KATHMANDU: Experts say informal cross-border trade is thriving in South Asia due to the high cost of trade transaction using the formal…
KATHMANDU: Experts say informal cross-border trade is thriving in South Asia due to the high cost of trade transaction using the formal…
Kathmandu: The Gandaki Province chapter of Nepal Association of Tour and Travel Agents (NATTA) has decided to conduct tourism promotion programmes in various cities of China for a…
KATHMANDU: Prime Minister Pushpa Kamal Dahal has urged the private sector to invest in the country's hydropower sector with confidence in the context that the Government of Nepal has signed an agreement to export 10,000 megawatts of power to India in a…
KATHMANDU: The Department of Hydrology and Meteorology has predicted more than average rainfall during monsoon this…
Kathmandu: The Confederation of Nepalese Industries (CNI) and European Union (EU) officials discussed bilateral trade and economic cooperation enhancement between Nepal and EU on…
Pokhara: More than 177,182 foreign tourists visited the Annapurna Circuit, a popular trekking route in Gandaki Province, in the past 10 months, according to the Annapurna Conservation Area Project…
Kathmandu: National Planning Commission (NPC) Vice Chairman Dr. Min Bahadur Shrestha has said that the 16th periodic plan has prioritized production and employment.…
Kathmandu: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has suggested that the next fiscal year's federal budget should be determined based on the government's spending…
Kathmandu: The estimated cost of implementing the 16th Plan of the government is approximately Rs 11.1 trillion, the National Planning Commission (NPC) announced on…
Kathmandu: The country's economic growth rate is projected to reach 7.3 percent over the next five years.…
Kathmandu: Visa, a leading global digital payments service provider, on Tuesday announced the appointment of Sabbir Ahmed as the country manager for Nepal, Bangladesh and…
Birgunj: A total of 90.6 percent of citizens in Madhesh Province are without insurance coverage. The province has a population exceeding…
Kathmandu: Nepal Oil Corporation (NOC) has lowered the prices of petroleum products effective from Thursday, May…
Kathmandu: Table tennis player Syantu Shrestha has booked a place in Paris Olympics, 2024 through competitive…
Kathmandu: Nepal’s cricket star Sandeep Lamichhane had his eight-year jail sentence for rape quashed on appeal on Wednesday after the former national captain challenged his conviction, AFP…
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Singh said that informal trade is highly responsive to India’s ban on exports and price variations as the result of different production costs on the Nepali and the Indian sides and tariffs in the case of products such as rice and vegetables. The study found that prices of rice across the border markets could be as high as 20 percent.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Informal trade of agri-food commodities, including inputs, has increased access to those products preventing shortages and spikes in prices but that undermined the productive capacity of Nepali goods and diminished their competitiveness, she pointed out.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">As per findings from the IFPRI study on informal trade in agricultural goods between Bangladesh and India, prominent items include edible oils, rice seeds, tea, fertilizer, soybean oil, and palm oil. The study reveals that this informal trade is dominated by a small group of traders forming an oligopoly. Moreover, the study indicates that large-scale informal trade is controlled by mafia-style syndicates with political backing.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Dr Mamata Pradhan, IFPRI’s research coordinator, highlighted during her presentation the robust nexus between trade and finance, facilitated by the hundi system of informal international money transfers, which significantly bolsters informal trade between India and Bangladesh. She also mentioned that 80 percent of carriers in the informal trade are women as most of the border points have no women security personnel at the India-Bangladesh border.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Dr Posh Raj Pandey, chair emeritus of SAWTEE, highlighted that obstruction in the entry and exit of products, policy disruption at the domestic level and weak law enforcement at the border contribute to informal trade in Nepal. Dr Pandey emphasized the necessity of reducing trade transaction costs to mitigate informal trade, advocating for measures such as enhancing trade facilitation, improving border infrastructure, and minimizing tariff barriers.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Anand Bagaria, managing director of Nimbus Holdings, stressed the importance of adopting a measured and proactive strategy towards policymaking in dealing with informal cross-border trade. Since we cannot influence our neighbouring countries’ policies, Nepal needs to be clear about what could be the right balance between inflation, government revenue and mitigating quality-related risks while adopting a corrective approach to deal with informal trade, he added. Bagaria also acknowledged the inherent challenges in halting informal trade at the household consumption level while highlighting the role of policy in regulating commercial consumption.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Drawing parallels with Africa, where central banks conduct surveys on informal trade, Dr Ramesh Sharma, senior economist, formerly with FAO, Rome, made a point on the potential role of the Nepal Rastra Bank and the National Statistics Office in measuring informal trade periodically. Dr Sharma highlighted the importance of leveraging existing resources while preparing Nepal’s food balance sheet. He further suggested that the Nepal Rastra Bank, along with the Ministry of Industry, Commerce, and Supplies and the Ministry of Agriculture and Livestock Development, could collaborate to facilitate trade and minimize informal trade practices.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Sabnam Shivakoti, joint secretary at the Ministry of Agriculture and Livestock Development, emphasized the significance of rules and regulations within the border control mechanism to address sanitary and phytosanitary issues in agri-food commodities. She said that such concerns should not pose obstacles, as the repercussions of neglecting them can be more costly as they are legitimate measures to ensure that harmful pests and diseases are prevented from entering our territories. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Shivakoti also pointed out that cross-border trade that was done traditionally due to social ties across borders is not the same as the organized commercial informal trade that is happening now at a large scale that affects agriculture as well as industrial sectors as they have to compete with cheap imports. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">She cited the example of import restriction of dairy products that was announced in February 2024 to protect domestic farmers and the dairy industry but that led to formal imports being diverted to informal channels.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">According to SAWTEE, participants of the workshop included policy makers, private sector representatives, representatives of farmers’ organizations, members of civil society and experts.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-17', 'modified' => '2024-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '20738', 'image' => '20240517012115_phansidewa farmers.jpg', 'article_date' => '2024-05-17 12:52:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21010', 'article_category_id' => '1', 'title' => 'NATTA Gandaki Province to Promote Nepali Tourism in Chinese Cities ', 'sub_title' => '', 'summary' => 'Kathmandu: The Gandaki Province chapter of Nepal Association of Tour and Travel Agents (NATTA) has decided to conduct tourism promotion programmes in various cities of China for a week. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: The Gandaki Province chapter of Nepal Association of Tour and Travel Agents (NATTA) has decided to conduct tourism promotion programmes in various cities of China for a week. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NATTA's Gandaki Province Chair Hari Ram Adhikari informed at a press meet that a programme 'Pokhara-Nepal tourism promotion and sales mission in China' would be organized in various cities. A 16-member team left for China on Thursday for the same. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 16-member team will also attend the Guangzhou international travel fair being organized by the Guangzhou city of China for three days. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A documentary showcasing tourism activities in Pokhara will be screened in Beijing amidst a programme coordinated jointly by Nepal Tourism Board and Nepali Embassy in China. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The delegation will also distribute promotional materials on the occasion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Discussion will be held with businesspersons and their associations in a bid to create atmosphere conducive for conducting direct flights from Pokhara to Chinese cities. The delegation will inspect the economic and tourism developments in China. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It is believed that the promotional programme would be helpful to bringing more Chinese tourists in Nepal. The NATTA informed that the number of tourists from China has doubled this year as compared to last year. In April this year, a total of 9,750 Chinese tourists visited Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Moreover, the visit is further expected to foster collaboration between tourism entrepreneurs of both the countries. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-17', 'modified' => '2024-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '20737', 'image' => '20240517122913_20230611044301_6.jpg', 'article_date' => '2024-05-17 12:28:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21009', 'article_category_id' => '1', 'title' => 'PM Urges Private Sector to Invest in Hydropower Projects Confidently', 'sub_title' => '', 'summary' => 'KATHMANDU: Prime Minister Pushpa Kamal Dahal has urged the private sector to invest in the country's hydropower sector with confidence in the context that the Government of Nepal has signed an agreement to export 10,000 megawatts of power to India in a decade. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: Prime Minister Pushpa Kamal Dahal has urged the private sector to invest in the country's hydropower sector with confidence in the context that the Government of Nepal has signed an agreement to export 10,000 megawatts of power to India in a decade. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Addressing the 22nd annual general assembly of Independent Power Producers' Association of Nepal (IPPAN) on Friday, the PM said the moment to export 10,000 megawatts of power will be a historical achievement for the country's journey to prosperity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We have signed a long-term agreement with neighbouring India for the export of 10,000 megawatts of electricity in 10 years. Likewise, power trade will be done with Bangladesh via India's transmission line. This is a historic success not only of Nepal's hydroelectricity sector but in terms of commitment to prosperity journey and campaign," the PM stated. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The PM also expressed confidence that an agreement to export Nepal's electricity to Bangladesh will be signed soon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, the PM shared that the government is effortful for promoting different programmes to increase power consumption in the domestic market besides the power export. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He said the government is considering to promote electric vehicles and appliances to reduce the import of petroleum products and to increase the domestic consumption of electricity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In his speech, the PM viewed electricity as the most important sector for the country's development and prosperity, and appreciated the role of the private sector in scaling up power production. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-17', 'modified' => '2024-05-17', 'keywords' => 'energy, power, trade, Nepal, India, Bangladesh, hydropower, production, transmission, prosperity, government', 'description' => '', 'sortorder' => '20736', 'image' => '20240517115552_hydro.jpg', 'article_date' => '2024-05-17 11:54:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21008', 'article_category_id' => '1', 'title' => 'More than Average Rainfall Likely during this Monsoon: Met Department ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Department of Hydrology and Meteorology has predicted more than average rainfall during monsoon this year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The Department of Hydrology and Meteorology has predicted more than average rainfall during monsoon this year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a recent programme organised by the National Monsoon Forum, the department's meteorologist Sudarsan Humagai said rainfall exceeding 35.4 to 55.4 per cent than average has been predicted in most parts of the country in the upcoming monsoon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The north-west areas of Sudurpashim Province, the south-east areas of Bagamati, the central part of Madhesh and the central and mid-west parts of Koshi Province are likely to see more rain (35.4 per cent to 65.5 per cent) than average this year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the western part of the Karnali, central part of Gandaki, and north-east part of Koshi are likely to witness rain more by 35-45 per cent than average. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The minimum precipitation in most parts of the county is likely to be more than average by 35-65 percent. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-05-17', 'modified' => '2024-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '20735', 'image' => '20240517105935_sno.jpg', 'article_date' => '2024-05-17 10:57:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21007', 'article_category_id' => '1', 'title' => 'CNI and EU Officials Discuss Enhancing Bilateral Trade ', 'sub_title' => '', 'summary' => 'Kathmandu: The Confederation of Nepalese Industries (CNI) and European Union (EU) officials discussed bilateral trade and economic cooperation enhancement between Nepal and EU on Thursday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: The Confederation of Nepalese Industries (CNI) and European Union (EU) officials discussed bilateral trade and economic cooperation enhancement between Nepal and EU on Thursday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Office bearers of the CNI held discussion with Deputy Director General of the European Commission, Myriam Ferran, and the Ambassador of the European Union (EU) to Nepal, Veronique Lorenzo, on matters relating to strengthening of bilateral trade relations between the two sides and increasing the export capacity of Nepali products to the European market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the CNI, the discussion focused on graduation of Nepal from least developed to a developing country by 2026, the potential of Nepal's manufacturing and information technology sectors, and commercial benefits and economic development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, CNI President Rajesh Kumar Agarwal shed light on various aspects of the economic and commercial relations between Nepal and the European Union and shared about the areas of cooperation that the EU can provide for the economic development of Nepal in the future. He sought necessary support to re-operate direct air flights from Nepal to the European countries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">EU Ambassador to Nepal, Veronique, said that the European Union is committed to support Nepal in its journey of economic growth and development. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-17', 'modified' => '2024-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '20734', 'image' => '20240517100822_blank eight by six.jpg', 'article_date' => '2024-05-17 10:07:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21006', 'article_category_id' => '1', 'title' => 'Over 177,000 Tourists Visit Annapurna Region in 10 Months', 'sub_title' => '', 'summary' => 'Pokhara: More than 177,182 foreign tourists visited the Annapurna Circuit, a popular trekking route in Gandaki Province, in the past 10 months, according to the Annapurna Conservation Area Project (ACAP).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Pokhara: More than 177,182 foreign tourists visited the Annapurna Circuit, a popular trekking route in Gandaki Province, in the past 10 months, according to the Annapurna Conservation Area Project (ACAP). The highest number of tourists visited the area during the month of Chaitra (mid-March to mid-April) when 35,265 visitors arrived in the region that covers five districts – Lamjung, Manang, Mustang, Myagdi and Kaski.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">ACAP chief Dr Rabin Kadariya reported that 79,232 tourists came from South Asian countries, while 97,950 tourists arrived from other parts of the world during the review period. The months of September-October and April-May are considered the best times for trekking in the region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although most Indian tourists visiting Muktinath and other sites in the Annapurna Circuit use the motorway, tourists from other countries prefer trekking, he told RSS.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Domestic and foreign tourists throng the Annapurna area during the peak tourist season," said Dr. Kadariya. "Tourism in the area is returning to pre-COVID-19 levels. Recently, there has been a significant influx of tourists from various countries."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">ACAP maintains records of foreign tourists visiting the Annapurna Circuit. Kadariya noted that the number of domestic tourists coming through the land route from Mustang and other places could not be ascertained.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Annapurna Circuit has become a favorite trekking route for tourists from many countries. In 2023, 191,558 tourists from 173 countries visited Annapurna, marking the highest number of tourists in a single year. In comparison, 181,000 tourists visited the area in 2019.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Thousands of domestic and foreign tourists visit key sites such as Annapurna Base Camp, Mardi Himal, Lwang, Ghandruk village, Tilicho Lake, Thorangla Pass, Upper Mustang, Muktinath, Ghodepani of Myagdi, and Poonhil every year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Annapurna Circuit is renowned for its attractive locations, including mountains and glaciers, tourism-friendly infrastructure, favorable climate, and the hospitality services and facilities provided by the locals.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Short, medium, and long treks to the Annapurna region can be undertaken through routes in Kaski, Lamjung, Manang, Mustang and Myagdi. The Annapurna Conservation Area, covering 7,600 square kilometers, spans 89 wards across 16 local units in the five districts. The Annapurna region is rich in natural beauty, biodiversity, mountainous life, and diverse culture. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '20733', 'image' => '20240516074933_20240102031942_20220508080527_Annapurna circuit (3).jpg', 'article_date' => '2024-05-16 19:48:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21005', 'article_category_id' => '1', 'title' => 'Production and Employment are Priorities of 16th Plan: NPC Vice Chair', 'sub_title' => '', 'summary' => 'Kathmandu: National Planning Commission (NPC) Vice Chairman Dr. Min Bahadur Shrestha has said that the 16th periodic plan has prioritized production and employment. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Kathmandu: National Planning Commission (NPC) Vice Chairman Dr. Min Bahadur Shrestha has said that the 16th periodic plan has prioritized production and employment. The NPC officially unveiled the 16th plan on Wednesday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Stating that there is a gap between the goals and the achievements of the 15th plan, Shrestha said that the main focus of the 16th plan is implementation. "The five-year tasks to be undertaken by every ministry are included in the plan. It has been prepared by engaging with more than 3,000 stakeholders. In this plan, the problems and challenges have been studied and researched in detail, and solutions have been drawn out," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">He stated that the current economy's main problem is the lack of production and employment. "In the 16th Plan, production and economic growth have been given top priority," said Shrestha.