Nepal Economic Digest (Feb. 23, 2020)


February 23, 2020


Nepal Economic Digest (Feb. 23, 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.

FNCSI to host industrial fair on March 4-15

The Federation of Nepal Cottage and Small Industries (FNCSI), Kavre is hosting the Bagmati state-level ‘industrial fair and cottage industry festival 2020’.

The event will be held on the Agreshwar Mahadev temple premises in ward no. 7 of Banepa municipality from coming March 4 to 15.

The Ministry of Industry and the Cottage and Small Industry Development Fund is providing support to the State-level event. More than 80,000 people are expected to visit the fair. According to 2075/76 data, Kavre district alone is home to 7,754 industrialists and entrepreneurs.

New bill proposes barring accused of banking

The government is preparing to put a clamp on foreign visits by those indicted in criminal activities and banking crime.

A new bill readied to amend the Immigration Act 2049 has proposed to stop the accused of banking and organized crimes from visiting foreign countries.

According to a provision in the act, the government can stop anyone from visiting abroad ‘if the visit will create a negative impact on national/international relations’. However, concerned worry the government can misuse the provision.

Kaligandaki ‘A’ to shut down for 3 days for maintenance

The production of electricity from the Kaligandaki ‘A’ hydropower center has been halted due to leakage. According to the director of NEA, Kulman Ghising, due to the maintenance, industrial customers of the western region may face power cuts during evening peak time.

Bagmati corridor: Rs 10 bln spent; only 50% work completed

The construction work of Bagmati corridor project which began a decade ago has already absorbed Rs 10 billion while only 50 percent of the work has been completed so far.

The corridor construction project on the banks of nine rivers including the Bagmati River had started in 2066 BS. It was originally planned to complete the project by 2080. The estimated budget for the project is Rs 15 billion.

Unfortunately, only 50 percent of the work has been completed. The remaining 50 percent of the project is unlikely to be completed in the remaining four years.

WB says Nepal needs additional investment of $879 million for safer roads

To reduce road accidents the World Bank has said that Nepal needs to invest an additional investment of $879 million.

In Nepal, road crash deaths and injuries have been on a sharp upward trajectory since the early 2000s with a fatality rate of 8.59 per 100,000 population in the fiscal year 2017/2018 as per official reports.

The report emphasizes the need to focus on regional trade corridors where crashes are significant, and roads are unsafe.

Registration of cottage industries increase in Gorkha

In Gorkha, the registration of cottage industries has increased. According to the statistics of the Cottage and Small Industry of Gorkha, 1,313 agricultural and animal husbandry farms are registered.

After mid-July of 2019, 460 agricultural farms were registered. the collection of revenue has also increased after the registration of businesses increased.

Bharatpur City to provide land to construct charging stations

The Bharatpur City of Chitwan has decided to provide land in ward no 2 and 11 for the construction of charging stations for electric vehicles.

A meeting of the Bharatpur City executive body made the decision to this effect. According to the meeting, while they will provide the land, the federal government will construct the charging stations.

Bharatpur Mayor Renu Dahal said that the land to be provided is near the current central bus park as the location is accessible and easy for vehicles.

(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. 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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