Nepal Economic Digest (March 03, 2020) « Khabarhub
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Nepal Economic Digest (March 03, 2020)


03 March 2020  

Time taken to read : 5 Minute


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KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.

West Seti project still a far cry; development works stagnated

Several development initiatives have remained stagnant in dozens of villages in Doti as no headways have been made in the construction of the 750-MW West Seti Hydro Project.

Local people have been bearing the brunt of stalled development in villages. “We are reluctant to take ahead development works as the much-talked hydel project may put obstruction resulting in wasteful spending of development costs”, said Tej Bahadur Dumrel, chairperson of Sayal rural municipality.

Locals have alleged that the political parties made West Seti a political stunt in the elections. Though 28 years have passed away, the dream for Seti Project construction still seems a far cry.

Market faces shortage of Chinese apparels

As the government shut the Rasuwagadhi border on January 28 to prevent the spread of coronavirus after the number of infections in China soared, hundreds of Nepal-bound containers have been stalled in China while the domestic market is running out of stock of Chinese goods, especially clothes.

As a result, the country’s trade with China has been completely halted.

The domestic market is running out of stock of Chinese goods, especially apparel and traders have said that the market will start witnessing a shortage of Chinese apparel soon.

Economists emphasize on implementing SDGs with cross-sectional participation

Experts and economists have pointed out the need for implementing the Sustainable Development Goal (SDG) by implementing its potential financial possibilities and requirements.

Since SDGs are in the process of being integrated into Nepal’s planning process, and simultaneously in the process of localization, the programs need to be initiated on time by realizing their importance, they argued.

Sick projects not to get budget from next fiscal year

The government of Nepal has said that it will not be entertaining the projects which are under qualified and do not meet the construction completion deadline.

The government officials informed that such projects will not receive any budget from the next fiscal year.

Drafting the budget allocation directives for the fiscal year 2020-21, the National Planning Commission (NPC) has proposed that those projects whose completion deadline has expired or those that have not yet fixed the complete schedule will not be facilitated with the budget in next fiscal year.

Commerce Department slaps Rs 300,000 fine on e-commerce firm Daraz

The Department of Commerce, Supplies and Consumer Protection Management has decided to slap a fine of Rs. 300,000 on e-commerce firm, Daraz after reviewing the company’s petition on its action.

A lack of specific provisions in the law to address the roles and responsibilities of online marketplaces has meant that these companies are not accountable to anyone, despite making money as middle-men, say consumer rights activists.

Sellers, too, are using the lack of governing laws to cheat customers through false advertising and price markups.

Bharatpur city to be declared smoke-free

The campaign to make the Bharatpur Metropolitan city a ‘no smoking and smoke-free city’ is becoming effective.

According to a spokesperson at the metropolitan city, Arun Pidit Bhandari, purchase and selling of tobacco and tobacco products were banned in public areas.

The decision was taken following the Tobacco Control and Monitoring Act 2068 BS. The metropolitan city is monitoring either the campaign was becoming effective or not in restricted zones. Similarly, an initiative is forwarded to make the city a smoke-free zone. Mayor

Renu Dahal had made the commitment  to make the city a smoke-free city in a program at Bogor city of Indonesia.

 

(Compiled and prepared by Swastik Aryal and Nitish Lal Shrestha)

Nepal Economic Digest is a daily morning email digest, basically relatable summations of the most important business news, happenings from Nepal into easy-to-understand summaries. The Institute for Strategic and Socio-Economic Research (ISSR), Nepal’s independent think tank, and Khabarhub — Nepal popular news portal — have joined hands to disseminate news from Nepal in the form of Economic Digest.

Publish Date : 03 March 2020 08:56 AM

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