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Inflation and economic crises are two connected phenomena that can have a big impact on the economy. Inflation stunts the purchasing power of consumers, meaning transactions decline, and when goods and services are no longer bought or sold, the economy slows down. It affects consumers as well as business owners. As Nepal grapples with economic downturn, Evana Manandhar of ApEx talked with three business owners to know how they are faring during these trying times.

Ajab Prasad Gupta, 38

Inflation and the economic crisis have significantly affected my life. The rising prices of goods and services have made it harder for me to purchase the inventory I need for my business. For instance, the cost of raw materials and ingredients I use for my street food business has gone up, squeezing my profit margins. Moreover, many potential customers are feeling the pinch of the economic crisis, and they have less disposable income to spend on street food and other non-essential items. This has led to a decline in sales, making it challenging for small business owners like me to make ends meet. I’ve had to adapt by offering smaller portions or searching for cheaper suppliers, but it's been tough maintaining a steady income.

Ramila Manandhar, 45

The impact of the ongoing economic crisis has been felt by all, and my business is no exception. One of the most significant hurdles has been the sharp decline in demand and sales, leading to a noticeable dip in profits. Customers have been cautious with their spending, and the uncertainty surrounding the pandemic has made it difficult to predict market trends accurately.

Another critical issue we’ve faced is a decline in the quality of some suppliers, products, or services. The disruptions, first caused by the Covid-19 pandemic and now by the Russia-Ukraine war, have led to inconsistencies in the supply chain, affecting the overall quality and reliability of our products and services. Maintaining a high level of quality has become a constant struggle. While navigating these unprecedented challenges has been far from easy, it has also been an opportunity for growth and adaptation. The experience gained during these trying times has equipped my business with resilience and resourcefulness that will serve us well in the future.

Dinesh Shresthacharya, 53

Inflation and the economic crisis have had a significant impact on my life. The rising costs of goods and services have made it more expensive to restock my store, eroding my profit margins. Moreover, customers who are feeling the financial strain due to the economic crisis are spending less on non-essential items, leading to a decline in sales. On a personal level, the increased cost of living has made it challenging to manage my household expenses, including rent and utilities. It’s a constant struggle to adapt to these economic challenges and maintain a stable business while ensuring my own financial stability. Additionally, the uncertainty stemming from the economic crisis and inflation has made long-term planning for my business and personal life increasingly difficult. It’s challenging to predict how the market will evolve or when economic conditions might improve. This instability has created a sense of anxiety and stress, affecting both my work and personal well-being.

The Asian Development Bank (ADB) predicts that Nepal’s economy is set to achieve a growth rate of 4.3 percent in fiscal year 2024, signifying a significant improvement compared to the previous fiscal year when the country’s economic growth rate was limited to only 1.9 percent. In a similar vein, the ADB report forecasts a decrease in the annual average inflation to 6.2 percent in 2024 from 7.7 percent in 2023.

While a reduction in inflation would be beneficial, at present, it is close to eight percent. The economic downturn and inflation have impacted individuals from various walks of life, particularly students from outside the Kathmandu Valley pursuing higher education here. Pratik Ghimire from ApEx spoke with these working students to understand the challenges they face due to inflation.

Sushila Tamang, Nuwakot

As a working student in Kathmandu, I face the challenge of an increasing cost of living. My landlord has recently expressed the intention to raise the room rent, which adds to my financial burden. I’ve communicated with my landlord, urging them to consider the impact of inflation on my already tight budget. The rise in prices of groceries and various necessities has made it increasingly difficult for me to make ends meet.

While I empathize with my landlord’s situation and acknowledge the economic crisis affecting many, I believe there must be alternative solutions besides raising the rent. It’s essential for both parties to find a balance that ensures fair treatment and sustenance. I hope my landlord and others facing similar circumstances can explore options that don’t further strain the already challenged finances of individuals like myself. In addition, I call upon the government to address this issue promptly, as it affects numerous working students and individuals trying to navigate the financial complexities of living in Kathmandu. Finding a resolution will contribute to a more sustainable and equitable living situation for all.

Yuvraj Chaudhary, Dhanusha

Recession serves as a valuable life lesson for students, especially since many rely on their parents for financial support. I am among those students. This means that my peers and I face a double impact, affecting both our parents and ourselves. In many families, it’s evident that they are barely managing and making sacrifices to afford their children’s education. In some unfortunate cases, students are forced to abandon their studies due to financial constraints.

In response to rising prices, I have started embracing more cost-effective and sustainable alternatives. Many other students are also increasingly turning to digital copies (PDFs) of books and opting for laptops or tablets instead of traditional paper notebooks, which have become more expensive. Moreover, I am seeking out affordable food options, shifting away from fast food for breakfast and dinner. One positive aspect of this is that even undergraduates who used to frequent tea stalls for tea and smoking are striving to improve their habits.

