Nepal Economic Digest (Sept 13, 2020)

Khabarhub

September 13, 2020

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Nepal Economic Digest (Sept 13, 2020)
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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.

India’s FDI to Nepal stood at Nepali Rs 3.24 billion for 2019-20

India in 2019 had committed foreign direct investment (FDI) of Nepali Rupees 3.24 billion for the year 2019-20, data from the Department of Industry showed.

India in last the fiscal year proposed a total of 16 FDI proposals with pledges mainly targeting hotels with restaurants, manufacturing industry and construction industry and software development.

In the year of 2018-19, the investment proposals stood at 50. Nepal’s Department of Industry data showed that the country received a foreign investment commitment worth Nepali Rs 25.79 billion in the fiscal year of 2019-20, with 177 companies willing to invest in Nepal.

This way the friendship between India and Nepal is well reflected with contribution of India for economic development of Nepal.

53 industries to be established in Tilottama industrial village

As many as 53 small and cottage industries are being established in the industrial village to be developed at Tilottama municipality of Rupandehi district.

The industrial village would be built at Sagrahawa, ward no 10 of the municipality. The municipality office said these industries contributing the least pollution have been prioritised.

The industrial area would be developed on nearly 19 bighas area near the Rohini river. It is said the detailed project report of the industrial village has already been prepared and the first phase construction works would be started in the current fiscal year, according to Mayor Basudev Ghimire.

The municipality has allocated Rs 25.2 million for the first phase construction works. The total estimated cost of the industrial village project is Rs 520 million.

Minister Bhattarai inspects construction works of Gautam Buddha Int’l Airport

Minister for Culture, Tourism and Civil Aviation Yogesh Kumar Bhattarai has said construction of the Gautam Buddha International Airport was being carried out in a speedy way to complete the project by coming December.

Making an inspection visit of the under-construction project on Friday, Minister Bhattarai shared the construction work of the project was not halted even in the time of the pandemic coronavirus.

Saying that some equipment and skilled human resources to fix should come from abroad, Minister Bhattarai admitted that some works were bit delayed due to failure to import some goods in time due to coronavirus infection.

On the occasion, Minister Bhattarai expressed satisfaction for the smooth functioning of the project with support and coordination of all sides even in the time of pandemic.

He announced that the project would come into operation immediately after the completion of the construction works.

Driving license renewal service to begins

Department of Transport Management has decided to resume renewal of driving licenses.

The Transport Management Office, Ekantakuna has announced that it will resume the service of renewal of driving licenses in the Kathmandu Valley from Sunday.

The decision to restart the service of renewing driving license comes in the wake of relaxation of three-week long lockdown imposed by local administrations in the Kathmandu Valley.

Although the license renewal service will be resumed, other services including issuance of new license are still suspended.

The government decided it earlier to grant waiver of late fee or penalty for the delay in the renewal of the driving licenses that have expired during the lockdown period.

Nepse ends week higher despite a feeble start

While the local course began this week’s trading with weakness, buyers gained control in the latter part of the review period to finish the week with a slight gain.

On Sunday, the Nepal Stock Exchange (Nepse) index fell more than 10 points to end marginally below 1,500 points.

Selling pressure extended to Monday’s trading contributing to another 12 points dip in the benchmark. Nonetheless, stocks maintained a firm footing on Tuesday as the index recouped more than 7 points in the session.

Wednesday and Thursday saw gains of more than 13 points and 12 points, respectively. Consequently, the Nepse index ended the week at 1,520.69 – up 10.27 points or 0.68% against the prior week.

(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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