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => 'production, employment, plan, economy', 'description' => '', 'sortorder' => '20732', 'image' => '20240516082531_blank eight by six.jpg', 'article_date' => '2024-05-16 08:20:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21004', 'article_category_id' => '1', 'title' => 'FNCCI Calls for a Realistic Budget', 'sub_title' => '', 'summary' => 'Kathmandu: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has suggested that the next fiscal year's federal budget should be determined based on the government's spending capacity.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Kathmandu: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has suggested that the next fiscal year's federal budget should be determined based on the government's spending capacity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">During FNCCI's pre-budget discussion for FY 2024/25, FNCCI President Chandra Dhakal suggested that while the budget size has consistently increased, government expenditure has not kept pace.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The FNCCI has recommended that the next fiscal budget be only 10 percent larger than the actual spending in the current fiscal year. So far, the government has managed to spend only 60 percent of the total budget of Rs 1751 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The FNCCI has stated that increasing the size of the budget will put pressure on revenue and internal debt. They have suggested bringing a smaller and more realistic budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The federation has demanded that products based on local raw materials should be given concessions to promote exports and replace imports. On behalf of the federation, President Dhakal suggested that the monetary policy should be flexible, noting a problem due to the lack of coordination between monetary policy and the budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The FNCCI emphasized the necessity of making a policy to use local products, even though they are 20 percent more expensive. Additionally, the FNCCI noted that the incentives given to the energy sector in 2015 will end in 2025 and suggested extending these incentives until 2030.</span></span></span></span></p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => 'FNCCI, budget, realistic', 'description' => '', 'sortorder' => '20731', 'image' => '20240516081809_budget.jpg', 'article_date' => '2024-05-16 08:17:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21002', 'article_category_id' => '1', 'title' => 'Executing 16th Plan will Cost Around Rs 11.1 Trillion: NPC', 'sub_title' => '', 'summary' => 'Kathmandu: The estimated cost of implementing the 16th Plan of the government is approximately Rs 11.1 trillion, the National Planning Commission (NPC) announced on Wednesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Kathmandu: The estimated cost of implementing the 16th Plan of the government is approximately Rs 11.1 trillion, the National Planning Commission (NPC) announced on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NPC Vice Chairman Dr Min Bahadur Shrestha, while informing the media about the periodic plan and cost estimate approved by the Council of Ministers on Tuesday, assured that there would be no issues in securing the necessary investment for the plan’s implementation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NPC Spokesman Yamlal Bhusal added that the cost for achieving the objectives of the 16th Plan exceeds Rs 11.1 trillion. He emphasized that partnerships with the private sector would be enhanced to ensure this funding.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Bhusal, one of the strategies of the 16th Plan is to increase production, productivity, and competitiveness by identifying and addressing structural obstacles in all areas and dimensions of development.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He stated, "The goal is to implement a sustainable development plan by strengthening the inter-relationship and functional capacity between the government, private, cooperative, and non-governmental sectors, as well as all three levels of government - federal, provincial, and local."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The NPC spokesman also highlighted that activities will be aligned with goals of gender mainstreaming, use of modern technology, environmental protection, disaster risk reduction, and policy-making based on studies, research, and facts.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The areas of structural transformation include strengthening macroeconomic foundations, enhancing economic growth, and increasing production, productivity, and competitiveness. Other sectors targeted for structural transformation are productive employment, decent labor, sustainable social protection, development of healthy, educated, and skilled human capital, quality physical infrastructure, and intensive inter-agency commitment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the data shared by the NPC, the government has set a target to attain per capita income of USD 2,351 by the fiscal year 2085/86 BS.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Implementation of the goals also include planned, sustainable, and resilient urbanization and settlement development, gender equality, social justice, inclusive and equitable society building, regional and local economic strengthening, and balanced development, along with poverty and inequality reduction.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Other designated implementation goals are effective financial management, capital expenditure capacity building, governance reform, promotion of good governance, biodiversity conservation, climate change mitigation, advancement of the green economy, upgrading from least developed to developing country status, and achieving sustainable development goals. -- RSS</span></span></p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => 'NPC, national, planning, commission, cost, estimated, government, Nepal, development, economic, growth, budget, literacy, per, capital, income', 'description' => '', 'sortorder' => '20730', 'image' => '20240516080254_20240313031110_banknotes.jpg', 'article_date' => '2024-05-16 08:02:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21001', 'article_category_id' => '1', 'title' => '16th Plan Sets Economic Growth Rate of 7.3 Percent', 'sub_title' => '', 'summary' => 'Kathmandu: The country's economic growth rate is projected to reach 7.3 percent over the next five years. ', 'content' => '<p><span style="font-size:18px">Kathmandu: The economic growth rate of the country is projected to reach 7.3 percent in the next five years. This target is set under the 16th Plan, made public by the National Planning Commission on Wednesday. Presenting the 16th Plan, Commission Spokesperson Yamlal Bhusal stated that the goal is to increase the economic growth rate to 7.3 percent by 2029/30, up from 3.9 percent. Additionally, the 16th Plan aims to raise per capita income to USD 2,351.</span></p> <p><span style="font-size:18px">The plan also targets reducing the population below the poverty line from 20.3 percent to 12 percent and lowering the consumer inflation rate from 7.7 percent to 5 percent. It includes goals to increase the human development index from 0.601 to 0.65, and the human poverty index from 76.3 percent to 78 percent. Furthermore, the plan aims to reduce the economic and environmental risk index from 29.7 to 24, and to increase life expectancy from 71.3 years to 73 years. The literacy rate is targeted to rise from 76.2 percent to 85 percent.</span></p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => 'growth, economic, Nepal, national, planning, commission', 'description' => '', 'sortorder' => '20729', 'image' => '20240516080124_20240426010045_20220817123841_economic-growth.jpg', 'article_date' => '2024-05-16 08:00:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21003', 'article_category_id' => '1', 'title' => 'Visa Appoints Sabbir Ahmed as Country Manager of Nepal, Bangladesh and Bhutan', 'sub_title' => '', 'summary' => 'Kathmandu: Visa, a leading global digital payments service provider, on Tuesday announced the appointment of Sabbir Ahmed as the country manager for Nepal, Bangladesh and Bhutan.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Kathmandu: Visa, a leading global digital payments service provider, on Tuesday announced the appointment of Sabbir Ahmed as the country manager for Nepal, Bangladesh and Bhutan. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Issuing a statement, VISA said that Ahmed, with over 27 years of rich experience in banking and payments across Bangladesh and Vietnam, will now lead the market operations for Visa in the three countries. Ahmed’s team will be based in Dhaka office.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">With the appointment of Ahmed, Visa reiterated its leadership and commitment to the Nepal market, along with Bangladesh and Bhutan. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The statement added that Visa has continually focused on introducing enhanced payment solutions for Nepal as it adopts digital payments at an increasing pace. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Visa has been instrumental in introducing contactless payments in the country; it has also enabled consumers to use their Visa cards while shopping online or scan QR codes and pay via Visa cards. With Sabbir heading the markets, Visa aims to accelerate its growth in the digital payments landscape across South Asia,” reads the statement.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">On his appointment, Ahmed said, “I am excited to join Visa, a brand at the forefront of digital payments globally and in Nepal. In my new role, I look forward to playing a significant role in partnering with clients, the regulator and the broader ecosystem of Nepal. We also aim to play a pivotal role in digital payments for Bangladesh and Bhutan. I believe we can bring innovative digital-first payment solutions to consumers and businesses, that will increase the growth of digital payments in Nepal and adjoining markets.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Sandeep Ghosh, Group Country Manager of Visa India and South Asia said, “We are delighted to welcome Sabbir Ahmed as our Country Manager for Nepal, Bangladesh and Bhutan. Sabbir, with his strong professional achievements, diverse banking experience and deep market connections, will strengthen our leadership, drive business objectives and foster sustainable growth for Visa.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the statement issued by the company, Ahmed will be responsible for charting Visa’s business priorities in Nepal. He and the team will manage Visa’s relationships with clients, partners, regulators and ecosystem participants, added the statement. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“He will also be a part of Visa’s leadership team for India and South Asia.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Sabbir Ahmed joined Visa from Standard Chartered Bank, Bangladesh, where he served as the Managing Director and Head of Wealth and Retail Banking. Previously, he held senior leadership positions at HSBC in Bangladesh and Vietnam and has worked for British American Tobacco (BAT). Ahmed brings a wide range of expertise from both local and international markets in the banking and financial services sector, added the statement.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '20728', 'image' => '20240516081228_blank eight by six.jpg', 'article_date' => '2024-05-16 08:11:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21000', 'article_category_id' => '1', 'title' => 'Over 90 Percent of People in Madhesh Province Lack Access to Insurance', 'sub_title' => '', 'summary' => 'Birgunj: A total of 90.6 percent of citizens in Madhesh Province are without insurance coverage. The province has a population exceeding 6,114,000.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Birgunj: A total of 90.6 percent of citizens in Madhesh Province are without insurance coverage. The province has a population exceeding 6,114,000.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The limited attraction towards insurance among the people of Madhesh is attributed to a lack of awareness and the practice of buying insurance schemes from across the border in India. According to the Madhesh Province Office of the Nepal Insurance Authority (NIA), only 573,433 people, or 9.4 percent of the population, have purchased insurance policies in the province. This data indicates a low level of interest in insurance among the general public.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Kusum Sharma, chief of the NIA Madhesh Province Office, emphasized the need to promote insurance coverage throughout the province in coordination with all three levels of government. "Access to insurance in Madhesh Province is found to be low. Since the economic and health conditions of the people here are weak, it is necessary to develop the practice of providing insurance to the entire province by coordinating with all three tiers of government," Sharma stressed.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Sharma pointed out the necessity of insuring all the people in Madhesh Province, similar to the initiative in Karnali Province, where the state government has covered insurance for all residents. Sharma added that the authority is ready to provide the necessary facilitation for this effort.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The lack of insurance access is not only an issue in Madhesh Province but also across the entire country. As of April 12, 2024, only 43.3 percent of the population of the entire nation had access to insurance, leaving 56.7 percent without life insurance coverage. However, the situation is far better compared to six years ago, when only 17 percent of the population had insurance coverage.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Nirmal Khanal, assistant director of the NIC Madhesh Province Office, noted that the low insurance literacy among citizens and the tradition of purchasing insurance policies from Indian companies in border markets have hindered insurance access.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">"Due to high poverty and illiteracy in Madhesh Province, the idea of buying insurance policies has not developed among the general population. The proximity to the Indian border market and the practice of purchasing Indian insurance policies have also impeded our efforts to increase public interest in insurance," he added.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Khanal explained that the limited attraction towards insurance in Madhesh Province is also due to the tendency to seek unfair benefits from insurance, the lack of human resources in insurance branches/sub-branches, and misunderstandings about insurance, which lead to it being least prioritized. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '20727', 'image' => '20240516075930_Ed- insurance.jpg', 'article_date' => '2024-05-16 07:58:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20998', 'article_category_id' => '1', 'title' => 'NOC Slashes Prices of Petroleum Products', 'sub_title' => '', 'summary' => 'Kathmandu: Nepal Oil Corporation (NOC) has lowered the prices of petroleum products effective from Thursday, May 16. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: Nepal Oil Corporation (NOC) has lowered the prices of petroleum products effective from Thursday, May 16. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the NOC Board of Directors on Wednesday decided to reduce the price of petrol by Rs 7 per liter and diesel and kerosene by Rs 5 per liter. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the adjustments of prices, the retail price of petrol has been fixed at Rs 168.5 per liter for the first cluster (Charlali, Biratnagar, Janakpur, Amlekhgunj, Bhalbari, Nepalgunj, Dhangadhi and Birgunj) while it will cost Rs 170 per liter in the second cluster (Surkhet and Dang) and Rs 171 per liter for the consumers of third cluster which includes Kathmandu, Pokhara and Dipayal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The price adjustments follow the revised price list from the Indian Oil Corporation (IOC), the sole supplier of petroleum products to Nepal, according to NOC Spokesperson Manoj Thakur. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '20726', 'image' => '20240516075403_Ed - nOC.jpg', 'article_date' => '2024-05-16 07:53:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20999', 'article_category_id' => '1', 'title' => 'TT Player Shrestha becomes Third Nepali Athlete to Qualify for Olympics ', 'sub_title' => '', 'summary' => 'Kathmandu: Table tennis player Syantu Shrestha has booked a place in Paris Olympics, 2024 through competitive means. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: Table tennis player Syantu Shrestha has booked a place in Paris Olympics, 2024 through competitive means. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Shrestha defeated Nepal's Sanyog Kapali 4-3 in the men's singles final match of the South Asian Qualifying Tournament held on Wednesday at the table tennis hall in Lanchaur to become the third Nepali athlete ever to qualify for the Olympics through the qualifying round. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, Taekwondo players Sangina Baidya and Deepak Bista had passed the qualifying stage to compete in the Olympics. Baidhya was selected for Athens Olympics in 2004 and Bista for the Beijing Olympics in 2008. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the table tennis match held on Wednesday, Shrestha won the first set 11-7 but lost the second set 8-11. After winning the next two sets with a score of 11-7 and 11-6, Shrestha lost the fifth and sixth sets 8-11 and 8-11 respectively. Shrestha confirmed his place in the Olympics after winning the final set 11-9. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, Shrestha had defeated Sri Lanka's Chamira Ginige and Sanyog had defeated Sri Lanka's Jayasanka de Silva and made it to the finals. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '20725', 'image' => '20240516075613_2022071221870ae8898341789a041f6daef0c391_e451d4e0-ec80-4c80-895b-d93a3b4ab1f9.jpg', 'article_date' => '2024-05-16 07:55:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20992', 'article_category_id' => '1', 'title' => 'High Court Acquits Former Cricket Captain Lamichhane of Rape Charge', 'sub_title' => '', 'summary' => 'Kathmandu: Nepal’s cricket star Sandeep Lamichhane had his eight-year jail sentence for rape quashed on appeal on Wednesday after the former national captain challenged his conviction, AFP reported.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Kathmandu: Nepal’s cricket star Sandeep Lamichhane had his eight-year jail sentence for rape quashed on appeal on Wednesday after the former national captain challenged his conviction, AFP reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the French news agency, Lamichhane was once the poster boy for cricket in Nepal and his onfield success as a leg-spinner dramatically boosted the sport's profile in the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He was accused of raping a young woman in a Kathmandu hotel in 2022 but was freed on bail and returned to the team to compete in international tournaments while his lengthy trial dragged on.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The 23-year-old was convicted of rape late last year and sentenced in January but remained at liberty after challenging the verdict.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Sandeep Lamichhane has been acquitted," Patan High Court spokesman Bimal Parajuli told AFP.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Lamichhane, who was suspended by the Cricket Association of Nepal after the initial verdict, has consistently denied the charge against him and enjoyed strong public support despite the accusation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In 2022, when an arrest warrant in the case was first issued, Lamichhane initially failed to return from Jamaica, where he was playing in the Caribbean Premier League.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He was dismissed as national captain and arrested but Nepal lifted his playing ban after he was freed on bail. This allowed him to remain on the national team, including for the World Cup qualifiers and the 2023 Asia Cup, AFP further reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">But his continued playing career has also sparked anger and caused some Nepalis to disavow the team. Scotland's cricketers refused to shake hands with him after their matches during an international tournament in Dubai.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Wednesday's acquittal comes with the Nepali team in the United States to prepare ahead of next month's T20 World Cup.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Lamichhane was the most sought-after Nepali cricketer in lucrative leagues around the world. The leg-spinner's big break came when he was snapped up for the Indian Premier League, the world's richest cricket tournament, in 2018.