American artist Peter Makela was in Nepal in 2022 on a Fulbright scholarship when he experienced the Matya festival in Patan in which devotees made the rounds of the city’s shrines.&nbsp;
He joined the procession, walking through 2,600 stupa and 140 bahal of the town. That immersion left a lasting impression.
As part of Gallery Mcube’s international residency program in Patan, he put his inspiration to canvas in the exhibition Yala Yatra: Walking, Working, Worshipping. The exhibition also coincides with this month’s Matya festival.&nbsp;
Makela has visited Nepal often in the past 11 years but he mostly stayed in and spent his time around Boudha. “This time I stayed in Patan, put the sites I wanted to visit on my map, and off I went,” he tells us. “Each of my artwork is inspired by the stupas and shrines in Patan that I visited.”
The stupa and Ganesh are recurring motifs in his watercolours, and the elephant gods are located in chaityas — reflecting the interplay and blending of the Hindu and Buddhist faiths in Kathmandu Valley.&nbsp;
The stupas and Ganesh are painted in vivid red, yellow, blue and green against abstract backgrounds meant to represent the sky.
“I use the sky as a backdrop because the sky has no border,” says Makela. “The four colours represent the four elements, the different Buddha families and also lights bouncing off of a rainbow.”
The use of just four colours for all the artwork stands out, and combined with the absence of heavy canvases, frames or stands render Makela’s art striking in its simplicity.&nbsp;
The Ganesh is always holding something and the art also portrays the elephant god’s sacred vehicle, the mouse.
While his vibrant stupas and Ganesh reflect the tangibility of Patan’s tradition and heritage, it is as if the backdrops with their shades of grey and red and yellow capture the soul of the city’s shrines.
“If you look closely, there is a sense of form and formlessness at the same time,” he says.&nbsp;
Makela walked 108 kora around the shrines during his exploration of the town, and in the process developed a spiritual connection with Patan’s heritage and traditions.&nbsp;
The exhibition connects with visitors on a deeper, more spiritual, level as well. And with it, they feel a sense of pride as well as the need to urgently preserve Patan’s heritage for future generations.
“Peter’s inclination and approach towards Nepali art and culture is fascinating, and it reflects in his work,” says Mcube curator Manish Lal Shrestha, whose international artist residency program promotes Nepal’s cultural heritage. &nbsp;&nbsp;
Yala Yatra: Walking, Working, Worshipping
1-5 August&nbsp;
10AM-7PM
Gallery Mcube, Patan

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Walking, working, worshipping in Patan

