KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
Dairy sector incurs loss of Rs 20 billion due to COVID-19 crisis
The dairy sector has incurred a loss of Rs 20 billion due to the coronavirus pandemic as the demand slumped by 60 percent.
In a virtual interaction organized by the Association of Nepali Agricultural Journalists on ‘Problems in the Dairy Sector due to COVID-19 and Solution’, the participants said that if the pandemic continues, the dairy industry will be forced to shut down.
Minister for Land, Agriculture and Cooperatives of Bagmati Province Dawa Dorje Lama said they were making attempts to solve the problem not only of the dairy sector but also of the farmers affected by the pandemic.
Stating that the milk produced by the farmers has failed to get market, Minister Lama said that the government and the private sector should work together to solve the problem.
Industrialist Golchha urges reconsidering criteria for COVID-19 insurance
Shekhar Golchha, senior vice-president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), has raised concern about the standard of COVID-19 insurance.
He has also urged the concerned ones to reconsider the criteria for COVID-19 insurance while writing his disapproval on the micro-blogging site, Twitter.
He raised the concern after the Insurance Committee changed the criteria saying that the test done in a private laboratory would be invalid.
Golchha said that it was wrong to say that the report of a private laboratory that was being tested with the permission of the government was not valid and urged to correct the criteria.
NEPSE loses 10.45 points; turnover at Rs. 2.78 Arba
NEPSE on Sunday showed a 10.45 points decline and closed at 1,499.97. The overall 57.44 points volatility has been observed during the trading session on Sunday with the lowest point at 1,494.99.
NEPSE had, however, gained 42 points on pre-market hours. The market, meanwhile, declined during trading hours and closed lower than Thursday. On Sunday, some 7,038,990 shares traded hands to make a total turnover of Rs. 2.78 Arba.
Riddhi Siddhi Cement team distributes essentials to coronavirus patients in Hetauda
The Riddhi Siddhi Cement Pvt Ltd conducted a CSR event based on distributing food and essentials for as many as 62 Covid-19 infected patients of Hetauda who are in isolation at Gauritar, Hetauda.
The team also distributed recharge cards worth Rs 200 of Nepal Telecom for the patients to make sure that they can be able to talk with their family members back home.
They also distributed cups to the patients. The Hetauda-based factory team and its sales team took part in the event presided over by Hetauda Municipality Mayor Haribol Mahat and other dignitaries.
NCC seeks another two months for paying tax
The Nepal Chamber of Commerce (NCC) has urged the government to expand the deadline for tax payment by another 2 months.
Citing that most of the districts including Kathmandu Valley have been under lockdown and prohibitory orders till date, NCC has asked the government to extend the deadline. Writing a letter to the Secretary of the Department of Revenues, NCC President Rajesh Kaji Shrestha informed that industrialists and entrepreneurs are not in the position to submit the revenue in the current adverse situation.
“As the prohibitory orders have impacted the transaction worse than during lockdown, the documentation is likely to take longer period,” President Shrestha said adding, “Hence, we urge the government to extend the deadline for at least 2 more months.”
He further explained that the ledgers and other documents have been in the transaction sites and the prohibitory orders forbid the staffs reach there, hence the industrialist and entrepreneurs are not in the position to pay the tax within the formerly set deadline.
(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.
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