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">About 2,300 rape cases were reported in Nepal in the 2021-22 fiscal year, according to police, but rights advocates say many more assaults go unreported. -- AFP</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-15', 'modified' => '2024-05-15', 'keywords' => '', 'description' => '', 'sortorder' => '20719', 'image' => '20240515072513_GNndVIkbQAAuODW.jpg', 'article_date' => '2024-05-15 19:24:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21011', 'article_category_id' => '1', 'title' => 'Informal Cross-Border Trade Thriving in South Asia: Experts', 'sub_title' => '', 'summary' => 'KATHMANDU: Experts say informal cross-border trade is thriving in South Asia due to the high cost of trade transaction using the formal channels.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">KATHMANDU: Experts say informal cross-border trade is thriving in South Asia due to the high cost of trade transaction using the formal channels.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">The experts made such a remark during a workshop organized in Kathmandu on Thursday by South Asia Watch on Trade, Economics and Environment (SAWTEE) in partnership with the International Food Policy Research Institute (IFPRI) to disseminate the findings of their study that examined the dynamics of informal trade in agri-food commodities.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Speaking at the workshop titled “Insights into Informal Cross-Border Trade in Agri-Food Commodities in South Asia,” the experts also pointed out that such informal exchanges offset the policies and become a source of ineffectiveness for domestic policies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Issuing a statement on Thursday, SAWTEE said that the workshop centered on the dynamics of informal trade in agri-food commodities between Nepal and India and India and Bangladesh, shedding light on the nuances of trade patterns, modes, and underlying drivers.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Dikshya Singh, programme coordinator at SAWTEE, highlighted in her presentation that evasion of tariffs and duties, variation in prices and bans on import and export serve as key drivers of informal trade. Singh said that informal trade is highly responsive to India’s ban on exports and price variations as the result of different production costs on the Nepali and the Indian sides and tariffs in the case of products such as rice and vegetables. The study found that prices of rice across the border markets could be as high as 20 percent.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Informal trade of agri-food commodities, including inputs, has increased access to those products preventing shortages and spikes in prices but that undermined the productive capacity of Nepali goods and diminished their competitiveness, she pointed out.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">As per findings from the IFPRI study on informal trade in agricultural goods between Bangladesh and India, prominent items include edible oils, rice seeds, tea, fertilizer, soybean oil, and palm oil. The study reveals that this informal trade is dominated by a small group of traders forming an oligopoly. Moreover, the study indicates that large-scale informal trade is controlled by mafia-style syndicates with political backing.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Dr Mamata Pradhan, IFPRI’s research coordinator, highlighted during her presentation the robust nexus between trade and finance, facilitated by the hundi system of informal international money transfers, which significantly bolsters informal trade between India and Bangladesh. She also mentioned that 80 percent of carriers in the informal trade are women as most of the border points have no women security personnel at the India-Bangladesh border.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Dr Posh Raj Pandey, chair emeritus of SAWTEE, highlighted that obstruction in the entry and exit of products, policy disruption at the domestic level and weak law enforcement at the border contribute to informal trade in Nepal. Dr Pandey emphasized the necessity of reducing trade transaction costs to mitigate informal trade, advocating for measures such as enhancing trade facilitation, improving border infrastructure, and minimizing tariff barriers.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Anand Bagaria, managing director of Nimbus Holdings, stressed the importance of adopting a measured and proactive strategy towards policymaking in dealing with informal cross-border trade. Since we cannot influence our neighbouring countries’ policies, Nepal needs to be clear about what could be the right balance between inflation, government revenue and mitigating quality-related risks while adopting a corrective approach to deal with informal trade, he added. Bagaria also acknowledged the inherent challenges in halting informal trade at the household consumption level while highlighting the role of policy in regulating commercial consumption.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Drawing parallels with Africa, where central banks conduct surveys on informal trade, Dr Ramesh Sharma, senior economist, formerly with FAO, Rome, made a point on the potential role of the Nepal Rastra Bank and the National Statistics Office in measuring informal trade periodically. Dr Sharma highlighted the importance of leveraging existing resources while preparing Nepal’s food balance sheet. He further suggested that the Nepal Rastra Bank, along with the Ministry of Industry, Commerce, and Supplies and the Ministry of Agriculture and Livestock Development, could collaborate to facilitate trade and minimize informal trade practices.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Sabnam Shivakoti, joint secretary at the Ministry of Agriculture and Livestock Development, emphasized the significance of rules and regulations within the border control mechanism to address sanitary and phytosanitary issues in agri-food commodities. She said that such concerns should not pose obstacles, as the repercussions of neglecting them can be more costly as they are legitimate measures to ensure that harmful pests and diseases are prevented from entering our territories. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Shivakoti also pointed out that cross-border trade that was done traditionally due to social ties across borders is not the same as the organized commercial informal trade that is happening now at a large scale that affects agriculture as well as industrial sectors as they have to compete with cheap imports. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">She cited the example of import restriction of dairy products that was announced in February 2024 to protect domestic farmers and the dairy industry but that led to formal imports being diverted to informal channels.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">According to SAWTEE, participants of the workshop included policy makers, private sector representatives, representatives of farmers’ organizations, members of civil society and experts.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-17', 'modified' => '2024-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '20738', 'image' => '20240517012115_phansidewa farmers.jpg', 'article_date' => '2024-05-17 12:52:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21010', 'article_category_id' => '1', 'title' => 'NATTA Gandaki Province to Promote Nepali Tourism in Chinese Cities ', 'sub_title' => '', 'summary' => 'Kathmandu: The Gandaki Province chapter of Nepal Association of Tour and Travel Agents (NATTA) has decided to conduct tourism promotion programmes in various cities of China for a week. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: The Gandaki Province chapter of Nepal Association of Tour and Travel Agents (NATTA) has decided to conduct tourism promotion programmes in various cities of China for a week. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NATTA's Gandaki Province Chair Hari Ram Adhikari informed at a press meet that a programme 'Pokhara-Nepal tourism promotion and sales mission in China' would be organized in various cities. A 16-member team left for China on Thursday for the same. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 16-member team will also attend the Guangzhou international travel fair being organized by the Guangzhou city of China for three days. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A documentary showcasing tourism activities in Pokhara will be screened in Beijing amidst a programme coordinated jointly by Nepal Tourism Board and Nepali Embassy in China. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The delegation will also distribute promotional materials on the occasion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Discussion will be held with businesspersons and their associations in a bid to create atmosphere conducive for conducting direct flights from Pokhara to Chinese cities. The delegation will inspect the economic and tourism developments in China. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It is believed that the promotional programme would be helpful to bringing more Chinese tourists in Nepal. The NATTA informed that the number of tourists from China has doubled this year as compared to last year. In April this year, a total of 9,750 Chinese tourists visited Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Moreover, the visit is further expected to foster collaboration between tourism entrepreneurs of both the countries. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-17', 'modified' => '2024-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '20737', 'image' => '20240517122913_20230611044301_6.jpg', 'article_date' => '2024-05-17 12:28:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21009', 'article_category_id' => '1', 'title' => 'PM Urges Private Sector to Invest in Hydropower Projects Confidently', 'sub_title' => '', 'summary' => 'KATHMANDU: Prime Minister Pushpa Kamal Dahal has urged the private sector to invest in the country's hydropower sector with confidence in the context that the Government of Nepal has signed an agreement to export 10,000 megawatts of power to India in a decade. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: Prime Minister Pushpa Kamal Dahal has urged the private sector to invest in the country's hydropower sector with confidence in the context that the Government of Nepal has signed an agreement to export 10,000 megawatts of power to India in a decade. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Addressing the 22nd annual general assembly of Independent Power Producers' Association of Nepal (IPPAN) on Friday, the PM said the moment to export 10,000 megawatts of power will be a historical achievement for the country's journey to prosperity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We have signed a long-term agreement with neighbouring India for the export of 10,000 megawatts of electricity in 10 years. Likewise, power trade will be done with Bangladesh via India's transmission line. This is a historic success not only of Nepal's hydroelectricity sector but in terms of commitment to prosperity journey and campaign," the PM stated. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The PM also expressed confidence that an agreement to export Nepal's electricity to Bangladesh will be signed soon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, the PM shared that the government is effortful for promoting different programmes to increase power consumption in the domestic market besides the power export. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He said the government is considering to promote electric vehicles and appliances to reduce the import of petroleum products and to increase the domestic consumption of electricity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In his speech, the PM viewed electricity as the most important sector for the country's development and prosperity, and appreciated the role of the private sector in scaling up power production. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-17', 'modified' => '2024-05-17', 'keywords' => 'energy, power, trade, Nepal, India, Bangladesh, hydropower, production, transmission, prosperity, government', 'description' => '', 'sortorder' => '20736', 'image' => '20240517115552_hydro.jpg', 'article_date' => '2024-05-17 11:54:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21008', 'article_category_id' => '1', 'title' => 'More than Average Rainfall Likely during this Monsoon: Met Department ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Department of Hydrology and Meteorology has predicted more than average rainfall during monsoon this year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The Department of Hydrology and Meteorology has predicted more than average rainfall during monsoon this year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a recent programme organised by the National Monsoon Forum, the department's meteorologist Sudarsan Humagai said rainfall exceeding 35.4 to 55.4 per cent than average has been predicted in most parts of the country in the upcoming monsoon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The north-west areas of Sudurpashim Province, the south-east areas of Bagamati, the central part of Madhesh and the central and mid-west parts of Koshi Province are likely to see more rain (35.4 per cent to 65.5 per cent) than average this year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the western part of the Karnali, central part of Gandaki, and north-east part of Koshi are likely to witness rain more by 35-45 per cent than average. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The minimum precipitation in most parts of the county is likely to be more than average by 35-65 percent. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-05-17', 'modified' => '2024-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '20735', 'image' => '20240517105935_sno.jpg', 'article_date' => '2024-05-17 10:57:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21007', 'article_category_id' => '1', 'title' => 'CNI and EU Officials Discuss Enhancing Bilateral Trade ', 'sub_title' => '', 'summary' => 'Kathmandu: The Confederation of Nepalese Industries (CNI) and European Union (EU) officials discussed bilateral trade and economic cooperation enhancement between Nepal and EU on Thursday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: The Confederation of Nepalese Industries (CNI) and European Union (EU) officials discussed bilateral trade and economic cooperation enhancement between Nepal and EU on Thursday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Office bearers of the CNI held discussion with Deputy Director General of the European Commission, Myriam Ferran, and the Ambassador of the European Union (EU) to Nepal, Veronique Lorenzo, on matters relating to strengthening of bilateral trade relations between the two sides and increasing the export capacity of Nepali products to the European market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the CNI, the discussion focused on graduation of Nepal from least developed to a developing country by 2026, the potential of Nepal's manufacturing and information technology sectors, and commercial benefits and economic development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, CNI President Rajesh Kumar Agarwal shed light on various aspects of the economic and commercial relations between Nepal and the European Union and shared about the areas of cooperation that the EU can provide for the economic development of Nepal in the future. He sought necessary support to re-operate direct air flights from Nepal to the European countries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">EU Ambassador to Nepal, Veronique, said that the European Union is committed to support Nepal in its journey of economic growth and development. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-17', 'modified' => '2024-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '20734', 'image' => '20240517100822_blank eight by six.jpg', 'article_date' => '2024-05-17 10:07:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21006', 'article_category_id' => '1', 'title' => 'Over 177,000 Tourists Visit Annapurna Region in 10 Months', 'sub_title' => '', 'summary' => 'Pokhara: More than 177,182 foreign tourists visited the Annapurna Circuit, a popular trekking route in Gandaki Province, in the past 10 months, according to the Annapurna Conservation Area Project (ACAP).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Pokhara: More than 177,182 foreign tourists visited the Annapurna Circuit, a popular trekking route in Gandaki Province, in the past 10 months, according to the Annapurna Conservation Area Project (ACAP). The highest number of tourists visited the area during the month of Chaitra (mid-March to mid-April) when 35,265 visitors arrived in the region that covers five districts – Lamjung, Manang, Mustang, Myagdi and Kaski.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">ACAP chief Dr Rabin Kadariya reported that 79,232 tourists came from South Asian countries, while 97,950 tourists arrived from other parts of the world during the review period. The months of September-October and April-May are considered the best times for trekking in the region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although most Indian tourists visiting Muktinath and other sites in the Annapurna Circuit use the motorway, tourists from other countries prefer trekking, he told RSS.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Domestic and foreign tourists throng the Annapurna area during the peak tourist season," said Dr. Kadariya. "Tourism in the area is returning to pre-COVID-19 levels. Recently, there has been a significant influx of tourists from various countries."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">ACAP maintains records of foreign tourists visiting the Annapurna Circuit. Kadariya noted that the number of domestic tourists coming through the land route from Mustang and other places could not be ascertained.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Annapurna Circuit has become a favorite trekking route for tourists from many countries. In 2023, 191,558 tourists from 173 countries visited Annapurna, marking the highest number of tourists in a single year. In comparison, 181,000 tourists visited the area in 2019.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Thousands of domestic and foreign tourists visit key sites such as Annapurna Base Camp, Mardi Himal, Lwang, Ghandruk village, Tilicho Lake, Thorangla Pass, Upper Mustang, Muktinath, Ghodepani of Myagdi, and Poonhil every year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Annapurna Circuit is renowned for its attractive locations, including mountains and glaciers, tourism-friendly infrastructure, favorable climate, and the hospitality services and facilities provided by the locals.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Short, medium, and long treks to the Annapurna region can be undertaken through routes in Kaski, Lamjung, Manang, Mustang and Myagdi. The Annapurna Conservation Area, covering 7,600 square kilometers, spans 89 wards across 16 local units in the five districts. The Annapurna region is rich in natural beauty, biodiversity, mountainous life, and diverse culture. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '20733', 'image' => '20240516074933_20240102031942_20220508080527_Annapurna circuit (3).jpg', 'article_date' => '2024-05-16 19:48:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21005', 'article_category_id' => '1', 'title' => 'Production and Employment are Priorities of 16th Plan: NPC Vice Chair', 'sub_title' => '', 'summary' => 'Kathmandu: National Planning Commission (NPC) Vice Chairman Dr. Min Bahadur Shrestha has said that the 16th periodic plan has prioritized production and employment. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Kathmandu: National Planning Commission (NPC) Vice Chairman Dr. Min Bahadur Shrestha has said that the 16th periodic plan has prioritized production and employment. The NPC officially unveiled the 16th plan on Wednesday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Stating that there is a gap between the goals and the achievements of the 15th plan, Shrestha said that the main focus of the 16th plan is implementation. "The five-year tasks to be undertaken by every ministry are included in the plan. It has been prepared by engaging with more than 3,000 stakeholders. In this plan, the problems and challenges have been studied and researched in detail, and solutions have been drawn out," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">He stated that the current economy's main problem is the lack of production and employment. "In the 16th Plan, production and economic growth have been given top priority," said Shrestha.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => 'production, employment, plan, economy', 'description' => '', 'sortorder' => '20732', 'image' => '20240516082531_blank eight by six.jpg', 'article_date' => '2024-05-16 08:20:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21004', 'article_category_id' => '1', 'title' => 'FNCCI Calls for a Realistic Budget', 'sub_title' => '', 'summary' => 'Kathmandu: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has suggested that the next fiscal year's federal budget should be determined based on the government's spending capacity.