Shristi Bista, Kailali

Living and pursuing education in Kathmandu comes with its own set of financial challenges, effectively doubling the financial burden as my family has to manage both expenses back home and here for my education. This situation has taken a significant emotional toll on me, recognizing the strain it places on families already managing tight budgets. Sustaining a livelihood in Kathmandu has become an immense struggle.

It’s been five years since my arrival in Kathmandu, and I immediately started working to support myself. However, over these years, my salary has seen only a minimal increment, barely keeping up with the soaring inflation rate, which has surged around triple. This presents a dire dilemma for a working student like myself, making it increasingly difficult to manage finances adequately.

I constantly worry about being able to fulfill my financial responsibilities towards my family, who have made significant sacrifices to provide me with a good education. The burden of inflation adds an extra layer of stress, making me ponder how much easier life would be without these financial constraints caused by rising prices. Finding a way to navigate this financial tightrope is an ongoing challenge, and I remain hopeful for better days ahead. The inflation has hit me emotionally.

Shasank Sekhar Neupane, Jhapa

I have now lived in Kathmandu for six years. For myself, I am a student who also works a part-time job to support my daily necessities. The inflation that is soaring day by day is the main reason I have recently found it arduous to support myself here in Kathmandu.

I have a lot of issues with room rent, internet costs, and bus fares because of the rising inflation as a student living in Kathmandu. Keeping costs under control while working with a tight budget has gotten more and more challenging. The cost of internet usage has dramatically increased, while the rent for a quality room has risen. It is now much more expensive to use public transport, which makes it more difficult for me to manage my education.

I’ve attempted to lower my costs by adopting various simple measures, avoiding meet-ups, and outdoor foods, and switching to a slower-speed internet, but it still feels difficult. The fact that everything’s costs are increasing daily, and I have so little money to spend on other necessities, is frustrating. This is not unique to me; several of my acquaintances who are also having financial difficulties have made similar comments.

Bungatun Rai, Khotang

I live with SOS Village, and all of my expenses are borne by them. So, I don’t have to face the consequences of inflation directly. But I’ve witnessed numerous fellow students grappling with the impacts of both inflation and the prevailing economic crisis. A close friend of mine used to save a portion of his earnings in cooperatives every month. However, with the crisis in full swing, a significant number of these cooperatives have collapsed. With inflation on the rise and our savings slipping out of our control, how can students like us endure these challenging circumstances?

As students, this economic turmoil poses a serious threat to our financial stability and overall well-being. We find ourselves in a precarious situation, struggling to find viable solutions to survive these trying times. The collapse of cooperatives, which were once considered a reliable avenue for saving and investment, only adds to our financial distress.

Rajnesh Shrestha, Dhading

Due to rising inflation, the lives of students have become increasingly challenging. This surge in prices has affected essential expenses like food, housing, transportation, and daily necessities, making it harder for students to make ends meet. Despite stagnant income levels, expenses keep mounting. For instance, the tuition fees for engineering students have more than doubled from Rs 700,000 to Rs 800,000 five years ago to now over Rs 1.5 million. Additionally, the cost of study materials has also surged, making it difficult for students to afford materials essential for fostering new ideas or innovations.

When students move to Kathmandu from outside, they often need to purchase everything required to establish a livelihood since they don't have their own accommodation. Financially disadvantaged students often need to work part-time, which unfortunately affects their academic pursuits. Shockingly, some students are working for wages lower than the government-mandated minimum wage, even after attaining a graduate level of education. These circumstances force students to seek opportunities abroad for sustenance after investing heavily in their education. Consequently, the population of youth and students in rural areas has declined due to this exodus.

Dibyadristi Lama, Makawanpur

I am a working student. Thankfully, I don’t place any financial burden on my family. However, the impact of inflation has become a noticeable factor, occasionally causing my expenses to surpass my earned income. This situation forces me to reach out to my parents for financial assistance, a circumstance that I view with a tinge of disappointment. I wish to spare my parents from the strain of added financial responsibility, especially given their residence in a rural setting. Nevertheless, there are times when I must set aside my reservations and request aid to manage my expenses adequately.

My situation is relatively better. It’s disheartening to witness the challenges faced by some of my friends. They, too, grapple with the effects of inflation, particularly evident in the doubled bus fares that make it difficult for them to visit their hometown. Consequently, they’re forced to endure the emotional burden of being unable to be present for their family members when they are sick. The economic dynamics at play in our lives have indeed reshaped the way we navigate our personal and familial obligations.

