July 12: Investment in Nepal's cooking oil industry increased exponentially after India raised the import duty on edible oil to 40 per cent some time ago.…
July 12: Investment in Nepal's cooking oil industry increased exponentially after India raised the import duty on edible oil to 40 per cent some time ago.…
July 13: Export through the Chobhar Dry Port on the outskirts of Kathmandu has started with the transportation of a truck laden with home-made woolen items to Denmark for the first time on Tuesday, the Chovar customs office…
July 12: The Nepalese currency fell to an all-time low against the US dollar in its entire history.…
July 12: GWM-Nepal has announced to operate its world-class GWM after-sales service at Chakupat,…
July 12: Although the government has promised to import chemical fertilizers from India through the G2G process to address the acute shortage of fertilizer, the import process is still in…
July 12: Opposition leaders are raising questions over the budget introduced by the former finance minister Janardan Sharma after his disgraceful…
July 12: Stakeholders have urged that the Nepali ambassadors to take initiative to inform the people abroad that Nepal’s aviation sector is safe.…
July 12: The year-on-year consumer price inflation stood at 8.56 percent in the eleventh month of Fiscal Year 2021/22 compared to 4.19 percent a year…
July 12: The country’s Balance of Payments (BOP) remained at a deficit of Rs 269.81 billion in the first 11 months of the current fiscal year (FY 2021/22), according to the latest report of Nepal Rastra Bank…
July 12: Nepal exported goods worth Rs 185.84 billion in the first 11 months of the current fiscal year (FY 2021/22), according to the latest report of Nepal Rastra Bank…
July 11: Remittance inflow in the first 11 months of the current fiscal year has reached Rs 904.18 billion, Nepal Rastra Bank said in its latest report on…
July 11: The Sunsari-Morang Industrial Corridor has been hit hard by the anti-dumping duty (ADD) of up to 4 percent imposed by India on the jute industry which employs the most workers in the area.…
July 11: The number of Indian tourists visiting Lumbini, the birthplace of Gautam Buddha, has increased in recent…
July 11: The implementation part of the Prime Minister's Employment Programme initiated by the then government led by KP Sharma Oli is found to be weak.…
July 11: Nepal Institute for Policy Research in collaboration with Singapore-based Asia Competitiveness Institute (ACI) recently launched the Nepal Competitiveness Index 2022…
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 60]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' => '15610', 'article_category_id' => '1', 'title' => 'Rs 15 Billion Investment in Nepal’s Oil Industry in Peril', 'sub_title' => '', 'summary' => 'July 12: Investment in Nepal's cooking oil industry increased exponentially after India raised the import duty on edible oil to 40 per cent some time ago. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 12: Investment in Nepal's cooking oil industry increased exponentially after India raised the import duty on edible oil to 40 per cent some time ago. The existing industries expanded their capacity to take advantage of India's policy on oil imports. In the meantime, new industries were also opened. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the entrepreneurs, the investment in this sector has reached Rs 15 billion. The amount has been invested in 30 industries that produce cooking oil.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">However, the investment made in Nepal's oil industry is now in crisis after India slashed the tariffs on import of edible oil. Until some time ago, the cooking oil industries of Nepal used to import semi-refined oil from Ukraine, Indonesia and Malaysia and then exports it to India after refining the product. At present, the export of edible oil to India has almost stopped.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The semi-refined oil imports in Nepal are subject to 10 per cent customs duty and 13 per cent value-added tax. The amount is refunded after the refined oil is exported from the country. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Nepal used to export a significant amount of refined oil to India when the import duty was 40 percent because the importers in India had to pay only 5 per cent customs duty for importing oil from Nepal under the South Asia Free Trade Agreement (SAFTA).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Oil export from Nepal topped the list of export items in recent years due to the policy adopted by the Indian government.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Massive amount of oil exports also resulted in Nepal’s total annual export crossing the mark of Rs 100 billion for the first time in the Fiscal Year (FY 2077/78). Goods worth more than Rs 141 billion were exported that year. According to the Department of Customs, the share of soybean oil in the total exports last year was more than Rs 53.65 billion. As of May this year, edible oil worth more than Rs 85 billion have been exported to India. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">However, businessmen say that its export will be halted from next year. Director of Birgunj-based OCB Food Suresh Rungata said that he has not been able to export even one truck of oil in the last one month. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The prospect of oil export is now over. There is no alternative than to compete in the domestic market, Rungata told New Business Age.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">India is taking several measures to ease food pressure due to the Covid-19 pandemic and Russia-Ukraine war. New Delhi has taken steps ranging from curbing exports of food grains and sugar to reducing import duties and taxes. As India is Nepal's largest trading partner, it has made a direct impact on Nepal’s domestic industries and foreign.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">India's high tariff on oil imports has been gradually reduced to 2.5 per cent. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">India has completely waived agriculture infrastructure development tax on 2 million metric tons of semi-refined soybean and sunflower oil in the current fiscal year 2022/23 and next fiscal year 2023/24. In these two years, 8 million tons of semi-refined oil will enter India without import duty.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The edible oil production capacity of Nepal's industry is about 2.5 million tons. Nikhil Chachan, the operator of Narayani Oil Refinery, said that about 500,000 tonnes of oil was sold in the domestic market in the past, and the rest was exported to India. He said that after the export to India was stopped, domestic industries started operating only for 4/5 days a month.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-13', 'modified' => '2022-07-13', 'keywords' => '', 'description' => '', 'sortorder' => '15351', 'image' => '20220713122307_soybean.jpg', 'article_date' => '2022-07-13 12:22:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15609', 'article_category_id' => '1', 'title' => 'Export via Chovar Dry Port Begins ', 'sub_title' => '', 'summary' => 'July 13: Export through the Chobhar Dry Port on the outskirts of Kathmandu has started with the transportation of a truck laden with home-made woolen items to Denmark for the first time on Tuesday, the Chovar customs office shared. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 13: Export through the Chobhar Dry Port on the outskirts of Kathmandu has started with the transportation of a truck laden with home-made woolen items to Denmark for the first time on Tuesday, the Chovar customs office shared. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With this, the door for exports through the dry port has opened up, said chief customs administrator Dhan Bahadur Baduwal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The consignments were worth 43,467 euros (over Rs 5,571,000), he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The dry port was officially inaugurated by Prime Minister Sher Bahadur Deuba on April 5. The port has imported goods worth more than Rs 73 million so far since it came into operation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The good and merchandises imported through Birgunj customs office, Mechi customs office, Biratnagar customs office, Bhairahawa customs office and dry port customs office, Parsa can be directly available at the Chobhar Dry Port. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The dry port was constructed recently at the cost of over Rs 100 billion. The project spans across 261 ropanis of land. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-07-13', 'modified' => '2022-07-13', 'keywords' => '', 'description' => '', 'sortorder' => '15350', 'image' => '20220713115014_Chobhar Dy port.jpg', 'article_date' => '2022-07-13 08:01:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15608', 'article_category_id' => '1', 'title' => 'Nepalese Currency Falls to an All-Time Low against US Dollar', 'sub_title' => '', 'summary' => 'July 12: The Nepalese currency fell to an all-time low against the US dollar in its entire history. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">July 12: The Nepalese currency fell to an all-time low against the US dollar in its entire history. The Indian currency on Monday depreciated to an all-time low against the US dollar resulting in a fall in the Nepalese currency which is pegged with the Indian currency.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal Rastra Bank has fixed the exchange rate of US dollar at Rs 127.41 on Tuesday. This is the first time that the Nepalis have to pay so much amount for a single dollar. Prior to this, the value of US dollar had rose to a record high of Rs 127.30 last Wednesday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The US dollar then fell a bit after that but then again increased to an all-time high on Tuesday.</span></span></p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15349', 'image' => '20220712082812_20210901020646_Richest-Nepalese-–-List-of-Top-Richest-People-scaled.jpg', 'article_date' => '2022-07-12 20:27:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15607', 'article_category_id' => '266', 'title' => 'GWM-Nepal to Operate After-Sales Service at Chakupat', 'sub_title' => '', 'summary' => 'July 12: GWM-Nepal has announced to operate its world-class GWM after-sales service at Chakupat, Lalitpur.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 12: GWM-Nepal has announced to operate its world-class GWM after-sales service at Chakupat, Lalitpur. According to the company, the new after-sales facility is built with GWM's world-class standards.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The company said in a statement that the after-sales service center covers an area of 15,000+ square feet. It has 6 rooms with the capacity to provide fast service for 600+ vehicles per month. This facility is equipped with high-tech equipment and well-trained technicians to provide excellent service experience to the customers of GWM, the statement added. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the company, spare parts are made available at reasonable prices by maintaining a “strong real stock” with facilities.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Rupesh Sharma Bhatta, vice president of GWM Nepal, assured that the vehicles at the service centre will be at safe hands. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“You have entrusted the responsibility of your vehicle to a safe hand, with our trained technicians providing state-of-the-art facilities through a service center and specialized customer service. We guarantee to take care of not only your vehicle but also your vehicle for the duration of your ownership through this service,” said Sharma, adding, “This service is more than just caring for your vehicle. We assure you that the vehicles will be cared for in your own experience.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Ajit Patel, deputy general manager of GWM Services, added that they provide services capable of handling all GWM range vehicles in addition to providing world class facilities. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“We are using the latest diagnostic equipment and real parts so that your vehicle gets the best service and it runs in real condition as it should. We provide personalized service experience. You will receive a high level of personalized and dedicated service to you because no one knows more about your GWM than we do,” said Patel.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15348', 'image' => '20220712080833_gwm-service-800x445.jpeg', 'article_date' => '2022-07-12 20:07:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15606', 'article_category_id' => '1', 'title' => 'Process of Importing Fertilizer from India under GTG Process Uncertain', 'sub_title' => '', 'summary' => 'July 12: Although the government has promised to import chemical fertilizers from India through the G2G process to address the acute shortage of fertilizer, the import process is still in limbo.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">July 12: Although the government has promised to import chemical fertilizers from India through the G2G process to address the acute shortage of fertilizer, the import process is still in limbo.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the agreement between the two countries, 150,000 metric tonnes of chemical fertilizer should be imported within the current fiscal year. But, as the year draws to a close, the process itself is uncertain.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Concerned officials say that the confusion has increased after India refused to provide fertilizer citing various legal issues.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The then Agriculture Minister Mahindra Raya Yadav himself had reached India to pave the way for the immediate supply of fertilizer through the GTG process after the shortage of fertilzier was reported at the beginning of planting season. However, his attempt has turned futile.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">India not only delayed the process of supplying fertilizer but also reduced the amount of urea and DAP to be given in the first phase as per the agreement. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The ministry issued a statement at the end of June expressing its commitment to provide 70,000 tons of fertilizer through the GTG process by the end of July. However, India has reduced the amount and stated that only 15,000 tons can be sent to Nepal in the first phase.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The spokesperson of the Ministry of Agriculture and Livestock Development, Prakash Kumar Sanjel, said that the fertilizer could not be imported on time due to the weakness on part of the Indian side. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">“India has shown some legal hurdles. So there has been a delay. We are in constant talks but there is still confusion about when the fertilzier will be available and in what quantity,” he said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Rajendra Bahadur Karki, acting managing director of the Agricultural Inputs Company Limited, said the confusion was compounded when India initially refused to work as per its own commitment.