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Kathmandu: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has suggested that the next fiscal year's federal budget should be determined based on the government's spending capacity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">During FNCCI's pre-budget discussion for FY 2024/25, FNCCI President Chandra Dhakal suggested that while the budget size has consistently increased, government expenditure has not kept pace.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The FNCCI has recommended that the next fiscal budget be only 10 percent larger than the actual spending in the current fiscal year. So far, the government has managed to spend only 60 percent of the total budget of Rs 1751 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The FNCCI has stated that increasing the size of the budget will put pressure on revenue and internal debt. They have suggested bringing a smaller and more realistic budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The federation has demanded that products based on local raw materials should be given concessions to promote exports and replace imports. On behalf of the federation, President Dhakal suggested that the monetary policy should be flexible, noting a problem due to the lack of coordination between monetary policy and the budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The FNCCI emphasized the necessity of making a policy to use local products, even though they are 20 percent more expensive. Additionally, the FNCCI noted that the incentives given to the energy sector in 2015 will end in 2025 and suggested extending these incentives until 2030.</span></span></span></span></p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => 'FNCCI, budget, realistic', 'description' => '', 'sortorder' => '20731', 'image' => '20240516081809_budget.jpg', 'article_date' => '2024-05-16 08:17:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21002', 'article_category_id' => '1', 'title' => 'Executing 16th Plan will Cost Around Rs 11.1 Trillion: NPC', 'sub_title' => '', 'summary' => 'Kathmandu: The estimated cost of implementing the 16th Plan of the government is approximately Rs 11.1 trillion, the National Planning Commission (NPC) announced on Wednesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Kathmandu: The estimated cost of implementing the 16th Plan of the government is approximately Rs 11.1 trillion, the National Planning Commission (NPC) announced on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NPC Vice Chairman Dr Min Bahadur Shrestha, while informing the media about the periodic plan and cost estimate approved by the Council of Ministers on Tuesday, assured that there would be no issues in securing the necessary investment for the plan’s implementation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NPC Spokesman Yamlal Bhusal added that the cost for achieving the objectives of the 16th Plan exceeds Rs 11.1 trillion. He emphasized that partnerships with the private sector would be enhanced to ensure this funding.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Bhusal, one of the strategies of the 16th Plan is to increase production, productivity, and competitiveness by identifying and addressing structural obstacles in all areas and dimensions of development.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He stated, "The goal is to implement a sustainable development plan by strengthening the inter-relationship and functional capacity between the government, private, cooperative, and non-governmental sectors, as well as all three levels of government - federal, provincial, and local."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The NPC spokesman also highlighted that activities will be aligned with goals of gender mainstreaming, use of modern technology, environmental protection, disaster risk reduction, and policy-making based on studies, research, and facts.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The areas of structural transformation include strengthening macroeconomic foundations, enhancing economic growth, and increasing production, productivity, and competitiveness. Other sectors targeted for structural transformation are productive employment, decent labor, sustainable social protection, development of healthy, educated, and skilled human capital, quality physical infrastructure, and intensive inter-agency commitment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the data shared by the NPC, the government has set a target to attain per capita income of USD 2,351 by the fiscal year 2085/86 BS.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Implementation of the goals also include planned, sustainable, and resilient urbanization and settlement development, gender equality, social justice, inclusive and equitable society building, regional and local economic strengthening, and balanced development, along with poverty and inequality reduction.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Other designated implementation goals are effective financial management, capital expenditure capacity building, governance reform, promotion of good governance, biodiversity conservation, climate change mitigation, advancement of the green economy, upgrading from least developed to developing country status, and achieving sustainable development goals. -- RSS</span></span></p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => 'NPC, national, planning, commission, cost, estimated, government, Nepal, development, economic, growth, budget, literacy, per, capital, income', 'description' => '', 'sortorder' => '20730', 'image' => '20240516080254_20240313031110_banknotes.jpg', 'article_date' => '2024-05-16 08:02:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21001', 'article_category_id' => '1', 'title' => '16th Plan Sets Economic Growth Rate of 7.3 Percent', 'sub_title' => '', 'summary' => 'Kathmandu: The country's economic growth rate is projected to reach 7.3 percent over the next five years. ', 'content' => '<p><span style="font-size:18px">Kathmandu: The economic growth rate of the country is projected to reach 7.3 percent in the next five years. This target is set under the 16th Plan, made public by the National Planning Commission on Wednesday. Presenting the 16th Plan, Commission Spokesperson Yamlal Bhusal stated that the goal is to increase the economic growth rate to 7.3 percent by 2029/30, up from 3.9 percent. Additionally, the 16th Plan aims to raise per capita income to USD 2,351.</span></p> <p><span style="font-size:18px">The plan also targets reducing the population below the poverty line from 20.3 percent to 12 percent and lowering the consumer inflation rate from 7.7 percent to 5 percent. It includes goals to increase the human development index from 0.601 to 0.65, and the human poverty index from 76.3 percent to 78 percent. Furthermore, the plan aims to reduce the economic and environmental risk index from 29.7 to 24, and to increase life expectancy from 71.3 years to 73 years. The literacy rate is targeted to rise from 76.2 percent to 85 percent.</span></p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => 'growth, economic, Nepal, national, planning, commission', 'description' => '', 'sortorder' => '20729', 'image' => '20240516080124_20240426010045_20220817123841_economic-growth.jpg', 'article_date' => '2024-05-16 08:00:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21003', 'article_category_id' => '1', 'title' => 'Visa Appoints Sabbir Ahmed as Country Manager of Nepal, Bangladesh and Bhutan', 'sub_title' => '', 'summary' => 'Kathmandu: Visa, a leading global digital payments service provider, on Tuesday announced the appointment of Sabbir Ahmed as the country manager for Nepal, Bangladesh and Bhutan.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Kathmandu: Visa, a leading global digital payments service provider, on Tuesday announced the appointment of Sabbir Ahmed as the country manager for Nepal, Bangladesh and Bhutan. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Issuing a statement, VISA said that Ahmed, with over 27 years of rich experience in banking and payments across Bangladesh and Vietnam, will now lead the market operations for Visa in the three countries. Ahmed’s team will be based in Dhaka office.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">With the appointment of Ahmed, Visa reiterated its leadership and commitment to the Nepal market, along with Bangladesh and Bhutan. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The statement added that Visa has continually focused on introducing enhanced payment solutions for Nepal as it adopts digital payments at an increasing pace. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Visa has been instrumental in introducing contactless payments in the country; it has also enabled consumers to use their Visa cards while shopping online or scan QR codes and pay via Visa cards. With Sabbir heading the markets, Visa aims to accelerate its growth in the digital payments landscape across South Asia,” reads the statement.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">On his appointment, Ahmed said, “I am excited to join Visa, a brand at the forefront of digital payments globally and in Nepal. In my new role, I look forward to playing a significant role in partnering with clients, the regulator and the broader ecosystem of Nepal. We also aim to play a pivotal role in digital payments for Bangladesh and Bhutan. I believe we can bring innovative digital-first payment solutions to consumers and businesses, that will increase the growth of digital payments in Nepal and adjoining markets.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Sandeep Ghosh, Group Country Manager of Visa India and South Asia said, “We are delighted to welcome Sabbir Ahmed as our Country Manager for Nepal, Bangladesh and Bhutan. Sabbir, with his strong professional achievements, diverse banking experience and deep market connections, will strengthen our leadership, drive business objectives and foster sustainable growth for Visa.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the statement issued by the company, Ahmed will be responsible for charting Visa’s business priorities in Nepal. He and the team will manage Visa’s relationships with clients, partners, regulators and ecosystem participants, added the statement. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“He will also be a part of Visa’s leadership team for India and South Asia.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Sabbir Ahmed joined Visa from Standard Chartered Bank, Bangladesh, where he served as the Managing Director and Head of Wealth and Retail Banking. Previously, he held senior leadership positions at HSBC in Bangladesh and Vietnam and has worked for British American Tobacco (BAT). Ahmed brings a wide range of expertise from both local and international markets in the banking and financial services sector, added the statement.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '20728', 'image' => '20240516081228_blank eight by six.jpg', 'article_date' => '2024-05-16 08:11:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21000', 'article_category_id' => '1', 'title' => 'Over 90 Percent of People in Madhesh Province Lack Access to Insurance', 'sub_title' => '', 'summary' => 'Birgunj: A total of 90.6 percent of citizens in Madhesh Province are without insurance coverage. The province has a population exceeding 6,114,000.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Birgunj: A total of 90.6 percent of citizens in Madhesh Province are without insurance coverage. The province has a population exceeding 6,114,000.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The limited attraction towards insurance among the people of Madhesh is attributed to a lack of awareness and the practice of buying insurance schemes from across the border in India. According to the Madhesh Province Office of the Nepal Insurance Authority (NIA), only 573,433 people, or 9.4 percent of the population, have purchased insurance policies in the province. This data indicates a low level of interest in insurance among the general public.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Kusum Sharma, chief of the NIA Madhesh Province Office, emphasized the need to promote insurance coverage throughout the province in coordination with all three levels of government. "Access to insurance in Madhesh Province is found to be low. Since the economic and health conditions of the people here are weak, it is necessary to develop the practice of providing insurance to the entire province by coordinating with all three tiers of government," Sharma stressed.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Sharma pointed out the necessity of insuring all the people in Madhesh Province, similar to the initiative in Karnali Province, where the state government has covered insurance for all residents. Sharma added that the authority is ready to provide the necessary facilitation for this effort.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The lack of insurance access is not only an issue in Madhesh Province but also across the entire country. As of April 12, 2024, only 43.3 percent of the population of the entire nation had access to insurance, leaving 56.7 percent without life insurance coverage. However, the situation is far better compared to six years ago, when only 17 percent of the population had insurance coverage.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Nirmal Khanal, assistant director of the NIC Madhesh Province Office, noted that the low insurance literacy among citizens and the tradition of purchasing insurance policies from Indian companies in border markets have hindered insurance access.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">"Due to high poverty and illiteracy in Madhesh Province, the idea of buying insurance policies has not developed among the general population. The proximity to the Indian border market and the practice of purchasing Indian insurance policies have also impeded our efforts to increase public interest in insurance," he added.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Khanal explained that the limited attraction towards insurance in Madhesh Province is also due to the tendency to seek unfair benefits from insurance, the lack of human resources in insurance branches/sub-branches, and misunderstandings about insurance, which lead to it being least prioritized. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '20727', 'image' => '20240516075930_Ed- insurance.jpg', 'article_date' => '2024-05-16 07:58:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20998', 'article_category_id' => '1', 'title' => 'NOC Slashes Prices of Petroleum Products', 'sub_title' => '', 'summary' => 'Kathmandu: Nepal Oil Corporation (NOC) has lowered the prices of petroleum products effective from Thursday, May 16. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: Nepal Oil Corporation (NOC) has lowered the prices of petroleum products effective from Thursday, May 16. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the NOC Board of Directors on Wednesday decided to reduce the price of petrol by Rs 7 per liter and diesel and kerosene by Rs 5 per liter. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the adjustments of prices, the retail price of petrol has been fixed at Rs 168.5 per liter for the first cluster (Charlali, Biratnagar, Janakpur, Amlekhgunj, Bhalbari, Nepalgunj, Dhangadhi and Birgunj) while it will cost Rs 170 per liter in the second cluster (Surkhet and Dang) and Rs 171 per liter for the consumers of third cluster which includes Kathmandu, Pokhara and Dipayal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The price adjustments follow the revised price list from the Indian Oil Corporation (IOC), the sole supplier of petroleum products to Nepal, according to NOC Spokesperson Manoj Thakur. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '20726', 'image' => '20240516075403_Ed - nOC.jpg', 'article_date' => '2024-05-16 07:53:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20999', 'article_category_id' => '1', 'title' => 'TT Player Shrestha becomes Third Nepali Athlete to Qualify for Olympics ', 'sub_title' => '', 'summary' => 'Kathmandu: Table tennis player Syantu Shrestha has booked a place in Paris Olympics, 2024 through competitive means. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: Table tennis player Syantu Shrestha has booked a place in Paris Olympics, 2024 through competitive means. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Shrestha defeated Nepal's Sanyog Kapali 4-3 in the men's singles final match of the South Asian Qualifying Tournament held on Wednesday at the table tennis hall in Lanchaur to become the third Nepali athlete ever to qualify for the Olympics through the qualifying round. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, Taekwondo players Sangina Baidya and Deepak Bista had passed the qualifying stage to compete in the Olympics. Baidhya was selected for Athens Olympics in 2004 and Bista for the Beijing Olympics in 2008. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the table tennis match held on Wednesday, Shrestha won the first set 11-7 but lost the second set 8-11. After winning the next two sets with a score of 11-7 and 11-6, Shrestha lost the fifth and sixth sets 8-11 and 8-11 respectively. Shrestha confirmed his place in the Olympics after winning the final set 11-9. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, Shrestha had defeated Sri Lanka's Chamira Ginige and Sanyog had defeated Sri Lanka's Jayasanka de Silva and made it to the finals. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '20725', 'image' => '20240516075613_2022071221870ae8898341789a041f6daef0c391_e451d4e0-ec80-4c80-895b-d93a3b4ab1f9.jpg', 'article_date' => '2024-05-16 07:55:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20992', 'article_category_id' => '1', 'title' => 'High Court Acquits Former Cricket Captain Lamichhane of Rape Charge', 'sub_title' => '', 'summary' => 'Kathmandu: Nepal’s cricket star Sandeep Lamichhane had his eight-year jail sentence for rape quashed on appeal on Wednesday after the former national captain challenged his conviction, AFP reported.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Kathmandu: Nepal’s cricket star Sandeep Lamichhane had his eight-year jail sentence for rape quashed on appeal on Wednesday after the former national captain challenged his conviction, AFP reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the French news agency, Lamichhane was once the poster boy for cricket in Nepal and his onfield success as a leg-spinner dramatically boosted the sport's profile in the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He was accused of raping a young woman in a Kathmandu hotel in 2022 but was freed on bail and returned to the team to compete in international tournaments while his lengthy trial dragged on.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The 23-year-old was convicted of rape late last year and sentenced in January but remained at liberty after challenging the verdict.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Sandeep Lamichhane has been acquitted," Patan High Court spokesman Bimal Parajuli told AFP.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Lamichhane, who was suspended by the Cricket Association of Nepal after the initial verdict, has consistently denied the charge against him and enjoyed strong public support despite the accusation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In 2022, when an arrest warrant in the case was first issued, Lamichhane initially failed to return from Jamaica, where he was playing in the Caribbean Premier League.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He was dismissed as national captain and arrested but Nepal lifted his playing ban after he was freed on bail. This allowed him to remain on the national team, including for the World Cup qualifiers and the 2023 Asia Cup, AFP further reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">But his continued playing career has also sparked anger and caused some Nepalis to disavow the team. Scotland's cricketers refused to shake hands with him after their matches during an international tournament in Dubai.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Wednesday's acquittal comes with the Nepali team in the United States to prepare ahead of next month's T20 World Cup.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Lamichhane was the most sought-after Nepali cricketer in lucrative leagues around the world. The leg-spinner's big break came when he was snapped up for the Indian Premier League, the world's richest cricket tournament, in 2018.