Submit your Article

Prime Minister Pushpa Kamal Dahal has been stating in various forums that a budget of up to Rs 1.9trn would be needed for the fiscal year 2024/25.

The private sector, meanwhile, has been saying that a larger budget would have an adverse impact on them. Speaking at a pre-budget roundtable recently, business leaders said a large budget size will put pressure on resources, and as revenue and tax rates will have to be increased for this, ultimately the private sector will have to bear the brunt. They said that the government should bring a budget that can be implemented rather than focus on its size. In their suggestions to the finance ministry, which is preparing the budget for the upcoming fiscal year, they have requested the government to not exert pressure and dampen the morale of the private sector.

Rajesh Kumar Agrawal, President of the Confederation of Nepalese Industries (CNI), said that if the government focuses on a large budget, it will put pressure on the private sector. “This will help neither the government nor the private sector,” he added. “A wrong narrative is being created that credit extended to the private sector is being misused. This should be corrected.”

Likewise, Chandra Prasad Dhakal, president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), urged the government to bring a budget that can be implemented. “Since we recently held the 2024 Nepal Investment Summit, the coming fiscal year should be taken as the beginning of the investment decade. It seems that the monetary policy was not in sync with the budget. As a result, the government is not being able to achieve what it intends to achieve,” he added. Likewise, Nepal Chambers of Commerce (NCC) President Kamlesh Agrawal requested the government not to increase tax rates that would put an additional burden on the private sector. “Rising tax rates alone do not guarantee revenue growth. It can encourage smuggling,” he added.

Sunil KC, president of the Nepal Bankers’ Association, complained that construction entrepreneurs have been adversely affected as the government has not increased the size of capital expenditure which has ultimately led to an increase in bad loans in banks. “The construction sector accounts for the highest non-performing loans (NPLs) in the banking system. This situation has arisen because the government failed to make capital expenditures,” he added.

Likewise, Upendra Prasad Paudyal, president of the Bank and Financial Institutions Association of Nepal (BFIN), said NPL levels in the banking system can be controlled if the government is flexible towards the construction sector. “The government should encourage construction even by issuing bonds if needed. If that sector rises, NPLs will decrease, and other sectors will also improve,” he said.

On the other hand, Ganesh Karki, president of the Independent Power Producers’ Association (IPPAN), suggested that the budget give special priority to the hydropower sector, as hydropower construction not only generates electricity but also builds roads, triggers market expansion, and creates employment simultaneously.Similarly, Karan Kumar Chaudhary, president of the Nada Automobile Association of Nepal, complained that the government has forgotten the automobile sector. He said that the automobile sector has fallen victim to double taxation.

Economist Prof Dr Achyut Wagle suggested making bold decisions and showing courage for reforms, as the sectors traditionally considered the backbone of the economy are currently facing problems. “Nepal is falling behind as it has failed to identify and develop potential sectors. There is a need to explore new revenue sources,” he added. Likewise, Resham Thapa, head of the Department of Economics under Tribhuvan University, said local units shouldn’t be undermined while preparing the budget.

Deputy Prime Minister and Minister for Health and Population Upendra Yadav resigned from his post on Monday.

 He submitted resignation to Prime Minister Pushpa Kamal Dahal this morning. 

Yadav, also the Chairman of the Janata Samajbadi Party Nepal, mentioned in his resignation letter that he decided to resign as he was not feeling comfortable to work together with the ruling coalition parties staying in the government in the evolving political situation.

He also thanked the Prime Minister for providing the opportunity to work in the government.

Similarly, Minister of State for Health and Population Deepak Karki representing the government from the same party also resigned from the post today itself.

