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Thomas Jefferson, the third President of the United States and drafter of the Declaration of Independence, once said: “Were it left to me to decide whether we should have a government without newspapers, or newspapers without a government, I should not hesitate a moment to prefer the latter.”  More than two centuries later, Jefferson’s words resonate even more deeply.

They underscore the paramount importance of press freedom in any democratic society.  In Nepal’s context, it is worth recalling Nepali Congress (NC) founding leader BP Koirala’s understanding of media freedom.  It is widely reported that Koirala welcomed journalists of all political and ideological stripes and even encouraged them to write critically about his own government.  This article explores the two broad dimensions of Nepal’s current media landscape: the growing threats to the media industry and why safeguarding press freedom is more urgent than ever.

Nepali media is confronting a multitude of threats, from political repression and physical attacks to shrinking revenues and rising disinformation. These are not isolated incidents but part of a growing pattern. Unfortunately, the society and many politicians continue to treat press freedom as a concern of the media fraternity alone. This is a dangerous misconception. When media freedom deteriorates, it affects not just journalists but the functioning of all domestic institutions.

The executive, legislature, judiciary and even international stakeholders should be alarmed by the decline in press freedom because it ultimately erodes public trust, transparency and accountability. Democracy and media freedom are symbiotic; one cannot survive without the other. Protecting media freedom has become more important today than ever due to democratic backsliding, digital autocracy, the spread of disinformation, geopolitical tensions and the global rise of authoritarian populism. 

From Europe to Africa and Asia, populist leaders are attacking the media. Populism thrives on emotion, lies, fake nationalism, anti-immigration rhetoric, attack on the state institutions and discrediting the mainstream independent media. As a recent study by the Reuters Institute stated, populist politicians around the world are increasingly able to bypass traditional journalism in favor of the friendly partisan media, personalities and influences who often get special access but rarely ask difficult questions, with many implicated in spreading false narrative or worse.

V cv In Nepal, the dual pressure from state and non-state actors are steadily weakening independent media. In the name of regulation, politicians are introducing restrictive laws designed to limit media freedom.  In several instances, politicians are discrediting traditional media for not aligning with their agendas. At the same time, advertising revenues are drying up with both audiences and advertisers migrating to digital platforms. This shift has left mainstream media struggling to sustain high-quality journalism. The situation is worsened by corporate interests, which often seek to undermine critical reporting that expose malpractices of the business houses. 

The Reuters Institute report states that engagement with traditional media sources such as TV, print and news websites continue to fall, while dependence on social media, video platforms and online aggregators is growing. Disinformation is another major challenge that Nepal’s media industry is struggling with. Malicious actors are not only spreading fake news to discredit independent media but also flooding the digital space with misleading content that confuses the people.

This is ultimately eroding people’s trust in journalism. Independent media is not only battling disinformation aimed at undermining their credibility but also bearing the crucial responsibility of combating the falsehoods that threaten society at large.

In the name of regulating social media, the government is introducing tighter laws, which have put it on a collision course with the media. People in the government are applying the same framework to traditional media (print, radio and television) as they do to online platforms and social media, despite their fundamentally different natures. Today, as democracy faces unprecedented challenges, the need for an independent and vibrant media has never been more urgent. 

Like elsewhere, people’s trust and confidence in democracy is dwindling, which is a cause for concern. From federal to local level, there are growing incidents of abuse of power by the elected representatives as well as bureaucrats. To hold them accountable, journalists must be allowed to work in an environment free from violence, threats and political interference. The state should support investigative journalism, not suppress it.  

Corruption, meanwhile, poses perhaps the greatest internal threat to Nepal’s democracy because it is wrecking the integrity, professionalism and image of the state institutions. Only an empowered media can investigate and expose such malpractices. However, journalists doing investigative stories are facing intimidation. The growing disinformation has emerged as a risk factor everywhere including in Nepal. 

A limited number of fact-checking organizations cannot tackle the problem of this magnitude, given their limited reach, resource and impact. In countries where the media’s economic health is sound, independent media are doing the fast-checking works. In our cases, big media houses are yet to work out a solution to stop a large-scale disinformation campaign.

The business sector has become both a victim and perpetrator of disinformation. Honest enterprises are being hurt by misleading narratives, while others are trying to discredit the media to protest their own unethical practices. Only a free and independent press can serve the larger interests of the business community by circulating accurate, credible information and promoting transparency in the market. 

Climate change, one of the most urgent global challenges, is also tightly connected to democracy which affects the economy, further contributes to inequality, leads to political instability and undermines people’s trust in the government.

Protecting natural resources and ensuring their responsible use is critical for both environmental sustainability and democratic governance. Here too, the media can play a vital role. Investigative reporting is crucial in holding those degrading the environment accountable and in pressuring governments to act responsibly. However, journalists covering climate issues are facing threats and safety concerns.  Efforts to combat the climate crisis will not be effective without a free press.

