https://www.youtube.com/watch?v=CtFNPi-Yt_cOver the <a href="https://www.nepalitimes.com/banner/festivals-of-sisterhood/" target="_blank" rel="noopener">Tihar festival</a> this month, while most people were busy worshipping crows, dogs and cows, an unusual group of people had gathered in a temple in Patan. They were not carrying marigold garlands and vermilion powder, but bamboo pens and bottles of ink.The week of the Nepal Sambat 1139 new year was an appropriate time for another Callijatra workshop in which participants are tutored in writing the ancient <a href="https://www.nepalitimes.com/banner/the-script-of-the-scriptures/" target="_blank" rel="noopener">Ranjana script</a>, which originated in the Kathmandu Valley civilisation and is derived from early Lichhavi alphabets.Read also: <a href="https://www.nepalitimes.com/banner/the-script-of-the-scriptures/" target="_blank" rel="noopener">The script of the scriptures</a>, Sewa Bhattarai Ananda Kumar Maharjan was demonstrating Ranjana calligraphy and teaching a class of eager students how to write ‘nhudaya bhintuna’ (happy new year) in the ornate script of the Newar people.<figure><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107171136/6369347a9c7e80680e03dffajpeg.jpg" alt="" width="1400" height="846"/><figcaption>All photos: MONIKA DEUPALA</figcaption></figure>Maharjan, 35, has been working as a font and graphic designer, and the idea for the <a href="https://archive.nepalitimes.com/article/Nepali-Times-Buzz/the-write-stuff,3898" target="_blank" rel="noopener">calligraphy classes</a> evolved from a Facebook group he set up three years ago. He says, “The response was so encouraging, with enthusiasts sharing their writings with the hashtag Callijatra, that we decided to expand the exercise.”Sunita Dangol was a student who is now a tutor herself, and is encouraged that the classes are gaining popularity. At the recent Itumbahal Cultural Festival, Maharjan and Dangol set up a stall to show people how to write their names in the script.<img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107171136/6369347d9c7e80680e03dffbjpeg.jpg" alt="" width="1000" height="667">“The calligraphy workshop was unplanned, but the response was overwhelming,” says Dangol, who went on to conduct 12 other workshops with the Nepal Lipi Guthi.The decorative alphabet designed by Kathmandu Valley artisans was used in early scriptures, and manuscripts, and was transported north to Tibet, China, Korea and Japan in the 14th century with <a href="https://www.nepalitimes.com/here-now/the-life-and-times-of-arniko/" target="_blank" rel="noopener">Arniko</a>. Ranjana letters can be seen at the Great Wall of China, artefacts belonging to Kublai Khan, as well as in temples in Korea and Kyoto.<img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107171136/6369347f9c7e80680e03dffcjpeg.jpg" alt="" width="640" height="427">Maharjan says that the script spread with Mahayana Buddhism as it travelled from Nepal to Tibet and China. "<a href="http://archive.nepalitimes.com/news.php?id=13550#.W_ac2DgzaUk" target="_blank" rel="noopener">The Newars</a> were traders who crossed the Himalaya as far back as the 11th century, and the spread of Ranjana was later assisted by Bhrikuti and Arniko taking Kathmandu Valley religion, architecture and culture to China,” Maharjan explains.Lately, young students in Kathmandu Valley have developed an interest in learning about their rich culture and heritage and Ranjana is enjoying a renaissance.<img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107171136/636934829c7e80680e03dffdjpeg.jpg" alt="" width="1400" height="672">Dangol explains that Ranjana uses the Kutaksher method of vertical writing and used it as a code. “Ranjana was not just a decorative script but the flourishes served as a secret message system that was hard to understand, and even more, was hard to write.” she added.Maharjan is now trying to design different versions of Ranjana script in a digital format. Meanwhile the Callijatra team is working on learning materials including animated videos, interactive dotted books for learning to write Ranjana for children. The team is also practicing beautification of the font and producing tutorial videos for YouTube.Read also:<a style="background-color: #ffffff; font-size: 15px; letter-spacing: 0.01em;" href="https://archive.nepalitimes.com/article/Nepali-Times-Buzz/the-write-stuff,3898" target="_blank" rel="noopener">The write stuff</a>, Shaleen Shah<a style="background-color: #ffffff; font-size: 15px; letter-spacing: 0.01em;" href="http://archive.nepalitimes.com/article/Nepali-Times-Buzz/written-in-stone-swayambhu-sila-lekh,1596" target="_blank" rel="noopener">Written in stone</a>, Sartha Karki<img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107171136/636934869c7e80680e03dffejpeg.jpg" alt="" width="640" height="427">