Nepal, a country with diverse climates and geography, faces significant climate change impacts, from melting glaciers in the Himalayas to erratic lowland monsoon patterns. To mitigate these impacts, Nepal is investing in renewable energy sources like hydroelectric power, promoting reforestation, and encouraging sustainable agricultural practices to reduce carbon emissions. Nepal’s contribution is insignificant globally, but its commitment to reducing carbon emissions is promising. After the government’s commitment to reducing carbon emissions and exploring renewable energy sources, efforts toward hydropower development, harnessing of solar energy and other green energy sources have gained momentum. For a couple of years, as green hydrogen has been considered the most efficient and sustainable green energy, its potential in Nepal has become of interest to researchers, developers and the government. It represents a promising solution in the nation's transition toward a low-carbon economy. This innovative energy source, derived from renewable electricity, can significantly achieve climate goals while promoting economic growth and energy security. 

Green hydrogen is generated through electrolysis, wherein water is split into hydrogen and oxygen using electricity derived from renewable sources. This contrasts with gray hydrogen, produced using fossil fuels and resulting in significant carbon emissions. Since green hydrogen is created using renewable energy like hydroelectricity, it does not contribute to greenhouse gas emissions, making it a green alternative and becoming the choice of most countries that plan to achieve net zero emissions in the near future.

Nepal’s abundant hydroelectric resources position it as an ideal candidate for green hydrogen production. With over 40,000 megawatts (MW) of hydroelectric potential, the country can leverage this clean energy to generate hydrogen. Till now, Nepal has produced 2,800 MW of electricity from hydropower and is expected to produce 15,000 MW by 2030 and 30,000 MW by 2035. This opens the door to various applications, including the production of green hydrogen, which contributes to reducing Nepal’s carbon footprint while supporting its energy needs and economy.

Green hydrogen can serve as energy storage, capturing surplus electricity during high hydropower generation. This stored energy can then be used during periods of low water flow or peak demand, enhancing grid stability and reliability. As most of Nepal’s hydropower plants are runoff river types, significant energy is expected to be surplus during the monsoon season, where about 80 percent of precipitation occurs. Once more than 30,000 MW of hydroelectricity is generated, it is expected to have significant surplus energy during the monsoon season, which can be transformed into green hydrogen either used during the dry season or in any other form. It can power vehicles, emitting only water vapor as a byproduct. This can significantly reduce emissions in the transport sector and is one of the most significant contributors to air pollution and carbon emissions. Adopting green hydrogen technology can set a precedent for sustainable transport for a country like Nepal, where transportation infrastructure is rapidly developing. The industrial sector can also benefit from green hydrogen. It can replace natural gas and other fossil fuels in various industrial processes, reducing carbon emissions and supporting the country’s climate goal of reaching net zero carbon emissions by 2050. Nepal can benefit from reducing carbon emissions by participating in international carbon trading and offset programs, which allow developed countries to invest in carbon-reduction projects and provide funding and technology. This will promote economic growth, job creation and sustainable practices while enhancing environmental and public health outcomes.

Moreover, green hydrogen presents export opportunities for Nepal. If the country can produce excess green hydrogen, it can become a valuable resource for neighboring countries seeking clean energy solutions. The sale and export of green hydrogen can be easily expanded to several countries, in addition to India and Bangladesh, which are considered hydropower markets only. This could provide an economic boost and position Nepal as a regional leader in green hydrogen production and technology.

Despite the numerous benefits of green hydrogen, several challenges must be addressed for its widespread adoption in Nepal. Infrastructure development is one of the primary hurdles. Establishing hydrogen production, storage and distribution facilities requires significant investment and technical expertise. The cost of building this infrastructure can be high. The cost of green hydrogen will be high due to being more expensive to produce than gray hydrogen, mainly due to the high costs associated with renewable energy and electrolysis technology. However, these costs are expected to decrease as technology advances and economies of scale are achieved.