In conclusion, Nepal urgently needs a vibrant independent and fearless media to protect and strengthen its democracy. But, the worrying factor is political parties and their leaders. They once fought for democracy and press freedom, but are now trying to curtail it. They must remember a weakened media leads to a weakened democracy. Press freedom is not a favor to journalists, it is a necessary investment in the health of our democratic future. 

Nepali youths want to carve out a distinct identity of the country—other than that of the land of brave warriors—particularly in the field of information and communications technology (ICT).

Is the government ready to create a supportive environment for the realization of this mission?

This unanswered question sits uncomfortably among young dreamers, innovators and inventors at a time when a body of research has shown that the coming decades will be the age of Asia.
According to a report from the McKinsey Global Institute (2019), Asia, home to more than half of the world’s middle-class population, already accounts for over 50 percent of global GDP growth while the Asian Development Bank (ADB, 2023) forecasts that Asia-Pacific's sustained growth, driven by trade, technology and urbanization, will continue to reshape global power balances.
Located between two global economic powerhouses—China and India—Nepal has “great prospects” for economic collaboration and development lying ahead.  

Though it sounds a bit cliched, the government and other stakeholders should have an unwavering focus on ways to reap “benefits” from the two large markets.

Today’s youths dream of transforming Nepal, a member of the grouping of low-income countries, into a middle-income country (at least in a few years). Make no mistake: they are dreaming with eyes wide open, with a sense of eagerness and mission, and they are working quite hard to fulfill it.

Sprouting start-ups, firms and product/service enhancement facilities, especially in the field of ICT, are a living proof of their commitment to the mission. 
At a time when, according to reports, around 2,000 youths are leaving the country daily, growing businesses like these offer a glimmer of hope.

This begs a key question: Is the government really ready to accept, encourage, promote and develop this bubble of hope?

Action speaks louder than words, doesn’t it?

Thus far this year, the parliament has passed some important bills to promote youth enterprises such as the Bill to Amend Some Nepal Acts Related to Good Governance Promotion and Public Service Delivery (Amendment), 2024; Cooperatives Bill, 2024; Economic Procedure and Financial Responsibility (First Amendment) Bill, 2024; Privatization (First Amendment) Bill 2024 and Improvement of the Economic and Business Environment and Investment Promotion Bill, 2024, bringing cheers from the private sector and other stakeholders.

The recently-published fiscal policy of the government appears to be a small step in the right direction and let’s hope that the monetary policy will also power the start-ups and help give the gig economy a boost through measures like favorable interest rates.
Still, the roadblocks remain on this path with several studies and research papers highlighting the ambiguities and hurdles in policies, bills and articles related to business operations in Nepal.

What is the way out, then?  
Instead of bulky policies and controlling bills, relevant government authorities can create simple, easy and supervisory bills to remove these obstructions. 
And how about introducing start-up friendly policies, which can create a favorable business environment by opening the door for many opportunities within the country.
Michael Porter rightly says: Innovation is the central issue in economic prosperity.

It is a given that invention and innovation are the only tools that can leapfrog the economy.

Looking back into the global growth and development trajectory, one finds that every developed country has almost the same story: They all began with invention and innovation in commodities, and achieved a competitive advantage in the international market. South Korea, Singapore, India, Bangladesh and Sweden are doing extremely well on this front, especially over the decade. Make no mistake: these two i-terms—invention and innovation—aren’t accidental things. Rather, they are the result of consistent efforts of many minds and hands.
There’s no reason why Nepali youths cannot achieve this feat and take the country to a new era—with a little help from all stakeholders, the government in particular. 

Nepal Rastra Bank has started preparations for the formulation of monetary policy for the fiscal year 2025-26. The newly-formed Monetary Policy Committee has an uphill task of focusing on global practices, the context of Nepal and the path that it should take in the coming days against the backdrop of permanent pegging of Nepali currency with Indian currency and the absence of good governance in the country.

What is a monetary policy? 

Before delving further, let’s begin with a key question: what is monetary policy?

Monetary policy is related to monetary or currency matters such as cash reserve ratio, statutory liquidity ratio, open market operations, repurchase obligations. It affects the money supply in the economy. 

Who drafts the monetary policy? The central bank of a country—the Nepal Rastra Bank in the case of our country. 

When talking about this policy, another related policy also comes to mind and that’s fiscal policy. This policy is used to monitor and influence the economy of a nation.

Fiscal policy is the “sister strategy” of monetary policy through which the central bank influences the money supply of the nation. Formulated by the Ministry of Finance, it deals with fiscal matters such as government revenue (tax policies, non-tax matters like disinvestment, debt collection, service charges, etc) and expenditure matters—grants, salaries, pensions, money spent on creating capital assets like roads, bridges and the like).