Monika Deupala

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Kathmandu’s Ranjana renaissance

<figure><img width="1500" height="1125" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107171132/636933799c7e80680e03df9fjpeg.jpg" alt=""/><figcaption>Yuntai or Cloud Platform, located at the base of the Great Wall's Juyongguan section. Photos: SEWA BHATTARAI</figcaption></figure>The Great Wall of China is one of the world’s most famous landmarks, but what is less well known is the historical link between this World Heritage Site to another one 4,000km to the south in Kathmandu Valley. Here on the white marble Cloud Platform of the Juyongguan Section of the Great Wall 60km from Beijing, visitors come across ancient Buddhist inscriptions that tell the story of the influence of Nepal on the Yuan dynasty in the 13thcentury.At the base of the Great Wall is an arch built in 1345 and inscribed with Buddhist sutras in six languages: Mandarin, Tibetan, Uyghur, Mongolian, Tangut and Sanskrit. Kublai Khan and his descendants had to pass under the script of the Buddhist scriptures when they visited nearby temples.What is surprising is that the Sanskrit lines inside the arch are not in the usual Devanagari letters, but in the Ranjana script that originated in Kathmandu Valley.   <figure><img width="2592" height="1944" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107171132/6369337d9c7e80680e03dfa0jpeg.jpg" alt=""><figcaption> </figcaption></figure>Ranjana is called ‘Lanzha’ in Mandarin, and can be found in religious monuments across Tibet and China, having travelled with the spread of Mahayana Buddhism, whose main texts including the Pragya Paramita are written in Ranjana. Many sects of Buddhism had already spread to China through Central and South Asia more than 2,000 years ago, but they were overlaid by Mahayana Buddhism after Princess Bhrikuti took the sect to Tibet in the 7th century from Kathmandu Valley. The practice of inscribing Buddhist scriptures in a distinctive Nepali style have been documented from this time. Cultural historian Satya Mohan Joshi believes that tradition began as early as the 7thcentury in China after the arrival in Beijing of Priyajiv, the ambassador of King Narendra Dev. In his book on <a style="background-color: #ffffff; letter-spacing: 0.01em;" href="https://www.nepalitimes.com/here-now/the-life-and-times-of-arniko/">Arniko</a>, Joshi cites a 1,400-year-old stele inscribed with the Usnisa Vijaya Dharini Sutra in the Xi'an Museum. However, Ranjaan was not in the picture yet, and these scripts may have been the precursors of Ranjana. Ranjana started appearing in Buddhist monuments after the 12th century.  <figure><img width="2502" height="757" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107171132/636933809c7e80680e03dfa1jpeg.jpg" alt=""><figcaption> </figcaption></figure>Ranjana alphabet was derived from the Brahmi script and originally developed in Nepal in the 11th century, which is why some say it should be called the ‘Nepali script’. "In Nepal the Brahmi developed into the Lichhavi script and the Nepal script, which further was transformed to Ranjana," says Devdas Manandhar, a forceful proponent for the preservation of Ranjana. "The Nepal script was uniquely Nepali and has a very distinctive way of writing the vowel ‘ae’ which carried over to Ranjana.” However, other scholars say the script originated in Bengal and transferred to Nepal along with other cultural heritage after Buddhism was overrun in northern India. Buddhist scholar Basanta Maharjan says that the Ranjana letters were beautified, and preserved by the Newars of Kathmandu Valley from where it travelled to Tibet, China and on to Korea and Japan."Tibet's religion and philosophy were influential not just in China but in Mongolia in the north and Kashmir in the west. The version of Ranjana found in all these places is distinctly Nepali, and that is something that we can be proud of," says Maharjan.  <img width="640" height="853" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107171132/636933839c7e80680e03dfa2jpeg.jpg" alt=""><img width="640" height="850" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107171132/636933869c7e80680e03dfa3jpeg.jpg" alt=""><img width="640" height="853" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107171132/636933899c7e80680e03dfa4jpeg.jpg" alt="">Nepali art and philosophy got another boost in China from Arniko, the Kathmandu architect who travelled to Beijing in the 13thcentury to help  <a href="http://archive.nepalitimes.com/news.php?id=7263#.W-JtI6cQ0Wp">Kublai Khan</a> build temples and monuments with Buddhist symbolism, and leave a Nepali imprint in the ancient architecture of China, Korea and Japan.  Satya Mohan Joshi researched Arniko in China, and is convinced it was Arniko's influence that helped spread the Ranjana script. The White Dagoba built by Arniko in Beijing in 1279 still stands today, and contains many distinct Ranjana inscriptions. The Cloud Platform at the Great Wall, which Joshi also documented in his book, was built almost a century after Arniko reached China and shows his influence. On top of the arch are Garuda, crocodiles, and other carved elements which look like they have been transplanted from Kathmandu.The Ranjana script was used in a new golden stupa built in Beijing's Patachou as recently as 1960 to house the Buddha's tooth relic. "The prevalence of this script is an example of the enduring influence of Arniko, and the close cultural links between Nepal and China," says Joshi.  <img width="2592" height="1944" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107171132/6369338c9c7e80680e03dfa5jpeg.jpg" alt="">Arniko created the White Pagoda on Kublai Khan's command, and it was then a symbol of the unification of China under Yuan dynasty. Today the Miaoying Temple museum in Beijing acknowledges his work as ‘a great symbol of cultural exchange between Nepal and China’. That Nepali art, architecture and the Ranjana script were so widespread in China are proof of this historical trans-Himalayan connection. Devdas Manandhar says that Ranjana is Nepal’s gift to Asia’s culture, and is still seen from Kashmir to the Great Wall of China, and in Japan. He explains: "Since the Ranjana script was associated with the Buddhist scriptures, it is always found above doors, so that you never stepped on the holy fonts.”

