Nepal Economic Digest (May 31, 2020) « Khabarhub
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Nepal Economic Digest (May 31, 2020)

31 May 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.

Gandaki province to unveil policy and program today

The Gandaki State government is to present its annual policy and program for the fiscal year 2020/21 on Sunday.

The cabinet has decided to table the policy and program at 3:00 pm this Sunday, said the government spokesperson Ram Sharan Basnet.

Pradesh Pramukh Amik Sherchan shall read out the government’s policy and program which is expected to focus on health and agriculture.

The new fiscal year policy and program is likely to include programs to revitalize the economic hit by the adverse situation arising from the COVID-19 outbreak, emphasize on health treatment and infrastructure, mechanization and modernization of agriculture, create more employment and enhance productivity.

PM Oli appeals for restructuring world economic system

Prime Minister KP Oli has urged the world community to establish an inclusive world economic system doable for all big and small or rich and poor countries.

While addressing a United Nations level virtual dialogue on investment for development after COVID-19 and its aftermath last night, PM Oli argued such an economic system would help uplift the whole economic system across the globe.

The dialogue was organized by Secretary-General of the United Nations and Prime Ministers of Canada and Jamaica, PM Oli said that the vaccine developing against COVID-19 should be tested, verified and made be affordable to all.

He was for the investment in social sectors to get rid of such pandemics. The PM also opined for making multilateral agencies active to tackle such situations.

Local levels face hard time to manage quarantines

With the resumption of railway service in India, the influx of migrant workers is upped in Nepal of late.

The new entrants are however finding no place for shelter and local authorities are facing hard times to manage quarantines for them.

It is stated that over 10,000 Nepali migrant workers returned home via western borders in the past five days and most of them are from Kanchanpur district.

According to Shuklaphanta Municipality health division Chief Paramanda Bhatta, they were trying to manage health checkups to the newcomers but facing difficulty to manage COVID-19 test due to lack of testing kits.

Similarly, 848 have returned home after completion of quarantine stay in the district. Local authorities have shared that 11,523 workers from the district have returned home after lockdown till today.

Massive increase in customs and excise duty on electric vehicles angers environmentalists, citizens

A new budget provision to revoke concessions and subsidies, while importing electric vehicles(EVs), has irked environmentalists, clean energy enthusiasts, and importers.

Earlier, the electric vehicles were only levied 10 percent customs duty and VAT while importing. The government, in its budget announced Thursday, has increased the customs duty from 30 to 80 percent and excise duty from 5 percent to 80 percent depending upon the engine of these non-polluting vehicles.

“The new measures would increase the prices of the EVs from 30 to 150 percent, according to Umesh Shrestha, the president of the Electric Vehicles Association of Nepal( EVAN).

(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.

Publish Date : 31 May 2020 08:51 AM

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