Author: space4knews

Nepal is recognized among the least developed countries in the world and has been upgrading to the status of a developing country since November 2026. For nearly 55 years, Nepal remained classified as a least developed nation, making this elevation a significant achievement. The country has pursued planned development for seven decades. Several nations that began development at the same time as Nepal have today become prosperous and powerful, but Nepal’s economic progress remains insufficient. Despite numerous policies, practices, and experiments over the years, the level of development has yet to meet satisfactory standards.

Planned development commenced in 1956 (2013 BS), followed by economic liberalization after the 1980s (2040s BS). Various political changes also took place, transitioning from a monarchy to a federal republic, along with opening up to foreign investment, giving greater priority to the private sector, and efforts to establish robust policies.

Despite different political leaderships and commitments, Nepal’s development pace remains notably slow. Currently, Nepal’s export trade is weak, there is heavy dependency on imports, a large trade deficit, low productivity, fragile manufacturing industries, rapid outmigration of the youth workforce, weak institutional capacity, increasing corruption, poor quality of public services, limited foreign investment, declining private sector morale, policy instability, failure to modernize agriculture, policy inconsistency, and a lack of transparency. Political instability coupled with a shortage of honest and visionary leadership leaves Nepal still in a third-world economic situation.

East and Southeast Asian countries have doubled their per capita income within 10 to 15 years, but Nepal has not achieved this even after 30 years. In the last 25 years, Nepal’s average economic growth target was 5.7%, but the actual growth averaged only 3.4%. Nepal entered the lower-middle-income country category in 2019, marking a significant milestone in economic advancement.

Thirty years ago, Nepal had minimal indicators in poverty, health, and education, but has since shown remarkable improvements in these areas. Although Nepal has embraced concepts of inclusive and sustainable development, persistent structural challenges have hindered sustained economic growth.

Countries in East and Southeast Asia doubled their per capita income in 10 to 15 years, while Nepal took 30 years without achieving this milestone.

In Nepal’s economy, the contribution of productive industries remains minimal, while remittances account for about 25% of GDP. Heavy dependence on remittances, workforce outmigration, internal and external political risks, and slow transition from agriculture to non-agriculture sectors constitute major obstacles to economic development.

Singapore’s economic transformation took 30 years, South Korea 40 years, Malaysia 30 years, Japan 20 years, and China 40 years. These nations have achieved remarkable economic progress within relatively short periods, while Nepal’s progress has been unsatisfactory. Compared to these countries, which had similar economic standings 40 to 50 years ago, Nepal today relies heavily on foreign economic assistance rather than self-sufficient growth.

China has become the world’s second-largest economy and is considered the ‘world’s production powerhouse.’ South Korea ranks as the 11th largest global economy and fourth in Asia, achieving a remarkable economic miracle over 40 years by becoming a modern industrial power. Until 1963, South Korea was a developing country and is now a major contributor to the International Development Association since 1977.

Singapore has transformed into a highly developed country and is counted among the ‘Four Asian Tigers.’ Overcoming high unemployment, poor infrastructure, and an uncertain future, Singapore shifted from a third-world to a first-world nation within 30 years. Its development model is regarded as exemplary globally.

Facing internal conflict and economic challenges, Malaysia became a modern industrial economy in about 30 years. Malaysia’s visionary leadership and conflict management model serve as examples for other countries.

After the disruption caused by World War II, Japan’s economy became a global example, evolving as the first modern non-European power nation. Japan’s economic surge is known as the ‘Japanese Economic Miracle.’

Japan, Singapore, Malaysia, South Korea, and China advanced economically by implementing timely policy reforms and resolving structural challenges. Nepal, on the other hand, still struggles with its structural problems. The country has not been able to create pragmatic leadership and skilled workforce systems like Singapore, nor develop export-focused productive industries or adopt models to effectively utilize labor and technology as China and South Korea have.

Nepal has only witnessed China’s digital revolution, ‘dual-track reform strategy,’ and rapid infrastructure development from the sidelines. It has failed to invest adequately in research and development and human capital like South Korea. Nepal’s adoption of technological policy has lagged behind, failing to effectively implement five-year plans or pursue export-led industrialization as practiced by Korea.