The twin policies deal with inflation (the rate of increase in prices over a given period of time). The main objectives of monetary policy are as follows:

To check inflation or deflation (increase and fall in prices, respectively) or price stability in the country, to safeguard the country’s gold reserves, exchange rate stability, elimination of cyclical fluctuations, achievement of full employment and accelerating economic growth, etc.

Dealing with inflation: A tight monetary policy that reduces money supply in the system—that is one way of dealing with escalating prices.

Dealing with devaluation: This is done by increasing money supply in the system, by adopting an easy money policy and a cheap money policy.

When the economy is devastated by a war or hampered by a recession, a dispute or disruption in the economic horizon is very beneficial. In such situations, a country may adopt a dear/cheap money policy.

There is also a distinct difficulty and confusion when it comes to grasping monetary policy. Some people tend to think that dear money means that its value is high in terms of goods and services i.e prices are low while some others think cheap money means that the value of money is low and prices have increased.

Which money policy is better: It all depends on the economic situation facing a country. Interest rate is an important tool for the implementation of an economic policy. There are times when an economic policy demands that the interest rate in the money market be kept low and sometimes it demands that the interest rate be kept high for fulfilling certain economic objectives.

After this discussion, we are now in a position where we can classify these two policies based on their respective uses. We can say that we can identify the time and reason i.e when and why we use one of these two policies.

A tight money policy is preferred when the balance of payments is heavy against the country or is in danger of remaining unfavorable and when there is reckless or unwise investment from industries/industrialists and when credit creation by the banks exceeds all prudent limits.

Limitations: Monetary policy has to face many difficulties, especially in underdeveloped countries like Nepal. The existence of a large non-monetized sector—one-third of the economy in underdeveloped countries—can seriously limit the scope of use of monetary weapons, but two-thirds of the economy provides a fairly large opportunity for monetary action. Moreover, in such countries, currency occupies a relatively more important place than bank deposits. 

There’s a popular Calvin and Hobbes quote that goes: Never in the history of calm down has anyone calmed down by being told to calm down. For me, no other quote has resonated as much as this one, especially in the past few months when everyone around me has been telling me to calm down or take it easy the minute they see I’m a little worked up. But is there anything such as a stress-free life? Life demands so much from you and it’s not actually all that bad. 

I don’t understand why people see every little stress as something negative and even scary. While chronic stress is definitely not a good thing, I feel daily stresses actually keep you on your toes and stop you from becoming complacent. They make you think, ideate, and come up with effective solutions. It can put your brain in problem solving mode and push you out of your comfort zone. There is something called positive stress (eustress) and studies have shown that it can actually be beneficial for your overall well being. 

And to be honest, there is no avoiding stress. There are different chores or things that go wrong in the house that need your attention. We all know how frustrating it is to get anything done in Nepal. One simple task needs a dozen phone calls. At work, you have deadlines to meet, difficult colleagues to deal with, issues that need ironing out, and bureaucratic hurdles that give you splitting headaches. Anticipation, excitement, and even anger sometimes can cause stress that motivates you to take action and change what you don’t like about your life. 

I’m not talking about chronic stress. I understand that has a lot of negative health impacts but acute stress, those that come and go quickly, isn’t something that needs to be feared and shunned. Most people around me don’t seem to realize that stress is a part of life and you can’t escape it simply by ignoring your problems or ‘letting go’. Talking about your problems or dwelling on them is often seen as marinating in negativity. But for me, discussing issues with my parents or partner or contemplating about them on my own makes me more likely to be able to fix what’s wrong. On the other hand, if I were to simply try to push problems out of my mind (as I’m often told to) I’d inevitably be consumed by them.

I must confess that I’m actually on the verge of losing it if one more person tells me to calm down. When people tell me to let things slide, they are asking me to put up with rude behavior, be okay with not getting things done, or give time for things to settle on their own (which I think is such a cowardly and lazy thing to do). All this, I believe, will make me vulnerable and unable to cope with my problems in the long run as it will hamper my decision-making skills and take me from being an action-oriented to an avoidant person. 

As a society, we have adopted a negative mindset towards stress. The moment you tell someone you are stressed or worried, they tell you to take a deep breath, calm down, or just let it go, sometimes even without asking what’s bothering you. ‘Don’t stress’ is the lamest advice I have ever heard. It’s like telling an anxious person not to be anxious or someone who has the flu or a stomach ache to just pretend they aren’t ill. It’s the most useless advice because it doesn’t work and it also shows you that the other person doesn’t care about you or your problems. Have you watched the same people bending backwards trying to fix things when it’s their or their loved ones’ lives in question?

According to Dr Richard Shelton, Department of Psychiatry at the University of Alabama, Birmingham, stress is the body’s fight or flight response being activated and it’s meant to be protective, not harmful. The key, he says in an article I read recently, is viewing stressful situations as a challenge rather than a roadblock.