Creator of the successful Shangrila hotel group, with properties in Kathmandu, Pokhara, and soon in Chitwan and Begnas, renowned tourism veteran Shyam Bahadur Panday died last week after a long illness.&nbsp; In a double hit for Nepal’s tourism industry, we lost <a href="https://nepalitimes.com/here-now/ambica-shrestha-1933-2024-9kaynjv7">Ambica Shrestha</a> the same week, another giant of first wave tourism entrepreneurs. Next generations of family carry both their legacies into the future.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20240730120756_5fe83f58816944a200d05cceb23cb8d3dca994df8353a5dab43f3af0e6160580.png" data-media-id="editor_1" data-image-id="20240730120756_5fe83f58816944a200d05cceb23cb8d3dca994df8353a5dab43f3af0e6160580" data-rendition-name="original" width="1030" height="830" loading="lazy" alt="Shyam Bahadur Pandey mugshot NT"> <figcaption>Shyam Bahadur Panday 1936-2024, one of Nepal's pioneering tourism entrepreneurs</figcaption> </figure>  Shyam had a pioneering vision for hotels that reflected the spirit of Nepal, and had the foresight to hire many of Kathmandu Valleys best expatriate artists and designers to realise his dream.&nbsp; Cleverly spotting a space in the market between Kathmandu’s five-star properties and the budget lodges that were moving from Freak Street to Thamel, he was able to procure a license due to King Birendra’s coronation. Shyam charged <a href="https://archive.nepalitimes.com/regular-columns/So-far-so-good/the-lyrical-life-of-Desmond-Doig,1052">his friend Desmond Doig</a>, to design the perfect mid-level Kathmandu hotel. It opened on 1 July 1979.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2024073013070_eca3189ae138fca1b1249b826c0083f9556bedcaa1356a379e46a6905a69e9a1.jpg" data-media-id="editor_3" data-image-id="2024073013070_eca3189ae138fca1b1249b826c0083f9556bedcaa1356a379e46a6905a69e9a1" data-rendition-name="original" width="1366" height="620" loading="lazy" alt="1979 inauguration of Shangrila Hotel NT"> <figcaption>The 1979 inauguration of Shangrila Hotel by Shyam Bahadur Panday (left), his daughter Millu and mother.</figcaption> </figure>  Desmond was an editor, author, painter, designer, photographer, expeditioner and conservationist, a Renaissance man who delighted in the Valley’s vibrant living artistry. Retiring to Nepal in the 1970s after a lifetime in journalism in Kolkata, ‘Des-la’ adapted his talents to architecture and landscape design.&nbsp; Read also: <a href="https://nepalitimes.com/opinion/so-far-so-good/remembering-des-la-at-shangri-la">Remembering Des-la at Shangri~la</a>, Lisa Choegyal&nbsp; Utpal Sengupta, the curly haired member of Desmond’s original entourage, managed the hotel with flair and imagination for 20 years. Former employees who cut their teeth at the Shangrila can still be found running travel agencies, resorts and restaurants in Kathmandu and beyond.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20240730130724_ce4f4a5d5cc1bbcb21d907698ee1641f74868b00be5af8effe4daab0827c7501.jpg" data-media-id="editor_5" data-image-id="20240730130724_ce4f4a5d5cc1bbcb21d907698ee1641f74868b00be5af8effe4daab0827c7501" data-rendition-name="original" width="3029" height="2412" loading="lazy" alt="Shangrila Hotel plans 1979 NT"> <figcaption>Desmond Doig (left), Elizabeth Hawley, Boris Lissanevitch and Sir Edmund Hillary looking at the Shangrila Hotel plans 1979. Shyam Bahadur Panday requested the talented Desmond to design the original Shangrila Hotel and garden.