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 allocates budget for Raxaul-Kathmandu electrical rail blueprint
The Government of India has allocated a budget for the detailed project report (DPR) of the Raxaul-Kathmandu electrical rail line.
A preliminary study of the Raxaul-Kathmandu electric railway was carried out by India in mid-May 2019. The detailed project plan is expected to be completed in one year.
Inflation surpasses govt target to reach 6.41%
The inflation target set by the government was 6% but the inflation rate has reached 6.41% in the first half of the current fiscal year.
Nepal Rastra Bank has said that the price hike in India has caused inflation in Nepal. According to the country’s central bank, India being our largest trading partner, an increase in the price of imported goods from India causes an increase in the inflation rate of Nepal.
EIB to provide Rs 12.4 billion grant to Nepal
The European Investment Bank (EIB) will provide Rs 12.4 billion worth of grant to the Government of Nepal for its electricity system upgrade project. The grant would be utilized in expanding electricity access, increase electricity supply and facilitate power trade in state 5, Karnali state and Far West state. The aim is to complete the project by December 2023.
Land acquisition process begins at dam site
Providing compensation to locals that will be affected by the construction of the dam and other infrastructures of the Sunkoshi Marin Diversion Multipurpose Project is being prepared.
Interaction with the locals of Sunkoshi Rural Municipality at Khalte in Ward 6 was held by the project office to collect their feedback on land acquisition. The locals raised issues that the area will be dry after diverting the river and urged the project office to look closely into this matter. Due to this reason, the locals feel the need for compensation for their loss.
Industrial census to take place in Nepalgunj
An industrial census and survey will be carried out in Nepalgunj from the fourth week of February. The census is believed to be helpful to the government to formulate industrial policies. The census will include around 500 industrial enterprises of various nature-based in Banke district and four people will be deputed as enumerators.
The questionnaire to be raised during the census will relate to the introduction of industry, its registration authority, details of employees, income sources, details of moveable and immoveable properties and challenges facing industrialists.
Vegetable prices moderate on improved supplies
As the supply of seasonal vegetables has improved in the past month, the price of vegetables has been moderated. According to Kalimati Fruits and Vegetables Market Development Board, prices of most of the popular vegetables have gone down in the wholesale market.
During the festival season September-November, the market had witnessed a heavy rise in the price of vegetables.
Mega Bank to utilize Rs 2b loan from Doha Bank
Mega Bank Ltd signed an agreement to utilize Rs 2 billion in commercial loans from Doha bank. Issuing a statement on Sunday, the officials of the bank said that, Anupama Khunjeli, CEO of After the approval from Nepal Rastra Bank, Mega Bank will utilize the loan to ease liquidity and provide loans to entrepreneurs. Mega Bank has 111 branches all over the country along with 29 extension counters and 114 ATM.
NEA saves Rs 10b by reducing electricity leakage
Kulman Ghising, managing director of Nepal Electricity Authority (NEA), has said that the authority has saved Rs 10 billion annually after controlling electricity leakage. The country was facing a 25.75% leakage in Fiscal Year 2015/16 which was later reduced to 15.32% in Fiscal Year 2018/19.
NEA has reduced the electricity leakage by 9.75% in the first six months of the current fiscal year, down from 11.28% that persisted in the last fiscal year. The NEA set a target to reduce electricity leakage to 8.5% in this fiscal year.
(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.
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