Nepal lacks an economic roadmap and has been preoccupied with changing political systems every ten to fifteen years instead of addressing its financial needs, said Siddhartha SJB Rana, Chairman of Tara Management Pvt. Ltd., the parent organization of SIPRADI Trading.
Speaking at the “First Prabhakar SJB Rana Memorial Lecture: Celebrating Leadership, Vision, and Legacy,” organized by the Nepal-India Chamber of Commerce & Industry (NICCI) in Kathmandu on Sunday, Rana questioned the effectiveness of governance in Nepal.
“Where are the tangible results from the federal and provincial governments?” he asked. “We have even struggled to retain foreign investors who have come to Nepal independently.”
He stressed the need for a broader, global perspective to drive Nepal’s development and economic growth.
The event celebrated the legacy of Prabhakar SJB Rana, Siddhartha’s father, a trailblazing entrepreneur whose contributions spanned Nepal’s business, hospitality, industrial, and hydropower sectors.
Prabhakar, the founding president of NICCI, played a crucial role in establishing several business and social associations, including the Hotel Association of Nepal (HAN), Independent Power Producers' Association, Nepal (IPPAN), PATA Nepal Chapter, and Nepal Heritage Society.
Born into the influential Rana family, he was also a business partner of former King Gyanendra. His sisters, Princep and Helen, were married to King Mahendra’s brothers, Himalaya and Basundhara.
Despite his close ties to the palace, he never misused his connections for personal gain, Siddhartha emphasized. “In all the domestic and international ventures we have been associated with, my father was never accused of exploiting his royal privileges. Nor have I inherited any burden of such influence,” he added.
Siddhartha highlighted his father’s efforts in fostering international collaborations, stating, “I take pride in saying that our enterprise partners with global brands like ITC, Tata, and Bharat Petroleum.”
While deeply engaged with the monarchy, Prabhakar SJB Rana upheld democratic values, adapting to changing times with a progressive mindset. His early education in Darjeeling, India, played a pivotal role in shaping his worldview.
“Had my father not received an international education from a young age, he might not have developed the adaptability required to navigate modern transformations,” Siddhartha noted, emphasizing his father’s dual influence in business and national politics.
Amid shifting political landscapes, Prabhakar SJB Rana built strong relationships across political parties, power centers, institutions, and international stakeholders—always working to enhance Nepal’s global image.
After briefly working at the National Planning Commission, Prabhakar pursued further studies under the mentorship of Rishikesh Shah at the United Nations in New York.
Later, encouraged by his wife, he pursued higher education in India, where both he and Siddhartha’s mother enrolled at Patna University—an uncommon choice at the time, Siddhartha said.
In the 1960s, Prabhakar SJB Rana took a bold step in Nepal’s hospitality sector by establishing Soltee Hotel, despite significant challenges in convincing stakeholders of the need for an international brand presence in Nepal.
“He was the first Nepali entrepreneur to establish and successfully integrate global brands and partnerships,” Siddhartha remarked, adding that the entrepreneurial spirit he inherited from his father continues to drive his ambitions today.
Reflecting on Nepal’s economic trajectory, Siddhartha pointed out that the country was once ahead of India in economic reforms. The 1990s saw a wave of changes in investment, technology transfer, and entrepreneurship. However, Nepal has failed to capitalize on its strategic location between China and India, the world’s second and third-largest economies.
“We seem to be stuck in a cycle of cronyism. Until we break free from it, Nepal cannot achieve true prosperity. It is high time we reflect on the country’s needs and formulate a strategic plan for progress," he asserted.
Industry Minister Damodar Bhandari was the Chief Guest and Energy Minister Deepak Khadka the Guest of Honor in the event. Dr. Krishnamurthy Venkata Subramanian, Executive Director at the International Monetary Fund (IMF) and former Chief Economic Advisor to the Government of India, was the keynote speaker.