Overall, Nepal has not learned from the ‘Miracle on the Han River.’ Ironically, thousands of Nepali workers migrate yearly to South Korea for employment. Nepal has also failed to resolve conflicts efficiently and foster national unity through policy frameworks like Malaysia’s.

While Malaysia ensured continuity of economic policies across different governments, Nepal experiences frequent shifts in political and economic policies with each change in administration. Public service reforms like those in Malaysia have not materialized in Nepal. Similarly, government roles in industrial expansion and technological development, exemplified by Japan, remain inadequately realized. Nepal struggles to control quality and maintain continuous improvement to enhance international competitiveness.

Japan effectively utilized foreign assistance, while Nepal has seen increasing misuse of aid. Japan’s rapid economic growth stemmed from appropriately applying Western scientific, philosophical, technical, and political ideas. Nepal, however, has failed in this area. Japan’s development is considered an ‘East Asian model’ in economics, whereas Nepal remains only an observer.

In 2024, the government-appointed High-Level Economic Reform Recommendation Commission developed a comprehensive roadmap, the ‘Reform 2.0’ plan, for Nepal’s economic and structural reforms. This plan outlines improvements in tax structures, trade and investment environments, private sector role enhancement, transparency and efficiency in public financial management, infrastructure and energy development, financial system strengthening, and public service improvements.

Timely implementation of this reform plan is crucial to transform Nepal’s economic, social, and administrative structures into a robust, modern, competitive, and professional framework to ensure sustainable economic growth. Nepal must formulate and implement its own reform strategy, with a primary focus on policy reforms, effective implementation, gradual improvements, and consistent regulatory frameworks.

A rigid zero-tolerance policy must be enforced against governance systems involved in corruption. Building a responsible and accountable workforce devoted to national development, who are honest, skilled, and impartial, is essential for Nepal’s structural reform. Without addressing these, expecting long-term economic and social progress would be like ‘building castles in the air.’

(The author, Kandel, is the Chief Manager of Nepal Bank Limited.)

Kathmandu. Nepali scientist Professor Thakur Dhakal, currently based in South Korea, has been awarded an international research grant amounting to nearly 24.5 million Nepalese Rupees.

The National Research Foundation (NRF) of South Korea has decided to provide financial support for a three-year project from 2026 to 2029 focused on climate change, global warming, and eco-regime studies. The total project budget is approximately 24 million NPR.

This research will be conducted under the Yeungnam University Research Institute in South Korea, with Professor Dhakal leading the project as principal investigator. The project duration is from March 1, 2026, to February 28, 2029.

Receiving such a significant grant through an international competitive process is considered a major achievement for a Nepali scientist. It holds particular significance due to its focus on research in the globally critical area of climate change.

Dhakal publicly shared his success on social media, expressing gratitude to supporting colleagues, research partners, and institutions. He also urged for expanded international research cooperation and network building.

Having a Nepali scientist’s proposal selected in a research-driven country like South Korea is not only a personal milestone but also a matter of pride for the Nepali intellectual community. This project is expected to create new opportunities for research and development while boosting the international presence of Nepali researchers.

The project is anticipated to generate new knowledge in environmental protection, climate risk, and eco-regime studies, marking another critical step in enhancing the international recognition of Nepali scientists.

8 Chaitra, Jaleshwar – From today, the Chaiti Chhath festival has officially commenced across the entire Mithila region, including Mahottari district in Nepal and parts of India.

Observed with various religious rituals over four days, the festival has begun in the Terai plains covering districts such as Mahottari, Dhanusha, Siraha, Saptari, Sunsari, Morang, Sarlahi, Rautahat, Bara, and Parsa, encompassing the whole Mithila region.

In Mahottari, Chaiti Chhath is celebrated with great enthusiasm around numerous ponds, lakes, and notable rivers like Bighi, Rato Marha, Jangaha, Ankusi rivers, and canals in both urban and rural areas including Jaleshwar, Matihani, Suga, Gaushala, Pipara, Samsi, Bardibas, among others.

