Nepal Economic Digest (Feb. 28, 2020)


February 28, 2020


Nepal Economic Digest (Feb. 28, 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.

Infrastructure development tax on petroleum products hiked

The government has decided to hike infrastructure development tax on petroleum products to Rs 10 per liter.

Currently, the government has been charging Rs 5 infrastructure development tax to collect money for the construction of the Budhi Gandaki Hydropower Project.

Speaking at a press meet organized to make public Cabinet decisions, government Spokesperson Dr. Yuvaraj Khatiwada said that the tax has been increased by Rs 5 per liter.

Banking stocks surge as market witnesses record turnover

A sharp decline in Nepal Stock Exchange has pushed the benchmark index almost 40 points lower on Thursday.

The banking sector saw relatively lower gains in the three-month rally, which was the major driving force this week. Investors taking positions in commercial banks also helped the index notch a series of record-breaking turnovers.

EU-Nepal Trade and Investment Program launched in Kathmandu

EU-Nepal Trade Investment Program was jointly inaugurated by the commerce secretary Baikuntha Aryal, acting executive director of international trade center Dorothy Tembo and head of the European Union Delegation to Nepal, Veronica Cody.

The aim of the TIP is to enhance the export potential of Nepal on coffee and pashmina. The program will be jointly implemented by the EU, the government of Nepal and ITC.

Bagmati to issue Rs 150 million grant for fishery development

The Bagmati State government has allocated a total of Rs 150 million to large fishery development programs.

The annual requirement of fishes in Bagmati is about 22,000 tonnes and 13,870 tonnes of fishes are produced in the province and the rest is imported from India.

According to authorities, the project will make Bagmati province self-sufficient in fish production.

(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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