so strong were tectonic forces that the uplift outpaced erosion on the Tibetan Plateau. These dynamic processes are still at work, but in many places across High Asia there is a new factor at play: modern infrastructure (like haphazard road-building in Nepal) is increasing erosion faster than the uplift rate.&nbsp; ‘This is an example of human action overcoming tectonics,’ write the authors in Rivers of the Asian Highlands, in which the chapters look at Himalayan rivers from a planetary scale, their socio-cultural histories, to present-day engineering to regulate them. An ongoing dam-building spree and anthropogenic climate breakdown combine to bring about the most rapid change the Himalaya and their rivers have seen for millions of years. One example is the Medog Hydropower Station being built on the Yarlung Tsangpo at a bend on the Brahmaputra before it enters India. The river drops 2,000m within a 50km stretch, the gradient allowing it to generate 60,000MW — the biggest single hydroelectric plant in the world. Gamble and the authors of Rivers of the Asian Highlands highlight the Gravitational Potential Energy (GPE) of the Himalaya that allows falling water to be converted into electricity. But GPE also unleashes landslides, rockfalls, avalanches, Glacial Lake Outburst Floods (GLOFs) and Landslide Lake Outburst Floods (LLOFs), the risks posed by them magnified by climate change and seismicity. <blockquote>The Asian Highlands’ abundance of Gravitational Potential Energy (GPE) can support the region’s energy transition, but it needs to be produced in much less hazardous and less environmentally and socially impactful ways. The best means of doing this is through off-river, pumped-storage hydropower stations that back up solar and wind energy generators. Smaller projects such as this would also involve less risky tunneling and displacement.</blockquote> Rivers of the Asian Highlands: From Deep Time to the Climate Crisis by Ruth Gamble, et al. There is geological evidence that megafloods on Himalayan rivers are more responsible than mass wasting in weathering down the mountains. One big LLOF, for example, could ‘move 1,000 times more sediment than would otherwise be transported over millions of years’. Permafrost melting in the Tibetan Plateau and inside moraines caused recent back-to-back GLOFs in Chamoli in the Indian Himalaya, Melamchi in Nepal, and the South Lhonak in Sikkim — all deadly disasters that together destroyed billions of dollars worth of infrastructure downstream. Rivers of the Asian Highlands travels from deep time to the present climate crisis, taking readers through neatly divided chapters titled Mountain Rivers, Climatic Rivers, Frozen Rivers, Living Rivers, Human Rivers, Territorializing Rivers, Agricultural and Pastoral Rivers, even NGOs and Rivers.&nbsp; Although the book’s title is about the ‘Asian highlands’, it <a href="https://www.himalmag.com/comment/eastern-himalaya-cradle-ethnogenesis">focuses mainly on the Dri Chu (Yangtse)</a> and Yarlung Tso (Brahmaputra). Readers looking for references to Nepal’s rivers will be disappointed, although there is quite a bit about Bhutan. This is surprising because 70% of the annual flow in the Ganga is from tributaries in Nepal, some of them rivers like Karnali, Arun or Bhote Kosi that traverse the Tibetan rimlands. As demand for water and energy grows in the large and increasingly affluent population of north India, and climate breakdown melts Himalayan glaciers, storing monsoon runoff on reservoirs in Nepal is going to be the geopolitical issue of the next decades.&nbsp; The chapter on NGOs and Rivers also fails to cite the work of Nepal’s civil society groups like the Alliance for Energy that built international solidarity in 1995 against the Arun III project on a river that starts in Tibet and flows into Nepal. Ultimately, the World Bank pulled out of the project and the Nepal government invested in smaller decentralised plants. Today, a cascade of power plants are being built by Indian companies on the Arun which do not seem to have taken into account the <a href="https://www.science.org/doi/10.1126/science.ads2659">2023 Sikkim GLOF</a> that swept away the $1 billion dollar Teesta III and destroyed other infrastructure. The World Bank itself is back with the Upper Arun project located directly below expanding glacial lakes in Tibet.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250222020256_f2b33e60e6b386308bdf59b58b59e116e90e2e4466a06200faf76fd851f53505.jpg" data-media-id="editor_4" data-image-id="20250222020256_f2b33e60e6b386308bdf59b58b59e116e90e2e4466a06200faf76fd851f53505" data-rendition-name="original" width="5712" height="3213" loading="lazy" alt="Teesta"> <figcaption>The Super Trisuli project in Nepal has ruined the most scenic and ecologically sensitive part of the river to generate just 100MW of power. Photo: KUNDA DIXIT</figcaption> </figure>  Despite geographical gaps, Rivers of the Asian Highlands reads like an encyclopedia of Himalayan rivers. The authors look at them not in isolation but as interconnected systems which need a multidisciplinary approach to study the geological, religio-cultural, infrastructure, climate and ecosystem services aspects of catchments.