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

State 1 govt unveils its ‘achievements’

Exactly after two years of its formation, the State 1 Government has unveiled its ‘achievements’ made during this period.

“The 27-kilometer-long road has been blacktopped, the 129-kilometer-long road has been graveled, 10 motorable bridges have been constructed and 15 suspension bridges have been accomplished,’ State-1 Chief Minister Sherdhan Rai said.

He added that 62 multi-year roadways in each constituency of the state, 87 Chief Minister Rural Roads, 126 motorable bridges and 114 suspension bridges are being constructed.

He further stated that 110 drinking water projects had been completed. CM Rai also said that 171 homes were built for poor and marginalized citizens of the state adding that the State Government is giving a final touch to a 10-year master plan for road networks, small irrigation, town development, tourism development.

”Last year, we just had 5 percentage of capital spending”, CM Rai said, “This  year, we have spent 25 percent of our capital budget being the largest capital budget spending state in the nation.”

Prabhu Helicopter to procure a new chopper

Prabhu Helicopter Private Limited is all set to procure a new helicopter that can fly up to 22,000 feet.

The new helicopter, which will arrive within February this year, will fly at the height of 22,000 feet, the company said. The company has already invested Rs 30 million to this effect.

The new helicopter will target passengers visiting high altitude destinations such as Gosainkunda, Damodarkunda, Hilsa, Lukla, and Mt Everest.

Govt has no policies to inhibit industrial activities: PM Oli

Prime Minister KP Oli has said that the government is not against industrialists nor does it have any policies to curb industrial activities.

“The government has no policies to curb industrial activities. But, it will not sell government properties to the private sector for scrap value and make the country bankrupt,” asserted Oli.

Visitors rise in a conservation zone

The number of tourists visiting the protected areas of the country has seen a rise in the past year. During the fiscal year 2075/76, a total of 963,263 tourists visited the protected zones in the country. Of them, 583,058 were foreign tourists.

Likewise, the number of visitors at the botanical park and central zoo in Kathmandu was recorded at 2.15 million in the year, according to the Ministry of Forest and Environment.

Of the total area of the country, the protected area constitutes 23.39 percent. More than 60 percent of the foreign tourists coming to the country visit the protected areas and community forests.

Demand for palm oil resumes after a month

The Indian government has lifted the ban of refined palm oil imports from Nepal. Traders have started placing orders of refined palm oil from Nepal. Refined palm oil export from Nepal is worth billions per year.

The Indian government has said that they have opened the doors to palm oil imports only from Nepal, i.e. importing palm oil from any other nation is restricted.

Timber import down by 20 percent

In a bid to boost production of timber, the import of the said good has decreased. The Ministry of Forest and Environment has been successful in increasing the supply of timber in Nepal, hence imports have been brought down.

Lack of Chinese manpower halts work at hydropower projects

Chinese workers have not returned to work at the Khimti-2 Hydroelectric Project and Langtang Khola Hydroelectric Project (HEP) due to the coronavirus outbreak. This has caused both of the projects to come to a halt.

The workers had traveled back to China for the celebration of the Chinese New Year and were due back to work on the 3rd of February but due to the virus outbreak, they have not returned yet.

Foreign investment of Rs 3,000 bln committed in six months: Minister Khatiwada

Finance Minister Dr Yubaraj Khatiwada has said Nepal got the commitment of Rs 3,000 billion as foreign investment in the six months of the current fiscal year.

According to him, 3,000 MW electricity would be produced in the Arun Valley in the coming three years, for which, Rs 100 billion investment was brought in and commitment made of additional Rs 200 billion.

Similarly, Minister for State for Industry, Commerce and Supplies Motilal Dugad has shared that the government was successful in resuming the export of palm oil to India.

He said the incumbent government was committed to boosting the national economy by bringing the private sectors in confidence.

Measures and weights law likely to be amended

The Ministry of Industry, Commerce and Supplies has been given the authority to amend the Standard Measurement and Weight Act 1968 in Parliament. According to the director-general of the Nepal Bureau of Standards and Metrology, the amendment will bring uniformity according to international standards.

Border agreement with China sparks fear among Tibetans

A treaty signed by China and Nepal in October 2019 that manages border controls between the two countries poses significant threats to Tibetans fleeing their homeland to escape Chinese rule, Tibetan advocacy groups and other sources say.

Speaking to RFA’s Tibetan Service, Kapil Shrestha—a human rights activist and political science professor at Tribhuvan University in Kathmandu—said that Nepal has been “tremendously influenced by Chinese pressure and policies” in recent years.

“Nepal’s government has enacted very undemocratic and draconian measures in curbing Nepal’s media and human rights in general,” he said, adding that the possible extradition of “so-called offenders” from Nepal to China would target the Tibetan community in particular.

(Compiled and prepared by Swastik Aryal, Akash Shrestha, Nitish Lal Shrestha, Diana Zulkifli)

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.