Binod Bista, Doti

As a student, I’ve encountered numerous challenges stemming from inflation, which have significantly influenced my daily routine. From the moment I begin my day to when I retire for the night, the effects of inflation are palpable. Upon waking up, my first encounter with inflation occurs when I purchase vegetables, witnessing a twofold increase in prices for essential kitchen items. Throughout the day, the impact persists as I utilize public transportation, observing the elevated fares for bus rides. Late into the evening, following my night class, I rely on ride-sharing services since public buses are not available at that hour. However, even these alternative transportation options have seen price hikes due to the escalating costs of petroleum products, further adding to the financial strain caused by inflation.

Inflation has taken a toll on my mental well-being as well. In my area, there have been three instances of looting recently. A significant factor driving people toward such criminal acts is the struggle to sustain livelihood in Kathmandu. I worry about the possibility of becoming a victim of such looting incidents myself. It has impacted me psychologically.

Bishnu Maya Shrestha, Tanahu

Many students, driven by the aspiration to pursue education, venture to Kathmandu. However, the fundamental requisites of sustenance, namely lodging and food, become paramount regardless of the academic pursuit. Sadly, a few of my friends from Far West Nepal had to abandon their education in Kathmandu due to the overwhelming financial strain. The escalating inflation forced them to make the painful decision to interrupt their higher studies, illustrating the gravity of the situation.

This crisis demands urgent attention from the government, particularly concerning the welfare of students. Students represent the future of the nation, and any hindrance to their education results in a loss not only for them but also for society and the entire nation. If this pressing issue remains unaddressed, we risk a widespread exodus of intellectual capital, exacerbating the problem of brain drain on a much larger scale. It’s imperative that immediate measures are taken to alleviate the financial burden on students, ensuring a promising future for both them and the nation.

Bibek Pariyar, Sunsari

As a music student, I’ve recently relocated to Kathmandu, and it’s only been a couple of months. To pursue my passion and sustain myself, I perform gigs during the night. However, a recurring issue is that event organizers occasionally offer compensation in the form of food and beverages, a practice I find unsatisfactory. On a public level, inflation seems to play a central role in managing public affairs through financial means.

Another pressing concern is the alarming rise in incidents of theft and burglary. Returning home late at night from gigs feels increasingly unsafe due to this prevalent issue. Sadly, I’m left with no alternative but to face this risk. I suspect that inflation contributes to the surge in criminal activities, possibly aggravating the situation. Addressing these multifaceted challenges requires a comprehensive approach that encompasses economic stability, public safety, and fair compensation for individuals like myself, trying to make a living while pursuing their passions.

The Dark Beneath the Waves

Manan Karki

Fiction | Novel

The Dark Beneath the Waves is set in the hinterlands of the Nepali Himalaya, and it’s against this almost ethereal backdrop that the very human narrative unfolds—of treachery and deceit, of guilt and a desperate search for redemption. Marked by the poise and poetry of its language, and its evocation of the landscape in all its grandeur and desolation, the novel is a lyrical exploration of human frailty and of human despair. 

When Breath Becomes Air

Paul Kalanithi

Non-Fiction | Memoir

A profoundly moving, exquisitely observed memoir by a young neurosurgeon faced with a terminal cancer diagnosis who attempts to answer the question ‘What makes a life worth living?’ What do you do when the future, no longer a ladder toward your goals in life, flattens out into a perpetual present? What does it mean to have a child, to nurture a new life as another fades away? These are some of the questions Kalanithi wrestles with in this profoundly moving, exquisitely observed memoir. 

Age of Anxiety

Amrita Tripathi & Kamna Chhibber

Non-Fiction | Self Help

Through this book we will learn how to distinguish between anxiety as “an attack of the nerves” or something that will come and go, and anxiety as a disorder, which will need treatment, including possibly therapy or medication. Co-authored by writer Amrita Tripathi and clinical psychologist Kamna Chhibber,  Age of Anxiety features a foreword by leading psychiatrist Dr Achal Bhagat, and stories and interviews centered around lived experiences. It also features advice and insight from mental health professionals in India, drawing on their own expertise to share information that can help us move the needle on conversations that make a difference.

Eight years ago today, Nepal officially charted a new course by promulgating a constitution that embraced federalism, republicanism and secularism. The centuries-old monarchy was condemned to history. 

The Nepali people were the new sovereign. The Constitution of 2015 also ensured rights and inclusion of marginalized and disadvantaged communities. But this historic document was by no means perfect. It had many rough edges, so to speak, that needed smoothening. And naturally, it wasn’t universally accepted; out of 598 Constituent Assembly members, 538 voted in favor of the constitution while 60 people voted against it. 