The script of the scriptures

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

The final investigation report on the crash of a Saurya Airlines jet on 24 July 2024 at Kathmandu airport has revealed flaws in the carrier’s technical operation procedures, poor monitoring by the Civil Aviation Authority of Nepal (CAAN) and gaps in the airport’s emergency response. Eighteen people including a child were killed, and only the captain survived as the plane plunged seconds after takeoff, crashing within the airport perimeter. This was the latest in a series of aircraft accidents in previous years, and further tarnished Nepal’s already poor aviation safety record and contributed to the country being retained in the EU’s air safety list. &nbsp;&nbsp;&nbsp; The circumstances in the Saurya crash were different from the Yeti Airlines crash in Pokhara in January 2022 that killed all 72 on board, and two Tara Air crashes in February 2016 and May 2022 on approach to Jomsom that together claimed 45 lives. However, all four tragedies were a result of negligence of carriers and crew, failure to follow procedures, regulatory slackness, and overconfidence. The Saurya crash, especially, was a glaring example of how an ailing airline broke its own rules to allow passengers, including non-employees, a joy ride to Pokhara on a maintenance ferry flight. CRASH REPORT The Final Investigation Report prepared by the Aircraft Accident Investigation Commission and released on the first anniversary of the crash last week carried a long list of rules that were ignored or broken, and of regulatory failure. The first mistake was to cram spares, tools and inflammable chemicals needed for the aircraft’s C-Check in Pokhara into the cargo hold flouting its own ground handling procedures.&nbsp; There was no check-in of passengers, some of whom were not even employees – even though regulations say only flight and maintenance crew should be on board a maintenance positioning flight. Many brought their own luggage into the plane and stored it unsecured in the cabin. There was no flight attendant to give a safety briefing to passengers. The load and trim charts given to the flight crew were rough estimates, and the total takeoff weight of the plane was 18,300kg plus or minus 200 kg. That would still have been all right, but there was a glaring mistake in the speedchart Saurya pilots were using to calculate the minimum takeoff speed (known as VR), and it had been wrong ever since the 21-year-old aircraft entered service with the airline in 2017. FAULTY DATA&nbsp; The Commission probed Flight Data Recorder inputs from previous takeoffs of the Canadian-built CRJ200-LR in 2023-2024 and found that the undetected error in the speedchart had caused the plane to pitch up at an abnormal rotation rate at least 18 times on previous takeoffs.&nbsp; Any rotation rate more than 3°/sec is regarded as unusual. But on at least two occasions, this aircraft with tail number 9N-AME had rotation rates of 5.8°/sec and 5.5°/sec, the second one was when the pilot who survived was flying in March 2024.&nbsp; On this particular day, the plane’s rotation rate was 6.5°/sec, causing it to go into a deep stall soon after takeoff, the Commission report said. Essentially, the plane was not flying fast enough down the runway to take off safely.