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">About 2,300 rape cases were reported in Nepal in the 2021-22 fiscal year, according to police, but rights advocates say many more assaults go unreported. -- AFP</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-15', 'modified' => '2024-05-15', 'keywords' => '', 'description' => '', 'sortorder' => '20719', 'image' => '20240515072513_GNndVIkbQAAuODW.jpg', 'article_date' => '2024-05-15 19:24:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21011', 'article_category_id' => '1', 'title' => 'Informal Cross-Border Trade Thriving in South Asia: Experts', 'sub_title' => '', 'summary' => 'KATHMANDU: Experts say informal cross-border trade is thriving in South Asia due to the high cost of trade transaction using the formal channels.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">KATHMANDU: Experts say informal cross-border trade is thriving in South Asia due to the high cost of trade transaction using the formal channels.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">The experts made such a remark during a workshop organized in Kathmandu on Thursday by South Asia Watch on Trade, Economics and Environment (SAWTEE) in partnership with the International Food Policy Research Institute (IFPRI) to disseminate the findings of their study that examined the dynamics of informal trade in agri-food commodities.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Speaking at the workshop titled “Insights into Informal Cross-Border Trade in Agri-Food Commodities in South Asia,” the experts also pointed out that such informal exchanges offset the policies and become a source of ineffectiveness for domestic policies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Issuing a statement on Thursday, SAWTEE said that the workshop centered on the dynamics of informal trade in agri-food commodities between Nepal and India and India and Bangladesh, shedding light on the nuances of trade patterns, modes, and underlying drivers.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Dikshya Singh, programme coordinator at SAWTEE, highlighted in her presentation that evasion of tariffs and duties, variation in prices and bans on import and export serve as key drivers of informal trade. Singh said that informal trade is highly responsive to India’s ban on exports and price variations as the result of different production costs on the Nepali and the Indian sides and tariffs in the case of products such as rice and vegetables. The study found that prices of rice across the border markets could be as high as 20 percent.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Informal trade of agri-food commodities, including inputs, has increased access to those products preventing shortages and spikes in prices but that undermined the productive capacity of Nepali goods and diminished their competitiveness, she pointed out.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">As per findings from the IFPRI study on informal trade in agricultural goods between Bangladesh and India, prominent items include edible oils, rice seeds, tea, fertilizer, soybean oil, and palm oil. The study reveals that this informal trade is dominated by a small group of traders forming an oligopoly. Moreover, the study indicates that large-scale informal trade is controlled by mafia-style syndicates with political backing.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Dr Mamata Pradhan, IFPRI’s research coordinator, highlighted during her presentation the robust nexus between trade and finance, facilitated by the hundi system of informal international money transfers, which significantly bolsters informal trade between India and Bangladesh. She also mentioned that 80 percent of carriers in the informal trade are women as most of the border points have no women security personnel at the India-Bangladesh border.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Dr Posh Raj Pandey, chair emeritus of SAWTEE, highlighted that obstruction in the entry and exit of products, policy disruption at the domestic level and weak law enforcement at the border contribute to informal trade in Nepal. Dr Pandey emphasized the necessity of reducing trade transaction costs to mitigate informal trade, advocating for measures such as enhancing trade facilitation, improving border infrastructure, and minimizing tariff barriers.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Anand Bagaria, managing director of Nimbus Holdings, stressed the importance of adopting a measured and proactive strategy towards policymaking in dealing with informal cross-border trade. Since we cannot influence our neighbouring countries’ policies, Nepal needs to be clear about what could be the right balance between inflation, government revenue and mitigating quality-related risks while adopting a corrective approach to deal with informal trade, he added. Bagaria also acknowledged the inherent challenges in halting informal trade at the household consumption level while highlighting the role of policy in regulating commercial consumption.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Drawing parallels with Africa, where central banks conduct surveys on informal trade, Dr Ramesh Sharma, senior economist, formerly with FAO, Rome, made a point on the potential role of the Nepal Rastra Bank and the National Statistics Office in measuring informal trade periodically. Dr Sharma highlighted the importance of leveraging existing resources while preparing Nepal’s food balance sheet. He further suggested that the Nepal Rastra Bank, along with the Ministry of Industry, Commerce, and Supplies and the Ministry of Agriculture and Livestock Development, could collaborate to facilitate trade and minimize informal trade practices.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Sabnam Shivakoti, joint secretary at the Ministry of Agriculture and Livestock Development, emphasized the significance of rules and regulations within the border control mechanism to address sanitary and phytosanitary issues in agri-food commodities. She said that such concerns should not pose obstacles, as the repercussions of neglecting them can be more costly as they are legitimate measures to ensure that harmful pests and diseases are prevented from entering our territories. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Shivakoti also pointed out that cross-border trade that was done traditionally due to social ties across borders is not the same as the organized commercial informal trade that is happening now at a large scale that affects agriculture as well as industrial sectors as they have to compete with cheap imports. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">She cited the example of import restriction of dairy products that was announced in February 2024 to protect domestic farmers and the dairy industry but that led to formal imports being diverted to informal channels.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">According to SAWTEE, participants of the workshop included policy makers, private sector representatives, representatives of farmers’ organizations, members of civil society and experts.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-17', 'modified' => '2024-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '20738', 'image' => '20240517012115_phansidewa farmers.jpg', 'article_date' => '2024-05-17 12:52:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21010', 'article_category_id' => '1', 'title' => 'NATTA Gandaki Province to Promote Nepali Tourism in Chinese Cities ', 'sub_title' => '', 'summary' => 'Kathmandu: The Gandaki Province chapter of Nepal Association of Tour and Travel Agents (NATTA) has decided to conduct tourism promotion programmes in various cities of China for a week. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: The Gandaki Province chapter of Nepal Association of Tour and Travel Agents (NATTA) has decided to conduct tourism promotion programmes in various cities of China for a week. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NATTA's Gandaki Province Chair Hari Ram Adhikari informed at a press meet that a programme 'Pokhara-Nepal tourism promotion and sales mission in China' would be organized in various cities. A 16-member team left for China on Thursday for the same. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 16-member team will also attend the Guangzhou international travel fair being organized by the Guangzhou city of China for three days. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A documentary showcasing tourism activities in Pokhara will be screened in Beijing amidst a programme coordinated jointly by Nepal Tourism Board and Nepali Embassy in China. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The delegation will also distribute promotional materials on the occasion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Discussion will be held with businesspersons and their associations in a bid to create atmosphere conducive for conducting direct flights from Pokhara to Chinese cities. The delegation will inspect the economic and tourism developments in China. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It is believed that the promotional programme would be helpful to bringing more Chinese tourists in Nepal. The NATTA informed that the number of tourists from China has doubled this year as compared to last year. In April this year, a total of 9,750 Chinese tourists visited Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Moreover, the visit is further expected to foster collaboration between tourism entrepreneurs of both the countries. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-17', 'modified' => '2024-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '20737', 'image' => '20240517122913_20230611044301_6.jpg', 'article_date' => '2024-05-17 12:28:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21009', 'article_category_id' => '1', 'title' => 'PM Urges Private Sector to Invest in Hydropower Projects Confidently', 'sub_title' => '', 'summary' => 'KATHMANDU: Prime Minister Pushpa Kamal Dahal has urged the private sector to invest in the country's hydropower sector with confidence in the context that the Government of Nepal has signed an agreement to export 10,000 megawatts of power to India in a decade. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: Prime Minister Pushpa Kamal Dahal has urged the private sector to invest in the country's hydropower sector with confidence in the context that the Government of Nepal has signed an agreement to export 10,000 megawatts of power to India in a decade. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Addressing the 22nd annual general assembly of Independent Power Producers' Association of Nepal (IPPAN) on Friday, the PM said the moment to export 10,000 megawatts of power will be a historical achievement for the country's journey to prosperity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We have signed a long-term agreement with neighbouring India for the export of 10,000 megawatts of electricity in 10 years. Likewise, power trade will be done with Bangladesh via India's transmission line. This is a historic success not only of Nepal's hydroelectricity sector but in terms of commitment to prosperity journey and campaign," the PM stated. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The PM also expressed confidence that an agreement to export Nepal's electricity to Bangladesh will be signed soon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, the PM shared that the government is effortful for promoting different programmes to increase power consumption in the domestic market besides the power export. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He said the government is considering to promote electric vehicles and appliances to reduce the import of petroleum products and to increase the domestic consumption of electricity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In his speech, the PM viewed electricity as the most important sector for the country's development and prosperity, and appreciated the role of the private sector in scaling up power production. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-17', 'modified' => '2024-05-17', 'keywords' => 'energy, power, trade, Nepal, India, Bangladesh, hydropower, production, transmission, prosperity, government', 'description' => '', 'sortorder' => '20736', 'image' => '20240517115552_hydro.jpg', 'article_date' => '2024-05-17 11:54:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21008', 'article_category_id' => '1', 'title' => 'More than Average Rainfall Likely during this Monsoon: Met Department ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Department of Hydrology and Meteorology has predicted more than average rainfall during monsoon this year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The Department of Hydrology and Meteorology has predicted more than average rainfall during monsoon this year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a recent programme organised by the National Monsoon Forum, the department's meteorologist Sudarsan Humagai said rainfall exceeding 35.4 to 55.4 per cent than average has been predicted in most parts of the country in the upcoming monsoon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The north-west areas of Sudurpashim Province, the south-east areas of Bagamati, the central part of Madhesh and the central and mid-west parts of Koshi Province are likely to see more rain (35.4 per cent to 65.5 per cent) than average this year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the western part of the Karnali, central part of Gandaki, and north-east part of Koshi are likely to witness rain more by 35-45 per cent than average. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The minimum precipitation in most parts of the county is likely to be more than average by 35-65 percent. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-05-17', 'modified' => '2024-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '20735', 'image' => '20240517105935_sno.jpg', 'article_date' => '2024-05-17 10:57:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21007', 'article_category_id' => '1', 'title' => 'CNI and EU Officials Discuss Enhancing Bilateral Trade ', 'sub_title' => '', 'summary' => 'Kathmandu: The Confederation of Nepalese Industries (CNI) and European Union (EU) officials discussed bilateral trade and economic cooperation enhancement between Nepal and EU on Thursday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: The Confederation of Nepalese Industries (CNI) and European Union (EU) officials discussed bilateral trade and economic cooperation enhancement between Nepal and EU on Thursday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Office bearers of the CNI held discussion with Deputy Director General of the European Commission, Myriam Ferran, and the Ambassador of the European Union (EU) to Nepal, Veronique Lorenzo, on matters relating to strengthening of bilateral trade relations between the two sides and increasing the export capacity of Nepali products to the European market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the CNI, the discussion focused on graduation of Nepal from least developed to a developing country by 2026, the potential of Nepal's manufacturing and information technology sectors, and commercial benefits and economic development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, CNI President Rajesh Kumar Agarwal shed light on various aspects of the economic and commercial relations between Nepal and the European Union and shared about the areas of cooperation that the EU can provide for the economic development of Nepal in the future. He sought necessary support to re-operate direct air flights from Nepal to the European countries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">EU Ambassador to Nepal, Veronique, said that the European Union is committed to support Nepal in its journey of economic growth and development. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-17', 'modified' => '2024-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '20734', 'image' => '20240517100822_blank eight by six.jpg', 'article_date' => '2024-05-17 10:07:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21006', 'article_category_id' => '1', 'title' => 'Over 177,000 Tourists Visit Annapurna Region in 10 Months', 'sub_title' => '', 'summary' => 'Pokhara: More than 177,182 foreign tourists visited the Annapurna Circuit, a popular trekking route in Gandaki Province, in the past 10 months, according to the Annapurna Conservation Area Project (ACAP).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Pokhara: More than 177,182 foreign tourists visited the Annapurna Circuit, a popular trekking route in Gandaki Province, in the past 10 months, according to the Annapurna Conservation Area Project (ACAP). The highest number of tourists visited the area during the month of Chaitra (mid-March to mid-April) when 35,265 visitors arrived in the region that covers five districts – Lamjung, Manang, Mustang, Myagdi and Kaski.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">ACAP chief Dr Rabin Kadariya reported that 79,232 tourists came from South Asian countries, while 97,950 tourists arrived from other parts of the world during the review period. The months of September-October and April-May are considered the best times for trekking in the region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although most Indian tourists visiting Muktinath and other sites in the Annapurna Circuit use the motorway, tourists from other countries prefer trekking, he told RSS.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Domestic and foreign tourists throng the Annapurna area during the peak tourist season," said Dr. Kadariya. "Tourism in the area is returning to pre-COVID-19 levels. Recently, there has been a significant influx of tourists from various countries."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">ACAP maintains records of foreign tourists visiting the Annapurna Circuit. Kadariya noted that the number of domestic tourists coming through the land route from Mustang and other places could not be ascertained.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Annapurna Circuit has become a favorite trekking route for tourists from many countries. In 2023, 191,558 tourists from 173 countries visited Annapurna, marking the highest number of tourists in a single year. In comparison, 181,000 tourists visited the area in 2019.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Thousands of domestic and foreign tourists visit key sites such as Annapurna Base Camp, Mardi Himal, Lwang, Ghandruk village, Tilicho Lake, Thorangla Pass, Upper Mustang, Muktinath, Ghodepani of Myagdi, and Poonhil every year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Annapurna Circuit is renowned for its attractive locations, including mountains and glaciers, tourism-friendly infrastructure, favorable climate, and the hospitality services and facilities provided by the locals.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Short, medium, and long treks to the Annapurna region can be undertaken through routes in Kaski, Lamjung, Manang, Mustang and Myagdi. The Annapurna Conservation Area, covering 7,600 square kilometers, spans 89 wards across 16 local units in the five districts. The Annapurna region is rich in natural beauty, biodiversity, mountainous life, and diverse culture. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '20733', 'image' => '20240516074933_20240102031942_20220508080527_Annapurna circuit (3).jpg', 'article_date' => '2024-05-16 19:48:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21005', 'article_category_id' => '1', 'title' => 'Production and Employment are Priorities of 16th Plan: NPC Vice Chair', 'sub_title' => '', 'summary' => 'Kathmandu: National Planning Commission (NPC) Vice Chairman Dr. Min Bahadur Shrestha has said that the 16th periodic plan has prioritized production and employment. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Kathmandu: National Planning Commission (NPC) Vice Chairman Dr. Min Bahadur Shrestha has said that the 16th periodic plan has prioritized production and employment. The NPC officially unveiled the 16th plan on Wednesday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Stating that there is a gap between the goals and the achievements of the 15th plan, Shrestha said that the main focus of the 16th plan is implementation. "The five-year tasks to be undertaken by every ministry are included in the plan. It has been prepared by engaging with more than 3,000 stakeholders. In this plan, the problems and challenges have been studied and researched in detail, and solutions have been drawn out," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">He stated that the current economy's main problem is the lack of production and employment. "In the 16th Plan, production and economic growth have been given top priority," said Shrestha.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => 'production, employment, plan, economy', 'description' => '', 'sortorder' => '20732', 'image' => '20240516082531_blank eight by six.jpg', 'article_date' => '2024-05-16 08:20:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21004', 'article_category_id' => '1', 'title' => 'FNCCI Calls for a Realistic Budget', 'sub_title' => '', 'summary' => 'Kathmandu: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has suggested that the next fiscal year's federal budget should be determined based on the government's spending capacity.