Saraswati Puja on 14 February also marks the first day of spring on Nepal’s lunar calendar. Schools hold special functions, students sing hymns, and children go to temples of the goddess of knowledge to write their first letters in chalk on the walls. The belief that goddess Saraswati resides in books, musical instruments, even laptops and other devices for intellectual pursuit prevails to this day.&nbsp; The most exquisitely carved figure of Saraswati in all of Nepal was in a temple in Pharping, 20km south of Kathmandu. On 11 November 1984 devotees were shocked to see that their goddess had been beheaded. This was in the 1980s when idol theft in Kathmandu Valley was rampant. International traffickers in collusion with Nepal’s high and mighty were smuggling out sacred objects to sell to collectors and museums abroad.&nbsp; Read also: <a href="https://nepalitimes.com/news/nepal-s-diaspora-helps-return-stolen-gods">Nepal’s diaspora helps return stolen gods</a>, Alisha Sijapati Since the 1.2m high Saraswati carved out of black granite was so large and heavy, the thieves hacked off just the head and took it away under cover of night. Black granite is not found locally, and is similar to the stone used in the sleeping Vishnu at Budhanilkantha and the Bhagwati at Kavrepalanchok — all believed to date back to the Lichhavi period 1,000 years ago. German historian Jürgen Schick was living in Kathmandu at the time, and was deeply troubled by the plunder of Nepal’s religious treasures, and the emotional toll it was taking on local communities. He started his own photographic documentation of missing sacred objects and published the book, Die Götter verlassen das Land, in 1989. It was updated and translated in 1997 into English as The Gods are Leaving the Country: Art Theft from Nepal.&nbsp; Read also: <a href="https://nepalitimes.com/banner/faith-stolen-lost-in-nepal-found-in-america">Faith Stolen: Lost in Nepal, found in America</a>, Lost Arts of Nepal  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20240213120244_ee3c3b4bdd2c9db368171fbfc0a6ef9101327cccb717fb0e23eff0feca4aa696.jpg" data-media-id="editor_2" data-image-id="20240213120244_ee3c3b4bdd2c9db368171fbfc0a6ef9101327cccb717fb0e23eff0feca4aa696" data-rendition-name="original" width="817" height="498" loading="lazy" alt="The godhead of Patan"> <figcaption>THE REAL FACE: German historian Jürgen Schick's photographs of the Pharping Saraswati (above) taken before and after it was decapitated by thieves in 1984. The head was sold to an art collector in the United States, who returned it to Nepal in 1999. Since then it has been stored at the National Museum, and for the past two years has been on display with other repatriated stolen deities (below).</figcaption> </figure>   <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20240213120244_f17dba3a2da5cd75a87ab75aa9c0ba63f0cbeca1363f1a65291e557fce9bf1c7.jpg" data-media-id="editor_3" data-image-id="20240213120244_f17dba3a2da5cd75a87ab75aa9c0ba63f0cbeca1363f1a65291e557fce9bf1c7" data-rendition-name="original" width="1000" height="1500" loading="lazy" alt="The godhead of Patan"> <figcaption>Photo: GOPEN RAI</figcaption> </figure>  On 8 May 1984, Jürgen had photographed the intact Pharping Saraswati. He went again on 10 December 1984 and took a picture of the decapitated goddess which also had its right foot missing.&nbsp; Residents of the area, Mohan Narayan Balami and Sapta Balami, told Schick that when they arrived for morning prayers, the Saraswati was tilted, with her head missing. There was a huge nationwide outcry as word of the theft spread. &nbsp; "The fate of the Saraswati statue is special because it clearly shows that the art robbers do not shy away from even decapitating a beautiful statue of a deity that has been worshipped for centuries," Schick said. "There could be no clearer evidence of their brutality, the same brutality that they also use against the human protectors of the sacred images, as was clearly shown during the theft of the Halchok Akash Bhairav image in 2021 when they threatened the temple priest with a knife to his throat."