</figcaption> </figure>  <a href="https://archive.nepalitimes.com/article/Nepali-Times-Buzz/In-memorium-of-Dubby-Bhagat,3180">Writer Dubby Bhagat</a>, artist Robert Powell and designer Chino Ronchoroni were amongst those who contributed their special style in upgrades and additions. Shyam, and later his sons Prasidha and Prabin, maintained a watchful eye over the decades.&nbsp; Read also: <a href="https://archive.nepalitimes.com/article/Nepali-Times-Buzz/book-review-of-Down-History%E2%80%99s-Narrow-Lanes-andMy-Kind-of-Kathmandu,2413">Saving what is left</a>, Sonia Awale The Shangrila Village Pokhara at Gharipatan followed and a site was secured in Meghauli in Chitwan. Pranay Panday proudly showed me the resort at Begnas he was building, overlooking the lake and the Annapurna peaks, faithfully following his grandfather Shyam’s original concept. Shyam’s ‘Shang’ became a fixture for many of us local residents, as well as a friendly base for tourists, trekkers, journalists, consultants and film crews. We would often encounter Shyam lurking in the lobby, a gentle smiling presence always with time for a chat or a laugh, usually on his way to a government or industry meeting.&nbsp; Following a career in the civil service and a Masters’ degree from University of Southern California, Shyam realised his talent for business. After establishing the Shangrila group, he became instrumental in developing responsible tourism policies and regulations with the government, HAN and PATA amongst others, recognised with a lifetime achievement award in business leadership.&nbsp; Read also: <a href="https://archive.nepalitimes.com/news.php?id=1742">The legends still live</a>, Sraddha Basnyat Hotelier colleague Yogendra Shakya recalls his devotion to high class hospitality: “Shyam’s contribution to the tourism sector is unparalleled.” Lingering in the al fresco restaurant, lounging at the hiti pool, or enjoying a hot rum punch by the roaring fire in the lobby bar, one might have run into <a href="https://archive.nepalitimes.com/news.php?id=19173">Tony Hagen the Swiss development pioneer</a> who walked the length of Nepal, Dudley Spain long-term British Embassy implant, UNICEF’s Gordon ‘Golden’ Temple before he decamped to Bhutan, Jim Edwards the indefatigable owner of Tiger Tops, or <a href="https://nepalitimes.com/opinion/hiking-with-jimmy">Col Jimmy Roberts</a> with his floppy-eared spaniels, the founder of trekking in Nepal.&nbsp; <a href="https://archive.nepalitimes.com/news.php?id=10754">The legendary Boris Lissanevitch</a> regularly graced the kitchens as a special guest chef, bearing bottles of flavoured vodka and bones to make his famous borscht.&nbsp; Dame Freya Stark, Arabist explorer and British eccentric, was one of the first to stay at the Shangrila. Already in her 80s and rather forgetful, she declared on arrival: “I feel we must be somewhere east of the Euphrates.”&nbsp; We arranged two treks for her in the early 1980s with her favourite hill pony named Red Balls. Freya wrote in the Shangrila guest book: “This is the finest hotel I have ever stayed in with the nicest people in it.”  