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">It was agreed between the two countries that India would transport the fertilizer to the warehouse of Agricultural Inputs Company Limited in Nepal. However, in recent times, India has been trying to backtrack from the agreement. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Karki said that Nepal has maintained that India should transport the fertilizer. However, that has not been possible as India refused to work under our Public Procurement Act. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the ministry, about 45 percent of paddy has been planted across the country by mid-July. This is 15 percent less than the same period last year. Stakeholders say that one of the reasons for the delay in paddy sowing is the extreme shortage of fertilizer. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to Uddhav Adhikari, coordinator of the Agriculture Campaign for Food, farmers have not received government-subsidized fertilizer. He said that the farmers who need 50 kg of fertilizer have to settle for 10 kg this year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the farmers have not been able to apply DAP fertilizer. The 30,000 tons of urea brought by the Agriculture Inputs Company Limited through global tender will reach Nepal in the first week of July. The next consignment of 20,000 tons of DAP is said to arrive in Nepal by the third week of August. The state-owned company has 5,500 tonnes of urea and DAP in stock.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15347', 'image' => '20220712063712_Fertilizer.jpg', 'article_date' => '2022-07-12 18:36:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15605', 'article_category_id' => '1', 'title' => 'Former Finance Ministers Demand Budget Amendment ', 'sub_title' => '', 'summary' => 'July 12: Opposition leaders are raising questions over the budget introduced by the former finance minister Janardan Sharma after his disgraceful exit.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 12: Opposition leaders are raising questions over the budget introduced by the former finance minister Janardan Sharma after his disgraceful exit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The opposition leaders claimed that Sharma introduced the budget for upcoming fiscal year without addressing some of the major issues related to the economy such as balance of payments, trade deficit and inflation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Former Finance Minister Dr. Yuvaraj Khatiwada said that the budget for the upcoming fiscal year should be amended. He claimed that the economy will get in crisis if the proposed budget is implemented. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Speaking at a recent programme organized in Kathmandu, Khatiwada said that there are lots of issues in the budget that are still not accepted by the public.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“None of the parties ever introduced the provision of paying old-age allowance to people over 68 years. However, the government introduced such an arrangement through this budget. It is not approved by the people. Thus, the budget is not feasible for many reasons like this,” said Khatiwada.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to him, the budget does not include measures to address the issues related to balance of payments, trade deficit, price hike and other major problems of the economy. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“The budget should be amended also because unauthorized people were allowed to enter the ministry during the preparation of the budget and manipulate tax rates in favor of certain business group,” Khatiwada added.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Khatiwada says that the target of economic growth should be only 6 percent in the budget of the upcoming fiscal year. He also said that monetary policy should not be formulated to achieve the target of 8 percent economic growth in line with the budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Former Deputy Prime Minister and Finance Minister Bishnu Prasad Poudel also said that the budget for the upcoming fiscal year is not feasible. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“Even if the budget is passed by the parliament, it has to get approval from the parliament’s probe committee which was formed after Sharma courted controversy. Unless that is done, it will not be considered a budget for the next fiscal year,” said Poudel.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">He blamed that when the former ministers including him departed, they left with a strong economy, however, the current government is responsible for weakening the economy of the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Speaking on the occasion, Prithviraj Ligal, former vice-chairman of the National Planning Commission, said that Nepal is similar to Sri Lanka politically but not economically. He said that the government made a mistake by manipulating the budget even during the economic crisis. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“It would be foolish for the NRB to formulate a monetary policy targeting 8 percent economic growth, similar to the target set by the budget. Currently, when the prices need to be reduced and demand in the market needs to be reduced, monetary policy should be brought keeping all these aspects into consideration,” he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Presenting a paper during the program, Dr. Dilnath Dangal said that imports should be discouraged and the use of indigenous goods should be increased to resolve the current problem.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Former Finance Minister Janardan Sharma resigned after being criticized for manipulating tax rates through the budget.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15346', 'image' => '20220712052309_budget new.jpg', 'article_date' => '2022-07-12 17:22:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15604', 'article_category_id' => '1', 'title' => 'Stakeholders urge to Clear Doubts and Confusion Regarding Aviation Security of Nepal', 'sub_title' => '', 'summary' => 'July 12: Stakeholders have urged that the Nepali ambassadors to take initiative to inform the people abroad that Nepal’s aviation sector is safe. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 12: Stakeholders have urged that the Nepali ambassadors to take initiative to inform the people abroad that Nepal’s aviation sector is safe. They made such appeal as there is confusion abroad regarding aviation safety despite improvement in this sector. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">They said that Nepal is a safe country from the point of view of air security, and it is necessary to dispel the misconceptions. The officials of the Ministry of Culture, Tourism and Civil Aviation and the Civil Aviation Authority of Nepal made such remarks on Monday at an interaction organized by the Nepal Tourism Board with the newly appointed ambassadors to different countries.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">On the occasion, Minister for Culture, Tourism and Civil Aviation Jeevan Ram Shrestha said that the role of Nepali embassies and ambassadors abroad would be important in the promotion of tourism in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Stating that it is necessary to coordinate programs abroad, he stressed the need to spread a positive message about Nepal as embassies are the official body representing the country abroad. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Joint Secretary of the Ministry Buddhisagar Lamichhane stressed the need to spread awareness about Nepal being a safe country in terms of aviation safety.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">CAAN Director-General Pradip Adhikari said that Nepal's aviation is safe and meets the safety standards set by the International Civil Aviation Organization (ICAO).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The ambassadors said that they would spread positive message about Nepal's air security and motivate foreigners to visit Nepal by breaking the illusions about security.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The newly appointed ambassadors attending the event were Durga Bahadur Subedi (Japan), Sharmila Parajuli Dhakal (Spain), Sushil Lamsal (Egypt), Harish Chandra Ghimire (Myanmar), Bharatraj Regmi (Austria), Kanta Rijal (Israel), Dan Bahadur Tamang (South Africa).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The stakeholders stressed the need to prepare different promotional materials for promoting Nepal. They also demanded arrangement for budget to organise promotional activities abroad and coordinate with the embassy while conducting such programmes.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, emphasizing that air connectivity is essential for the development of tourism in Nepal, the stakeholders suggested coordination between the embassies, ministries, boards and other agencies to make the programmes effective.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">They also suggested that the newly appointed ambassadors should make maximum use of their tenure to develop Nepal's economy and also urged them to attract foreign investment, and technology by developing mutual relations with the foreign countries.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15345', 'image' => '20220712024922_Nepal-Airlines.jpg', 'article_date' => '2022-07-12 14:48:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15603', 'article_category_id' => '1', 'title' => 'Inflation Rises to 8.56 Percent against 4.19 Percent a Year Ago', 'sub_title' => '', 'summary' => 'July 12: The year-on-year consumer price inflation stood at 8.56 percent in the eleventh month of Fiscal Year 2021/22 compared to 4.19 percent a year ago.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">July 12: The year-on-year consumer price inflation stood at 8.56 percent in the eleventh month of Fiscal Year 2021/22 compared to 4.19 percent a year ago. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the latest report of Nepal Rastra Bank, food and beverage inflation stood at 7.43 percent whereas non-food and service inflation stood at 9.44 percent in the review month. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report published by the central bank on Monday states that the average monthly y-o-y inflation for 11 months was 6.09 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under the food and beverage category, the prices of ghee and oil, milk products and eggs, tobacco products, alcoholic drinks and pulses and legumes sub-categories rose by 22.60 percent, 11.22 percent, 9.70 percent, 9.68 and 9.13 percent respectively on y-o-y basis. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, under the non-food and services category, the prices of transportation, education, furnishing and household equipment, recreation and culture and housing & utilities sub-categories rose by 25.79 percent, 11.64 percent, 8.30 percent, 8.21 percent and 7.84 percent respectively on y-o-y basis. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review month, the Kathmandu Valley, Terai, hill and mountain witnessed 8.32 percent, 8.29 percent, 9.28 percent and 8.92 percent inflation respectively. Inflation in these regions was 3.87 percent, 4.47 percent, 4.32 percent and 1.72 percent respectively a year ago.</span></span></p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15344', 'image' => '20220712021103_Inflation.jpg', 'article_date' => '2022-07-12 14:10:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15602', 'article_category_id' => '1', 'title' => 'Balance of Payments Remains at a Deficit of Rs 269 Billion', 'sub_title' => '', 'summary' => 'July 12: The country’s Balance of Payments (BOP) remained at a deficit of Rs 269.81 billion in the first 11 months of the current fiscal year (FY 2021/22), according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">July 12: The country’s Balance of Payments (BOP) remained at a deficit of Rs 269.81 billion in the first 11 months of the current fiscal year (FY 2021/22), according to the latest report of Nepal Rastra Bank (NRB).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Such a deficit was Rs 15.15 billion in the corresponding period of the previous year, states the Current Macroeconomic and Financial Situation Report unveiled by the central bank on Monday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the US dollar terms, the BOP remained at a deficit of 2.26 billion in the review period against a deficit of 140.8 million in the same period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the current account remained at a deficit of Rs 595.73 billion in the review period compared to a deficit of Rs 298.11 billion in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, capital transfer decreased 32.9 percent to Rs 9.49 billion and net foreign direct investment (FDI) increased 7.1 percent to Rs 17.35 billion, the report further stated. In the same period of the previous year, capital transfer and net FDI amounted to Rs 14.15 billion and Rs 16.20 billion respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report, the country’s gross foreign exchange reserves decreased 15.9 percent to Rs 1176.84 billion in mid-June 2022 from Rs 1399.03 billion in mid-July 2021. In the US dollar terms, the gross foreign exchange reserves decreased 19.6 percent to 9.45 billion in mid-June 2022 from 11.75 billion in mid-July 2021. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Of the total foreign exchange reserves, reserves held by NRB decreased 17.1 percent to Rs 1031.89 billion in mid-June 2022 from Rs 1244.63 billion in mid-July 2021. Reserves held by banks and financial institutions (except NRB) decreased 6.1 percent to Rs 144.95 billion in mid-June 2022 from Rs 154.39 billion in mid-July 2021, the report stated. The share of Indian currency in total reserves stood at 25 percent in mid-June 2022.</span></span></p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15343', 'image' => '20220712113504_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-07-12 11:34:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15601', 'article_category_id' => '1', 'title' => 'Trade Deficit Increases despite Increase in Exports', 'sub_title' => '', 'summary' => 'July 12: Nepal exported goods worth Rs 185.84 billion in the first 11 months of the current fiscal year (FY 2021/22), according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">July 12: Nepal exported goods worth Rs 185.84 billion in the first 11 months of the current fiscal year (FY 2021/22), according to the latest report of Nepal Rastra Bank (NRB).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report released by the central bank on Monday states that the exports during the review period increased by 53.3 percent against an increase of 37.8 percent in the corresponding period of last fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, exports to India and other countries increased by 61.8 percent and 30.1 respectively whereas exports to China declined by 21.4 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report, exports of palm oil, soybean oil, polyester yarn and thread, woolen carpets, zinc sheet, among others, increased whereas exports of cardamom, tea, medicine (ayurvedic), toothpaste, wire, among others, decreased in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the first eleven months of 2021/22, merchandise imports increased 27.5 percent to Rs 1763.22 billion compared to an increase of 25.7 percent a year ago, the report added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, imports from India, China and other countries increased 24.2 percent, 16.0 percent, and 46.1 percent respectively.