&nbsp; Eventually, Pharping's devotees replaced the head with a replica that was so ugly that many found it an insult to the deity, and a reminder of the crime. It was replaced with a more accurate carved head, which is there to this day but still does not match the artistry and beauty of the original. Read also: <a href="https://nepalitimes.com/review/remembering-nepals-lost-and-the-found">Remembering Nepal's lost and the found</a>, Ashish Dhakal In 1999, Riddhi Baba Pradhan, then Director-General of the Department of Archaeology, received a letter from the Nepal Embassy in Washington DC that a US-based art curator Pratapaditya Pal had located the Sarswati head and four other sacred objects from Nepal with a private collector. &nbsp; Pratapaditya Pal checked Lain Singh Bangdel’s seminal book, The Lost Art of Nepal, and brought this to the notice of the collector, who promptly agreed to return the objects. The Saraswati head was then returned to Nepal in 1999 along with three other sacred objects and have been in the National Museum at Chhauni ever since.&nbsp; “When the boxes arrived from the airport customs, it was a very emotional moment for all of us," recalls Pradhan, who is now chair of the Nepal Heritage Recovery Campaign.&nbsp; Read also: <a href="https://nepalitimes.com/news/itumbahas-living-museum">Itumbaha's living museum</a>, Sahina Shrestha  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20240213120244_9f71a0815f3a655c8f3c0b590df1044297a33d4c60f39e58ff0fa5da4b33ab69.jpg" data-media-id="editor_6" data-image-id="20240213120244_9f71a0815f3a655c8f3c0b590df1044297a33d4c60f39e58ff0fa5da4b33ab69" data-rendition-name="original" width="1388" height="2080" loading="lazy" alt="The godhead of Patan"> <figcaption>TWO HEADS: The Saraswati figure (above) at the shrine in Pharping (below) where thieves hacked off the head in 1984 and took it away to be sold to international art traffickers. The head was replaced with an ugly replica, and later by a more accurate version which has been worshipped now for 40 years. The real head, which was returned from a collector in the United States in 1999, is now in the National Museum in Chhauni. Photos: SAURAV THAPA SHRESTHA</figcaption> </figure>   <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20240213120244_5a11c3d4b7dea4538698c29ba487ac6bf298269ce55008b55250daaa1673e256.jpg" data-media-id="editor_7" data-image-id="20240213120244_5a11c3d4b7dea4538698c29ba487ac6bf298269ce55008b55250daaa1673e256" data-rendition-name="original" width="1499" height="1000" loading="lazy" alt="The godhead of Patan"> </figure>  She adds, "It was the first indication that our gods would be returning to their rightful places.”&nbsp; Bal Ram Balami in Pharping still remembers the first time he heard on tv news that the Saraswati head was coming back: “I had this deep sense of happiness, I was overwhelmed with joy and relief.” &nbsp;&nbsp; Many in Pharping wanted the retrieved head to be reinstated on the Saraswati and were looking forward to its true homecoming. But 25 years later, the head is still in the museum. It was in storage till two years ago when it went on public display with other repatriated stolen objects. The National Museum and the Pharping community have been in constant communication, but no tangible progress has been made.&nbsp; Pharping’s Ward Chair Shailesh Man Manandhar says the locals want the Saraswati returned, but security concerns persist.&nbsp; Read also: <a href="https://nepalitimes.com/here-now/the-homecoming-of-nepal-s-gods">The homecoming of Nepal's gods</a>, Alisha Sijapati National Museum director Jayaram Shrestha agrees that worries about it being stolen again persist, and the community also does not want to take responsibility for its safekeeping. “For now, it is important for the head to remain where it is until a final decision is reached,” says Manandhar, who has plans to establish a museum in Pharping itself with other religious objects.&nbsp; By now, the local community has become attached to the replica head since it is being worshipped and already embodies the essence of Saraswati’s wisdom and knowledge.&nbsp; He says, “It may be wise to let the original head remain where it is under protection of the National Museum until we are ready to take it back.” Read also: <a href="https://nepalitimes.com/here-now/nepal-s-deities-in-transit">Nepal’s deities in transit</a>, Anita Bhetwal