&nbsp; It is not yet clear whether excess weight, unsecured luggage, wrong centre of gravity were also factors, but relying on a faulty speedchart for the given takeoff weight, the captain flying pulled back on the yoke before the plane had reached takeoff speed and at a pitch angle that was too steep. The investigation report says the plane then went into a deep stall and started banking right with the stick shaking. At this point, the flight officer on the right hand seat is heard on the cockpit voice recorder saying: “Whoa, whoa, whoa. Sir, Sir, Sir…” It then banked left before the pilot flying turned the plane sharply to the right again in an evasive action to avoid the parking aprons of the international and domestic terminals. Had he not done so, there would have been a disaster of a much greater magnitude at Kathmandu airport that day. The plane scraped the runway with its right wingtip, collided with a container having helicopter spare parts, and plunged into a gully east of the runway, exploding in a fireball. The investigation also noted that the impact forces seemed to be survivable for some occupants. The fire trucks took unnecessarily long to reach the site even though it was inside the airport perimeter. The absence of an ICAO-standard runway strip, inadequate rescue drills, lack of training, and a blocked emergency service gate leading to the crash site were cited as other factors. &nbsp;&nbsp; <h2>Timestamp of a Disaster</h2>  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250731110724_39cdd04693994ce6e55a5b302905c0fa4884fe85bed21ff0779bb1439f3a5725.jpg" data-media-id="editor_0" data-image-id="20250731110724_39cdd04693994ce6e55a5b302905c0fa4884fe85bed21ff0779bb1439f3a5725" data-rendition-name="original" width="778" height="826" loading="lazy" alt="Flouting rules caused Saurya tragedy NT"> </figure>  11:10:34 - The Saurya Airlines CRJ200 on the takeoff roll from runway 02. It had a takeoff weight of about 18,300kg, but the pilot’s speedcard had a previously undetected mistake about the minimum takeoff speed. 11:10:55 -The plane with tail number 9N-AME goes into deep stall soon after takeoff because it does not have enough speed to lift its weight. The plane also has an abnormally steep nose-up attitude.&nbsp; 11:11:03 - Without enough speed to generate lift, the plane banks right, then left and right again in CCTV photos taken from the domestic apron (below). If it had not banked right, it could have hit the aprons and terminal buildings. Seen parked is Saurya’s other CRJ200 with tail number 9N-ANM.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250731110732_608132f7225c649125cca2691dd6a6bf930984c5b359e888d7ad9e5eacce3afd.jpg" data-media-id="editor_1" data-image-id="20250731110732_608132f7225c649125cca2691dd6a6bf930984c5b359e888d7ad9e5eacce3afd" data-rendition-name="original" width="770" height="555" loading="lazy" alt="Flouting rules caused Saurya tragedy NT"> </figure>  11:11:08 - The plane scrapes the runway with its right wingtip, and falls into the gully. The captain is thrown off the left side of the cockpit and survives. 11:11:15: Plane explodes in a fireball inside the airport perimeter. Firefighters take time to reach the site because of lack of access road and a blocked gate. Read the full investigation report <a href="https://www.tourism.gov.np/files/9N-AME%20AIC%20Final%20Report.pdf">here</a>.