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20240730130728_66048d35cc12a3818bd29b2ef833184a30d110b0734eb2f89dc0c3ac3024bf42.jpg" data-media-id="editor_12" data-image-id="20240730130728_66048d35cc12a3818bd29b2ef833184a30d110b0734eb2f89dc0c3ac3024bf42" data-rendition-name="original" width="970" height="688" loading="lazy" alt="Dame Freya Start NT"> <figcaption>British explorer, Dame Freya Stark was one of the first celebrity writers to stay at Shyam's Shangrila Hotel in 1980, with Lisa Choegyal</figcaption> </figure>  Read also: <a href="https://nepalitimes.com/opinion/so-far-so-good/adventurers-in-a-vanishing-land">Adventurers in a vanishing land</a>, Lisa Choegyal <a href="https://nepalitimes.com/review/highs-and-lows-of-sir-ed">The great burra sahib Sir Edmund Hillary</a>, an ardent Shangrila fan, was feted with a garden dinner by his Sherpa friends to mark the Everest Golden Jubilee 50th anniversary in 2003. Suites were named after him and <a href="https://nepalitimes.com/banner/was-tenzing-a-tibetan-nepali-or-indian-it-does-not-matter">Tenzing Norgay</a>.&nbsp; <a href="https://nepalitimes.com/multimedia/what-next-for-reinhold-messner">Reinhold Messner</a> stopped by between 8,000m peaks. <a href="https://nepalitimes.com/news/climber-activist-david-breashears-68-5jqz27nf">David Breashears</a>, maker of IMAX Everest documentary that put Sagarmatha on the trekking map, used the garden as a quiet haven to shoot interviews, &nbsp;including with British film director Stephen Daldry (The Crown and Billy Elliot).&nbsp; Writer and nomadic traveller <a href="https://archive.nepalitimes.com/regular-columns/So-far-so-good/When-Bruce-Chatwin-was-in-Chitwan,1017">Bruce Chatwin </a>came as one of a long line of yeti-hunters en route to the mountains. American Mikel Dunham visited annually, author of Buddha’s Warriors and my co-editor of <a href="https://nepalitimes.com/here-now/from-liz-hawley-in-kathmandu">Elizabeth Hawley’</a>s diaries The Nepal Scene, which covered the turbulent political and social history of Nepal from 1988-2007.&nbsp; Over the years Shyam’s Shangrila Hotel hosted local weddings, rites of passage and some remarkable celebrations. Desmond arranged Utpal’s marriage to Caroline (of Chez Caroline) in 1981 amidst the terraces, fountains and newly planted marigolds in that soothing garden.&nbsp; The Prime Minister attended the 1994 reception honouring the Himalayan chronicler, Elizabeth Hawley, with 35 years of service to Reuters. Always a stickler for accuracy, to our embarrassment she kept interrupting the regional boss’ laudatory speech with factual corrections.&nbsp; Kunda Dixit had survived as Miss Hawley’s youthful journalist intern: “The Shangrila garden reminds me of Desmond Doig who was pivotal to my early career.” As Nepali Times’ publisher, Kunda chose it to mark its twentieth year and one thousandth issue in July 2020. As befitted a celebration in the time of Covid, numbers were limited, the party was muted, and hugs and handshakes were replaced by knuckle taps, elbow embraces and namastes. It would be one of the last events held there. Read also:<a href="https://nepalitimes.com/here-now/1-000-weeks-of-nepali-times"> 1,000 weeks of Nepali Times</a>, Mark Turin Today the old Shangrila Hotel is a gaping hole in Lazimpath’s landscape, an empty space echoing with memories. Under the direction of Shyam’s two sons and their offspring, Kathmandu, Pokhara, Chitwan and Begnas are in preparation to launch under the prestigious Intercontinental (and Indigo) brands. Whilst the family hotel properties are reincarnated to meet the changing times, founder of the dynasty late Shyam Bahadur Panday’s inheritance will continue to set benchmarks for the future.&nbsp;

