The first 100 days of each Finance Minister's tenure after the promulgation of the Constitution

Nepal has experienced prolonged political instability over the past decade. Although the Constitution of Nepal was promulgated in BS 2072 with overwhelming support from Parliament, citizens had high expectations that political stability would accelerate national development and drive stronger economic growth.

However, reality painted a different picture. While some expectations were partially fulfilled, frequent changes in governments and finance ministers created policy uncertainty. Short ministerial tenures often disrupted the continuity of economic reforms and implementation of long-term policies.

This article examines how the Nepal Stock Exchange (NEPSE) Index performed during the first 100 days of each Finance Minister's tenure after the promulgation of the Constitution.

Bishnu Prasad Paudel - Tenure (I)

Following the promulgation of the Constitution, the CPN-UML government appointed Mr. Bishnu Prasad Paudel as Finance Minister on BS 2072/07/19. He was entrusted with the challenging responsibility of rebuilding the nation after the devastating 2015 earthquake while ensuring smooth economic operations. On the day he assumed office, the NEPSE Index stood at 1,090.68.

After completing his first 100 days in office on BS 2072/10/27, the NEPSE Index closed at 1,022.72. During this period, however, the market reached a high of 1,263.75 on BS 2072/10/25. At its peak within the first 100 days, the NEPSE Index had appreciated by 15.86%.

Krishna Bahadur Mahara

After Bishnu Prasad Paudel left office on BS 2073/04/17, Mr. Krishna Bahadur Mahara was appointed Finance Minister on BS 2073/04/20. On the day of his appointment, the NEPSE Index stood at 1,768.60.

After completing 100 days in office on BS 2073/07/29, the NEPSE Index had declined by 62.32 points, closing at 1,706.28. During the review period, the index reached a high of 1,838.90. Overall, the market declined by 3.52%.

Gyanendra Bahadur Karki

Following the departure of Krishna Bahadur Mahara on BS 2074/02/17, Mr. Gyanendra Bahadur Karki was appointed Finance Minister on BS 2074/02/24. The NEPSE Index stood at 1,623.13 when he assumed office.

After completing 100 days on BS 2074/06/04, the NEPSE Index had fallen by 120.93 points, closing at 1,539.81. During this period, the market reached a high of 1,667.94, representing an overall correction of 7.45%.

Yuba Raj Khatiwada

After Gyanendra Bahadur Karki left office on BS 2074/11/03, Dr. Yuba Raj Khatiwada was appointed Finance Minister on BS 2074/12/02. When the stock market reopened on BS 2074/12/04, the NEPSE Index stood at 1,298.96.

After completing 100 days on BS 2075/03/12, the index had fallen by 84.16 points, closing at 1,194.80. During the review period, the market reached a high of 1,438.49. Overall, the market corrected by 6.58%.

Bishnu Prasad Paudel - Tenure (II)

After Dr. Yuba Raj Khatiwada left office on BS 2077/05/19, Mr. Bishnu Prasad Paudel was reappointed as Finance Minister on BS 2077/06/28. The NEPSE Index stood at 1,561.17 when he assumed office.

After completing 100 days on BS 2077/10/06, the NEPSE Index had surged to 2,326.90, gaining 765.73 points, an impressive increase of 49.04%.

Janardan Sharma – Tenure (I)

Following the departure of Bishnu Prasad Paudel on BS 2078/03/29, Mr. Janardan Sharma assumed office as Finance Minister on the same day. The NEPSE Index stood at 2,872.05 on BS 2078/03/30, the first trading day after his appointment.

After completing 100 days on BS 2078/07/07, the NEPSE Index had declined to 2,584.52, losing 287.53 points, a decrease of 10.01%.

Sher Bahadur Deuba (Acting Finance Minister)

Prime Minister Sher Bahadur Deuba also held the Finance Ministry portfolio for 23 days, from BS 2079/03/23 to BS 2079/04/15, before appointing a new Finance Minister.

Janardan Sharma - Tenure (II)

On BS 2079/04/15, Prime Minister Sher Bahadur Deuba reappointed Mr. Janardan Sharma as Finance Minister. The NEPSE Index stood at 2,195.10 on the day he assumed office.

After completing 100 days on BS 2079/07/24, the NEPSE Index had declined to 1,893.70, losing 301.40 points, representing a 13.73% decrease.

Bishnu Prasad Paudel – Tenure (III)

Following the departure of Janardan Sharma on BS 2079/09/11, Mr. Bishnu Prasad Paudel was appointed Finance Minister for the third time. The NEPSE Index stood at 1,924.10 on his appointment day.

His tenure lasted only 65 days, ending on BS 2079/11/15. During this period, the NEPSE Index increased to 2,023.54, gaining 99.45 points, or 5.16%.

Dr. Prakash Sharan Mahat

After Bishnu Prasad Paudel left office on BS 2079/11/15, Dr. Prakash Sharan Mahat was appointed Finance Minister on BS 2079/12/17. The NEPSE Index stood at 1,888.55 on BS 2079/12/19, the first trading day following his appointment.

After completing 100 days on BS 2080/03/26, the NEPSE Index had risen to 2,072.24, gaining 183.69 points, an increase of 9.72%.

Barshaman Pun

Following the departure of Dr. Prakash Sharan Mahat on BS 2080/11/21, Mr. Barshaman Pun was appointed Finance Minister on BS 2080/11/23. The NEPSE Index stood at 2,017.03 on the day he assumed office.

After completing 100 days on BS 2081/03/03, the NEPSE Index had increased to 2,076.49, gaining 59.46 points, representing a 3.00% increase.

Bishnu Prasad Paudel - Tenure (IV)

Following the departure of Barshaman Pun on BS 2081/03/31, Mr. Bishnu Prasad Paudel was appointed Finance Minister for the fourth time. The NEPSE Index stood at 2,240.41 on the day he assumed office.

After completing 100 days on BS 2081/07/09 (last trading day: BS 2081/07/08), the NEPSE Index had climbed to 2,627.14, gaining 386.73 points, or 17.26%.

Rameshwor Prasad Khanal

Following the Gen Z protests and the dismissal of the Oli-led government, Mr. Bishnu Prasad Paudel resigned on BS 2082/05/27. An interim government was formed to conduct the general election scheduled for BS 2082/11/21, and Mr. Rameshwor Prasad Khanal was appointed Finance Minister on BS 2082/05/30. When the stock market reopened on BS 2082/06/02, the NEPSE Index stood at 2,511.91.

After completing 100 days on BS 2082/09/07, the NEPSE Index had increased to 2,581.21, gaining 69.30 points, or 2.75%.

Dr. Swarnim Wagle

Following the completion of the 2082 general election, Dr. Swarnim Wagle was appointed Finance Minister on BS 2082/12/13.

Since Chaitra 13, 2082 fell on a Friday when the Nepal Stock Exchange remained closed, the final trading session before the new government assumed office was BS 2082/12/12. On that day, the NEPSE Index closed at 2,950.16, gaining 14.21 points.

When the market reopened on BS 2082/12/15, the NEPSE Index fell sharply by 71.05 points (2.40%). The downward trend continued on BS 2082/12/16, when the index declined by another 47.71 points (1.65%). Since then, the market has largely remained on a downward trajectory.

Note: This article only takes into account the appointment of the finance minister and its impact on NEPSE. All other variables are considered constant.