Flouting rules caused Saurya tragedy

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

French citizen Louis arrived in Nepal for the first time earlier this year, planning to <a href="https://nepalitimes.com/banner/the-abcs-of-a-winter-trek-in-nepal">trek the Annapurna Circuit </a>before heading down to Bardia to hopefully catch a glimpse of some<a href="https://nepalitimes.com/news/nepal-counting-its-tigers"> tigers</a>. Before he began his journey from Besisahar, Louis (who only revealed his first name) had imagined breathing crisp mountain air, and following the melodious gurgle of the Marsyangdi.&nbsp; Instead, he had to breathe fumes and dust all the way to Chame. Louis says he masked his face with a handkerchief: “It was not what I expected, this is not right.”  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025080304080_f03fce1527cf8a63178e4e82589a1a7096c8cfa28893ca4a5f7fe82d91a6e38a.jpg" data-media-id="editor_2" data-image-id="2025080304080_f03fce1527cf8a63178e4e82589a1a7096c8cfa28893ca4a5f7fe82d91a6e38a" data-rendition-name="original" width="2419" height="1814" loading="lazy" alt="Manang trails NT 1"> </figure>  Many other trekkers are similarly disappointed as roads have been built along what used to be <a href="https://nepalitimes.com/banner/a-walk-back-in-time-chandragiri-hatiban">walking trails</a>. Manang and Humla are the last remote regions in the Himalaya to be connected to the national road network. &nbsp;Construction of the 87km Besisahar-Manang road began in 1994, but was stalled during <a href="https://nepalitimes.com/news/14-years-after-conflict-no-closure-in-nepal">the Maoist conflic</a>t, and finally finished in 2012.&nbsp; Most of it has not yet been blacktopped, and sections have been carved out of vertical cliff faces, making them treacherous. But it has allowed road access to Manang, a journey that previously took a week on foot.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025080304084_32b3ca875a0df9f1dd42dbe915e6f6a2cd4f2e53f1cf2d3ee5cbdb3435905000.jpg" data-media-id="editor_5" data-image-id="2025080304084_32b3ca875a0df9f1dd42dbe915e6f6a2cd4f2e53f1cf2d3ee5cbdb3435905000" data-rendition-name="original" width="2400" height="1505" loading="lazy" alt="Manang trails NT 1"> </figure>  While the <a href="https://nepalitimes.com/opinion/the-road-out-of-nepal">road has improved access</a>, it has impacted on<a href="https://nepalitimes.com/here-now/trekking-in-the-time-of-climate-change"> trekking tourism </a>— the mainstay of Manang’s economy. The number of tourists visiting the scenic valley behind the Annapurnas grew from 21,245 in 2023 to 30,866 in 2024. The Annapurna Circuit is known for unique sights like <a href="https://archive.nepalitimes.com/news.php?id=9194">Tilicho</a>, one of the highest lakes in the world, the Thorong La pass that connects Manang to Mustang, and the valley’s own rich cultural heritage. Thorong La at 5,416m is the highest hiking pass in the world, and was used by locals for trade with Mustang before it became a <a href="https://nepalitimes.com/opinion/comment/lift-restrictions-on-upper-mustang">popular trekking route</a>. &nbsp; “For guests, the excitement of reaching Thorong La is now overshadowed by their disappointment of having to journey through dusty roads to get there,” says Manang lodge-owner Ongma Gurung. “That is the complaint we get the most.” <a href="https://nepalitimes.com/banner/tourism-that-treads-lightly-on-the-land">Local tourism </a>operators are trying to get the government to build alternative foot trails. But there have been delays due to a lack of budget.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025080304084_c5f76e398182785bb17846a148e3ca89de5687b4623580f8e2d725a7a287edfa.jpg" data-media-id="editor_11" data-image-id="2025080304084_c5f76e398182785bb17846a148e3ca89de5687b4623580f8e2d725a7a287edfa" data-rendition-name="original" width="2419" height="1762" loading="lazy" alt="Manang trails"> </figure>  The Naso Rural Municipality has identified other routes along the Annapurna Circuit in Chyamche, Tal, and Khotro so trekkers can bypass heavy vehicles involved in the construction of the Manang-Marsyangdi Hydropower Project. “But the local government cannot do everything,” admits the chair Dhan Bahadur Gurung. “And for leaders in Kathmandu, Manang is out of sight and out of mind.” Munindra Jung Gurung represents Manang in the Gandaki Provincial Assembly, and says he has raised the issue in <a href="https://nepalitimes.com/news/pokhara-s-tourism-woes">Pokhara</a>. He is hopeful there will be a hearing. To be sure, the road is not all bad news. Locals benefit, the number of visitors has grown, and trekkers can now also save time and use it to explore <a href="https://archive.nepalitimes.com/news.php?id=5960">side valleys in Manang</a>, visiting the villages like Nar and Phu. Annapurna Conservation Area (ACA) chief Rabin Kadariya concedes that the road to Upper Manang was crucial to connect the remote region with the rest of Nepal, but adds: “We have built an alternative trail connecting Talgaun, and we will consult local communities about their priorities on other hiking trails.”&nbsp;

ranjana

Kathmandu’s Ranjana renaissance

The script of the scriptures

Visit Nepal in the monsoon

Flouting rules caused Saurya tragedy

Nepal’s bubble economy

Trailing off in Manang