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Kathmandu: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has suggested that the next fiscal year's federal budget should be determined based on the government's spending capacity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">During FNCCI's pre-budget discussion for FY 2024/25, FNCCI President Chandra Dhakal suggested that while the budget size has consistently increased, government expenditure has not kept pace.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The FNCCI has recommended that the next fiscal budget be only 10 percent larger than the actual spending in the current fiscal year. So far, the government has managed to spend only 60 percent of the total budget of Rs 1751 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The FNCCI has stated that increasing the size of the budget will put pressure on revenue and internal debt. They have suggested bringing a smaller and more realistic budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The federation has demanded that products based on local raw materials should be given concessions to promote exports and replace imports. On behalf of the federation, President Dhakal suggested that the monetary policy should be flexible, noting a problem due to the lack of coordination between monetary policy and the budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The FNCCI emphasized the necessity of making a policy to use local products, even though they are 20 percent more expensive. Additionally, the FNCCI noted that the incentives given to the energy sector in 2015 will end in 2025 and suggested extending these incentives until 2030.</span></span></span></span></p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => 'FNCCI, budget, realistic', 'description' => '', 'sortorder' => '20731', 'image' => '20240516081809_budget.jpg', 'article_date' => '2024-05-16 08:17:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21002', 'article_category_id' => '1', 'title' => 'Executing 16th Plan will Cost Around Rs 11.1 Trillion: NPC', 'sub_title' => '', 'summary' => 'Kathmandu: The estimated cost of implementing the 16th Plan of the government is approximately Rs 11.1 trillion, the National Planning Commission (NPC) announced on Wednesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Kathmandu: The estimated cost of implementing the 16th Plan of the government is approximately Rs 11.1 trillion, the National Planning Commission (NPC) announced on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NPC Vice Chairman Dr Min Bahadur Shrestha, while informing the media about the periodic plan and cost estimate approved by the Council of Ministers on Tuesday, assured that there would be no issues in securing the necessary investment for the plan’s implementation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NPC Spokesman Yamlal Bhusal added that the cost for achieving the objectives of the 16th Plan exceeds Rs 11.1 trillion. He emphasized that partnerships with the private sector would be enhanced to ensure this funding.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Bhusal, one of the strategies of the 16th Plan is to increase production, productivity, and competitiveness by identifying and addressing structural obstacles in all areas and dimensions of development.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He stated, "The goal is to implement a sustainable development plan by strengthening the inter-relationship and functional capacity between the government, private, cooperative, and non-governmental sectors, as well as all three levels of government - federal, provincial, and local."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The NPC spokesman also highlighted that activities will be aligned with goals of gender mainstreaming, use of modern technology, environmental protection, disaster risk reduction, and policy-making based on studies, research, and facts.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The areas of structural transformation include strengthening macroeconomic foundations, enhancing economic growth, and increasing production, productivity, and competitiveness. Other sectors targeted for structural transformation are productive employment, decent labor, sustainable social protection, development of healthy, educated, and skilled human capital, quality physical infrastructure, and intensive inter-agency commitment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the data shared by the NPC, the government has set a target to attain per capita income of USD 2,351 by the fiscal year 2085/86 BS.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Implementation of the goals also include planned, sustainable, and resilient urbanization and settlement development, gender equality, social justice, inclusive and equitable society building, regional and local economic strengthening, and balanced development, along with poverty and inequality reduction.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Other designated implementation goals are effective financial management, capital expenditure capacity building, governance reform, promotion of good governance, biodiversity conservation, climate change mitigation, advancement of the green economy, upgrading from least developed to developing country status, and achieving sustainable development goals. -- RSS</span></span></p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => 'NPC, national, planning, commission, cost, estimated, government, Nepal, development, economic, growth, budget, literacy, per, capital, income', 'description' => '', 'sortorder' => '20730', 'image' => '20240516080254_20240313031110_banknotes.jpg', 'article_date' => '2024-05-16 08:02:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21001', 'article_category_id' => '1', 'title' => '16th Plan Sets Economic Growth Rate of 7.3 Percent', 'sub_title' => '', 'summary' => 'Kathmandu: The country's economic growth rate is projected to reach 7.3 percent over the next five years. ', 'content' => '<p><span style="font-size:18px">Kathmandu: The economic growth rate of the country is projected to reach 7.3 percent in the next five years. This target is set under the 16th Plan, made public by the National Planning Commission on Wednesday. Presenting the 16th Plan, Commission Spokesperson Yamlal Bhusal stated that the goal is to increase the economic growth rate to 7.3 percent by 2029/30, up from 3.9 percent. Additionally, the 16th Plan aims to raise per capita income to USD 2,351.</span></p> <p><span style="font-size:18px">The plan also targets reducing the population below the poverty line from 20.3 percent to 12 percent and lowering the consumer inflation rate from 7.7 percent to 5 percent. It includes goals to increase the human development index from 0.601 to 0.65, and the human poverty index from 76.3 percent to 78 percent. Furthermore, the plan aims to reduce the economic and environmental risk index from 29.7 to 24, and to increase life expectancy from 71.3 years to 73 years. The literacy rate is targeted to rise from 76.2 percent to 85 percent.</span></p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => 'growth, economic, Nepal, national, planning, commission', 'description' => '', 'sortorder' => '20729', 'image' => '20240516080124_20240426010045_20220817123841_economic-growth.jpg', 'article_date' => '2024-05-16 08:00:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21003', 'article_category_id' => '1', 'title' => 'Visa Appoints Sabbir Ahmed as Country Manager of Nepal, Bangladesh and Bhutan', 'sub_title' => '', 'summary' => 'Kathmandu: Visa, a leading global digital payments service provider, on Tuesday announced the appointment of Sabbir Ahmed as the country manager for Nepal, Bangladesh and Bhutan.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Kathmandu: Visa, a leading global digital payments service provider, on Tuesday announced the appointment of Sabbir Ahmed as the country manager for Nepal, Bangladesh and Bhutan. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Issuing a statement, VISA said that Ahmed, with over 27 years of rich experience in banking and payments across Bangladesh and Vietnam, will now lead the market operations for Visa in the three countries. Ahmed’s team will be based in Dhaka office.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">With the appointment of Ahmed, Visa reiterated its leadership and commitment to the Nepal market, along with Bangladesh and Bhutan. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The statement added that Visa has continually focused on introducing enhanced payment solutions for Nepal as it adopts digital payments at an increasing pace. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Visa has been instrumental in introducing contactless payments in the country; it has also enabled consumers to use their Visa cards while shopping online or scan QR codes and pay via Visa cards. With Sabbir heading the markets, Visa aims to accelerate its growth in the digital payments landscape across South Asia,” reads the statement.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">On his appointment, Ahmed said, “I am excited to join Visa, a brand at the forefront of digital payments globally and in Nepal. In my new role, I look forward to playing a significant role in partnering with clients, the regulator and the broader ecosystem of Nepal. We also aim to play a pivotal role in digital payments for Bangladesh and Bhutan. I believe we can bring innovative digital-first payment solutions to consumers and businesses, that will increase the growth of digital payments in Nepal and adjoining markets.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Sandeep Ghosh, Group Country Manager of Visa India and South Asia said, “We are delighted to welcome Sabbir Ahmed as our Country Manager for Nepal, Bangladesh and Bhutan. Sabbir, with his strong professional achievements, diverse banking experience and deep market connections, will strengthen our leadership, drive business objectives and foster sustainable growth for Visa.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the statement issued by the company, Ahmed will be responsible for charting Visa’s business priorities in Nepal. He and the team will manage Visa’s relationships with clients, partners, regulators and ecosystem participants, added the statement. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“He will also be a part of Visa’s leadership team for India and South Asia.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Sabbir Ahmed joined Visa from Standard Chartered Bank, Bangladesh, where he served as the Managing Director and Head of Wealth and Retail Banking. Previously, he held senior leadership positions at HSBC in Bangladesh and Vietnam and has worked for British American Tobacco (BAT). Ahmed brings a wide range of expertise from both local and international markets in the banking and financial services sector, added the statement.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '20728', 'image' => '20240516081228_blank eight by six.jpg', 'article_date' => '2024-05-16 08:11:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21000', 'article_category_id' => '1', 'title' => 'Over 90 Percent of People in Madhesh Province Lack Access to Insurance', 'sub_title' => '', 'summary' => 'Birgunj: A total of 90.6 percent of citizens in Madhesh Province are without insurance coverage. The province has a population exceeding 6,114,000.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Birgunj: A total of 90.6 percent of citizens in Madhesh Province are without insurance coverage. The province has a population exceeding 6,114,000.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The limited attraction towards insurance among the people of Madhesh is attributed to a lack of awareness and the practice of buying insurance schemes from across the border in India. According to the Madhesh Province Office of the Nepal Insurance Authority (NIA), only 573,433 people, or 9.4 percent of the population, have purchased insurance policies in the province. This data indicates a low level of interest in insurance among the general public.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Kusum Sharma, chief of the NIA Madhesh Province Office, emphasized the need to promote insurance coverage throughout the province in coordination with all three levels of government. "Access to insurance in Madhesh Province is found to be low. Since the economic and health conditions of the people here are weak, it is necessary to develop the practice of providing insurance to the entire province by coordinating with all three tiers of government," Sharma stressed.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Sharma pointed out the necessity of insuring all the people in Madhesh Province, similar to the initiative in Karnali Province, where the state government has covered insurance for all residents. Sharma added that the authority is ready to provide the necessary facilitation for this effort.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The lack of insurance access is not only an issue in Madhesh Province but also across the entire country. As of April 12, 2024, only 43.3 percent of the population of the entire nation had access to insurance, leaving 56.7 percent without life insurance coverage. However, the situation is far better compared to six years ago, when only 17 percent of the population had insurance coverage.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Nirmal Khanal, assistant director of the NIC Madhesh Province Office, noted that the low insurance literacy among citizens and the tradition of purchasing insurance policies from Indian companies in border markets have hindered insurance access.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">"Due to high poverty and illiteracy in Madhesh Province, the idea of buying insurance policies has not developed among the general population. The proximity to the Indian border market and the practice of purchasing Indian insurance policies have also impeded our efforts to increase public interest in insurance," he added.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Khanal explained that the limited attraction towards insurance in Madhesh Province is also due to the tendency to seek unfair benefits from insurance, the lack of human resources in insurance branches/sub-branches, and misunderstandings about insurance, which lead to it being least prioritized. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '20727', 'image' => '20240516075930_Ed- insurance.jpg', 'article_date' => '2024-05-16 07:58:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20998', 'article_category_id' => '1', 'title' => 'NOC Slashes Prices of Petroleum Products', 'sub_title' => '', 'summary' => 'Kathmandu: Nepal Oil Corporation (NOC) has lowered the prices of petroleum products effective from Thursday, May 16. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: Nepal Oil Corporation (NOC) has lowered the prices of petroleum products effective from Thursday, May 16. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the NOC Board of Directors on Wednesday decided to reduce the price of petrol by Rs 7 per liter and diesel and kerosene by Rs 5 per liter. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the adjustments of prices, the retail price of petrol has been fixed at Rs 168.5 per liter for the first cluster (Charlali, Biratnagar, Janakpur, Amlekhgunj, Bhalbari, Nepalgunj, Dhangadhi and Birgunj) while it will cost Rs 170 per liter in the second cluster (Surkhet and Dang) and Rs 171 per liter for the consumers of third cluster which includes Kathmandu, Pokhara and Dipayal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The price adjustments follow the revised price list from the Indian Oil Corporation (IOC), the sole supplier of petroleum products to Nepal, according to NOC Spokesperson Manoj Thakur. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '20726', 'image' => '20240516075403_Ed - nOC.jpg', 'article_date' => '2024-05-16 07:53:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20999', 'article_category_id' => '1', 'title' => 'TT Player Shrestha becomes Third Nepali Athlete to Qualify for Olympics ', 'sub_title' => '', 'summary' => 'Kathmandu: Table tennis player Syantu Shrestha has booked a place in Paris Olympics, 2024 through competitive means. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: Table tennis player Syantu Shrestha has booked a place in Paris Olympics, 2024 through competitive means. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Shrestha defeated Nepal's Sanyog Kapali 4-3 in the men's singles final match of the South Asian Qualifying Tournament held on Wednesday at the table tennis hall in Lanchaur to become the third Nepali athlete ever to qualify for the Olympics through the qualifying round. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, Taekwondo players Sangina Baidya and Deepak Bista had passed the qualifying stage to compete in the Olympics. Baidhya was selected for Athens Olympics in 2004 and Bista for the Beijing Olympics in 2008. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the table tennis match held on Wednesday, Shrestha won the first set 11-7 but lost the second set 8-11. After winning the next two sets with a score of 11-7 and 11-6, Shrestha lost the fifth and sixth sets 8-11 and 8-11 respectively. Shrestha confirmed his place in the Olympics after winning the final set 11-9. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, Shrestha had defeated Sri Lanka's Chamira Ginige and Sanyog had defeated Sri Lanka's Jayasanka de Silva and made it to the finals. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '20725', 'image' => '20240516075613_2022071221870ae8898341789a041f6daef0c391_e451d4e0-ec80-4c80-895b-d93a3b4ab1f9.jpg', 'article_date' => '2024-05-16 07:55:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20992', 'article_category_id' => '1', 'title' => 'High Court Acquits Former Cricket Captain Lamichhane of Rape Charge', 'sub_title' => '', 'summary' => 'Kathmandu: Nepal’s cricket star Sandeep Lamichhane had his eight-year jail sentence for rape quashed on appeal on Wednesday after the former national captain challenged his conviction, AFP reported.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Kathmandu: Nepal’s cricket star Sandeep Lamichhane had his eight-year jail sentence for rape quashed on appeal on Wednesday after the former national captain challenged his conviction, AFP reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the French news agency, Lamichhane was once the poster boy for cricket in Nepal and his onfield success as a leg-spinner dramatically boosted the sport's profile in the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He was accused of raping a young woman in a Kathmandu hotel in 2022 but was freed on bail and returned to the team to compete in international tournaments while his lengthy trial dragged on.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The 23-year-old was convicted of rape late last year and sentenced in January but remained at liberty after challenging the verdict.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Sandeep Lamichhane has been acquitted," Patan High Court spokesman Bimal Parajuli told AFP.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Lamichhane, who was suspended by the Cricket Association of Nepal after the initial verdict, has consistently denied the charge against him and enjoyed strong public support despite the accusation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In 2022, when an arrest warrant in the case was first issued, Lamichhane initially failed to return from Jamaica, where he was playing in the Caribbean Premier League.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He was dismissed as national captain and arrested but Nepal lifted his playing ban after he was freed on bail. This allowed him to remain on the national team, including for the World Cup qualifiers and the 2023 Asia Cup, AFP further reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">But his continued playing career has also sparked anger and caused some Nepalis to disavow the team. Scotland's cricketers refused to shake hands with him after their matches during an international tournament in Dubai.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Wednesday's acquittal comes with the Nepali team in the United States to prepare ahead of next month's T20 World Cup.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Lamichhane was the most sought-after Nepali cricketer in lucrative leagues around the world. The leg-spinner's big break came when he was snapped up for the Indian Premier League, the world's richest cricket tournament, in 2018.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">About 2,300 rape cases were reported in Nepal in the 2021-22 fiscal year, according to police, but rights advocates say many more assaults go unreported. -- AFP</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-15', 'modified' => '2024-05-15', 'keywords' => '', 'description' => '', 'sortorder' => '20719', 'image' => '20240515072513_GNndVIkbQAAuODW.jpg', 'article_date' => '2024-05-15 19:24:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '21011', 'article_category_id' => '1', 'title' => 'Informal Cross-Border Trade Thriving in South Asia: Experts', 'sub_title' => '', 'summary' => 'KATHMANDU: Experts say informal cross-border trade is thriving in South Asia due to the high cost of trade transaction using the formal channels.