Kameshwar Pathak, priest of Baba Jaleshwarnath Mahadev in Jaleshwar Municipality–1, explained that this festival particularly promotes interest in truth and non-violence while inspiring compassion towards all living beings. According to Pathak, the worship of the sun in this festival is unique as it venerates both the setting and rising sun, making it the only festival in the world with such a custom.

Chaiti Chhath is celebrated with reverence, invoking blessings for family happiness, peace, prosperity, good health, freedom from diseases, and fulfillment of various wishes. Devotees gather at ponds, rivers, lakes, and reservoirs during the festival.

The first day of the four-day festival (today) Sunday involves the devotees bathing to purify and strengthen their bodies. The second day (tomorrow), Monday, is observed as Kharna when devotees fast and during the night perform rituals inviting the Chhath deity’s arrival, worshipping the family deity, and consuming arwa arbhain, a preparation made without salt.

On the third day, Tuesday (Shashthi), in the evening, devotees carry offerings such as wheat and rice ground in mortar and pestle into various sweets like Thakuwa, Bhuswa, Khajuriya, Perukiya, along with fruits and seasonal vegetables while singing folk and devotional songs as they proceed to the Chhath ghats at designated water bodies.

During the Tuesday evening ritual, devotees enter the water to offer the evening arghya (offering) to the setting sun, applying sandalwood paste and vermilion on their foreheads and hands, presenting akshata flowers and other ceremonial items in turn. On the following Wednesday morning, the festival concludes when devotees return to the ghats to offer arghya to the rising sun.

According to the Mahabharata, Draupadi and the Pandavas worshipped Surya Dev during their period of exile, which coincides historically with their residence in the region of the Kirat king of Mithila. Folklore holds that this marks the inception of the Chhath festival. The Surya Purana mentions that the tradition of Chhath vrat was first observed by Anusuya, wife of the sage Atri, who attained steadfast fortune and true love, marking the beginning of this longstanding custom.

Chhath is not only a religious event but also a symbol of social harmony, celebrated by Hindu devotees and the Muslim community alike. Traditionally, 70 types of offerings are made during the festival; however, it is believed that even those who offer fewer items, such as a modest amount of rice, are favored by the deities.

Chaitra 8, Palpa – The number of fatalities in the tipper truck accident that occurred Saturday evening in Palpa has reached four.

According to DSP Home Prakash Chaudhary, Public Information Officer at the District Police Office Palpa, 33-year-old Rajan Chidi from Tansen Municipality-10, Patuwa, who was seriously injured in the accident at Rahabas, Ward 7 of Mathagadhi Rural Municipality, died during treatment, bringing the total death toll to four.

Previously, the drivers and individuals who died included 26-year-old Chinta Bahadur Sunar from Sheetganga 4, Arghakhanchi, 26-year-old Sunil Bik from the same locality, and 26-year-old Sunil Nepali from Khaireni, Devdaha 2, Rupandehi.

The empty tipper truck, registration number Lu 2 Kha 4525, was traveling from Jhadewa to the Chun Dhunga mine in Rahabas when it fell approximately 100 meters off the road on Saturday evening.

Four men, including the driver, were injured in the accident. The injured were immediately taken to Lumbini Medical College for treatment. Three of the men were declared dead on the spot by medical personnel.

Rajan Chidi, aged 33, was transferred to Bhairahawa Medical College in Rupandehi for further treatment where he also succumbed to his injuries, DSP Chaudhary confirmed.

March 21, Kathmandu – Nepal Rastra Bank has set the exchange rates for foreign currencies for today.

According to the central bank, the buying rate for the US Dollar is NPR 149.64 and the selling rate is NPR 150.24.

Similarly, the buying rate for the European Euro is NPR 173.12 and the selling rate is NPR 173.81.

The buying rate for the UK Pound Sterling has reached NPR 200.38 and the selling rate is NPR 201.19.

The Swiss Franc’s buying rate is NPR 190.01, with a selling rate of NPR 190.77.

