KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
Tata Motors launches cheapest electric SUV Nexon EV in India
Tata Motors Ltd has launched the Nexon EV with an introductory starting price tag of ₹13.99 lakh (ex-showroom), which is about 6-7 lakh cheaper when compared to the other long-range electric cars on sales in India currently. The Tata Nexon EV will be available in three variants – XZ+ LUX, XZ+, and XM with top-end variant priced at ₹15.99 lakh.
The Nexon EV will also be the first electric vehicle from the stable of Tata Motors to be powered by the in-house developed Ziptron technology, which is a modular electric powertrain platform comprising of permanent magnet AC motor and a dust and waterproof, liquid-cooled lithium-ion battery system.
Nepal exports 1,56,101 tonnes of palm oils during April-Nov
Nepal exported 33,944 tonnes of soya oil and 1,56,101 tonnes of palm oils during April-November of 2019-20 fiscal, as per the SEA data.
Recently, the Indian government had banned the import of RBD palm and palm oils to protect the domestic refining industry. Nepal exported 1,56,101 tonnes of palm oils during April-November of 2019-20 fiscal. Edible oils trade body SEA has urged the Indian government not to allow the import of palm oils at zero duty from Nepal under the SAFTA pact, saying it will affect the domestic refining industry.
Chicken price rises to Rs 360 per kg
The price of chicken has risen by Rs 15 per kilogram after a meeting held in Kathmandu by Nepal Chicken Sellers Association.
The low rate of hatching success and high mortality of chicks let to this price hike. Nepal is self-sufficient when it comes to poultry products.
However, the market is also flooded by Indian poultry products that are much cheaper. This makes it difficult for the Nepalese poultry industry to stay competitive. Despite the government putting a ban on poultry imports from India, some traders are still bringing poultry products from India.
Tourism at receiving end of coronavirus outbreak
China, the northern neighbor is battling to combat the disease while Nepali authorities are also under pressure to implement preventive measures to control possible spread of the disease in the country.
Analysts say the obvious impact of the outbreak of the disease is on Nepal’s tourism sector while the country has just started celebrating the Visit Nepal Year 2020 campaign.
According to them, the coronavirus outbreak will cause the number of Chinese visitors to go down significantly while also affecting third country arrivals. Also, it will make an impact on foreign investment and bilateral trade with China, they added.
Insufficiency of Budget limits IEDI’s effort to support start-ups
Senior Business Promotion Officer of Industrial Enterprise Development Institute (IEDI), Malina Shrestha Ranjit, has lamented the allocation of insufficient budget to IEDI to support start-ups in the country.
“We are not only facing the problem of adequate budget, but there are problems within the organization itself such as lack of infrastructure, sufficient staff, and proper plans and policies which have adversely affected IEDI,” said Ranjit.
The start-up program is especially geared towards people who have business plans but lack ideas about how to execute it, and those who are already involved in businesses but want further guidance to uplift their businesses.
Nepali tea manufacturers hold their stocks as prices crash
The price of Crush, Tear and Curl (CTC) tea has been experiencing a continuous downfall in the Indian market where most of the Nepali production is shipped. Over the year, the price of CTC tea has plunged by 50 percent to IRs 65 per kg.
Entrepreneurs say they are not even able to get their investment back by selling at that rate, so they would rather hold their stocks.
There is no auction system to sell tea leaves in Nepal, and the price is set by Indian traders who are the biggest buyers. The price of CTC tea has reduced by 50 percent to IRs 65 per kg over the year.
Motion filed at Parliament demanding legalization of marijuana
A motion was registered at the Parliament on Tuesday demanding to legalize marijuana. The motion has demanded to formulate necessary laws for commercial farming of marijuana after legalizing it.
The motion has been proposed by the Nepal Communist Party (NCP) lawmaker Birodh Khatiwada and seconded by 45 NCP lawmakers including Janardan Sharma and Onsari Gharti.
The motion has demanded to legalize marijuana farming arguing that many countries including the US, Canada, the Netherlands, and Thailand have been making a good profit by cultivating marijuana for medical use.
Govt to accelerate expansion of Bharatpur Airport
The government has said that it will speed up works for the expansion of the Bharatpur Airport. In a meeting of the stakeholders organized in Kathmandu, Minister for Culture, Tourism and Civil Aviation, Yogesh Bhattarai said that the ministry will proceed with the operations immediately.
The meeting was organized by the Ministry of Culture, Tourism and Civil Aviation. Senior political leaders including Chairman of Nepal Communist Party Puspa Kamal Dahal, Deputy Prime Minister and Minister of Defense, Ishwor Pokharel and others were present at the discussion.
(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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