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

151 local units yet to submit budget details

Altogether 151 local units are yet to submit their budget details to the Ministry of Federal Affairs and General Administration (MoFAGA).

Ministry’s spokesperson Basanta Adhikari shared that only 602 local units had presented their budget for the new fiscal year 2020/21 by June 24.

The local units not submitting the budget details were 22 local units from Province No 1, 66 of Province No 2, 20 of Bagmati Province, 10 of Gandaki Province, 6 of Province No 5, 5 of Karnali Province and 22 of Sudurpaschim Province, according to spokesperson Adhikari.

The Ministry has written to all these local units to present their details soon. All the local units must submit the details of the budget to the MoFAGA once released.

NEPSE index increases 7.47 points to close at 1,403.86 points

The Nepal Stock Exchange index has increased 7.47 points to close at 1,403.86 points. Likewise, the sensitive index has grown by 1.47 points to stand at 294.24 points.

Over 5.3 million shares of 190 companies were traded at Rs 1.29 billion today. Out of 12 subgroups, three suffered a downturn.

The hydropower sector decreased by 3.55 points, financial by 0.84 and collective investment fund by 0.06 points.

However, the banking sector increased by 7.05 points, trade 9.44, hotel 33.77, development bank 6.24, non-life insurance 46.71, production 8.15, others 3.82, microfinance 15.73 and life insurance by 58.78 points.

DAO Jhapa’s revenue collection drops

The District Administration Office (DAO), Jhapa has experienced the fallout of COVID-19 crisis in terms of revenue collection.

The Office’s revenue collection in the last fiscal year was limited to Rs 43 million which is less than over Rs 25.3 million compared to the previous fiscal year.

As said by office accountant Tek Prasad Nepal, the highest collection, around Rs 3.91 million was from the issuance of passports followed by Rs 31,000 by issuing arms license and Rs 7,600 by conducting exams for computer operators.

The revenue collection from other administrative fees was Rs 1.1 million. The Office managed to accumulate Rs 65.65 million during the previous fiscal year. The drop in revenue collection was because of the four-month long nationwide lockdown against coronavirus, it is said.

Melamchi project tunnel mishap due to technical error: Probe panel

Technical error is to blame for the breaking of one of the sluice gates on the tunnel of the Melamchi Water Supply Project while carrying out a test run by releasing water.

A project’s engineer and a driver died due to the flood resulting from the breakage of the sluice gate while carrying out a trial by releasing water in the tunnel two weeks ago.

The Ministry of Water Supply and Sanitation had constituted an investigation committee under the convenorship of Joint Secretary Ramakanta Dawadi to look into the causes of the incident and submit a report.

The investigation committee has concluded that the mishap took place as the gate had been fixed from outside instead of inside of the tunnel. It also stated that the technical design review had not been carried out lately.

The committee has suggested carrying out a review of all the four sluice gates in the tunnel. It said it found the nuts and bolts in the gates have not been tightened properly.

48 domestic flights to be resumed from August 15

Different airlines would resume 48 domestic commercial flights every day from August 17. Civil Aviation Authority of Nepal (CAAN), the regulatory body, has granted permission for 48 commercial flights going to be resumed after around five months of lockdown.

Airlines companies have accelerated preparation for internal flights for the same. Big airline companies like Buddha Air, Yeti Air and Shree Air have been making special preparation for the operation of flights strictly adhering to the health safety protocols.

Some airlines have already got permission from CAAN for the operation of flights and have also prepared the flight schedule.

However, the Authority has not reached any formal decision in this regard. Spokesperson at Airlines Operators Association, Yograj Kandel Sharma, shared that the authority has granted permission for 48 flights at the trunk route for the time being. Flights of helicopters would be added.

(Compiled and prepared by 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.