Lisa Choegyal

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Shyam’s Shangrila

<figure><img width="640" height="427" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107171132/636933d69c7e80680e03dfc0jpeg.jpg" alt=""/><figcaption>Gyakok can be modified according to guests’ choice: vegetarian or non-vegetarian, rice or noodles and types of meat and veggies.</figcaption></figure><a href="http://archive.nepalitimes.com/news.php?id=2257#.W-0waDgzbIU">Momo</a>, thukpa, laping, sha phaley, thenthuk, khapsey and few other delicacies from Tibet have been favourites among Nepalis for quite a long time. But one dish which has huge potential to be much loved, yet has not received a page in Wikipedia. That dish is Tibetan hot pot, natively known as gyakok.Gyakok is Tibet’s take on the Chinese, Korean and other East Asian nations’ familial stew that comes simmering in a copper pot with a chimney-like opening on top, and a burner at the bottom for a constant flame. You can drop your desired meat, vegetables, seafood, mushrooms, wontons, dumplings, tofu, or anything else, into the soup and eat it as it cooks. The dish is for those who want their momos and thukpas in one place and can share it with others.“For a few years, restaurants and hotels in Kathmandu have been promoting this indulgent Tibetan dish during winter. This year, it is <a style="letter-spacing: 0.15px; background-color: #ffffff;" href="https://hotelshangrila.com/">Hotel Shangri-La</a> in Lazimpat and its resort in Pokhara bringing out the pot first. They are relaunching Shangri-La Gyakok for the coming winter from mid November until the end of December.Gyakok can be modified according to guests’ choice: vegetarian or non-vegetarian, rice or noodles and types of meat and veggies. Guests can experiment with the taste and enjoy with a big group of friends or family”, say Shangri-La’s new executive chef Vikram Kumar. <figure><img width="640" height="693" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107171132/636933d89c7e80680e03dfc1jpeg.jpg" alt=""><figcaption> </figcaption></figure>Shangri-La offers plenty of ingredients to add to the pot: mutton balls, shrimp or prawns, pork and chicken, boiled eggs, tofu and seasonal veggies. Side dishes include kimchi salad, garlic cucumber salad and mushroom bok choy. These can be paired with steamed rice, Tibetan momo (steamed bun), or chicken or vegetable momo too. Altogether, the dish becomes a hearty feast that checks all the nutrition requirements to get winter-ready. <figure><img width="640" height="427" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107171132/636933da9c7e80680e03dfc2jpeg.jpg" alt=""><figcaption> </figcaption></figure>Chef Kumar had a taste of Gyakok 10 years ago, and wanted to continue Shangri-La’s annual gyakok promotion. It took him just few days to understand how much Nepalis love momo, and he hopes Tibetan hot pot will be adored equally.It has been just two weeks since chef Kumar came to Kathmandu, and this is his first endeavor outside of India. “I plan to introduce many rarely available foods, including my signature dishes, and a new menu”, says the chef. “But before that I have to identify with the food culture here and I am looking forward to guests’ feedback on the gyakok.”   Shangri~La Gyakok Festival18 November- 31 DecemberHotel Shangri~La, Lazimpat, (01) 4412999Shangri~La Village Resort, Pokhara, (061) 462222Read also: <a href="http://archive.nepalitimes.com/news.php?id=19650#.W-0syzgzbIU">Shangri-La Kitchen</a>, Trishna Rana<a href="https://www.nepalitimes.com/review/buon-appetito/">Buon Appetito</a>, Sikuma Rai<a href="https://www.nepalitimes.com/review/a-new-chimney/">A new Chimney</a>, Sikuma Rai