The Australian Dollar’s buying rate is NPR 105.89 and its selling rate NPR 106.31, while the Canadian Dollar’s buying rate is NPR 109.04 and selling rate NPR 109.48.

Singapore Dollar has a buying rate of NPR 117.01 and selling rate of NPR 117.48.

Japanese Yen (per 10 units) has a buying rate of NPR 9.43 and a selling rate of NPR 9.47, while the Chinese Yuan’s buying rate is NPR 21.73 and selling rate NPR 21.82.

Saudi Arabian Riyal’s buying rate is NPR 39.85 and selling rate NPR 40.01.

Qatari Riyal is bought at NPR 40.94 and sold at NPR 41.11.

The central bank has set the Thai Baht’s buying rate at NPR 4.58 and selling rate at NPR 4.60.

UAE Dirham’s buying rate is NPR 40.74 and selling rate NPR 40.91, whereas the Malaysian Ringgit is bought at NPR 37.98 and sold at NPR 38.14.

South Korean Won (per 100 units) has a buying rate of NPR 9.99 and selling rate of NPR 10.03; Swiss Kroner’s buying rate is NPR 16.07 and selling rate NPR 16.14.
Danish Kroner is bought at NPR 23.17 and sold at NPR 23.26.

Hong Kong Dollar’s buying rate is NPR 19.10 and selling rate NPR 19.17 per unit, as per the central bank.

Kuwaiti Dinar has a buying rate of NPR 488.06 and selling rate of NPR 490.02; Bahraini Dinar’s buying rate is NPR 396.34 and selling rate NPR 397.93.

Omani Riyal is bought at NPR 388.68 and sold at NPR 390.23.

Indian Rupee 100 notes are valued at NPR 160 for buying and NPR 160.15 for selling.

The central bank has noted that it can revise exchange rates at any time as necessary.

Exchange rates set by commercial banks may differ, and updated rates will be available on the Nepal Rastra Bank website.

March 21, Kathmandu – The Armed Police Force (APF) Nepal has transferred the post commander and other personnel, including Deputy Superintendent of Police (DSP) Pradeep Paudel, from the border security post at Khakraul, Kailali, to their headquarters.

This action follows the seizure of illegally imported goods from India on March 18, and an investigation revealed lapses in unit security, prompting the transfer of personnel for disciplinary proceedings at the APF headquarters.

APF spokesperson Bishnu Prasad Bhatt stated that during the incident, some smuggling groups unlawfully entered the Armed Police Force compound and attempted to assault the post commander. The headquarters has initiated a thorough investigation into why force was not used in such a serious breach and why adequate security measures were not maintained at the unit.

Although DSP Paudel has been actively working to curb smuggling, the headquarters concluded that the unit’s security precautions were inadequate.

Earlier, the APF Nepal’s No. 7 Baidyanath Battalion headquarters in Kailali formed an investigative committee led by Armed Police Superintendent (SP) Anil Karki, commander of the No. 43 Reserve Battalion, Banbahada, Kailali, to look into the incident.

Following the developments, all APF personnel present at the site were recalled to headquarters, and personnel from the APF No. 34 Battalion, Kailali, have been reassigned.

The Armed Police Force has been continuously conducting operations against smuggling and maintaining special vigilance against smuggling activities originating from Khakraul, according to the headquarters.

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March 20, Gulmi – In Resunga Municipality-3, Bhadgau of Gulmi district, an elderly man has been found dead. 75-year-old Gyaneshwar Pandey from Tamghas was discovered deceased around 2 p.m. on Saturday, about 10–15 meters below the road that connects Tamghas to Gaushala.

Local residents suspect that he may have died after falling from the road. Upon receiving the report, a team led by Police Inspector Sudip Nepali from the District Police Office in Gulmi was dispatched. The police have stated that further investigation into the incident is underway.

March 21, Kathmandu – Russian President Vladimir Putin stated that Russia has always been a loyal and reliable ally of Iran. He made these remarks while extending greetings to Iranian leaders on the occasion of ‘Nowruz’ (the Iranian New Year) on Saturday.

