KATHMANDU, JANUARY 25

Everyone has epiphany moments in life. Call it a Buddha moment if you like. Since the enlightened one was born in the Federal Democratic Republic of Nepal, albeit over two millennia ago, it is natural for us to get some of his wisdom and renunciation ability.

So who has got the epiphany moments in recent days? A banker announced at a press conference after overseeing the merger of his bank with another one that seven or eight banks are adequate for an economy of the Republic's size.

When the privatisation sandstorm swirled around, we could not see beyond opportunities galore. The outcome: We have too many of everything. Suddenly the country, especially the valley, turned into one big pond with gluts of banks and financial institutions, schools and colleges, hotels and restaurants and many fruit and vegetable carts. There was also a constellation of momo shacks in every lane, many of them still alive and kicking. Their sales catchphrase 'ye hajur kata, momo pasal yeta' is aped today by almost all businesses.

At one stage, we had difficulty figuring out a bank from a momo shack. Or a banker from a potato dealer. 'Are you a momo bank?' I once asked a teller dressed as if she was going to break into a boogie. No wonder some of my visits to A-class banks have been far from A-class experience. The front office clerk is equivalent to Chitragupta upstairs, who decides where you should head - heaven or hell. So privatisation does not translate into more the merrier or premium service.

The Republic transformed into one big private universe full of commercial planets, including hospitals and doctor factories. The outsiders heaped praise on the entrepreneurial spirits of the mighty Nepalis.

As the banker observed, the country's economy does not justify, never did, a glut of businesses, banking or momo shops. There is something called carrying capacity. Learn about the carrying capacity from Joshimath in Uttarakhand.

Joshimath is sinking under the weight of the locals, houses, businesses, tourists and unplanned development, including roads and hydel projects.

Some of us had a seer vision when privatisation started flowering like weeds. We had an entrepreneurial spirit stifled early on after witnessing the chaotic race in a free for all, especially the mighty musclemen.

For privatisation to grow and thrive, we should impose the Western code of conduct for running a business. Unless we have the quantum of fines levied on Facebook and Google, to cite just two, and the legal trouble to the beloved woman, the former ICICI honcho Chanda Kochar, privatisation will walk us down Trump's famous hole.

A version of this article appears in the print on January 26, 2023, of The Himalayan Times.