In a country where economic growth rate is lower than population growth rate, you just have to accept the reality that economic prosperity is a distant dream for its countrymen as a whole. To add more troubles, total import is more than three times the total export. One should admit that it is quite remarkable that people of Nepal go about performing their daily activities oblivious of these grave problems. And some clever ones (like myself) who are well aware of futility of their efforts to try to change anything simply choose to leave the country. Other hopeful ones lose their patience too at some point depending on their tolerance and opt to leave.
Any slim hopes of driving the economy forward melt into air as politics enters the domain. Politics is vital to formulating sound economic policies to boost economy of which China and India are prime examples. It was under leadership of competent leaders that China and India pulled themselves out of poverty to move forward towards economic development. With politicians of Nepal entangled in power sharing dirty politics, formulation of economic policies is nowhere in sight. And rest of the nation suffers as a result forcing the bright and aspiring individuals to leave the country out of frustration and desperation.
Despite these political and economic hurdles, telecommunications and banking sector have managed to remain profitable. Any business that is profitable in Nepal demands respect and admiration. How can you run a business with interruptions in power supply daily for several hours? It would be unimaginable for any business in developed countries to face power cuts for even an hour let alone several hours daily. Truly, we Nepalese are tough creatures and have adapted well to even unfriendly situations.
After returning to Nepal after two and a half years, I was frustrated with banking sector within two days. In the end, I decided to pull out all my money from Nepali bank account and keep it with myself. Don’t get excited or dare to stalk me. I don’t carry it with myself everywhere I go. Anyway, I was using Nepal Investment Bank and was quite appalled at their service. I deposited some money and wanted to withdraw a fraction of it from a different branch. Sadly, I didn’t have an ATM card with me or a cheque book. I understand that it is a matter of concern and security but their argument was that I can only withdraw it from the branch through which I opened my account. Only that particular bank has all the records. Are you kidding me? I thought banking sector was fully wired by now even in Nepal.
While I was in the US, I lost my ATM card at one of the ATM machines and didn’t have a cheque book. Unfortunately, I was in a different city. If that bank had asked me to go back to the branch with which I had opened my account, there was no way I could have flown till there without any money. Instead, upon confirming my identity they instantly issued me the amount I had requested. That’s the kind of service you expect from a bank. If you cannot withdraw your own money from a bank when you need it provided the region is covered by that bank, then why deposit your money in the bank? It would be wise to keep it with yourself. Live in Nepal and you will come across these silly bureaucratic hurdles. I can only imagine what businesses operating in Nepal have to go through daily whilst dealing with governmental and private bodies. This is sadly the economic reality of Nepal, my friend.
Jai Nepal. Bhagwan le hami sabai ko raksha garun! (May God protect us all!)
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