Government policies and regulations play a crucial role in promoting green hydrogen. Clear guidelines and incentives are needed to encourage private sector investment and drive the development of green hydrogen technologies. Without a supportive regulatory framework, it will be challenging to attract the investment required to build necessary infrastructure. Nepal can form international partnerships to access technology and funding for green hydrogen projects. Collaborating with countries and organizations experienced in hydrogen technology can provide valuable insights and resources to accelerate Nepal’s green hydrogen development. By focusing on advancing green hydrogen technology, Nepal can reduce production costs and improve efficiency. This can lead to broader adoption of green hydrogen across various sectors, fostering economic growth and job creation. An Indian investor is reported to have expressed interest in investing in Nepal’s green hydrogen production and promised to commit Rs 2trn to the project if the Nepal government establishes a supportive policy framework for green hydrogen. Also, other investors, especially from developed countries, might be interested in investing in green hydrogen for their responsibility of combating carbon emissions.

So, green hydrogen can potentially be a game-changer for Nepal as it seeks to combat climate change and transition to a low-carbon economy. By leveraging its abundant hydroelectric resources, Nepal can produce green hydrogen to meet its energy needs and reduce its carbon footprint. The applications of green hydrogen in energy storage, transportation and industrial processes are vast, offering a cleaner alternative to fossil fuels. Despite infrastructure development and cost challenges, Nepal can overcome these hurdles through strategic planning, international partnerships and a supportive regulatory framework. By focusing on innovation and embracing green hydrogen technology, Nepal can position itself as a leader in the region, making way for a rapid economic growth and contributing to global efforts to combat climate change.

In ‘Maybe Next Time’ by novelist and screenwriter Cesca Major, we meet Emma Jacobs. She is a literary agent. She loves her job which is basically reading books and discovering new authors. She has a loving husband, Dan, and two wonderful children, Poppy and Miles. But she’s always rushed—her phone pings all the time, she has meetings to attend, and books to get published. She loves her family but she, like most of us, has unknowingly placed them at the bottom of her priority list. She and Dan had a deal, which was to write a letter to each other on their anniversary. Emma always forgets. She has, even though she will never admit it, taken her family for granted.

Then one day everything changes and her family and life will never be the same again. But she finds herself stuck in a time loop. The same day keeps repeating itself but the outcome is unchanged. If she can fix her mistakes, will she be able to rewrite the future? The metaphysical aspect of the story makes you contemplate life and how you are living it. As Emma tries to do things differently to change the course of her life, she starts noticing how focusing on unnecessary things was complicating her life for no reason. Knowing what she knows about how the day will end, she is forced to slow down and take pleasure in all the little things, and value those she loves.

I have a shelf dedicated to my favorite books. It has books like ‘Matilda’ by Roald Dahl, ‘A Man Called Ove’ by Fredrik Backman, ‘Circe’ by Madeline Miller, and ‘Where the Crawdads Sing’ by Delia Owens among several others. These are books that I will recommend to everyone I meet, think about with love and longing, and absolutely refuse to lend when someone invariably asks for them. I don’t want to part with them. Not now. Not ever.

Maybe Next Time went right on this shelf after I finished it. Come to think about it, it could easily be in my top five all-time favorites. I must admit I didn’t like the cover art. Plus it was a love story and I’m not much into that genre. However, it was a Reese’s Book Club pick and I tend to like books that the club chooses. So, despite the glaring orange title on a light yellow and blue backdrop (all clashing horribly), I got the book. As shallow as it sounds, I believe these things matter. I’ve often not bought books I’ve been wanting to read because it didn’t feel right—something about the pages or the cover would be off.

But this time I’m glad I didn’t because Maybe Next Time is so good. The writing is smooth and you breeze through the story. The storyline keeps you hooked. You are always wondering what Emma will do next. It makes you think about life and, as cliché as it sounds, teaches you the value of the present moment. Nothing but the present is guaranteed, and the book, for me, hammered in that point like no other story has ever done. The movie adaptation is in the works and I can’t wait to see how it turns out. I’m sure it will be a tearjerker though, just like the book.

Four and a half stars

Fiction

Maybe Next Time

Cesca Major

Published: 2023

Publisher: Harper Collins

Pages: 376, Paperback