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">KATHMANDU: Experts say informal cross-border trade is thriving in South Asia due to the high cost of trade transaction using the formal channels.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">The experts made such a remark during a workshop organized in Kathmandu on Thursday by South Asia Watch on Trade, Economics and Environment (SAWTEE) in partnership with the International Food Policy Research Institute (IFPRI) to disseminate the findings of their study that examined the dynamics of informal trade in agri-food commodities.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Speaking at the workshop titled “Insights into Informal Cross-Border Trade in Agri-Food Commodities in South Asia,” the experts also pointed out that such informal exchanges offset the policies and become a source of ineffectiveness for domestic policies.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Issuing a statement on Thursday, SAWTEE said that the workshop centered on the dynamics of informal trade in agri-food commodities between Nepal and India and India and Bangladesh, shedding light on the nuances of trade patterns, modes, and underlying drivers.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Dikshya Singh, programme coordinator at SAWTEE, highlighted in her presentation that evasion of tariffs and duties, variation in prices and bans on import and export serve as key drivers of informal trade. Singh said that informal trade is highly responsive to India’s ban on exports and price variations as the result of different production costs on the Nepali and the Indian sides and tariffs in the case of products such as rice and vegetables. The study found that prices of rice across the border markets could be as high as 20 percent.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Informal trade of agri-food commodities, including inputs, has increased access to those products preventing shortages and spikes in prices but that undermined the productive capacity of Nepali goods and diminished their competitiveness, she pointed out.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">As per findings from the IFPRI study on informal trade in agricultural goods between Bangladesh and India, prominent items include edible oils, rice seeds, tea, fertilizer, soybean oil, and palm oil. The study reveals that this informal trade is dominated by a small group of traders forming an oligopoly. Moreover, the study indicates that large-scale informal trade is controlled by mafia-style syndicates with political backing.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Dr Mamata Pradhan, IFPRI’s research coordinator, highlighted during her presentation the robust nexus between trade and finance, facilitated by the hundi system of informal international money transfers, which significantly bolsters informal trade between India and Bangladesh. She also mentioned that 80 percent of carriers in the informal trade are women as most of the border points have no women security personnel at the India-Bangladesh border.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Dr Posh Raj Pandey, chair emeritus of SAWTEE, highlighted that obstruction in the entry and exit of products, policy disruption at the domestic level and weak law enforcement at the border contribute to informal trade in Nepal. Dr Pandey emphasized the necessity of reducing trade transaction costs to mitigate informal trade, advocating for measures such as enhancing trade facilitation, improving border infrastructure, and minimizing tariff barriers.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Anand Bagaria, managing director of Nimbus Holdings, stressed the importance of adopting a measured and proactive strategy towards policymaking in dealing with informal cross-border trade. Since we cannot influence our neighbouring countries’ policies, Nepal needs to be clear about what could be the right balance between inflation, government revenue and mitigating quality-related risks while adopting a corrective approach to deal with informal trade, he added. Bagaria also acknowledged the inherent challenges in halting informal trade at the household consumption level while highlighting the role of policy in regulating commercial consumption.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Drawing parallels with Africa, where central banks conduct surveys on informal trade, Dr Ramesh Sharma, senior economist, formerly with FAO, Rome, made a point on the potential role of the Nepal Rastra Bank and the National Statistics Office in measuring informal trade periodically. Dr Sharma highlighted the importance of leveraging existing resources while preparing Nepal’s food balance sheet. He further suggested that the Nepal Rastra Bank, along with the Ministry of Industry, Commerce, and Supplies and the Ministry of Agriculture and Livestock Development, could collaborate to facilitate trade and minimize informal trade practices.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Sabnam Shivakoti, joint secretary at the Ministry of Agriculture and Livestock Development, emphasized the significance of rules and regulations within the border control mechanism to address sanitary and phytosanitary issues in agri-food commodities. She said that such concerns should not pose obstacles, as the repercussions of neglecting them can be more costly as they are legitimate measures to ensure that harmful pests and diseases are prevented from entering our territories. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">Shivakoti also pointed out that cross-border trade that was done traditionally due to social ties across borders is not the same as the organized commercial informal trade that is happening now at a large scale that affects agriculture as well as industrial sectors as they have to compete with cheap imports. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">She cited the example of import restriction of dairy products that was announced in February 2024 to protect domestic farmers and the dairy industry but that led to formal imports being diverted to informal channels.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt">According to SAWTEE, participants of the workshop included policy makers, private sector representatives, representatives of farmers’ organizations, members of civil society and experts.</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-17', 'modified' => '2024-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '20738', 'image' => '20240517012115_phansidewa farmers.jpg', 'article_date' => '2024-05-17 12:52:40', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '21010', 'article_category_id' => '1', 'title' => 'NATTA Gandaki Province to Promote Nepali Tourism in Chinese Cities ', 'sub_title' => '', 'summary' => 'Kathmandu: The Gandaki Province chapter of Nepal Association of Tour and Travel Agents (NATTA) has decided to conduct tourism promotion programmes in various cities of China for a week. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: The Gandaki Province chapter of Nepal Association of Tour and Travel Agents (NATTA) has decided to conduct tourism promotion programmes in various cities of China for a week. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">NATTA's Gandaki Province Chair Hari Ram Adhikari informed at a press meet that a programme 'Pokhara-Nepal tourism promotion and sales mission in China' would be organized in various cities. A 16-member team left for China on Thursday for the same. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The 16-member team will also attend the Guangzhou international travel fair being organized by the Guangzhou city of China for three days. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A documentary showcasing tourism activities in Pokhara will be screened in Beijing amidst a programme coordinated jointly by Nepal Tourism Board and Nepali Embassy in China. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The delegation will also distribute promotional materials on the occasion. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Discussion will be held with businesspersons and their associations in a bid to create atmosphere conducive for conducting direct flights from Pokhara to Chinese cities. The delegation will inspect the economic and tourism developments in China. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">It is believed that the promotional programme would be helpful to bringing more Chinese tourists in Nepal. The NATTA informed that the number of tourists from China has doubled this year as compared to last year. In April this year, a total of 9,750 Chinese tourists visited Nepal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Moreover, the visit is further expected to foster collaboration between tourism entrepreneurs of both the countries. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-17', 'modified' => '2024-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '20737', 'image' => '20240517122913_20230611044301_6.jpg', 'article_date' => '2024-05-17 12:28:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '21009', 'article_category_id' => '1', 'title' => 'PM Urges Private Sector to Invest in Hydropower Projects Confidently', 'sub_title' => '', 'summary' => 'KATHMANDU: Prime Minister Pushpa Kamal Dahal has urged the private sector to invest in the country's hydropower sector with confidence in the context that the Government of Nepal has signed an agreement to export 10,000 megawatts of power to India in a decade. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: Prime Minister Pushpa Kamal Dahal has urged the private sector to invest in the country's hydropower sector with confidence in the context that the Government of Nepal has signed an agreement to export 10,000 megawatts of power to India in a decade. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Addressing the 22nd annual general assembly of Independent Power Producers' Association of Nepal (IPPAN) on Friday, the PM said the moment to export 10,000 megawatts of power will be a historical achievement for the country's journey to prosperity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">"We have signed a long-term agreement with neighbouring India for the export of 10,000 megawatts of electricity in 10 years. Likewise, power trade will be done with Bangladesh via India's transmission line. This is a historic success not only of Nepal's hydroelectricity sector but in terms of commitment to prosperity journey and campaign," the PM stated. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The PM also expressed confidence that an agreement to export Nepal's electricity to Bangladesh will be signed soon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, the PM shared that the government is effortful for promoting different programmes to increase power consumption in the domestic market besides the power export. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">He said the government is considering to promote electric vehicles and appliances to reduce the import of petroleum products and to increase the domestic consumption of electricity. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">In his speech, the PM viewed electricity as the most important sector for the country's development and prosperity, and appreciated the role of the private sector in scaling up power production. -- RSS </span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-17', 'modified' => '2024-05-17', 'keywords' => 'energy, power, trade, Nepal, India, Bangladesh, hydropower, production, transmission, prosperity, government', 'description' => '', 'sortorder' => '20736', 'image' => '20240517115552_hydro.jpg', 'article_date' => '2024-05-17 11:54:43', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '21008', 'article_category_id' => '1', 'title' => 'More than Average Rainfall Likely during this Monsoon: Met Department ', 'sub_title' => '', 'summary' => 'KATHMANDU: The Department of Hydrology and Meteorology has predicted more than average rainfall during monsoon this year. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">KATHMANDU: The Department of Hydrology and Meteorology has predicted more than average rainfall during monsoon this year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Speaking at a recent programme organised by the National Monsoon Forum, the department's meteorologist Sudarsan Humagai said rainfall exceeding 35.4 to 55.4 per cent than average has been predicted in most parts of the country in the upcoming monsoon. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The north-west areas of Sudurpashim Province, the south-east areas of Bagamati, the central part of Madhesh and the central and mid-west parts of Koshi Province are likely to see more rain (35.4 per cent to 65.5 per cent) than average this year. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Similarly, the western part of the Karnali, central part of Gandaki, and north-east part of Koshi are likely to witness rain more by 35-45 per cent than average. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The minimum precipitation in most parts of the county is likely to be more than average by 35-65 percent. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2024-05-17', 'modified' => '2024-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '20735', 'image' => '20240517105935_sno.jpg', 'article_date' => '2024-05-17 10:57:49', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '21007', 'article_category_id' => '1', 'title' => 'CNI and EU Officials Discuss Enhancing Bilateral Trade ', 'sub_title' => '', 'summary' => 'Kathmandu: The Confederation of Nepalese Industries (CNI) and European Union (EU) officials discussed bilateral trade and economic cooperation enhancement between Nepal and EU on Thursday. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: The Confederation of Nepalese Industries (CNI) and European Union (EU) officials discussed bilateral trade and economic cooperation enhancement between Nepal and EU on Thursday. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Office bearers of the CNI held discussion with Deputy Director General of the European Commission, Myriam Ferran, and the Ambassador of the European Union (EU) to Nepal, Veronique Lorenzo, on matters relating to strengthening of bilateral trade relations between the two sides and increasing the export capacity of Nepali products to the European market. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">According to the CNI, the discussion focused on graduation of Nepal from least developed to a developing country by 2026, the potential of Nepal's manufacturing and information technology sectors, and commercial benefits and economic development. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">On the occasion, CNI President Rajesh Kumar Agarwal shed light on various aspects of the economic and commercial relations between Nepal and the European Union and shared about the areas of cooperation that the EU can provide for the economic development of Nepal in the future. He sought necessary support to re-operate direct air flights from Nepal to the European countries. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">EU Ambassador to Nepal, Veronique, said that the European Union is committed to support Nepal in its journey of economic growth and development. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-17', 'modified' => '2024-05-17', 'keywords' => '', 'description' => '', 'sortorder' => '20734', 'image' => '20240517100822_blank eight by six.jpg', 'article_date' => '2024-05-17 10:07:36', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '21006', 'article_category_id' => '1', 'title' => 'Over 177,000 Tourists Visit Annapurna Region in 10 Months', 'sub_title' => '', 'summary' => 'Pokhara: More than 177,182 foreign tourists visited the Annapurna Circuit, a popular trekking route in Gandaki Province, in the past 10 months, according to the Annapurna Conservation Area Project (ACAP).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Pokhara: More than 177,182 foreign tourists visited the Annapurna Circuit, a popular trekking route in Gandaki Province, in the past 10 months, according to the Annapurna Conservation Area Project (ACAP). The highest number of tourists visited the area during the month of Chaitra (mid-March to mid-April) when 35,265 visitors arrived in the region that covers five districts – Lamjung, Manang, Mustang, Myagdi and Kaski.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">ACAP chief Dr Rabin Kadariya reported that 79,232 tourists came from South Asian countries, while 97,950 tourists arrived from other parts of the world during the review period. The months of September-October and April-May are considered the best times for trekking in the region.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Although most Indian tourists visiting Muktinath and other sites in the Annapurna Circuit use the motorway, tourists from other countries prefer trekking, he told RSS.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Domestic and foreign tourists throng the Annapurna area during the peak tourist season," said Dr. Kadariya. "Tourism in the area is returning to pre-COVID-19 levels. Recently, there has been a significant influx of tourists from various countries."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">ACAP maintains records of foreign tourists visiting the Annapurna Circuit. Kadariya noted that the number of domestic tourists coming through the land route from Mustang and other places could not be ascertained.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Annapurna Circuit has become a favorite trekking route for tourists from many countries. In 2023, 191,558 tourists from 173 countries visited Annapurna, marking the highest number of tourists in a single year. In comparison, 181,000 tourists visited the area in 2019.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Thousands of domestic and foreign tourists visit key sites such as Annapurna Base Camp, Mardi Himal, Lwang, Ghandruk village, Tilicho Lake, Thorangla Pass, Upper Mustang, Muktinath, Ghodepani of Myagdi, and Poonhil every year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Annapurna Circuit is renowned for its attractive locations, including mountains and glaciers, tourism-friendly infrastructure, favorable climate, and the hospitality services and facilities provided by the locals.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Short, medium, and long treks to the Annapurna region can be undertaken through routes in Kaski, Lamjung, Manang, Mustang and Myagdi. The Annapurna Conservation Area, covering 7,600 square kilometers, spans 89 wards across 16 local units in the five districts. The Annapurna region is rich in natural beauty, biodiversity, mountainous life, and diverse culture. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '20733', 'image' => '20240516074933_20240102031942_20220508080527_Annapurna circuit (3).jpg', 'article_date' => '2024-05-16 19:48:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '21005', 'article_category_id' => '1', 'title' => 'Production and Employment are Priorities of 16th Plan: NPC Vice Chair', 'sub_title' => '', 'summary' => 'Kathmandu: National Planning Commission (NPC) Vice Chairman Dr. Min Bahadur Shrestha has said that the 16th periodic plan has prioritized production and employment. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Kathmandu: National Planning Commission (NPC) Vice Chairman Dr. Min Bahadur Shrestha has said that the 16th periodic plan has prioritized production and employment. The NPC officially unveiled the 16th plan on Wednesday. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Stating that there is a gap between the goals and the achievements of the 15th plan, Shrestha said that the main focus of the 16th plan is implementation. "The five-year tasks to be undertaken by every ministry are included in the plan. It has been prepared by engaging with more than 3,000 stakeholders. In this plan, the problems and challenges have been studied and researched in detail, and solutions have been drawn out," he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">He stated that the current economy's main problem is the lack of production and employment. "In the 16th Plan, production and economic growth have been given top priority," said Shrestha.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => 'production, employment, plan, economy', 'description' => '', 'sortorder' => '20732', 'image' => '20240516082531_blank eight by six.jpg', 'article_date' => '2024-05-16 08:20:16', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '21004', 'article_category_id' => '1', 'title' => 'FNCCI Calls for a Realistic Budget', 'sub_title' => '', 'summary' => 'Kathmandu: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has suggested that the next fiscal year's federal budget should be determined based on the government's spending capacity.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">Kathmandu: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has suggested that the next fiscal year's federal budget should be determined based on the government's spending capacity.