Go Gyakok

The monsoon has got bad press because Nepal’s tourism operators actively told visitors to avoid <a href="https://nepalitimes.com/opinion/managing-the-monsoon?%2F">the rainy season</a>. It is time to change that. The reason can be found right here in the vast alpine meadows of Central Nepal where this time of year you can walk on velvet grass of pastures abloom with delicate pink, red and yellow flowers as the mist rolls up the valley. There is no sound except the hum of bumble bees. &nbsp;&nbsp; There are dozens of places across high Nepal called Chaurikharka, which means yak pasture. But this particular Chaurikharka in Rukum East located at an altitude of 4,000m stands out for its serene beauty, rustic charm and bucolic setting. There is just the occasional chime of <a href="https://nepalitimes.com/here-now/when-yaks-go-so-does-culture">yak bells</a> in the distance, and the sharp whistle of herders corralling sheep. &nbsp;&nbsp; The grass shoots are so fragile that one hesitates to step on them, the rounded ridges appear and quickly vanish in waves of mist. With the<a href="https://nepalitimes.com/here-now/before-the-next-monsoon"> arrival of monsoon</a>, these meadows are a soothing shade of green dotted with millions of <a href="https://nepalitimes.com/review/the-anatomy-of-a-flower?%2F=">multi-coloured flowers</a>. Until very recently, it took a week or so to hike up to places like Chaurikharka, but with the expansion of the road network even to these far-flung mountains in the lap of Dhaulagiri, they are much more accessible. It is just a three-hour uphill from the Mid-Hill Highway on the border between Baglung and Rukum East.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250802130828_a0b06b494d751b2144ffbbf10894ea64b29e8aed844bc8c66171783abfaf4e16.jpg" data-media-id="editor_4" data-image-id="20250802130828_a0b06b494d751b2144ffbbf10894ea64b29e8aed844bc8c66171783abfaf4e16" data-rendition-name="original" width="2048" height="1365" loading="lazy" alt="Visit Nepal in the monsoon"> </figure>  Purists would say that such easy access devalues the sanctity of these remote high meadows, but it also means more people will be moved to treasure the experience, appreciate <a href="https://nepalitimes.com/banner/natures-fragile-gift-to-nepal">the value of nature </a>so they can take steps to protect it.&nbsp; To be sure, the <a href="https://nepalitimes.com/here-now/deadly-monsoon-in-nepal-turns-deadlier">monsoon season can be challenging for road travel</a>. The roads are rough even at the best of times, and in the monsoon they become muddy and treacherous, often blocked by<a href="https://nepalitimes.com/news/monsoon-deluge-in-nepal"> landslides</a>. But that could be precisely the kind of adventure that the more intrepid visitors crave. Improved road connectivity has already made Chaurikharka and places like Badimallika &nbsp;and other sacred lakes in the mountains of western Nepal popular with domestic tourists. What is driving this traffic is the urge to go to exotic new places and share videos and selfies on social media. Several of Nepal’s travel vloggers have visited Chaurikharka and popularised the place, enticing followers on TikTok or YouTube to retrace their footsteps. But even as they become more popular, these fragile and once-remote places should be protected from over-tourism.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250731110736_f97110b7cdc3e7f80d5877690948fc9f4c95a09c583deb23b07355491e6c5446.jpg" data-media-id="editor_8" data-image-id="20250731110736_f97110b7cdc3e7f80d5877690948fc9f4c95a09c583deb23b07355491e6c5446" data-rendition-name="original" width="1083" height="699" loading="lazy" alt="Visit Nepal in the monsoon NT"> </figure>  <h2>INCREASING FOOTFALL</h2> Chaurikharka is located in Bhume Rural Municipality of East Rukum, near the scenic valley of Dhorpatan in Baglung district. Even in the <a href="https://nepalitimes.com/banner/monsoon-culture">middle of the monsoon</a>, there is a steady stream of Nepali hikers trooping to these high pastures – especially during festival days like Saune Sankranti which this year was on 17 July and actually marks the auspicious beginning of the monsoon here. “This year the rains have not been as heavy and there have been some clear mornings when we could see everything from Dhaulagiri to Machapuchre,” says Khageswar Bhandari, who trekked up here from the road. “The flowers, the greenery and the snowy mountain views make this an incredibly unique place.”&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250802130824_1b9e26f2e9853fdfe69154bb42a7c9ea6da4bf4940efc1da99b304dcfbd7d3d9.jpg" data-media-id="editor_10" data-image-id="20250802130824_1b9e26f2e9853fdfe69154bb42a7c9ea6da4bf4940efc1da99b304dcfbd7d3d9" data-rendition-name="original" width="2048" height="1152" loading="lazy" alt="Visit Nepal in the monsoon"> </figure>  Chaurikharka is worthwhile to get to in any season, but it has a different charm during the monsoon. Word has spread and because it is now easy to get to from Baglung or even Pokhara, people have been flocking here.&nbsp; “Holidays and Saturdays see the largest crowds, with up to 500 visitors every day,” says ward chair Mankaji Pun of Bhume.&nbsp; There was a time not too long ago when local herders brought sheep, goats, cows, buffaloes, horses, and mules to graze here during the monsoon. Although there are still livestock around, animals have been replaced by visitors taking selfies. Read also: <a href="https://nepalitimes.com/here-now/the-monsoon-and-nature-s-arithmetic">The monsoon, and nature’s arithmetic</a>, Tom Robertson Ward Chair Pun says infrastructure development is his main priority. A foot trail to Chaurikharka was built last year by the Tourism Division Office in Kohalpur, but access via the Raniwas-Koipa road section still remains challenging.&nbsp; “If we get more budget, we can improve the road and facilities to make Chaurikharka the main tourist attraction of this region,” says Bhume Municipality Chair Hom Prakash Shrestha. “After that, we hope to promote Chaurikharka as a top tourist spot.”&nbsp; Economic activity is also picking up with the arrival of visitors, but there seems to be a need to manage the makeshift sheds made of corrugated sheets that spoil the beauty of the place. Tea shops and lodges are also available but facilities are basic. Kuldeep Neupane took a three-day trip from Ghorahi in Dang to visit Chaurikharka recently, and says: “This is an ideal trip to make a quick getaway and let nature recharge your mind and body. And it is much more fun with a tent, to watch the sunrise over the Himalaya or the mist blowing in.”