Alisha Sijapati

The godhead of Pharping

<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/2022111410110/637203cb9c7e80680e0b2828jpeg.jpg" alt="" width="2560" height="1707"/><figcaption>A Memorandum of Understanding was signed by Bishnu Prasad Gautam, the Acting Consul General (left), and Dr Jorrit Britschgi, the Execute Director of Rubin Museum (right) for the return two wooden art works to Nepal. Photo: CONSULATE GENERAL OF NEPAL.</figcaption></figure>After increased international spotlight on stolen antiquities, the <a href="https://rubinmuseum.org/">Rubin Museum in New York</a> is returning two wooden carvings stolen in the 1980s from Kathmandu Valley temples that were in its permanent collection.Activists had been <a href="https://www.nepalitimes.com/here-now/2-more-nepali-antiquities-traced-to-us-museum/">lobbying for the return</a> of the 14th century flying Apsara/Gandharva stolen from Itum Bahal, and the upper section of the 17th century torana wrenched out of the main doorway of Yampi Mahabihara/I-Bahi in Patan.‘As custodians of the art in our collection, the Rubin recognises that we have an ongoing duty to carefully research the art and objects we collect and exhibit … the Rubin’s collecting activities adhere to the highest standards of ethical and professional practice related to provenance,’ said Jorrit Britschgi, Executive Director of Rubin Museum.<a href="https://nyc.nepalconsulate.gov.np/press-release-the-rubin-museum-of-art-to-return-two-wooden-art-works-to-nepal/">Britschgi signed an MoU with Bishnu Prasad Gautam</a>, Acting Consul General of Nepal in New York on 10 January.<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/2022111410110/637203ce9c7e80680e0b2829jpeg.jpg" alt="" width="1440" height="1440"><figcaption>The 17th-century wooden Torana Stolen (left) and the 14th-century Flying Gandharva (right) was tracked by the Lost Arts of Nepal in Spetember 2021. Photo: LOST ARTS OF NEPAL.</figcaption></figure>Gautam said the Consulate and the Rubin Museum will “work closely in the promotion of art and culture” from the Himalaya.The Rubin has agreed to bear the cost for returning both the objects to Nepal, possibly by the third week of May. Until then the objects will remain in the custody of the museum.The Apsara, originally from Keshchandra Mahabihara, was added to the museum’s collection in 2003, while the torana in 2010. The online group <a href="https://www.facebook.com/lostartsofnepal/photos/2995487014105084" target="_blank" rel="noopener noreferrer">Lost Arts of Nepal</a> had tracked the objects to the museum’s collection and the <a href="https://nepalheritagerecoverycampaign.org/news/rubin-museum-to-return-nepalese-relics-thought-to-have-been-stolen/">Nepal Heritage Recovery Campaign</a> had alerted the Nepali consulate and the museum in September 2021 about the provenance of the two objects, after which Rubin had promptly withdrawn them from public display.Rubin said in a statement that the two objects – both extraordinary examples of traditional Newa devotional art – were the first in its collection found to have been unlawfully obtained.The Consulate General and the Rubin collaborated to verify the origins of the artefacts, and the museum engaged two scholars of Nepali art to examine and research their known provenance. The scholars found that the Gandharva went missing from Itum Bahal in 1999 and was purchased by the Shelley and Donald Rubin Cultural Trust four years later.According to Sandrine Millet, a spokesperson for the museum, the two artefacts were purchased in private sales, but she declined to name the dealers.<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/2022111410110/637203d29c7e80680e0b282ajpeg.jpg" alt="" width="1920" height="2560"><figcaption>The Consulate General and the Rubin Museum officials standing next to the Gandharva and the Torana on Monday. Photo: CONSULATE GENERAL OF NEPAL.</figcaption></figure>Speaking with <a href="https://www.nytimes.com/2022/01/10/arts/design/rubin-museum-returning-nepalese-relics.html">the New York Times</a>, Roshan Mishra, the director of <a href="https://www.facebook.com/TaragaonMuseum">Taragaon Museum</a> said, “If museums like the Rubin are actively repatriating their artefacts, I think it will be easier for other museums to follow their lead.”Once in Nepal, the Department of Archaeology will determine whether the objects will return to their original shrines, or to the National Museum. The Gandharva and the torana are among <a href="https://www.nepalitimes.com/banner/who-looted-nepals-gods/">the 55 artefacts</a> currently in the list of antiquities that the Department is negotiating with museums and collections for repatriation.In the past year, six stolen stone and bronze sculptures have been <a href="https://www.nepalitimes.com/banner/nepals-gods-return-from-exile/">handed back to Nepal</a>, including a 800-year-old <a href="https://www.nepalitimes.com/banner/the-enigma-of-arrival-of-nepals-gods/">Laxmi-Narayan statue from Patko Tole</a> in Patan by the Dallas Museum of Art and returned to its original site last month.The 10th century stone figure of <a href="https://www.nepalitimes.com/latest/us-returns-another-antiquity-to-nepal/">Uma Maheswar, stolen from Gaa Hiti</a> in Patan 50 years ago, was also handed over to the Nepal Embassy in Washington DC by the Denver Art Museum in September 2021.Similarly, a 15th century Ganesh was returned by the Manhattan District Attorney’s Office and a 13th century Shivalinga stolen from Kathmandu was returned to the Nepal Embassy in DC by the Art Institute of Chicago.

Rubin to return Nepal antiquities

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>.

nepal-heritage-recovery-campaign

Walking, working, worshipping in Patan

The godhead of Pharping

Rubin to return Nepal antiquities

Visit Nepal in the monsoon

Nepal’s bubble economy

Flouting rules caused Saurya tragedy

Walking, working, worshipping in Patan