&nbsp; Mt Kailash (Kang Rinpoche) is a case in point. It is fascinating to think that it was part of a mountain range even before the collision of the continents that formed the Himalaya, and was probably buried in ice 3km thick till 15,000 years ago during the Last Glacial Maximum.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025022203020_23c02ec4671f5c3c561fa6b450c1f209720a25794e067b9bb5db0f4649b1b6dc.jpg" data-media-id="editor_5" data-image-id="2025022203020_23c02ec4671f5c3c561fa6b450c1f209720a25794e067b9bb5db0f4649b1b6dc" data-rendition-name="original" width="1500" height="1000" loading="lazy" alt="Mt Kailash"> <figcaption>Mt Kailash. Photo: NABIN BARAL</figcaption> </figure>  Lake Mansarovar and Mt Kailash are also the subject of the new Nepali language book छालबाटो (Road by the Waves) by environmental journalist <a href="https://nepalitimes.com/news/nepal-and-china-to-study-trans-himalayan-railway">Ramesh Bhushal</a> in which he walked, rafted and drove from the source of the Karnali in Tibet, right through 500km of western Nepal, and on to India <a href="https://nepalitimes.com/banner/dancing-with-the-river">where the river meets the Ganga</a>. In his entourage is activist, <a href="https://archive.nepalitimes.com/regular-columns/Comment/rivers-fighting-back,993">Megh Ale</a>, who is on a campaign to stop dams and infrastructure on <a href="https://nepalitimes.com/banner/dams-and-dreams-a-journey-down-the-karnali">Nepal’s longest and only free-flowing river</a>. The book profiles his lonely upstream struggle to conserve the country’s rivers. “We worship rivers, but we don’t love them,” laments Ale. Bhushal’s book is as much about the landscape of this transboundary river as it is about the people he meets along the way, and their relationship with <a href="https://nepalitimes.com/banner/climate-denial-in-the-himalaya">a river that most regard as a curse </a>keeping them poor because they believe it flows out of Rakshas Tal (Lagngar Tso) in Tibet, regarded as a lake of demons, unlike the sacred Mansarovar nearby. The expedition is out to prove that the <a href="https://nepalitimes.com/banner/a-karnali-portrait">Karnali River</a> actually starts in the mountains 50km southwest of the Mansarovar (Mapamyu Tso) at the <a href="https://www.youtube.com/watch?v=jQ9Za5QDkvY">Peacock Falls (Mapchu Khambap)</a>. The Indus is called Sengge (Lion), Sutlej is Langchen (elephant) and the Brahmaputra is Tamchok (horse), all starting within 60km of Mansarovar but flowing out in different directions. <blockquote>“I have visited hundreds of rivers around the world, but for some reason I have never seen a river as beautiful as the Karnali. One day I would like to visit its source.”</blockquote> River conservation activist Megh Ale quoted in छालबाटो by Ramesh Bhusal. But all this reverence for the mountains and rivers may not be enough to save the region from the impact of climate breakdown. Heat stress in the Subcontinent will coincide with a shortage of water in the coming decades.&nbsp; <a href="https://www.nytimes.com/2018/12/01/opinion/himalayas-mountains-dams.html">Sunil Amrith</a> in his 2019 book, <a href="https://nepalitimes.com/here-now/the-monsoon-and-nature-s-arithmetic">Unruly Waters: How Mountain Rivers and Monsoons Have Shaped South Asia’s History</a> takes a broader look at how geotectonics, geopolitics, colonialism and nationalism have determined the relations between human beings and rivers. The Himalayan water cycle starts from monsoon moisture that precipitates with orographic uplift along the mountains, atmospheric rivers unleash cloudbursts, ground water emerges from springs that join up to flow down to rivers and the ocean. The Third Pole is the biggest repository of fresh water stored as ice after the polar regions. But it is a hotspot both because of the climate crisis and geopolitical tensions, which impacts on river basin cooperation, early warning data sharing, and ultimately in mitigation of greenhouse gas emission and planning for new risks faced by infrastructure. After independence, India adopted the colonial extraction model for rivers. Inaugurating the Bhakra-Nangal Dam in 1953, Jawaharlal Nehru called it “a temple of &nbsp;modern India … worthy of worship’. Gamble also alludes to this in her book about the European attitude about rivers as a resource to be ‘enclosed, extracted, scrutinised, commodified’. <a href="https://dialogue.earth/en/water/review-unrully-waters/" target="_blank">Amrith</a> profiles the work of Sir Arthur Cotton who was