KATHMANDU: Economic Digest offers a concise yet comprehensive overview of significant business happenings in Nepal, presented in easily digestible summaries.
The High-Level Economic Reforms Advisory Commission has recommended that the government introduce a half-record law.
On the other hand, Nepal’s economic growth rate has been limited to 3.4 percent in the first quarter of the current fiscal year.
With nearly half of the airports, built at a cost of billions of rupees, remaining non-operational, concerns have been raised regarding the country’s aviation policy.
Additionally, Anjala Koirala, wife of Hrishikesh Pokharel, chairman of the Public Accounts Committee of the House of Representatives, has been granted bail of one million rupees in a cooperative fraud case.
NEPSE sees modest rise, closing at 2,653.38
The Nepal Stock Exchange (NEPSE) on Wednesday marked a slight increase, rising by 6.53 points (0.24%) to settle at 2,653.38. This follows a small gain of 6.16 points in the previous trading day.
Opening at 2,670.51, NEPSE experienced some fluctuations during the session, hitting a high of 2,672.14 and a low of 2,642.59.
The total turnover amounted to Rs. 6.4 billion, with 72,120 transactions involving 15,502,751 shares from 305 listed companies.
Gold price increases, silver remains stable
After remaining stable for the past two days, the price of gold increased on Wednesday.
With a rise of Rs 500 per tola, the price of gold reached Rs 152,500. On Tuesday, gold was being traded at Rs 152,000 per tola.
According to the Federation of Nepal Gold and Silver Dealers’ Association, the price of silver remains unchanged. Silver was traded at Rs 1,830 per tola.
Anjala Koirala granted bail in cooperative fraud case
Anjala Koirala, the wife of Hrishikesh Pokharel, Chairman of the Public Accounts Committee of the House of Representatives, has been granted bail of one million rupees in a cooperative fraud case.
The Morang District Court issued an order for her release on bail for the trial.
Hem Bahadur Budhathoki, Information Officer at the Morang District Court, confirmed that the bench of Justice Uddhav Prasad Bhattarai had decided to grant bail, stating there was no reason to keep Anjala in custody.
Billions spent on airports, yet earnings are only Rs 447
It is astonishing that an airport built at a cost of billions of rupees has earned only Rs 447 in annual revenue.
This includes the much-discussed Lamidanda Airport in Khotang, which reported the same amount last year.
The situation at Khotang Airport highlights the broader issue with airports across the country, many of which are not functioning as intended.
This has raised concerns about the government’s aviation policy, with critics suggesting that these airports may have been built to showcase development rather than address actual needs.
Commission recommends new laws to strengthen economy
The High-Level Economic Reforms Advisory Commission has submitted an interim report to the government, which was presented by Commission Chairman Rameshwor Prasad Khanal to Deputy Prime Minister and Finance Minister Bishnu Prasad Poudel at the Ministry of Finance.
The report outlines several immediate steps for revitalizing the economy, including settling government liabilities and arrears, supporting troubled borrowers in the financial sector, and enacting laws to regulate commercial lending.
Economic growth limited to 3.4 percent in first quarter
Nepal’s GDP growth rate has been reduced to just 3.4 percent in the first quarter of the current fiscal year.
This decline is attributed to the floods and landslides in the previous month of Asoj, along with negative growth in the construction sector.
According to the National Statistics Office, the government has only achieved 3.4 percent of the six percent economic growth target for the fiscal year.
Out of 18 sectors contributing to the economy, 17 have experienced positive growth, but the construction sector has shown negative growth.
(Prepared by Srija Khanal)
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