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">During FNCCI's pre-budget discussion for FY 2024/25, FNCCI President Chandra Dhakal suggested that while the budget size has consistently increased, government expenditure has not kept pace.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The FNCCI has recommended that the next fiscal budget be only 10 percent larger than the actual spending in the current fiscal year. So far, the government has managed to spend only 60 percent of the total budget of Rs 1751 billion.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The FNCCI has stated that increasing the size of the budget will put pressure on revenue and internal debt. They have suggested bringing a smaller and more realistic budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The federation has demanded that products based on local raw materials should be given concessions to promote exports and replace imports. On behalf of the federation, President Dhakal suggested that the monetary policy should be flexible, noting a problem due to the lack of coordination between monetary policy and the budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Arial","sans-serif"">The FNCCI emphasized the necessity of making a policy to use local products, even though they are 20 percent more expensive. Additionally, the FNCCI noted that the incentives given to the energy sector in 2015 will end in 2025 and suggested extending these incentives until 2030.</span></span></span></span></p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => 'FNCCI, budget, realistic', 'description' => '', 'sortorder' => '20731', 'image' => '20240516081809_budget.jpg', 'article_date' => '2024-05-16 08:17:29', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '21002', 'article_category_id' => '1', 'title' => 'Executing 16th Plan will Cost Around Rs 11.1 Trillion: NPC', 'sub_title' => '', 'summary' => 'Kathmandu: The estimated cost of implementing the 16th Plan of the government is approximately Rs 11.1 trillion, the National Planning Commission (NPC) announced on Wednesday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Kathmandu: The estimated cost of implementing the 16th Plan of the government is approximately Rs 11.1 trillion, the National Planning Commission (NPC) announced on Wednesday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NPC Vice Chairman Dr Min Bahadur Shrestha, while informing the media about the periodic plan and cost estimate approved by the Council of Ministers on Tuesday, assured that there would be no issues in securing the necessary investment for the plan’s implementation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">NPC Spokesman Yamlal Bhusal added that the cost for achieving the objectives of the 16th Plan exceeds Rs 11.1 trillion. He emphasized that partnerships with the private sector would be enhanced to ensure this funding.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to Bhusal, one of the strategies of the 16th Plan is to increase production, productivity, and competitiveness by identifying and addressing structural obstacles in all areas and dimensions of development.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He stated, "The goal is to implement a sustainable development plan by strengthening the inter-relationship and functional capacity between the government, private, cooperative, and non-governmental sectors, as well as all three levels of government - federal, provincial, and local."</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The NPC spokesman also highlighted that activities will be aligned with goals of gender mainstreaming, use of modern technology, environmental protection, disaster risk reduction, and policy-making based on studies, research, and facts.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The areas of structural transformation include strengthening macroeconomic foundations, enhancing economic growth, and increasing production, productivity, and competitiveness. Other sectors targeted for structural transformation are productive employment, decent labor, sustainable social protection, development of healthy, educated, and skilled human capital, quality physical infrastructure, and intensive inter-agency commitment.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the data shared by the NPC, the government has set a target to attain per capita income of USD 2,351 by the fiscal year 2085/86 BS.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Implementation of the goals also include planned, sustainable, and resilient urbanization and settlement development, gender equality, social justice, inclusive and equitable society building, regional and local economic strengthening, and balanced development, along with poverty and inequality reduction.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Other designated implementation goals are effective financial management, capital expenditure capacity building, governance reform, promotion of good governance, biodiversity conservation, climate change mitigation, advancement of the green economy, upgrading from least developed to developing country status, and achieving sustainable development goals. -- RSS</span></span></p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => 'NPC, national, planning, commission, cost, estimated, government, Nepal, development, economic, growth, budget, literacy, per, capital, income', 'description' => '', 'sortorder' => '20730', 'image' => '20240516080254_20240313031110_banknotes.jpg', 'article_date' => '2024-05-16 08:02:18', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '21001', 'article_category_id' => '1', 'title' => '16th Plan Sets Economic Growth Rate of 7.3 Percent', 'sub_title' => '', 'summary' => 'Kathmandu: The country's economic growth rate is projected to reach 7.3 percent over the next five years. ', 'content' => '<p><span style="font-size:18px">Kathmandu: The economic growth rate of the country is projected to reach 7.3 percent in the next five years. This target is set under the 16th Plan, made public by the National Planning Commission on Wednesday. Presenting the 16th Plan, Commission Spokesperson Yamlal Bhusal stated that the goal is to increase the economic growth rate to 7.3 percent by 2029/30, up from 3.9 percent. Additionally, the 16th Plan aims to raise per capita income to USD 2,351.</span></p> <p><span style="font-size:18px">The plan also targets reducing the population below the poverty line from 20.3 percent to 12 percent and lowering the consumer inflation rate from 7.7 percent to 5 percent. It includes goals to increase the human development index from 0.601 to 0.65, and the human poverty index from 76.3 percent to 78 percent. Furthermore, the plan aims to reduce the economic and environmental risk index from 29.7 to 24, and to increase life expectancy from 71.3 years to 73 years. The literacy rate is targeted to rise from 76.2 percent to 85 percent.</span></p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => 'growth, economic, Nepal, national, planning, commission', 'description' => '', 'sortorder' => '20729', 'image' => '20240516080124_20240426010045_20220817123841_economic-growth.jpg', 'article_date' => '2024-05-16 08:00:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '21003', 'article_category_id' => '1', 'title' => 'Visa Appoints Sabbir Ahmed as Country Manager of Nepal, Bangladesh and Bhutan', 'sub_title' => '', 'summary' => 'Kathmandu: Visa, a leading global digital payments service provider, on Tuesday announced the appointment of Sabbir Ahmed as the country manager for Nepal, Bangladesh and Bhutan.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Kathmandu: Visa, a leading global digital payments service provider, on Tuesday announced the appointment of Sabbir Ahmed as the country manager for Nepal, Bangladesh and Bhutan. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Issuing a statement, VISA said that Ahmed, with over 27 years of rich experience in banking and payments across Bangladesh and Vietnam, will now lead the market operations for Visa in the three countries. Ahmed’s team will be based in Dhaka office.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">With the appointment of Ahmed, Visa reiterated its leadership and commitment to the Nepal market, along with Bangladesh and Bhutan. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The statement added that Visa has continually focused on introducing enhanced payment solutions for Nepal as it adopts digital payments at an increasing pace. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“Visa has been instrumental in introducing contactless payments in the country; it has also enabled consumers to use their Visa cards while shopping online or scan QR codes and pay via Visa cards. With Sabbir heading the markets, Visa aims to accelerate its growth in the digital payments landscape across South Asia,” reads the statement.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">On his appointment, Ahmed said, “I am excited to join Visa, a brand at the forefront of digital payments globally and in Nepal. In my new role, I look forward to playing a significant role in partnering with clients, the regulator and the broader ecosystem of Nepal. We also aim to play a pivotal role in digital payments for Bangladesh and Bhutan. I believe we can bring innovative digital-first payment solutions to consumers and businesses, that will increase the growth of digital payments in Nepal and adjoining markets.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Sandeep Ghosh, Group Country Manager of Visa India and South Asia said, “We are delighted to welcome Sabbir Ahmed as our Country Manager for Nepal, Bangladesh and Bhutan. Sabbir, with his strong professional achievements, diverse banking experience and deep market connections, will strengthen our leadership, drive business objectives and foster sustainable growth for Visa.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">According to the statement issued by the company, Ahmed will be responsible for charting Visa’s business priorities in Nepal. He and the team will manage Visa’s relationships with clients, partners, regulators and ecosystem participants, added the statement. </span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">“He will also be a part of Visa’s leadership team for India and South Asia.”</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Sabbir Ahmed joined Visa from Standard Chartered Bank, Bangladesh, where he served as the Managing Director and Head of Wealth and Retail Banking. Previously, he held senior leadership positions at HSBC in Bangladesh and Vietnam and has worked for British American Tobacco (BAT). Ahmed brings a wide range of expertise from both local and international markets in the banking and financial services sector, added the statement.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '20728', 'image' => '20240516081228_blank eight by six.jpg', 'article_date' => '2024-05-16 08:11:46', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '21000', 'article_category_id' => '1', 'title' => 'Over 90 Percent of People in Madhesh Province Lack Access to Insurance', 'sub_title' => '', 'summary' => 'Birgunj: A total of 90.6 percent of citizens in Madhesh Province are without insurance coverage. The province has a population exceeding 6,114,000.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Birgunj: A total of 90.6 percent of citizens in Madhesh Province are without insurance coverage. The province has a population exceeding 6,114,000.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The limited attraction towards insurance among the people of Madhesh is attributed to a lack of awareness and the practice of buying insurance schemes from across the border in India. According to the Madhesh Province Office of the Nepal Insurance Authority (NIA), only 573,433 people, or 9.4 percent of the population, have purchased insurance policies in the province. This data indicates a low level of interest in insurance among the general public.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Kusum Sharma, chief of the NIA Madhesh Province Office, emphasized the need to promote insurance coverage throughout the province in coordination with all three levels of government. "Access to insurance in Madhesh Province is found to be low. Since the economic and health conditions of the people here are weak, it is necessary to develop the practice of providing insurance to the entire province by coordinating with all three tiers of government," Sharma stressed.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Sharma pointed out the necessity of insuring all the people in Madhesh Province, similar to the initiative in Karnali Province, where the state government has covered insurance for all residents. Sharma added that the authority is ready to provide the necessary facilitation for this effort.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The lack of insurance access is not only an issue in Madhesh Province but also across the entire country. As of April 12, 2024, only 43.3 percent of the population of the entire nation had access to insurance, leaving 56.7 percent without life insurance coverage. However, the situation is far better compared to six years ago, when only 17 percent of the population had insurance coverage.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Nirmal Khanal, assistant director of the NIC Madhesh Province Office, noted that the low insurance literacy among citizens and the tradition of purchasing insurance policies from Indian companies in border markets have hindered insurance access.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">"Due to high poverty and illiteracy in Madhesh Province, the idea of buying insurance policies has not developed among the general population. The proximity to the Indian border market and the practice of purchasing Indian insurance policies have also impeded our efforts to increase public interest in insurance," he added.</span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Khanal explained that the limited attraction towards insurance in Madhesh Province is also due to the tendency to seek unfair benefits from insurance, the lack of human resources in insurance branches/sub-branches, and misunderstandings about insurance, which lead to it being least prioritized. -- RSS</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '20727', 'image' => '20240516075930_Ed- insurance.jpg', 'article_date' => '2024-05-16 07:58:58', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '20998', 'article_category_id' => '1', 'title' => 'NOC Slashes Prices of Petroleum Products', 'sub_title' => '', 'summary' => 'Kathmandu: Nepal Oil Corporation (NOC) has lowered the prices of petroleum products effective from Thursday, May 16. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: Nepal Oil Corporation (NOC) has lowered the prices of petroleum products effective from Thursday, May 16. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">A meeting of the NOC Board of Directors on Wednesday decided to reduce the price of petrol by Rs 7 per liter and diesel and kerosene by Rs 5 per liter. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With the adjustments of prices, the retail price of petrol has been fixed at Rs 168.5 per liter for the first cluster (Charlali, Biratnagar, Janakpur, Amlekhgunj, Bhalbari, Nepalgunj, Dhangadhi and Birgunj) while it will cost Rs 170 per liter in the second cluster (Surkhet and Dang) and Rs 171 per liter for the consumers of third cluster which includes Kathmandu, Pokhara and Dipayal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The price adjustments follow the revised price list from the Indian Oil Corporation (IOC), the sole supplier of petroleum products to Nepal, according to NOC Spokesperson Manoj Thakur. -- RSS </span></span></span><br /> </p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '20726', 'image' => '20240516075403_Ed - nOC.jpg', 'article_date' => '2024-05-16 07:53:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '20999', 'article_category_id' => '1', 'title' => 'TT Player Shrestha becomes Third Nepali Athlete to Qualify for Olympics ', 'sub_title' => '', 'summary' => 'Kathmandu: Table tennis player Syantu Shrestha has booked a place in Paris Olympics, 2024 through competitive means. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">Kathmandu: Table tennis player Syantu Shrestha has booked a place in Paris Olympics, 2024 through competitive means. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Shrestha defeated Nepal's Sanyog Kapali 4-3 in the men's singles final match of the South Asian Qualifying Tournament held on Wednesday at the table tennis hall in Lanchaur to become the third Nepali athlete ever to qualify for the Olympics through the qualifying round. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, Taekwondo players Sangina Baidya and Deepak Bista had passed the qualifying stage to compete in the Olympics. Baidhya was selected for Athens Olympics in 2004 and Bista for the Beijing Olympics in 2008. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">During the table tennis match held on Wednesday, Shrestha won the first set 11-7 but lost the second set 8-11. After winning the next two sets with a score of 11-7 and 11-6, Shrestha lost the fifth and sixth sets 8-11 and 8-11 respectively. Shrestha confirmed his place in the Olympics after winning the final set 11-9. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">Earlier, Shrestha had defeated Sri Lanka's Chamira Ginige and Sanyog had defeated Sri Lanka's Jayasanka de Silva and made it to the finals. -- RSS</span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-16', 'modified' => '2024-05-16', 'keywords' => '', 'description' => '', 'sortorder' => '20725', 'image' => '20240516075613_2022071221870ae8898341789a041f6daef0c391_e451d4e0-ec80-4c80-895b-d93a3b4ab1f9.jpg', 'article_date' => '2024-05-16 07:55:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '20992', 'article_category_id' => '1', 'title' => 'High Court Acquits Former Cricket Captain Lamichhane of Rape Charge', 'sub_title' => '', 'summary' => 'Kathmandu: Nepal’s cricket star Sandeep Lamichhane had his eight-year jail sentence for rape quashed on appeal on Wednesday after the former national captain challenged his conviction, AFP reported.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Kathmandu: Nepal’s cricket star Sandeep Lamichhane had his eight-year jail sentence for rape quashed on appeal on Wednesday after the former national captain challenged his conviction, AFP reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the French news agency, Lamichhane was once the poster boy for cricket in Nepal and his onfield success as a leg-spinner dramatically boosted the sport's profile in the country.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He was accused of raping a young woman in a Kathmandu hotel in 2022 but was freed on bail and returned to the team to compete in international tournaments while his lengthy trial dragged on.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The 23-year-old was convicted of rape late last year and sentenced in January but remained at liberty after challenging the verdict.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">"Sandeep Lamichhane has been acquitted," Patan High Court spokesman Bimal Parajuli told AFP.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Lamichhane, who was suspended by the Cricket Association of Nepal after the initial verdict, has consistently denied the charge against him and enjoyed strong public support despite the accusation.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In 2022, when an arrest warrant in the case was first issued, Lamichhane initially failed to return from Jamaica, where he was playing in the Caribbean Premier League.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">He was dismissed as national captain and arrested but Nepal lifted his playing ban after he was freed on bail. This allowed him to remain on the national team, including for the World Cup qualifiers and the 2023 Asia Cup, AFP further reported.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">But his continued playing career has also sparked anger and caused some Nepalis to disavow the team. Scotland's cricketers refused to shake hands with him after their matches during an international tournament in Dubai.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Wednesday's acquittal comes with the Nepali team in the United States to prepare ahead of next month's T20 World Cup.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Lamichhane was the most sought-after Nepali cricketer in lucrative leagues around the world. The leg-spinner's big break came when he was snapped up for the Indian Premier League, the world's richest cricket tournament, in 2018.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">About 2,300 rape cases were reported in Nepal in the 2021-22 fiscal year, according to police, but rights advocates say many more assaults go unreported. -- AFP</span></span></p> <p> </p> ', 'published' => true, 'created' => '2024-05-15', 'modified' => '2024-05-15', 'keywords' => '', 'description' => '', 'sortorder' => '20719', 'image' => '20240515072513_GNndVIkbQAAuODW.jpg', 'article_date' => '2024-05-15 19:24:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
