KATHMANDU: Economic Digest offers a concise yet comprehensive overview of significant business happenings in Nepal, presented in easily digestible summaries.
This year’s Laxmi Puja during the Tihar festival saw a peak electricity demand of 1,602 megawatts, an increase of 164 megawatts from last year’s 1,438 megawatts, according to the Nepal Electricity Authority.
The surge in demand, driven by the use of electric lights and modern appliances, highlights the need for a reliable power supply during major festivals.
Additionally, the Tihar festival has spurred local flower sales in Kathmandu, as farmers promote their products amid a ban on plastic garlands.
In other news, a cooperative in Phalebas municipality has reported embezzlement of around Rs 50 million, and gold prices have hit a historic high of NPR 171,000 per tola, coinciding with Tihar.
Meanwhile, Thai AirAsia has resumed flights at two airports in Nepal, and the Annapurna Base Camp is witnessing an unprecedented influx of tourists this season.
1,602 megawatt power demanded on Laxmi Puja
This year’s Laxmi Puja during the Tihar festival saw a significant surge in electricity demand, reaching a peak of 1,602 megawatts at 6:25 PM on Thursday, as reported by the Nepal Electricity Authority.
This marks an increase of 164 megawatts from last year’s peak of 1,438 megawatts, highlighting a growing trend in electricity consumption during this culturally significant event.
The increase in demand can be attributed to various factors, including the widespread use of electric lights, decorations, and modern appliances, which have become integral to the festivities.
The rise in power demand underscores the importance of reliable electricity supply during peak times, particularly during major festivals when usage escalates dramatically.
The Nepal Electricity Authority faces the challenge of meeting this demand while ensuring the stability of the power grid. This year’s increase suggests that as the population grows and living standards improve, the energy consumption patterns will continue to evolve.
It also highlights the need for strategic planning and investment in infrastructure to support the increasing demand for electricity during peak times, ensuring that celebrations like Laxmi Puja can be enjoyed without interruptions.
Tihar blooms: Flower garlands hit market
In anticipation of the Tihar festival, local flower garlands were sold in various sparts of the capital, Kathmandu.
Tihar is particularly known as the festival of flowers. With the local authority’s ban on plastic garlands, farmers and traders were pleased to promote their products.
According to the Floriculture Association of Nepal (FAN), there has been an abundant production of Makhamali (Gomphrena globosa) and Godawari (Chrysanthemums) flowers this year.
Around Rs 50 million of Nagdhunga Cooperative embezzled
Around Rs 50 million of Nagdhunga Saving and Credit Cooperative operated at Karkineta of Phalebas municipality-1 has been embezzled.
A total of Rs 48 million savings of people from rural areas was embezzled. Cooperative Treasurer Dirgha Narayan Sharma has been arrested after depositors filed complaint of embezzlement of their savings.
Gold prices reach a historic high
Gold prices in Nepal reached a historic high of NPR 171,000 per tola, driven by increased demand during the Tihar festival, highlighting gold’s cultural significance and its status as a safe-haven asset.
This surge of NPR 2,200 since Wednesday coincides with a slight decline in silver prices, reflecting changing consumer preferences.
Thai Asia Air resumes flights at TIA and Gautam Buddha International Airport
Thai AirAsia resumed flights at Gautam Buddha International Airport (GIA) starting November 3, following the lifting of a temporary ban by the Civil Aviation Authority of Nepal (CAAN).
The airline will operate four weekly flights to TIA and two to GIA, with strict compliance conditions in place.
ABC witnesses unprecedented influx of tourists this season
The Annapurna Base Camp (ABC) has experienced an unprecedented influx of tourists this season.
A significant number of domestic visitors have traveled to the ABC at Narchyang in Annapurna Rural Municipality-4 in the Myagdi district during the festive period.
Ten Gurung, a campaigner for the trekking route, reported that approximately 3,000 visitors have arrived since the start of the Dashain vacation.
(Prepared by Srija Khanal)
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