KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
CIT not for earning profit: Finance Minister
Finance Minister Dr. Yuba Raj Khatiwada has emphasized the need to pave the way for the Citizen’s Investment Trust (CIT) to expand its investment in the capital market.
He expressed his hope that the company will increase its investment in the capital market through its subsidiary companies which would help the company for its strengthening in addition to the market expansion.
Taking part in discussions today about the bill to amend the CIT Act, 2047 BS in a meeting of the Federal Parliament’s Finance Committee, he said the government was planning to upscale CIT investment in the capital market by establishing its auxiliary companies.
The CIT is a general profit-oriented public organization that is supposed to invest its capital safely, according to the Minister who insisted on the safe investment. He advised the CIT and Employee’s Provident Fund to not come up with programs similar to that of the Social Security Fund. The meeting continues clause-wise deliberations on the bill.
Manufacturers of building materials fail to give reasons for price-hike
There has been a recent price hike in building materials such as cement and iron rods. The Ministry of Industry, Commerce and Supplies had given manufacturers until January 27 to explain the reason for the sudden price hike, but have not heard from any of the manufacturers yet. The ministry officials have warned of action if the manufacturers failed to provide a valid reason for the price hike soon.
Public spending accounts for five percent in six months
Only 5.10 percent of the budget appropriated for development has been made by the district-based province offices in the six months of the fiscal year. The dismal performance in terms of capital spending has been witnessed by the federal office.
Only 18.46 percent of the recurrent budget has been spent in the last six months. Also, the public spending of the federal government budget is 10.70 percent in the six months. Likewise, the recurrent spending stood at 48.35 percent. Such reasons for low public spending are bid calf or development projects of federal and state governments and the preparation of the detailed project report.
NATTA demands health desk at border points with China
The Nepal Association of Tour and Travel Agents (NATTA) has demanded the government set up a health desk at every border point with China. Issuing a press release on Monday, NATTA demanded the establishment of a health desk at border points, reasoning that it would help control the entry of coronavirus that has spread from Buhan city of the neighbouring country, China.
NATTA Chairman Achyut Guragain said Nepal needs to maintain high alert to control the entry of epidemic coronavirus. He also demanded a well-equipped health desk at Tribhuvan International Airport as well.
DPR of Nepal-China cross-border transmission line near completion
The detailed project report (DPR) of the Nepal-China 80-kilometer long Galchhi-Rasuwagadi-Kyirong 400 KVA cross border transmission line has been completed. The transmission line will extend from Galchhi in Nepal to Shigatse in China, which is also a route of much-hyped Kathmandu-Kyirong electric railway.
According to the head of the project, Komalnath Atreya, the only assessment left is the load flow test. After the completion of the load flow test, the DPR will be completed.
After betel nut, black pepper, date smuggling rife in Birgunj
A police team deployed by Ward Police Office, Shreepur, last week seized 16 quintals of dried dates in 32 sacks while being smuggled to India in a truck.
The police nabbed the driver and helper of the truck. The driver was carrying an invoice of puffed rice issued by Krishna Flour and Spice Factory located in Ranighat, Birgunj. Officials of Birgunj customs say the import of peas and dried dates is on the rise this year.
Projects in Mai Khola basin to add 22 MW to national grid within a year
Mai Khola has three hydropower projects which are expected to add 22.1-megawatt electricity to the national transmission grid within a year.
(Compiled and prepared by Swastik Aryal, Akash Shrestha, Nitish Lal Shrestha, Diana Zulkifli)
Economic Digest is a daily morning email digest, basically relatable summations of the most important business news and happenings from Nepal into easy-to-understand summaries. By realizing that readers are faced with a packed calendar, 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 by creating news summaries in the form of Economic Digest.