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Imports of petroleum products, medicine, crude palm oil, gold, machinery and parts, among others, increased whereas imports of MS billet, chemical fertilizer, cement, rice/paddy, pulses, among others, decreased in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Based on customs points, exports from Kanchanpur and Mechi customs offices decreased whereas exports from all the other major customs points increased in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the import side, imports from all the major customs points increased in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The report further said that the country’s trade deficit increased 25.0 percent to Rs 1577.39 billion during the eleven months of 2021/22. Such a deficit had increased 24.6 percent in the corresponding period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The export-import ratio increased to 10.5 percent in the review period from 8.8 percent in the corresponding period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the eleven months of 2021/22, merchandise imports from India by paying convertible foreign currency amounted to Rs 200.82 billion. Such amount was Rs 173.26 billion in the same period of the previous year.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15342', 'image' => '20220712103532_Trade.jpg', 'article_date' => '2022-07-12 10:34:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15600', 'article_category_id' => '1', 'title' => 'Remittance Inflow up by 3.8 Percent in 11 Months ', 'sub_title' => '', 'summary' => 'July 11: Remittance inflow in the first 11 months of the current fiscal year has reached Rs 904.18 billion, Nepal Rastra Bank said in its latest report on Monday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">July 11: Remittance inflow in the first 11 months of the current fiscal year has reached Rs 904.18 billion, Nepal Rastra Bank said in its latest report on Monday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Current Macroeconomic and Financial Situation Report released by the central bank, the inflow of remittance in the review period increased by 3.8 percent compared to 12.6 percent increment in the corresponding period of last fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In terms of the US dollar, remittance inflow increased 1.5 percent to 7.51 billion in the review period against an increase of 10.5 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The report states that the number of Nepali workers (institutional and individual) taking approval for foreign employment increased significantly to 313,367 in the review period. Such number had decreased 68 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the number of Nepali workers (renew entry) taking approval for foreign employment increased 208.3 percent to 259,091 in the review period. It had decreased 52.1 percent in the same period of the previous year. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-11', 'modified' => '2022-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '15341', 'image' => '20220711084312_Remittance.jpg', 'article_date' => '2022-07-11 20:42:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15599', 'article_category_id' => '1', 'title' => 'Jute Manufacturers urge Govt to Take Diplomatic Initiative with India for Lifting Anti-Dumping Duty', 'sub_title' => '', 'summary' => 'July 11: The Sunsari-Morang Industrial Corridor has been hit hard by the anti-dumping duty (ADD) of up to 4 percent imposed by India on the jute industry which employs the most workers in the area. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">July 11: The Sunsari-Morang Industrial Corridor has been hit hard by the anti-dumping duty (ADD) of up to 4 percent imposed by India on the jute industry which employs the most workers in the area. The problems of the jute industry have not been addressed due to the lack of effective diplomatic initiatives by the Government of Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Apart from writing a general letter to their Indian counterparts, the Ministry of Industry, Commerce and Supplies and the Ministry of Foreign Affairs done nothing more to remove the anti-dumping duty imposed since the last five years, according to the Nepali industrialists who are struggling to compete with the Indian products due to this very reason.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">India has imposed anti-dumping duty on Nepali products but has not imposed such duty on jute products coming from Bangladesh.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Nepali industrialists have been paying an annual fee of Rs 300 million to the Indian government for anti-dumping. However, Bangladeshi industries do not pay a penny. Nepal’s jute industry has been exporting ready-made jute worth Rs 7.5 billion annually.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">As the jute mill operated in Morang and Sunsari of Nepal is close to the border area, even the workers employed by those industries come from India. The Government of India has adopted a policy of mandatory use of jute bags in food packaging. However, the jute bags used for it is not enough and the industries have opted using plastic bags to pack food. In this regard, Nepal Jute Industries Association President Raj Kumar Golchha says that Nepal should take initiative to remove the ADD imposed on Nepali jute products. He says that the Government of Nepal must convince the Indian government that the jute manufactured in Nepal would supported the policy of the Government of India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">He said that Nepali products could not compete with Indian goods due to the anti-dumping duty and the government should take initiative to abolish the duty by negotiating with the Indian government through diplomatic initiative. There are 30,000 workers in Nepal's jute industry. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Anti-dumping duty has been imposed on Nepali jute products in India for the past five years. The Government of India reviews the duty every 5 years. The industrialists say the duty could be scrapped if the government negotiates before India renews the duty.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Five years ago, after the Nepal Jute Industries Association repeatedly demanded the removal of ADD before the Indian government, a team of Indian tax experts visited the jute industries in Morang and Sunsari and decided to impose duties on different products at different rates.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Ramesh Rathi, treasurer of the Province 1 chapter of the Federation of Nepalese Chambers of Commerce and Industry and operator of Swastik Jute, says that Bangladesh, like Nepal, is sending jute products to the Indian market but India has not imposed any duty on them. India has decided not to impose anti-dumping duty on the products of 16 jute industries of Bangladesh. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Six out of 11 jute industries in Nepal are closed. Arihant, Raghupati, Swastik, Baba and Nepal jute mills are still in operation. Rathi is of the opinion that if the government of Nepal solves the problem of ADD through talks with the government of India, the industry affected by the impacts of coronavirus will get relief. Rathi says if the Indian government revokes the ADD, industries will increase production capacity and create more jobs.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The Government of India had imposed 12 and a half percent countervailing duty (CVD) along with ADD. Jute items exported from Nepal were subject to 12 percent countervailing duty (CVD) from July 17, 2015. The jute industry then made several requests to the Indian government to remove it.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The jute industry also registered a protest letter against CVD with the Revenue Department of India’s Union Ministry of Finance on December 16, 2016 at the suggestion of the Government of India. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Following the move, India allowed Nepali jute manufacturers to keep the amount equivalent to CVD as collateral with the Department of Customs.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Based on the protest letter, the Government of India removed the provision of CVD on April 20, 2017.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-11', 'modified' => '2022-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '15340', 'image' => '20220711053930_jute-sacks-500x500.jpg', 'article_date' => '2022-07-11 17:38:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15598', 'article_category_id' => '1', 'title' => 'Arrival of Tourist in Lumbini on the Rise', 'sub_title' => '', 'summary' => 'July 11: The number of Indian tourists visiting Lumbini, the birthplace of Gautam Buddha, has increased in recent days.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 11: The number of Indian tourists visiting Lumbini, the birthplace of Gautam Buddha, has increased in recent days. According to the Lumbini Development Trust, the number of Indian tourists visiting Lumbini this year is significantly higher than last year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to Sanuraja Shakya, member secretary of the trust, the number of Indian tourists visiting the Buddha's birthplace has been increasing since Indian Prime Minister Narendra Modi visited Lumbini on the day of Buddha Jayanti festival. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the Information Branch of the trust, 37,835 Indian tourists visited Lumbini during the month and a half after Modi's visit to Lumbini. That number is higher than last year. The number of domestic tourists has also increased.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">In the last month, 39,000 domestic tourists visited Lumbini, according to the trust. Not only Indian tourists but also domestic and foreigners from third-countries are visiting Lumbini due to the decline in Covid-19 cases.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Tourists from all over the world are eager to come to Lumbini due to the publicity, said Govinda Gyawali, president of Lumbini Hotel Association. He said that the government should provide special facilities and assistance to the tourists visiting Lumbini.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Religious and spiritual tourists visit the Buddha's birthplace, while other tourists come here to enjoy the beauty. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Chairman of the Siddhartha Hotel, Chandra Prakash Shrestha, said that the tourists visiting Lumbini have also increased due to the operation of the Gautam Buddha International Airport.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Tourism activities in Lumbini, which had declined for a long time due to Covid-19, is now bustling with domestic and Indian tourists as well as visitors from third countries.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-11', 'modified' => '2022-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '15339', 'image' => '20220711032641_LumbiniRSS.jpg', 'article_date' => '2022-07-11 15:25:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15597', 'article_category_id' => '1', 'title' => 'Less than 125,000 People get Jobs under Prime Minister Employment Programme', 'sub_title' => '', 'summary' => 'July 11: The implementation part of the Prime Minister's Employment Programme initiated by the then government led by KP Sharma Oli is found to be weak. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 11: The implementation part of the Prime Minister's Employment Programme initiated by the then government led by KP Sharma Oli is found to be weak. The inability of the programme to provide employment to the targeted group has raised quite a few eyebrows.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Despite the government's goal of providing employment to the unemployed by establishing employment centers in the villages, many unemployed people are still unable to find jobs. Despite their desire to work, unemployed people are deprived of employment due to lack of proper implementation of the programme.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The employment programme is being carried out with the support of donor agencies including the World Bank since its inauguration. In the current fiscal year, 708,129 unemployed people registered their names at the employment centers designated by the government. Among them were 3,70,259 men, 337,733 women and 137 people of other gender.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the Ministry of Labor, Employment and Social Security, only 123,993 people among them have been employed as of May this year. Statistics show that the number of people who received employment under this programme in the previous years was not encouraging as well.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to government data, only 172,270 people got minimum employment in the fiscal year 2075/76, 1,05,626 in the fiscal year 2076/77 and 181,091 in the fiscal year 2077/78.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Analyzing the data, 458,000 unemployed people got minimum employment in the first three years since the implementation of the programme. Adding this year, it reaches 581,000. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Although government statistics show that almost 150,000 people are employed every year, the compulsion to go abroad in search of greener pastures has not diminished.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The Prime Minister's Employment Programme does not provide year-round employment. The goal of this programme is to provide employment for at least 100 days in each year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">In the fiscal year 2075/76, some of the listed people were employed for a total of 13 days. Records show that some unemployed people were employed for just 16 days in FY 2076/77 and 76 days in FY 2077/78. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The government started implementing the programme by modifying the structure after being criticized for allegedly misusing the budget allocated under the Prime Minister's Employment Program for other works.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Danduraj Ghimire, program director of the Prime Minister's Employment Programme, admits that he is criticized for running projects of a general nature for the time being to address local needs.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">To make this program effective, the Prime Minister's Employment Programme Operation (Second Amendment) Directive-2078 BS was recently passed by the Council of Ministers. The reason for changing the directive was to make it practical as the previous directive included the same wage rate for all the three geographical regions of the country, mountains, hills and terai. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“The same wage rate does not seem practical in all places, so the guideline has been amended and the wage rate has been implemented on the basis of the local wage rate or the current fixed rate of 577 per day. However, many of those listed have not been able to find employment,” said Ghimire.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">On the other hand, the budget of the Prime Minister's Employment Program for the upcoming fiscal year has been reduced. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">In the budget of the upcoming Fiscal Year 2079/80, Rs 7.5 billion has been allocated to create employment for an additional 200,000 people listed in the employment centers opened in the villages. The government had allocated more than Rs 12 billion for the current fiscal year. In the upcoming policies and programmes issued by President Bidya Devi Bhandari, it is mentioned that the Prime Minister's Employment Programme will be restructured in a way that would establish ownership of all.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The policies and programmes states that the Prime Minister's Employment Programme will be implemented in an integrated manner by studying the effectiveness of the programmes related to employment, skill development and entrepreneurship. However, the budget does not explicitly mention any of this.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The government has made arrangements to provide employment only for the construction of roads in the local levels or for building infrastructures, river control measures, irrigation and tree planting programs. However, there is a tendency to spend the budget of this programme even on general work as well.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the employment expert Dr. Ganesh Gurung, the government is still unable to implement this programme in such a way that would be inclusive for the youths returning from foreign employment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-11', 'modified' => '2022-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '15338', 'image' => '20220711020810_PMEP.jpeg', 'article_date' => '2022-07-11 14:07:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15596', 'article_category_id' => '1', 'title' => 'Nepal Competitiveness Index 2022 Launched', 'sub_title' => '', 'summary' => 'July 11: Nepal Institute for Policy Research in collaboration with Singapore-based Asia Competitiveness Institute (ACI) recently launched the Nepal Competitiveness Index 2022 report.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 11: Nepal Institute for Policy Research in collaboration with Singapore-based Asia Competitiveness Institute (ACI) recently launched the Nepal Competitiveness Index 2022 report.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to a joint statement issued by the two institutes, an independent research institute based in Kathmandu, the report was launched by Nepal Rastra Bank (NRB)’s Governor Maha Prasad Adhikari at Hotel Aloft in Kathmandu on July 5.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The statement claimed that the report is a first-of-its-kind to be launched in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">During the occasion, Governor Adhikari reportedly said that such reports are of great importance as they provide additional inputs and provide grassroots data analysis for formulating policies. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the statement, the report includes measurement of the competitiveness among the seven provinces of Nepal in different aspects of economic, governance, social, education, and health sectors, with a total of 64 indicators. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The report has identified places of policy interventions, quantified measures of competitiveness, and justified logical arguments made to serve for the betterment of the provinces, added the statement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">A panel discussion was also hosted after the presentation of the report's findings that revolved around different stakeholders and their views on competitiveness. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Among the panelists were, Dr Biswas Gauchan, director of the Institute for Integrated Development Studies (IIDS); Dr Ammu George, research fellow at Asia Competitive Institute; Rohit Gupta, vice president of the Confederation of Nepalese Industries (CNI); and Barsha Shrestha, business head of ICRA Nepal. Jaya Jung Mahat, the founding director of institute, moderated the session.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The event was followed by a meeting at the Pokhara Provincial Office of Chief Minister and Council of Ministers with the Chief Secretary Rabi Lal Pantha on July 7. The the findings of the report was presented during the meeting with more focus on Gandaki Province, added the statement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Stakeholders said these kinds of reports help guide policy interventions at the provincial level and will act as a baseline for the provinces to measure their competitiveness.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-11', 'modified' => '2022-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '15337', 'image' => '20220711122744_photo.jpeg', 'article_date' => '2022-07-11 12:26:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, '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' => '15610', 'article_category_id' => '1', 'title' => 'Rs 15 Billion Investment in Nepal’s Oil Industry in Peril', 'sub_title' => '', 'summary' => 'July 12: Investment in Nepal's cooking oil industry increased exponentially after India raised the import duty on edible oil to 40 per cent some time ago. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 12: Investment in Nepal's cooking oil industry increased exponentially after India raised the import duty on edible oil to 40 per cent some time ago. The existing industries expanded their capacity to take advantage of India's policy on oil imports. In the meantime, new industries were also opened. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the entrepreneurs, the investment in this sector has reached Rs 15 billion. The amount has been invested in 30 industries that produce cooking oil.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">However, the investment made in Nepal's oil industry is now in crisis after India slashed the tariffs on import of edible oil. Until some time ago, the cooking oil industries of Nepal used to import semi-refined oil from Ukraine, Indonesia and Malaysia and then exports it to India after refining the product. At present, the export of edible oil to India has almost stopped.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The semi-refined oil imports in Nepal are subject to 10 per cent customs duty and 13 per cent value-added tax. The amount is refunded after the refined oil is exported from the country. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Nepal used to export a significant amount of refined oil to India when the import duty was 40 percent because the importers in India had to pay only 5 per cent customs duty for importing oil from Nepal under the South Asia Free Trade Agreement (SAFTA).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Oil export from Nepal topped the list of export items in recent years due to the policy adopted by the Indian government.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Massive amount of oil exports also resulted in Nepal’s total annual export crossing the mark of Rs 100 billion for the first time in the Fiscal Year (FY 2077/78). Goods worth more than Rs 141 billion were exported that year. According to the Department of Customs, the share of soybean oil in the total exports last year was more than Rs 53.65 billion. As of May this year, edible oil worth more than Rs 85 billion have been exported to India. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">However, businessmen say that its export will be halted from next year. Director of Birgunj-based OCB Food Suresh Rungata said that he has not been able to export even one truck of oil in the last one month. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The prospect of oil export is now over. There is no alternative than to compete in the domestic market, Rungata told New Business Age.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">India is taking several measures to ease food pressure due to the Covid-19 pandemic and Russia-Ukraine war. New Delhi has taken steps ranging from curbing exports of food grains and sugar to reducing import duties and taxes. As India is Nepal's largest trading partner, it has made a direct impact on Nepal’s domestic industries and foreign.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">India's high tariff on oil imports has been gradually reduced to 2.5 per cent. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">India has completely waived agriculture infrastructure development tax on 2 million metric tons of semi-refined soybean and sunflower oil in the current fiscal year 2022/23 and next fiscal year 2023/24. In these two years, 8 million tons of semi-refined oil will enter India without import duty.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The edible oil production capacity of Nepal's industry is about 2.5 million tons. Nikhil Chachan, the operator of Narayani Oil Refinery, said that about 500,000 tonnes of oil was sold in the domestic market in the past, and the rest was exported to India. He said that after the export to India was stopped, domestic industries started operating only for 4/5 days a month.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-13', 'modified' => '2022-07-13', 'keywords' => '', 'description' => '', 'sortorder' => '15351', 'image' => '20220713122307_soybean.jpg', 'article_date' => '2022-07-13 12:22:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15609', 'article_category_id' => '1', 'title' => 'Export via Chovar Dry Port Begins ', 'sub_title' => '', 'summary' => 'July 13: Export through the Chobhar Dry Port on the outskirts of Kathmandu has started with the transportation of a truck laden with home-made woolen items to Denmark for the first time on Tuesday, the Chovar customs office shared. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 13: Export through the Chobhar Dry Port on the outskirts of Kathmandu has started with the transportation of a truck laden with home-made woolen items to Denmark for the first time on Tuesday, the Chovar customs office shared. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With this, the door for exports through the dry port has opened up, said chief customs administrator Dhan Bahadur Baduwal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The consignments were worth 43,467 euros (over Rs 5,571,000), he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The dry port was officially inaugurated by Prime Minister Sher Bahadur Deuba on April 5. The port has imported goods worth more than Rs 73 million so far since it came into operation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The good and merchandises imported through Birgunj customs office, Mechi customs office, Biratnagar customs office, Bhairahawa customs office and dry port customs office, Parsa can be directly available at the Chobhar Dry Port. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The dry port was constructed recently at the cost of over Rs 100 billion. The project spans across 261 ropanis of land. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-07-13', 'modified' => '2022-07-13', 'keywords' => '', 'description' => '', 'sortorder' => '15350', 'image' => '20220713115014_Chobhar Dy port.jpg', 'article_date' => '2022-07-13 08:01:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15608', 'article_category_id' => '1', 'title' => 'Nepalese Currency Falls to an All-Time Low against US Dollar', 'sub_title' => '', 'summary' => 'July 12: The Nepalese currency fell to an all-time low against the US dollar in its entire history. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">July 12: The Nepalese currency fell to an all-time low against the US dollar in its entire history. The Indian currency on Monday depreciated to an all-time low against the US dollar resulting in a fall in the Nepalese currency which is pegged with the Indian currency.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal Rastra Bank has fixed the exchange rate of US dollar at Rs 127.41 on Tuesday. This is the first time that the Nepalis have to pay so much amount for a single dollar. Prior to this, the value of US dollar had rose to a record high of Rs 127.30 last Wednesday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The US dollar then fell a bit after that but then again increased to an all-time high on Tuesday.</span></span></p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15349', 'image' => '20220712082812_20210901020646_Richest-Nepalese-–-List-of-Top-Richest-People-scaled.jpg', 'article_date' => '2022-07-12 20:27:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15607', 'article_category_id' => '266', 'title' => 'GWM-Nepal to Operate After-Sales Service at Chakupat', 'sub_title' => '', 'summary' => 'July 12: GWM-Nepal has announced to operate its world-class GWM after-sales service at Chakupat, Lalitpur.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 12: GWM-Nepal has announced to operate its world-class GWM after-sales service at Chakupat, Lalitpur. According to the company, the new after-sales facility is built with GWM's world-class standards.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The company said in a statement that the after-sales service center covers an area of 15,000+ square feet. It has 6 rooms with the capacity to provide fast service for 600+ vehicles per month. This facility is equipped with high-tech equipment and well-trained technicians to provide excellent service experience to the customers of GWM, the statement added. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the company, spare parts are made available at reasonable prices by maintaining a “strong real stock” with facilities.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Rupesh Sharma Bhatta, vice president of GWM Nepal, assured that the vehicles at the service centre will be at safe hands. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“You have entrusted the responsibility of your vehicle to a safe hand, with our trained technicians providing state-of-the-art facilities through a service center and specialized customer service. We guarantee to take care of not only your vehicle but also your vehicle for the duration of your ownership through this service,” said Sharma, adding, “This service is more than just caring for your vehicle. We assure you that the vehicles will be cared for in your own experience.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Ajit Patel, deputy general manager of GWM Services, added that they provide services capable of handling all GWM range vehicles in addition to providing world class facilities. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“We are using the latest diagnostic equipment and real parts so that your vehicle gets the best service and it runs in real condition as it should. We provide personalized service experience. You will receive a high level of personalized and dedicated service to you because no one knows more about your GWM than we do,” said Patel.