KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
Govt to develop 4 satellite cities inside Kathmandu Valley
The government of Nepal has planned to construct four satellite cities inside the Kathmandu Valley.
Unveiling the government’s policies and program on Thursday in the Parliament, President Bidya Devi Bhandari said that four satellite cities will be constructed inside the Valley in the fiscal year 2020/2021.
However, she didn’t mention the places where the cities will be constructed.
Govt announces reducing current expenditure in FY 2020/21
The government has announced to reduce the size of current expenditure by reducing unnecessary expenditure in the coming fiscal year.
Presenting the policy and program for the coming fiscal year in the parliament, President Bidya Devi Bhandari has announced to allocate the expenditure for federal and the local level making sure that duplication won’t happen.
Out of the budget of Rs 1.532 trillion, the current expenditure alone is more than Rs 1 trillion. The government has also announced to increase the use of internal capital in resource management of expenditure in the coming fiscal year.
Nepal to graduate to middle-income country within 10 yrs
The government has announced that Nepal will graduate to a middle-income country within the next 10 years.
Presenting the policy and program of the government in both the houses of the federal parliament, President Bidya Devi Bhandari said that the government is determined to upgrade to the middle-income country before 2087 BS.
In her address, she said, “Economic and social development plans and programs have been put forward within the tenure of the government to make Nepal a developed and a prosperous nation by 2099 BS.”
Govt announces to construct 15-bed hospital at all local units
The government has announced to construct hospitals with up to 15 beds at each local level. Presenting the government’s policy and program in the Parliament, President Bidya Devi Bhandari said that the budget would be allocated for the construction of 15-bed hospitals at each local unit.
Similarly, the district hospitals at the province level will be made 25 to 50 beds and the zonal hospital will be upgraded to a 200-bed general hospital.
Transactions of govt offices to be made cashless
The transactions of all government offices will be made cashless within two years. President Bidya Devi Bhandari announced through policy and program that all office payments will be made cashless within two years, adding that Digital Nepal Framework-2076 will be implemented.
She said that there is no alternative to further expand the Digital Nepal Framework 2076 for social and economic transformation by increasing productivity and production.
Similarly, internet service will be further expanded and managed. The government also aims to provide broadband internet in the highlands. The President informed that the service will be provided by setting up the country’s own satellite within the next two years.
Govt to provide seed amount for entrepreneurship
The government announced of providing seed amount for start-ups for those returning from foreign employment.
Unveiling the government”s policies and programs for the upcoming coming fiscal year in the Parliament on Thursday, President Bidya Devi Bhandari said that the government will provide amount to the skilled youths to start a business.
The government has also decided to provide loans for youths after once the country gets rid of coronavirus.
Nepal-India Transit and Commerce Treaty to be amended
The government has decided to export Nepali goods by reviewing the Nepal-India Transit and Commerce Treaty.
Presenting the government’s policy and program in the parliament on Friday, President Bidya Devi Bhandari informed that the transit treaty for the export of Nepali goods would be reviewed. She said trade agreements would also be signed with Bangladesh and Bhutan.
President Bhandari also said that trade with third countries would be expanded from Chinese ports by using transit facilities.
Govt announces to begin construction of Nijgadh Int’l Airport
The government has announced to operate the international airport under construction in Bhairahawa within the next fiscal year.
Presenting the government’s policy and program for the coming year in the federal parliament, President Bidya Devi Bhandari has said that the Pokhara airport will be operational in 2021.
She has announced that the construction of an international airport at Nijgadh in Bara will start from this year and an internal airport will be built at a suitable place in Kavre.
Construction of Birgunj-Kathmandu, Rasuwagadhi-Kathmandu railways announced
The government has announced to start the preliminary work of construction of Birgunj-Kathmandu and Rasuwagadhi-Kathmandu railways in the coming fiscal year.
Preliminary work will be started now as the initial study report has been received.
In addition, the government will also start the construction of the Inaruwa section of East-West Electric Railway. The Janakpur railway will be operational from the next fiscal year.
Govt announces establishing land bank
The government has announced to provide concessions to the industries affected due to coronavirus pandemic.
Presenting the policy and program for the fiscal year 2077/78, President Bidya Devi Bhandari made the announcement.
The government is now planning to set up a land bank. Similarly, it will motivate to plant the same type of crop. The policy and program of the government have also included the promotion of the cooperative sector to increase local production and create employment.
And, the program also encourages cooperatives to merge with each other. Similarly, President Bhandari said that the food security situation has improved with the increase in agricultural production.
PM Oli pledges employment for those unemployed after pandemic ends
Prime Minister KP Oli has vowed to provide employment opportunities to the unemployed youths in the country once the COVID-19 pandemic is over.
In a congratulatory message to all the Nepalis youth and students at home and abroad on the occasion of the 31st Youth Day, PM Oli has urged all the Nepalis youth and students to tackle this pandemic in unison.
The Prime Minister has also expressed his hope for the creative involvement of the youths in the government’s aspiration to end poverty and promote self-reliance and development.
(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.
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