Nepal, Oct. 28 -- Nepal's largest reservoir-based hydropower project, the 1,200-megawatt Budhigandaki, has become a case study in how policy inconsistency across successive governments can undermine national development. Declared a national pride project in fiscal year 2012-13, it was originally expected to be completed by 2026-27. More than a decade on, construction has not begun, and the estimated cost has climbed steeply.

The record is one of reversals with no durable framework behind them. In May 2017, the Pushpa Kamal Dahal government awarded the project to China Gezhouba Group Corporation without competitive bidding. Six months later, the Sher Bahadur Deuba government cancelled the award. In September 2018, the KP Sharma Oli govern...