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15348', 'image' => '20220712080833_gwm-service-800x445.jpeg', 'article_date' => '2022-07-12 20:07:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15606', 'article_category_id' => '1', 'title' => 'Process of Importing Fertilizer from India under GTG Process Uncertain', 'sub_title' => '', 'summary' => 'July 12: Although the government has promised to import chemical fertilizers from India through the G2G process to address the acute shortage of fertilizer, the import process is still in limbo.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">July 12: Although the government has promised to import chemical fertilizers from India through the G2G process to address the acute shortage of fertilizer, the import process is still in limbo.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the agreement between the two countries, 150,000 metric tonnes of chemical fertilizer should be imported within the current fiscal year. But, as the year draws to a close, the process itself is uncertain.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Concerned officials say that the confusion has increased after India refused to provide fertilizer citing various legal issues.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The then Agriculture Minister Mahindra Raya Yadav himself had reached India to pave the way for the immediate supply of fertilizer through the GTG process after the shortage of fertilzier was reported at the beginning of planting season. However, his attempt has turned futile.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">India not only delayed the process of supplying fertilizer but also reduced the amount of urea and DAP to be given in the first phase as per the agreement. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The ministry issued a statement at the end of June expressing its commitment to provide 70,000 tons of fertilizer through the GTG process by the end of July. However, India has reduced the amount and stated that only 15,000 tons can be sent to Nepal in the first phase.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The spokesperson of the Ministry of Agriculture and Livestock Development, Prakash Kumar Sanjel, said that the fertilizer could not be imported on time due to the weakness on part of the Indian side. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">“India has shown some legal hurdles. So there has been a delay. We are in constant talks but there is still confusion about when the fertilzier will be available and in what quantity,” he said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Rajendra Bahadur Karki, acting managing director of the Agricultural Inputs Company Limited, said the confusion was compounded when India initially refused to work as per its own commitment.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">It was agreed between the two countries that India would transport the fertilizer to the warehouse of Agricultural Inputs Company Limited in Nepal. However, in recent times, India has been trying to backtrack from the agreement. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Karki said that Nepal has maintained that India should transport the fertilizer. However, that has not been possible as India refused to work under our Public Procurement Act. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the ministry, about 45 percent of paddy has been planted across the country by mid-July. This is 15 percent less than the same period last year. Stakeholders say that one of the reasons for the delay in paddy sowing is the extreme shortage of fertilizer. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to Uddhav Adhikari, coordinator of the Agriculture Campaign for Food, farmers have not received government-subsidized fertilizer. He said that the farmers who need 50 kg of fertilizer have to settle for 10 kg this year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the farmers have not been able to apply DAP fertilizer. The 30,000 tons of urea brought by the Agriculture Inputs Company Limited through global tender will reach Nepal in the first week of July. The next consignment of 20,000 tons of DAP is said to arrive in Nepal by the third week of August. The state-owned company has 5,500 tonnes of urea and DAP in stock.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15347', 'image' => '20220712063712_Fertilizer.jpg', 'article_date' => '2022-07-12 18:36:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15605', 'article_category_id' => '1', 'title' => 'Former Finance Ministers Demand Budget Amendment ', 'sub_title' => '', 'summary' => 'July 12: Opposition leaders are raising questions over the budget introduced by the former finance minister Janardan Sharma after his disgraceful exit.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 12: Opposition leaders are raising questions over the budget introduced by the former finance minister Janardan Sharma after his disgraceful exit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The opposition leaders claimed that Sharma introduced the budget for upcoming fiscal year without addressing some of the major issues related to the economy such as balance of payments, trade deficit and inflation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Former Finance Minister Dr. Yuvaraj Khatiwada said that the budget for the upcoming fiscal year should be amended. He claimed that the economy will get in crisis if the proposed budget is implemented. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Speaking at a recent programme organized in Kathmandu, Khatiwada said that there are lots of issues in the budget that are still not accepted by the public.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“None of the parties ever introduced the provision of paying old-age allowance to people over 68 years. However, the government introduced such an arrangement through this budget. It is not approved by the people. Thus, the budget is not feasible for many reasons like this,” said Khatiwada.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to him, the budget does not include measures to address the issues related to balance of payments, trade deficit, price hike and other major problems of the economy. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“The budget should be amended also because unauthorized people were allowed to enter the ministry during the preparation of the budget and manipulate tax rates in favor of certain business group,” Khatiwada added.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Khatiwada says that the target of economic growth should be only 6 percent in the budget of the upcoming fiscal year. He also said that monetary policy should not be formulated to achieve the target of 8 percent economic growth in line with the budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Former Deputy Prime Minister and Finance Minister Bishnu Prasad Poudel also said that the budget for the upcoming fiscal year is not feasible. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“Even if the budget is passed by the parliament, it has to get approval from the parliament’s probe committee which was formed after Sharma courted controversy. Unless that is done, it will not be considered a budget for the next fiscal year,” said Poudel.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">He blamed that when the former ministers including him departed, they left with a strong economy, however, the current government is responsible for weakening the economy of the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Speaking on the occasion, Prithviraj Ligal, former vice-chairman of the National Planning Commission, said that Nepal is similar to Sri Lanka politically but not economically. He said that the government made a mistake by manipulating the budget even during the economic crisis. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“It would be foolish for the NRB to formulate a monetary policy targeting 8 percent economic growth, similar to the target set by the budget. Currently, when the prices need to be reduced and demand in the market needs to be reduced, monetary policy should be brought keeping all these aspects into consideration,” he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Presenting a paper during the program, Dr. Dilnath Dangal said that imports should be discouraged and the use of indigenous goods should be increased to resolve the current problem.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Former Finance Minister Janardan Sharma resigned after being criticized for manipulating tax rates through the budget.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15346', 'image' => '20220712052309_budget new.jpg', 'article_date' => '2022-07-12 17:22:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15604', 'article_category_id' => '1', 'title' => 'Stakeholders urge to Clear Doubts and Confusion Regarding Aviation Security of Nepal', 'sub_title' => '', 'summary' => 'July 12: Stakeholders have urged that the Nepali ambassadors to take initiative to inform the people abroad that Nepal’s aviation sector is safe. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 12: Stakeholders have urged that the Nepali ambassadors to take initiative to inform the people abroad that Nepal’s aviation sector is safe. They made such appeal as there is confusion abroad regarding aviation safety despite improvement in this sector. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">They said that Nepal is a safe country from the point of view of air security, and it is necessary to dispel the misconceptions. The officials of the Ministry of Culture, Tourism and Civil Aviation and the Civil Aviation Authority of Nepal made such remarks on Monday at an interaction organized by the Nepal Tourism Board with the newly appointed ambassadors to different countries.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">On the occasion, Minister for Culture, Tourism and Civil Aviation Jeevan Ram Shrestha said that the role of Nepali embassies and ambassadors abroad would be important in the promotion of tourism in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Stating that it is necessary to coordinate programs abroad, he stressed the need to spread a positive message about Nepal as embassies are the official body representing the country abroad. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Joint Secretary of the Ministry Buddhisagar Lamichhane stressed the need to spread awareness about Nepal being a safe country in terms of aviation safety.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">CAAN Director-General Pradip Adhikari said that Nepal's aviation is safe and meets the safety standards set by the International Civil Aviation Organization (ICAO).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The ambassadors said that they would spread positive message about Nepal's air security and motivate foreigners to visit Nepal by breaking the illusions about security.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The newly appointed ambassadors attending the event were Durga Bahadur Subedi (Japan), Sharmila Parajuli Dhakal (Spain), Sushil Lamsal (Egypt), Harish Chandra Ghimire (Myanmar), Bharatraj Regmi (Austria), Kanta Rijal (Israel), Dan Bahadur Tamang (South Africa).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The stakeholders stressed the need to prepare different promotional materials for promoting Nepal. They also demanded arrangement for budget to organise promotional activities abroad and coordinate with the embassy while conducting such programmes.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, emphasizing that air connectivity is essential for the development of tourism in Nepal, the stakeholders suggested coordination between the embassies, ministries, boards and other agencies to make the programmes effective.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">They also suggested that the newly appointed ambassadors should make maximum use of their tenure to develop Nepal's economy and also urged them to attract foreign investment, and technology by developing mutual relations with the foreign countries.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15345', 'image' => '20220712024922_Nepal-Airlines.jpg', 'article_date' => '2022-07-12 14:48:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15603', 'article_category_id' => '1', 'title' => 'Inflation Rises to 8.56 Percent against 4.19 Percent a Year Ago', 'sub_title' => '', 'summary' => 'July 12: The year-on-year consumer price inflation stood at 8.56 percent in the eleventh month of Fiscal Year 2021/22 compared to 4.19 percent a year ago.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">July 12: The year-on-year consumer price inflation stood at 8.56 percent in the eleventh month of Fiscal Year 2021/22 compared to 4.19 percent a year ago. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the latest report of Nepal Rastra Bank, food and beverage inflation stood at 7.43 percent whereas non-food and service inflation stood at 9.44 percent in the review month. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report published by the central bank on Monday states that the average monthly y-o-y inflation for 11 months was 6.09 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under the food and beverage category, the prices of ghee and oil, milk products and eggs, tobacco products, alcoholic drinks and pulses and legumes sub-categories rose by 22.60 percent, 11.22 percent, 9.70 percent, 9.68 and 9.13 percent respectively on y-o-y basis. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, under the non-food and services category, the prices of transportation, education, furnishing and household equipment, recreation and culture and housing & utilities sub-categories rose by 25.79 percent, 11.64 percent, 8.30 percent, 8.21 percent and 7.84 percent respectively on y-o-y basis. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review month, the Kathmandu Valley, Terai, hill and mountain witnessed 8.32 percent, 8.29 percent, 9.28 percent and 8.92 percent inflation respectively. Inflation in these regions was 3.87 percent, 4.47 percent, 4.32 percent and 1.72 percent respectively a year ago.</span></span></p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15344', 'image' => '20220712021103_Inflation.jpg', 'article_date' => '2022-07-12 14:10:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15602', 'article_category_id' => '1', 'title' => 'Balance of Payments Remains at a Deficit of Rs 269 Billion', 'sub_title' => '', 'summary' => 'July 12: The country’s Balance of Payments (BOP) remained at a deficit of Rs 269.81 billion in the first 11 months of the current fiscal year (FY 2021/22), according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">July 12: The country’s Balance of Payments (BOP) remained at a deficit of Rs 269.81 billion in the first 11 months of the current fiscal year (FY 2021/22), according to the latest report of Nepal Rastra Bank (NRB).