building canals linking rivers in British India at about the same time his contemporaries like botanist <a href="https://nepalitimes.com/here-now/republic-of-nepal-s-animal-kingdom" target="_blank">Joseph Dalton-Hooker </a>were exploring the <a href="https://nepalitimes.com/here-now/saving-kangchenjunga" target="_blank">Teesta and other rivers</a> in the Himalaya to catalogue new plant species. India's current National River Linking Project that would join 37 rivers with 9,000km of canals builds on Cotton’s early work. <blockquote>If there is one consistent lesson in Unruly Waters, it is that water management never has been, and can never be, a purely technical or a scientific question; neither can it be addressed on a purely national scale … the battle continues to understand the monsoons and mountain rivers that shape Asia.</blockquote> Unruly Waters: How Mountain Rivers and Monsoons Have Shaped South Asia’s History by Sunil Amrith And in Nepal, hydropower has become the holy grail as the government unveiled an Energy Development Roadmap to generate 28,500MW by 2035 at a cumulative cost of nearly $50billion. This means no river in Nepal will be left free-flowing. The Trisuli along the Prithvi Highway is being dammed for only 100MW of power, destroying the most scenic part of a river that has rapids famous internationally for white water rafters. Even before it was completed, the dam site suffered Rs200 million in damage in last September’s flood.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025022203020_d9610a11bccb593d32bf4d214479caa17dfbdd6cdfe5e8c38fdcb8eb752fc0ec.jpg" data-media-id="editor_18" data-image-id="2025022203020_d9610a11bccb593d32bf4d214479caa17dfbdd6cdfe5e8c38fdcb8eb752fc0ec" data-rendition-name="original" width="4032" height="2268" loading="lazy" alt="Trisuli"> <figcaption>Boulders and sediment 80m deep were brought down by the Teesta after a GLOF destroyed the $1 billion Teesta III plant in Sikkim in 2023. Photo: KUNDA DIXIT</figcaption> </figure>  In Sikkim, there is strong <a href="https://india.mongabay.com/2025/02/political-stir-follows-expert-panels-approval-to-rebuild-teesta-dam-in-sikkim/">local opposition to rebuild Teesta III</a> but investors are looking at the huge economic windfall from the river as it drops from 5,000m below Kangchenjunga to 300m within 80km — one of the highest Gravitational Potential Energy of any river in the world. Besides Nepal and Bhutan, the ‘watersheds’ of the Himalaya are turning into ‘powersheds’ as India and China compete for hydro-hegemony. India is said to be planning to dam the Brahmaputra to offset the disruption caused by China’s Medog Dam upstream (see map, below).&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025022203024_37c60bd2a45a32cd23928c900615b6c7045b2e0265050c4761c3749361181999.png" data-media-id="editor_20" data-image-id="2025022203024_37c60bd2a45a32cd23928c900615b6c7045b2e0265050c4761c3749361181999" data-rendition-name="original" width="1918" height="668" loading="lazy" alt="Himalayan rivers map"> </figure>  The thread running through all three books is the need to recognise the ecosystem services that the inhabitants of High Asia provide by protecting our rivers. Not all rivers need to be monetised, conserving rivers and the cultures they retain protects a nation’s natural wealth into the future as the humans of High Asia try to survive climate breakdown. The highlands will be under even more pressure in the coming decades as people in the plains migrate en masse to higher latitudes or higher altitudes to escape deadly heat and ocean expansion.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025022203028_524a74bf65111db3826bfd246576329c45cd4bd0a48b15024b6a520582bbf05a.jpg" data-media-id="editor_21" data-image-id="2025022203028_524a74bf65111db3826bfd246576329c45cd4bd0a48b15024b6a520582bbf05a" data-rendition-name="original" width="1136" height="702" loading="lazy" alt="River of Asian Highlands cover"> </figure>   <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025022203028_20c17a9b92b11c8bb33df5f2fc2781498464288533c310ccd61e1245e709d99c.jpg" data-media-id="editor_22" data-image-id="2025022203028_20c17a9b92b11c8bb33df5f2fc2781498464288533c310ccd61e1245e709d99c" data-rendition-name="original" width="1136" height="702" loading="lazy" alt="Unruly waters cover"> </figure>   <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250222030212_649cc2ba02e806da2b128fccaf5de2e5c830e10646ba0b43d56da39f65a70f9f.jpg" data-media-id="editor_23" data-image-id="20250222030212_649cc2ba02e806da2b128fccaf5de2e5c830e10646ba0b43d56da39f65a70f9f" data-rendition-name="original" width="1136" height="702" loading="lazy" alt="Chaalbato cover"> </figure>

internal-debt

Till debt do us part

The ghost of monarchy returns to haunt Nepal

Around Kathmandu in 100 miles

Kathmandu Valley to Silicon Valley

Saving what is left of Himalayan rivers