KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
Laying electric wires underground begins in capital
The government has started laying electricity wires underground as part of the beautification of the Kathmandu Valley. The work to place the power supply distribution system underground will be carried out in Ratna Park and Maharajgunj in the first phase.
Prime Minister KP Oli inaugurated the project from Maharajgunj on Monday morning. Underground power supply system containing 11,00 voltage will be installed in the areas in Baluwatar, Panipokhari, Budhanilkantha, Gongabu, Dhapasi, Basundhara, Shivapuri, Chunikhel, Sukedhara, Dharmasthali, Teaching Hospital.
Similarly, the 250 km-long optical fiber system is also being laid in installing the underground power distribution system.
Nepal-China trade hit by coronavirus threat
The movement of cargo vehicles to and from China has nearly come to a halt due to the outbreak of coronavirus.
According to the six-month Current Macroeconomic Report unveiled by Nepal Rastra Bank, Nepal exported goods worth Rs 153.3 million to China during the period mid-January-mid February, down from Rs 190.10 million during the same period last year.
Similarly, the import from China stood at Rs 15.78 billion, compared to Rs 16.89 billion over the same period of last year. If this situation persists for a longer period, a possible shortage of imported goods will loom and possibly trigger an upswing in market prices, according to analysts.
Govt to bring GBIA into operations before Int’l Buddhist Conference
The government of Nepal has claimed it is trying its best to bring Gautam Buddha International Airport (GBIA) into operation before the third International Buddhist Conference.
Speaking at a meeting with journalists, Minister for Culture, Tourism and Civil Aviation Yogesh Bhattarai said that the government is trying to bring the second international airport, which serves the birthplace of Buddha, before the conference.
“The airport will facilitate delegates of the conference. We strongly believe that people coming for study and research will do better promotion of Nepal,” he added.
Nepal Oil Corporation slashes price of petroleum products
The Nepal Oil Corporation (NOC) has slashed the price of petroleum products. The prices of both petrol and diesel have been slashed by Rs. 2 per liter. With this, the price of diesel will cost Rs. 97 per liter and petrol Rs. 108 per liter.
Indian experts survey second oil pipeline in Jhapa
After the success of the oil pipeline in Amlekhgunj, the government has started the process to establish a pipeline in Jhapa.
The Indian Oil Corporation built the pipeline in Amlekhgunj as a gift to Nepal and have started to conduct a survey with the Nepal Oil Corporation’s depot in Jhapa. An additional pipeline is said to bring various benefits including a reduction in supply costs.
Importers of substandard Garima seeds fined Rs 3.12 million
Government of Nepal, Department of Commerce Supplies and Consumer Protection has set a fine of Rs 3.12 million fine on various importers and traders of Garima seeds.
According to the officials of Department of Commerce Supplies and Consumer Protection, the Department has fined 17 importers and traders of Garima seeds after it carried out field inspection and supervision as per the Consumers Protection Act, 2075 BS, also, the department has fined Rs 300,000 to importers and Rs 200,000 to traders.
Udayapur bus terminal construction in full swing
The construction of the bus terminal in Udayapur has been expedited. The plan is to upgrade the current bus park into an inter-provincial bus terminal with international standards.
The project is expected to be finished this fiscal year. The bus terminal will have a spacious waiting area with a garden. There will also be a motor vehicle service center, washrooms, restaurant as well as shopping center on the terminal premises.
India emerged as 5th largest economy in 2019
India emerged as the world’s fifth-largest economy by overtaking the UK and France in 2019, international media reports said. A US-based think tank World Population Review in its report said that India is developing into an open-market economy from its previous autarkic policies.
“India’s economy is the fifth-largest in the world with a GDP of USD 2.94 trillion, overtaking the UK and France in 2019 to take the fifth spot,” it said. The size of the UK economy is USD 2.83 trillion and that of France is USD 2.71 trillion.
(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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