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Such a deficit was Rs 15.15 billion in the corresponding period of the previous year, states the Current Macroeconomic and Financial Situation Report unveiled by the central bank on Monday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the US dollar terms, the BOP remained at a deficit of 2.26 billion in the review period against a deficit of 140.8 million in the same period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the current account remained at a deficit of Rs 595.73 billion in the review period compared to a deficit of Rs 298.11 billion in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, capital transfer decreased 32.9 percent to Rs 9.49 billion and net foreign direct investment (FDI) increased 7.1 percent to Rs 17.35 billion, the report further stated. In the same period of the previous year, capital transfer and net FDI amounted to Rs 14.15 billion and Rs 16.20 billion respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report, the country’s gross foreign exchange reserves decreased 15.9 percent to Rs 1176.84 billion in mid-June 2022 from Rs 1399.03 billion in mid-July 2021. In the US dollar terms, the gross foreign exchange reserves decreased 19.6 percent to 9.45 billion in mid-June 2022 from 11.75 billion in mid-July 2021. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Of the total foreign exchange reserves, reserves held by NRB decreased 17.1 percent to Rs 1031.89 billion in mid-June 2022 from Rs 1244.63 billion in mid-July 2021. Reserves held by banks and financial institutions (except NRB) decreased 6.1 percent to Rs 144.95 billion in mid-June 2022 from Rs 154.39 billion in mid-July 2021, the report stated. The share of Indian currency in total reserves stood at 25 percent in mid-June 2022.</span></span></p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15343', 'image' => '20220712113504_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-07-12 11:34:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15601', 'article_category_id' => '1', 'title' => 'Trade Deficit Increases despite Increase in Exports', 'sub_title' => '', 'summary' => 'July 12: Nepal exported goods worth Rs 185.84 billion in the first 11 months of the current fiscal year (FY 2021/22), according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">July 12: Nepal exported goods worth Rs 185.84 billion in the first 11 months of the current fiscal year (FY 2021/22), according to the latest report of Nepal Rastra Bank (NRB).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report released by the central bank on Monday states that the exports during the review period increased by 53.3 percent against an increase of 37.8 percent in the corresponding period of last fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, exports to India and other countries increased by 61.8 percent and 30.1 respectively whereas exports to China declined by 21.4 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report, exports of palm oil, soybean oil, polyester yarn and thread, woolen carpets, zinc sheet, among others, increased whereas exports of cardamom, tea, medicine (ayurvedic), toothpaste, wire, among others, decreased in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the first eleven months of 2021/22, merchandise imports increased 27.5 percent to Rs 1763.22 billion compared to an increase of 25.7 percent a year ago, the report added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, imports from India, China and other countries increased 24.2 percent, 16.0 percent, and 46.1 percent respectively.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Imports of petroleum products, medicine, crude palm oil, gold, machinery and parts, among others, increased whereas imports of MS billet, chemical fertilizer, cement, rice/paddy, pulses, among others, decreased in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Based on customs points, exports from Kanchanpur and Mechi customs offices decreased whereas exports from all the other major customs points increased in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the import side, imports from all the major customs points increased in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The report further said that the country’s trade deficit increased 25.0 percent to Rs 1577.39 billion during the eleven months of 2021/22. Such a deficit had increased 24.6 percent in the corresponding period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The export-import ratio increased to 10.5 percent in the review period from 8.8 percent in the corresponding period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the eleven months of 2021/22, merchandise imports from India by paying convertible foreign currency amounted to Rs 200.82 billion. Such amount was Rs 173.26 billion in the same period of the previous year.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15342', 'image' => '20220712103532_Trade.jpg', 'article_date' => '2022-07-12 10:34:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15600', 'article_category_id' => '1', 'title' => 'Remittance Inflow up by 3.8 Percent in 11 Months ', 'sub_title' => '', 'summary' => 'July 11: Remittance inflow in the first 11 months of the current fiscal year has reached Rs 904.18 billion, Nepal Rastra Bank said in its latest report on Monday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">July 11: Remittance inflow in the first 11 months of the current fiscal year has reached Rs 904.18 billion, Nepal Rastra Bank said in its latest report on Monday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Current Macroeconomic and Financial Situation Report released by the central bank, the inflow of remittance in the review period increased by 3.8 percent compared to 12.6 percent increment in the corresponding period of last fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In terms of the US dollar, remittance inflow increased 1.5 percent to 7.51 billion in the review period against an increase of 10.5 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The report states that the number of Nepali workers (institutional and individual) taking approval for foreign employment increased significantly to 313,367 in the review period. Such number had decreased 68 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the number of Nepali workers (renew entry) taking approval for foreign employment increased 208.3 percent to 259,091 in the review period. It had decreased 52.1 percent in the same period of the previous year. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-11', 'modified' => '2022-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '15341', 'image' => '20220711084312_Remittance.jpg', 'article_date' => '2022-07-11 20:42:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15599', 'article_category_id' => '1', 'title' => 'Jute Manufacturers urge Govt to Take Diplomatic Initiative with India for Lifting Anti-Dumping Duty', 'sub_title' => '', 'summary' => 'July 11: The Sunsari-Morang Industrial Corridor has been hit hard by the anti-dumping duty (ADD) of up to 4 percent imposed by India on the jute industry which employs the most workers in the area. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">July 11: The Sunsari-Morang Industrial Corridor has been hit hard by the anti-dumping duty (ADD) of up to 4 percent imposed by India on the jute industry which employs the most workers in the area. The problems of the jute industry have not been addressed due to the lack of effective diplomatic initiatives by the Government of Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Apart from writing a general letter to their Indian counterparts, the Ministry of Industry, Commerce and Supplies and the Ministry of Foreign Affairs done nothing more to remove the anti-dumping duty imposed since the last five years, according to the Nepali industrialists who are struggling to compete with the Indian products due to this very reason.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">India has imposed anti-dumping duty on Nepali products but has not imposed such duty on jute products coming from Bangladesh.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Nepali industrialists have been paying an annual fee of Rs 300 million to the Indian government for anti-dumping. However, Bangladeshi industries do not pay a penny. Nepal’s jute industry has been exporting ready-made jute worth Rs 7.5 billion annually.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">As the jute mill operated in Morang and Sunsari of Nepal is close to the border area, even the workers employed by those industries come from India. The Government of India has adopted a policy of mandatory use of jute bags in food packaging. However, the jute bags used for it is not enough and the industries have opted using plastic bags to pack food. In this regard, Nepal Jute Industries Association President Raj Kumar Golchha says that Nepal should take initiative to remove the ADD imposed on Nepali jute products. He says that the Government of Nepal must convince the Indian government that the jute manufactured in Nepal would supported the policy of the Government of India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">He said that Nepali products could not compete with Indian goods due to the anti-dumping duty and the government should take initiative to abolish the duty by negotiating with the Indian government through diplomatic initiative. There are 30,000 workers in Nepal's jute industry. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Anti-dumping duty has been imposed on Nepali jute products in India for the past five years. The Government of India reviews the duty every 5 years. The industrialists say the duty could be scrapped if the government negotiates before India renews the duty.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Five years ago, after the Nepal Jute Industries Association repeatedly demanded the removal of ADD before the Indian government, a team of Indian tax experts visited the jute industries in Morang and Sunsari and decided to impose duties on different products at different rates.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Ramesh Rathi, treasurer of the Province 1 chapter of the Federation of Nepalese Chambers of Commerce and Industry and operator of Swastik Jute, says that Bangladesh, like Nepal, is sending jute products to the Indian market but India has not imposed any duty on them. India has decided not to impose anti-dumping duty on the products of 16 jute industries of Bangladesh. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Six out of 11 jute industries in Nepal are closed. Arihant, Raghupati, Swastik, Baba and Nepal jute mills are still in operation. Rathi is of the opinion that if the government of Nepal solves the problem of ADD through talks with the government of India, the industry affected by the impacts of coronavirus will get relief. Rathi says if the Indian government revokes the ADD, industries will increase production capacity and create more jobs.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The Government of India had imposed 12 and a half percent countervailing duty (CVD) along with ADD. Jute items exported from Nepal were subject to 12 percent countervailing duty (CVD) from July 17, 2015. The jute industry then made several requests to the Indian government to remove it.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The jute industry also registered a protest letter against CVD with the Revenue Department of India’s Union Ministry of Finance on December 16, 2016 at the suggestion of the Government of India. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Following the move, India allowed Nepali jute manufacturers to keep the amount equivalent to CVD as collateral with the Department of Customs.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Based on the protest letter, the Government of India removed the provision of CVD on April 20, 2017.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-11', 'modified' => '2022-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '15340', 'image' => '20220711053930_jute-sacks-500x500.jpg', 'article_date' => '2022-07-11 17:38:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15598', 'article_category_id' => '1', 'title' => 'Arrival of Tourist in Lumbini on the Rise', 'sub_title' => '', 'summary' => 'July 11: The number of Indian tourists visiting Lumbini, the birthplace of Gautam Buddha, has increased in recent days.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 11: The number of Indian tourists visiting Lumbini, the birthplace of Gautam Buddha, has increased in recent days. According to the Lumbini Development Trust, the number of Indian tourists visiting Lumbini this year is significantly higher than last year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to Sanuraja Shakya, member secretary of the trust, the number of Indian tourists visiting the Buddha's birthplace has been increasing since Indian Prime Minister Narendra Modi visited Lumbini on the day of Buddha Jayanti festival. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the Information Branch of the trust, 37,835 Indian tourists visited Lumbini during the month and a half after Modi's visit to Lumbini. That number is higher than last year. The number of domestic tourists has also increased.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">In the last month, 39,000 domestic tourists visited Lumbini, according to the trust. Not only Indian tourists but also domestic and foreigners from third-countries are visiting Lumbini due to the decline in Covid-19 cases.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Tourists from all over the world are eager to come to Lumbini due to the publicity, said Govinda Gyawali, president of Lumbini Hotel Association. He said that the government should provide special facilities and assistance to the tourists visiting Lumbini.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Religious and spiritual tourists visit the Buddha's birthplace, while other tourists come here to enjoy the beauty. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Chairman of the Siddhartha Hotel, Chandra Prakash Shrestha, said that the tourists visiting Lumbini have also increased due to the operation of the Gautam Buddha International Airport.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Tourism activities in Lumbini, which had declined for a long time due to Covid-19, is now bustling with domestic and Indian tourists as well as visitors from third countries.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-11', 'modified' => '2022-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '15339', 'image' => '20220711032641_LumbiniRSS.jpg', 'article_date' => '2022-07-11 15:25:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15597', 'article_category_id' => '1', 'title' => 'Less than 125,000 People get Jobs under Prime Minister Employment Programme', 'sub_title' => '', 'summary' => 'July 11: The implementation part of the Prime Minister's Employment Programme initiated by the then government led by KP Sharma Oli is found to be weak. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 11: The implementation part of the Prime Minister's Employment Programme initiated by the then government led by KP Sharma Oli is found to be weak. The inability of the programme to provide employment to the targeted group has raised quite a few eyebrows.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Despite the government's goal of providing employment to the unemployed by establishing employment centers in the villages, many unemployed people are still unable to find jobs. Despite their desire to work, unemployed people are deprived of employment due to lack of proper implementation of the programme.