Political parties and people from the historically backward Tarai region in the southern plains outright denounced the constitution, demanding for greater rights and autonomy. There were protests in many Tarai districts and on the streets of Kathmandu. Nevertheless, the Constitution was passed by the assembly, by the hands of the country's first President Dr Ram Baran Yadav, who happened to be of Tarai origin.    

As this year marks the ninth anniversary of the Constitution of the Federal Democratic Republic of Nepal, ApEx spoke with various experts, professionals and commoners to know about their take on the Constitution, about its positives and negatives.   

Neer Bikram Shah, Filmmaker

We often hear critiques of the new constitution, highlighting its perceived shortcomings. However, when we delve into its impact on the film industry, the changes might not be immediately tangible, but there's a profound positive shift on a psychological level. Picture this: the new constitution has breathed life into filmmakers, assuring them of their creative independence and liberating their artistic spirit. It's as if the constraints have been lifted, opening up a world of possibilities in film production. Mentally, everyone involved in the film industry feels the encouragement in the air. But that's not all. The new constitution has also laid out a red carpet of fresh content opportunities, especially catering to the intellectual minds among us. Now, the real magic will happen when we translate these psychological boosts into concrete actions, making the constitution a living, breathing reality in our creative endeavors.

Indra Adhikari, Political Analyst 

Since the enactment of the 2015 Constitution, the subsequent governments have gained legal legitimacy, signifying a government of, by and for the people. This constitution has played a crucial role in implementing a federal structure. Although the provincial governments are yet to operate optimally, the local administrations are functioning efficiently, a feat made possible by this new constitution. This constitution embodies inclusivity and employs proportional representation, granting significant opportunities and respect to women, Dalits and other minority groups. Public involvement stands as a pivotal aspect, fostering empowerment and enhanced political awareness. The appreciation of all religions is held in equal regard. These key aspects brought about by this Constitution serve as vital elements in bolstering democracy.

SC Suman, Artist 

Nepal has been shaped by several political movements over the last decades. Despite the shifts, political instability still looms. There are glimmers of hope: Identity gains prominence, education flourishes. But factories are idle, farms are withering and brain drain continues. Fertilizer shortages and irrigation woes plague us, spawning unemployment. There is a notable absence of robust economic policies. None can forget the governments that couldn't last their tenure. Political instability, meddling, and corruption scar our land. I hope the better days will surely come if our political leaders show integrity, live up to people’s expectations and govern competently.    

Bharat Acharya, Sociologist

The 2015 Constitution has given Nepalis everything, at least on paper. For most, little has changed. This charter has given us a castle of dreams, that’s all. I see no difference between the constitutions of 1990 and that of 2015. Farmers struggle for seeds and fertilizers. Nepalis flee daily to foreign lands in search of better jobs. Freedom of expression exists, yet who listens? We need an accountable government and a society that balances rights with duties. It's time to breathe life into the constitution by focusing on its implementation.

Anjila Shrestha Pradhananga, Tour Executive, Temple Tiger Group of Companies

The 2015 Constitution was a transformative moment in Nepal's history, turning it into a federal democratic republic. It granted essential rights—equality, free speech, and social justice—laying the foundation for a more inclusive society. This constitution's gift of religious tolerance fosters harmony among diverse communities. Inclusivity reigns supreme, with minorities well-represented. It champions natural resource conservation and ecological preservation. No exclusion based on gender or ethnicity. As a guide for the nation’s political and social growth, the constitution has ultimately been crucial in establishing peace and stability in Nepal after years of strife. But we have to remember that this Constitution is a work in progress. Our work of making Nepal just, equitable, and prosperous for all isn’t done yet.

Sajani Rijal, Founder/Principal, Pahilo Pathshala  

A republic is power for the people, but in Nepal, it feels like a dream. Our dependence on others grows. Violence simmers. Youth flee due to instability and lack of opportunities. We're forced to think twice about food and shelter. The constitution has given us nothing but a terrible life. Subsequent governments after 2015 have failed to give proper platforms to youths, innovators and business owners.

Diwash Ghimire, Student, St Xavier’s College

Only the private sector has been involved in development while the government is sitting idle. Promised rights like healthcare and employment remain elusive. Education quality is also questionable. The government struggles to create a liveable society. Policies must change. The government should create jobs and improve the environment. The constitution must benefit all, not just the connected few.

Bishwas Poudel, Entrepreneur

The 2015 Constitution brought a few positive changes and a lot of negative situations.

Businesses are suffering, instability is rising, and people are migrating to foreign countries. Corruption also continues to thrive. Promised dreams remain unfulfilled. The only positive thing the constitution has given is better life for the politicians and those close to them. The common people meanwhile are facing difficulties because of the poor economic conditions. Nepal needs a brighter path. The constitution must deliver on its promises, ensuring basic rights and needs.