Visit Nepal in the monsoon

Two weeks ago, Prime Minister KP Sharma Oli announced jubilantly on social media that Nepal had achieved a historic annual growth of 81.8% in exports. He was right. Nepal’s trade did take a great leap forward compared to last year. But the dramatic rise was mainly due to processed soya bean oil.&nbsp; However, Nepal does not produce the edible oil it exports. In fact, the soya and palm oil that make up 44% of total exports are imported from Southeast Asia and South America, and simply re-exported, mostly to India.&nbsp; Under the SAFTA (South Asian Free Trade Area) Agreement, Nepal can export products to India duty-free if it has at least 30% value-added. Nepal’s traders have taken advantage of SAFTA even though the edible oils they export do not reach that value addition threshold. “The 30% value addition requirement is often only on paper,” says former commerce secretary Purushottam Ojha. “It is clear that simply packaging edible oils in Nepal does not fulfil the terms of the trade agreement.” Prime Minister Oli is aware of this, and even called Nepal’s export figures “fake” at an earlier event. The government is relying on other iffy figures to suggest that Nepal’s economy is strong and getting stronger. For example, the value of imports rose by 13.25% in 2024-25 compared to the previous fiscal year.&nbsp; Some of it was due to a jump in electric vehicle imports worth Rs 31.76 billion, but mostly it was because more wholesale soya oil was imported to be re-packaged and sold in India. The very fact that the government boasts about increased imports is an indication of how much it relies on taxing them for revenue. Touting such trade figures cannot be the basis to claim an economic rebound.&nbsp; “A jump in the value of imports can be interpreted as an increase in purchasing power, but it is not evidence of a stronger economy,” says economist Keshav Acharya. “Even though imports have increased, Nepal's domestic production and productive capacity have not improved.” Nepal Rastra Bank's semi-annual economic activity study report shows that industrial production was down in the first six months of the last fiscal year. This despite an increase in the number of new industries registered and investment commitments. Out of the Rs70.2 billion proposed foreign investment, Nepal received only Rs17.9 billion last year.&nbsp; Meanwhile, the rate of capital formation was limited to 24% last year, which is lower than the year before, suggesting that new investment, job creation and economic expansion all declined. If domestic production does not improve in relation to this year’s inflated trade figures, the outflow will put pressure on foreign exchange reserves like it did three years ago. At that time, Nepal borrowed from the IMF under its Extended Credit Facility Program to kickstart the economy.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025080710084_2cdaaa5795828c4a7de93a0604ba884ef0a8b8f24cccd939f6c24e279ab6058f.jpg" data-media-id="editor_0" data-image-id="2025080710084_2cdaaa5795828c4a7de93a0604ba884ef0a8b8f24cccd939f6c24e279ab6058f" data-rendition-name="original" width="1633" height="723" loading="lazy" alt="Nepal's bubble economy NT"> <figcaption>Source: NEPAL RASTRA BANK</figcaption> </figure>  The macroeconomy is on firm footing with foreign exchange reserves at a comfortable Rs2,520 billion in May, up 23% from last year. This was largely due to remittances, and partly due to a falling NPR exchange rate. Real estate transactions and the stock market index have also been climbing as a result of government policies to revive the sector.&nbsp; However, former executive director of Nepal Rastra Bank Nar Bahadur Thapa cautions: “This is not organic growth, it is the result of deliberate policy decisions to relax rules on real estate and stock markets transactions.” In reality, the sharp rise in land prices have increased the cost of production, and excessive monetisation of the real estate has become the main source of Nepal’s economic woes. The central bank has announced a slew of new policies, shifting the terms of loan repayment for industrialists and entrepreneurs, reducing interest rates, and injecting more working capital — all designed to inject adrenaline into the real estate and stock market sectors.&nbsp; When he was governor, Mahaprasad Adhikari made several financial reforms during the latter half of his tenure to stimulate the economy, including tightening credit flow.&nbsp; By the last fiscal year, additional financial reforms had resulted in a credit expansion rate of around 8%. As the pace of credit expansion slows, real estate prices have started to fall. This is actually beneficial to the economy, because it lays the foundation for improvements in land-related entrepreneurship, production, and the construction sector. Just because real estate and the stock market transactions increase, it does not indicate an economic turnaround — especially when manufacturing and productive sector continues to languish.&nbsp; “It is foolish to believe that real estate and the stock market have magically revived our economy. Agriculture employs more than half of the population, but it is in decline. Investment in the productive sector has not increased, and job creation has not increased.” Two years ago, Nepal’s industrialists, business leaders, and political leadership predicted a recession amidst a sluggish business, declining market demand, large-scale job loss, and a shrinking real estate and share market.&nbsp; Still, the economy grew by 3.36% in fiscal year 2023/24. In fact, Nepal’s economy has grown nominally over the last two decades even when all sectors of the economy are in decline.&nbsp; Says Keshav Acharya: “The growth in trade, real estate, and the stock market are bubbles. The real economy remains stagnant.”

Nepal’s bubble economy

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

Flouting rules caused Saurya tragedy

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

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Flouting rules caused Saurya tragedy

Walking, working, worshipping in Patan