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The employment programme is being carried out with the support of donor agencies including the World Bank since its inauguration. In the current fiscal year, 708,129 unemployed people registered their names at the employment centers designated by the government. Among them were 3,70,259 men, 337,733 women and 137 people of other gender.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the Ministry of Labor, Employment and Social Security, only 123,993 people among them have been employed as of May this year. Statistics show that the number of people who received employment under this programme in the previous years was not encouraging as well.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to government data, only 172,270 people got minimum employment in the fiscal year 2075/76, 1,05,626 in the fiscal year 2076/77 and 181,091 in the fiscal year 2077/78.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Analyzing the data, 458,000 unemployed people got minimum employment in the first three years since the implementation of the programme. Adding this year, it reaches 581,000. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Although government statistics show that almost 150,000 people are employed every year, the compulsion to go abroad in search of greener pastures has not diminished.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The Prime Minister's Employment Programme does not provide year-round employment. The goal of this programme is to provide employment for at least 100 days in each year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">In the fiscal year 2075/76, some of the listed people were employed for a total of 13 days. Records show that some unemployed people were employed for just 16 days in FY 2076/77 and 76 days in FY 2077/78. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The government started implementing the programme by modifying the structure after being criticized for allegedly misusing the budget allocated under the Prime Minister's Employment Program for other works.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Danduraj Ghimire, program director of the Prime Minister's Employment Programme, admits that he is criticized for running projects of a general nature for the time being to address local needs.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">To make this program effective, the Prime Minister's Employment Programme Operation (Second Amendment) Directive-2078 BS was recently passed by the Council of Ministers. The reason for changing the directive was to make it practical as the previous directive included the same wage rate for all the three geographical regions of the country, mountains, hills and terai. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“The same wage rate does not seem practical in all places, so the guideline has been amended and the wage rate has been implemented on the basis of the local wage rate or the current fixed rate of 577 per day. However, many of those listed have not been able to find employment,” said Ghimire.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">On the other hand, the budget of the Prime Minister's Employment Program for the upcoming fiscal year has been reduced. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">In the budget of the upcoming Fiscal Year 2079/80, Rs 7.5 billion has been allocated to create employment for an additional 200,000 people listed in the employment centers opened in the villages. The government had allocated more than Rs 12 billion for the current fiscal year. In the upcoming policies and programmes issued by President Bidya Devi Bhandari, it is mentioned that the Prime Minister's Employment Programme will be restructured in a way that would establish ownership of all.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The policies and programmes states that the Prime Minister's Employment Programme will be implemented in an integrated manner by studying the effectiveness of the programmes related to employment, skill development and entrepreneurship. However, the budget does not explicitly mention any of this.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The government has made arrangements to provide employment only for the construction of roads in the local levels or for building infrastructures, river control measures, irrigation and tree planting programs. However, there is a tendency to spend the budget of this programme even on general work as well.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the employment expert Dr. Ganesh Gurung, the government is still unable to implement this programme in such a way that would be inclusive for the youths returning from foreign employment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-11', 'modified' => '2022-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '15338', 'image' => '20220711020810_PMEP.jpeg', 'article_date' => '2022-07-11 14:07:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15596', 'article_category_id' => '1', 'title' => 'Nepal Competitiveness Index 2022 Launched', 'sub_title' => '', 'summary' => 'July 11: Nepal Institute for Policy Research in collaboration with Singapore-based Asia Competitiveness Institute (ACI) recently launched the Nepal Competitiveness Index 2022 report.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 11: Nepal Institute for Policy Research in collaboration with Singapore-based Asia Competitiveness Institute (ACI) recently launched the Nepal Competitiveness Index 2022 report.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to a joint statement issued by the two institutes, an independent research institute based in Kathmandu, the report was launched by Nepal Rastra Bank (NRB)’s Governor Maha Prasad Adhikari at Hotel Aloft in Kathmandu on July 5.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The statement claimed that the report is a first-of-its-kind to be launched in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">During the occasion, Governor Adhikari reportedly said that such reports are of great importance as they provide additional inputs and provide grassroots data analysis for formulating policies. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the statement, the report includes measurement of the competitiveness among the seven provinces of Nepal in different aspects of economic, governance, social, education, and health sectors, with a total of 64 indicators. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The report has identified places of policy interventions, quantified measures of competitiveness, and justified logical arguments made to serve for the betterment of the provinces, added the statement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">A panel discussion was also hosted after the presentation of the report's findings that revolved around different stakeholders and their views on competitiveness. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Among the panelists were, Dr Biswas Gauchan, director of the Institute for Integrated Development Studies (IIDS); Dr Ammu George, research fellow at Asia Competitive Institute; Rohit Gupta, vice president of the Confederation of Nepalese Industries (CNI); and Barsha Shrestha, business head of ICRA Nepal. Jaya Jung Mahat, the founding director of institute, moderated the session.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The event was followed by a meeting at the Pokhara Provincial Office of Chief Minister and Council of Ministers with the Chief Secretary Rabi Lal Pantha on July 7. The the findings of the report was presented during the meeting with more focus on Gandaki Province, added the statement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Stakeholders said these kinds of reports help guide policy interventions at the provincial level and will act as a baseline for the provinces to measure their competitiveness.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-11', 'modified' => '2022-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '15337', 'image' => '20220711122744_photo.jpeg', 'article_date' => '2022-07-11 12:26:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, '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' => '15610', 'article_category_id' => '1', 'title' => 'Rs 15 Billion Investment in Nepal’s Oil Industry in Peril', 'sub_title' => '', 'summary' => 'July 12: Investment in Nepal's cooking oil industry increased exponentially after India raised the import duty on edible oil to 40 per cent some time ago. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 12: Investment in Nepal's cooking oil industry increased exponentially after India raised the import duty on edible oil to 40 per cent some time ago. The existing industries expanded their capacity to take advantage of India's policy on oil imports. In the meantime, new industries were also opened. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the entrepreneurs, the investment in this sector has reached Rs 15 billion. The amount has been invested in 30 industries that produce cooking oil.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">However, the investment made in Nepal's oil industry is now in crisis after India slashed the tariffs on import of edible oil. Until some time ago, the cooking oil industries of Nepal used to import semi-refined oil from Ukraine, Indonesia and Malaysia and then exports it to India after refining the product. At present, the export of edible oil to India has almost stopped.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The semi-refined oil imports in Nepal are subject to 10 per cent customs duty and 13 per cent value-added tax. The amount is refunded after the refined oil is exported from the country. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Nepal used to export a significant amount of refined oil to India when the import duty was 40 percent because the importers in India had to pay only 5 per cent customs duty for importing oil from Nepal under the South Asia Free Trade Agreement (SAFTA).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Oil export from Nepal topped the list of export items in recent years due to the policy adopted by the Indian government.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Massive amount of oil exports also resulted in Nepal’s total annual export crossing the mark of Rs 100 billion for the first time in the Fiscal Year (FY 2077/78). Goods worth more than Rs 141 billion were exported that year. According to the Department of Customs, the share of soybean oil in the total exports last year was more than Rs 53.65 billion. As of May this year, edible oil worth more than Rs 85 billion have been exported to India. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">However, businessmen say that its export will be halted from next year. Director of Birgunj-based OCB Food Suresh Rungata said that he has not been able to export even one truck of oil in the last one month. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The prospect of oil export is now over. There is no alternative than to compete in the domestic market, Rungata told New Business Age.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">India is taking several measures to ease food pressure due to the Covid-19 pandemic and Russia-Ukraine war. New Delhi has taken steps ranging from curbing exports of food grains and sugar to reducing import duties and taxes. As India is Nepal's largest trading partner, it has made a direct impact on Nepal’s domestic industries and foreign.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">India's high tariff on oil imports has been gradually reduced to 2.5 per cent. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">India has completely waived agriculture infrastructure development tax on 2 million metric tons of semi-refined soybean and sunflower oil in the current fiscal year 2022/23 and next fiscal year 2023/24. In these two years, 8 million tons of semi-refined oil will enter India without import duty.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The edible oil production capacity of Nepal's industry is about 2.5 million tons. Nikhil Chachan, the operator of Narayani Oil Refinery, said that about 500,000 tonnes of oil was sold in the domestic market in the past, and the rest was exported to India. He said that after the export to India was stopped, domestic industries started operating only for 4/5 days a month.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-13', 'modified' => '2022-07-13', 'keywords' => '', 'description' => '', 'sortorder' => '15351', 'image' => '20220713122307_soybean.jpg', 'article_date' => '2022-07-13 12:22:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15609', 'article_category_id' => '1', 'title' => 'Export via Chovar Dry Port Begins ', 'sub_title' => '', 'summary' => 'July 13: Export through the Chobhar Dry Port on the outskirts of Kathmandu has started with the transportation of a truck laden with home-made woolen items to Denmark for the first time on Tuesday, the Chovar customs office shared. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 13: Export through the Chobhar Dry Port on the outskirts of Kathmandu has started with the transportation of a truck laden with home-made woolen items to Denmark for the first time on Tuesday, the Chovar customs office shared. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With this, the door for exports through the dry port has opened up, said chief customs administrator Dhan Bahadur Baduwal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The consignments were worth 43,467 euros (over Rs 5,571,000), he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The dry port was officially inaugurated by Prime Minister Sher Bahadur Deuba on April 5. The port has imported goods worth more than Rs 73 million so far since it came into operation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The good and merchandises imported through Birgunj customs office, Mechi customs office, Biratnagar customs office, Bhairahawa customs office and dry port customs office, Parsa can be directly available at the Chobhar Dry Port. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The dry port was constructed recently at the cost of over Rs 100 billion. The project spans across 261 ropanis of land. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-07-13', 'modified' => '2022-07-13', 'keywords' => '', 'description' => '', 'sortorder' => '15350', 'image' => '20220713115014_Chobhar Dy port.jpg', 'article_date' => '2022-07-13 08:01:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15608', 'article_category_id' => '1', 'title' => 'Nepalese Currency Falls to an All-Time Low against US Dollar', 'sub_title' => '', 'summary' => 'July 12: The Nepalese currency fell to an all-time low against the US dollar in its entire history. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">July 12: The Nepalese currency fell to an all-time low against the US dollar in its entire history. The Indian currency on Monday depreciated to an all-time low against the US dollar resulting in a fall in the Nepalese currency which is pegged with the Indian currency.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal Rastra Bank has fixed the exchange rate of US dollar at Rs 127.41 on Tuesday. This is the first time that the Nepalis have to pay so much amount for a single dollar. Prior to this, the value of US dollar had rose to a record high of Rs 127.30 last Wednesday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The US dollar then fell a bit after that but then again increased to an all-time high on Tuesday.