“Moscow has always been a loyal and trustworthy partner of Tehran,” said a statement released by the Kremlin. President Vladimir Putin conveyed New Year greetings to Iran’s Supreme Leader Ayatollah Mojtaba Khamenei and President Masoud Pezeshkian, assuring that the Iranian people will overcome difficult challenges with dignity.

Earlier, Putin criticized the United States and Israel for their attacks on Iran, which he said have plunged the entire West Asia region into devastation. “The United States and Israel have created a massive global energy crisis,” Putin commented.

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February 23, 2026

Chaitra 7, Siraha – At 60 years old, Gangadevi Ram’s feet are not yet weary, but her spirit is deeply distressed. The cause of her distress is the daily humiliation she endures in her quest for water.

Every morning, she sets out early with an empty pitcher cradled in her arms, fearful not only of thirst but of the shame she will face. Gangadevi regularly goes to a nearby brick kiln to fetch water, where she is subjected to indignities.

“Sometimes they don’t allow me to fill the water. Occasionally, when waiting my turn, I am abruptly pushed away from the spot,” Gangadevi shares her ordeal. “At times, my empty containers have been thrown aside.”

Her experience reflects the shared struggle of 50 Dalit families living in Nipane of Golbazar Municipality-5. These families endure daily insults and suffering just to access water.

Despite changes on a national level and government presence in the village, the story remains unchanged for these Dalit women in Nipane who must start each day enduring such humiliation to quench their thirst.

Jugeshwaridevi Ram, another longtime resident of the same settlement, has spent many years living this ordeal. Her hair has turned completely white, yet the disgrace connected with obtaining water persists.

“Earlier, we used to bring water from a borewell in the fields; when the water stopped flowing for days, children had to face discrimination by missing school and work,” Jugeshwari recounts, “The pain caused by the water shortage never left us.”

The residents’ grievances extend beyond the local leaders and have turned into frustration. Since the introduction of multiparty democracy, politicians have promised to bring water during every election campaign, yet clean water has never reached Nipane.

Six months ago, the Golbazar Municipality installed a borewell in the middle of the village, but clean water has yet to flow from it. “The borewell rarely works, and when it does, it only delivers dirty water,” says local resident Ramkumar Mahara.

Kapil Sah, the contractor responsible for the borewell installation, states that the machinery was installed according to plan. “The machine is installed, but due to poor drainage in the village, dirty water might be coming through,” he explains. “We are preparing to send a technical team for repairs. Once drainage improves, the water quality will also get better.”

Bal Krishna Gautam, ward chairperson of Golbazar-5, acknowledges the water issue in Nipane. “We are aware of the problem and that is why we installed the borewell. Some issues have arisen, but they will be addressed,” he stated.

However, such assurances are nothing new for the residents of Nipane, according to locals. “Promised solutions always come, but the problem remains,” says Dalit woman Jugeshwari. “We have endured these hardships all our lives. Now, we hope the next generations at least can have easy access to a single pitcher of water.”

Even in the recent House of Representatives election, candidates came promising water and taps in exchange for votes, she adds. “This time, again, they asked for votes by promising water. It remains to be seen what will happen,” she remarks.

The people of the Dalit settlement in Nipane continue to face daily humiliation and discrimination at the brick kiln borewell while fetching water, highlighting a stark reality for the state. Despite the leaders’ promises of development, the parched thirst of Nipane’s Dalit community remains a pressing concern.

The United States Central Command (Centcom) has asserted that it has weakened Iran’s ability to threaten ships in the Strait of Hormuz. According to Centcom, recent attacks have diminished Iranian power in the region.

Centcom Commander Brad Cooper shared in a video message on the social media platform X that this week’s strikes destroyed underground facilities used for storing cruise missiles and other weapons by Iran.

He added that the operation not only targeted weapon storage sites but also critical intelligence support centers used for monitoring ship movements, as well as missile radar systems.

“As a result, Iran’s capability to jeopardize the free movement of vessels around Hormuz has been weakened,” Cooper stated. “We will continue to target such facilities.”

In the video, Cooper also revealed that the United States has struck more than 8,000 Iranian military locations to date, including 130 Iranian naval vessels.