</span></span></p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15349', 'image' => '20220712082812_20210901020646_Richest-Nepalese-–-List-of-Top-Richest-People-scaled.jpg', 'article_date' => '2022-07-12 20:27:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15607', 'article_category_id' => '266', 'title' => 'GWM-Nepal to Operate After-Sales Service at Chakupat', 'sub_title' => '', 'summary' => 'July 12: GWM-Nepal has announced to operate its world-class GWM after-sales service at Chakupat, Lalitpur.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 12: GWM-Nepal has announced to operate its world-class GWM after-sales service at Chakupat, Lalitpur. According to the company, the new after-sales facility is built with GWM's world-class standards.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The company said in a statement that the after-sales service center covers an area of 15,000+ square feet. It has 6 rooms with the capacity to provide fast service for 600+ vehicles per month. This facility is equipped with high-tech equipment and well-trained technicians to provide excellent service experience to the customers of GWM, the statement added. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the company, spare parts are made available at reasonable prices by maintaining a “strong real stock” with facilities.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Rupesh Sharma Bhatta, vice president of GWM Nepal, assured that the vehicles at the service centre will be at safe hands. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“You have entrusted the responsibility of your vehicle to a safe hand, with our trained technicians providing state-of-the-art facilities through a service center and specialized customer service. We guarantee to take care of not only your vehicle but also your vehicle for the duration of your ownership through this service,” said Sharma, adding, “This service is more than just caring for your vehicle. We assure you that the vehicles will be cared for in your own experience.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Ajit Patel, deputy general manager of GWM Services, added that they provide services capable of handling all GWM range vehicles in addition to providing world class facilities. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“We are using the latest diagnostic equipment and real parts so that your vehicle gets the best service and it runs in real condition as it should. We provide personalized service experience. You will receive a high level of personalized and dedicated service to you because no one knows more about your GWM than we do,” said Patel.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15348', 'image' => '20220712080833_gwm-service-800x445.jpeg', 'article_date' => '2022-07-12 20:07:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15606', 'article_category_id' => '1', 'title' => 'Process of Importing Fertilizer from India under GTG Process Uncertain', 'sub_title' => '', 'summary' => 'July 12: Although the government has promised to import chemical fertilizers from India through the G2G process to address the acute shortage of fertilizer, the import process is still in limbo.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">July 12: Although the government has promised to import chemical fertilizers from India through the G2G process to address the acute shortage of fertilizer, the import process is still in limbo.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the agreement between the two countries, 150,000 metric tonnes of chemical fertilizer should be imported within the current fiscal year. But, as the year draws to a close, the process itself is uncertain.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Concerned officials say that the confusion has increased after India refused to provide fertilizer citing various legal issues.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The then Agriculture Minister Mahindra Raya Yadav himself had reached India to pave the way for the immediate supply of fertilizer through the GTG process after the shortage of fertilzier was reported at the beginning of planting season. However, his attempt has turned futile.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">India not only delayed the process of supplying fertilizer but also reduced the amount of urea and DAP to be given in the first phase as per the agreement. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The ministry issued a statement at the end of June expressing its commitment to provide 70,000 tons of fertilizer through the GTG process by the end of July. However, India has reduced the amount and stated that only 15,000 tons can be sent to Nepal in the first phase.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The spokesperson of the Ministry of Agriculture and Livestock Development, Prakash Kumar Sanjel, said that the fertilizer could not be imported on time due to the weakness on part of the Indian side. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">“India has shown some legal hurdles. So there has been a delay. We are in constant talks but there is still confusion about when the fertilzier will be available and in what quantity,” he said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Rajendra Bahadur Karki, acting managing director of the Agricultural Inputs Company Limited, said the confusion was compounded when India initially refused to work as per its own commitment.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">It was agreed between the two countries that India would transport the fertilizer to the warehouse of Agricultural Inputs Company Limited in Nepal. However, in recent times, India has been trying to backtrack from the agreement. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Karki said that Nepal has maintained that India should transport the fertilizer. However, that has not been possible as India refused to work under our Public Procurement Act. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the ministry, about 45 percent of paddy has been planted across the country by mid-July. This is 15 percent less than the same period last year. Stakeholders say that one of the reasons for the delay in paddy sowing is the extreme shortage of fertilizer. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to Uddhav Adhikari, coordinator of the Agriculture Campaign for Food, farmers have not received government-subsidized fertilizer. He said that the farmers who need 50 kg of fertilizer have to settle for 10 kg this year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the farmers have not been able to apply DAP fertilizer. The 30,000 tons of urea brought by the Agriculture Inputs Company Limited through global tender will reach Nepal in the first week of July. The next consignment of 20,000 tons of DAP is said to arrive in Nepal by the third week of August. The state-owned company has 5,500 tonnes of urea and DAP in stock.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15347', 'image' => '20220712063712_Fertilizer.jpg', 'article_date' => '2022-07-12 18:36:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15605', 'article_category_id' => '1', 'title' => 'Former Finance Ministers Demand Budget Amendment ', 'sub_title' => '', 'summary' => 'July 12: Opposition leaders are raising questions over the budget introduced by the former finance minister Janardan Sharma after his disgraceful exit.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 12: Opposition leaders are raising questions over the budget introduced by the former finance minister Janardan Sharma after his disgraceful exit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The opposition leaders claimed that Sharma introduced the budget for upcoming fiscal year without addressing some of the major issues related to the economy such as balance of payments, trade deficit and inflation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Former Finance Minister Dr. Yuvaraj Khatiwada said that the budget for the upcoming fiscal year should be amended. He claimed that the economy will get in crisis if the proposed budget is implemented. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Speaking at a recent programme organized in Kathmandu, Khatiwada said that there are lots of issues in the budget that are still not accepted by the public.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“None of the parties ever introduced the provision of paying old-age allowance to people over 68 years. However, the government introduced such an arrangement through this budget. It is not approved by the people. Thus, the budget is not feasible for many reasons like this,” said Khatiwada.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to him, the budget does not include measures to address the issues related to balance of payments, trade deficit, price hike and other major problems of the economy. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“The budget should be amended also because unauthorized people were allowed to enter the ministry during the preparation of the budget and manipulate tax rates in favor of certain business group,” Khatiwada added.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Khatiwada says that the target of economic growth should be only 6 percent in the budget of the upcoming fiscal year. He also said that monetary policy should not be formulated to achieve the target of 8 percent economic growth in line with the budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Former Deputy Prime Minister and Finance Minister Bishnu Prasad Poudel also said that the budget for the upcoming fiscal year is not feasible. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“Even if the budget is passed by the parliament, it has to get approval from the parliament’s probe committee which was formed after Sharma courted controversy. Unless that is done, it will not be considered a budget for the next fiscal year,” said Poudel.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">He blamed that when the former ministers including him departed, they left with a strong economy, however, the current government is responsible for weakening the economy of the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Speaking on the occasion, Prithviraj Ligal, former vice-chairman of the National Planning Commission, said that Nepal is similar to Sri Lanka politically but not economically. He said that the government made a mistake by manipulating the budget even during the economic crisis. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“It would be foolish for the NRB to formulate a monetary policy targeting 8 percent economic growth, similar to the target set by the budget. Currently, when the prices need to be reduced and demand in the market needs to be reduced, monetary policy should be brought keeping all these aspects into consideration,” he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Presenting a paper during the program, Dr. Dilnath Dangal said that imports should be discouraged and the use of indigenous goods should be increased to resolve the current problem.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Former Finance Minister Janardan Sharma resigned after being criticized for manipulating tax rates through the budget.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15346', 'image' => '20220712052309_budget new.jpg', 'article_date' => '2022-07-12 17:22:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15604', 'article_category_id' => '1', 'title' => 'Stakeholders urge to Clear Doubts and Confusion Regarding Aviation Security of Nepal', 'sub_title' => '', 'summary' => 'July 12: Stakeholders have urged that the Nepali ambassadors to take initiative to inform the people abroad that Nepal’s aviation sector is safe. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 12: Stakeholders have urged that the Nepali ambassadors to take initiative to inform the people abroad that Nepal’s aviation sector is safe. They made such appeal as there is confusion abroad regarding aviation safety despite improvement in this sector. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">They said that Nepal is a safe country from the point of view of air security, and it is necessary to dispel the misconceptions. The officials of the Ministry of Culture, Tourism and Civil Aviation and the Civil Aviation Authority of Nepal made such remarks on Monday at an interaction organized by the Nepal Tourism Board with the newly appointed ambassadors to different countries.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">On the occasion, Minister for Culture, Tourism and Civil Aviation Jeevan Ram Shrestha said that the role of Nepali embassies and ambassadors abroad would be important in the promotion of tourism in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Stating that it is necessary to coordinate programs abroad, he stressed the need to spread a positive message about Nepal as embassies are the official body representing the country abroad. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Joint Secretary of the Ministry Buddhisagar Lamichhane stressed the need to spread awareness about Nepal being a safe country in terms of aviation safety.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">CAAN Director-General Pradip Adhikari said that Nepal's aviation is safe and meets the safety standards set by the International Civil Aviation Organization (ICAO).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The ambassadors said that they would spread positive message about Nepal's air security and motivate foreigners to visit Nepal by breaking the illusions about security.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The newly appointed ambassadors attending the event were Durga Bahadur Subedi (Japan), Sharmila Parajuli Dhakal (Spain), Sushil Lamsal (Egypt), Harish Chandra Ghimire (Myanmar), Bharatraj Regmi (Austria), Kanta Rijal (Israel), Dan Bahadur Tamang (South Africa).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The stakeholders stressed the need to prepare different promotional materials for promoting Nepal. They also demanded arrangement for budget to organise promotional activities abroad and coordinate with the embassy while conducting such programmes.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, emphasizing that air connectivity is essential for the development of tourism in Nepal, the stakeholders suggested coordination between the embassies, ministries, boards and other agencies to make the programmes effective.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">They also suggested that the newly appointed ambassadors should make maximum use of their tenure to develop Nepal's economy and also urged them to attract foreign investment, and technology by developing mutual relations with the foreign countries.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15345', 'image' => '20220712024922_Nepal-Airlines.jpg', 'article_date' => '2022-07-12 14:48:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15603', 'article_category_id' => '1', 'title' => 'Inflation Rises to 8.56 Percent against 4.19 Percent a Year Ago', 'sub_title' => '', 'summary' => 'July 12: The year-on-year consumer price inflation stood at 8.56 percent in the eleventh month of Fiscal Year 2021/22 compared to 4.19 percent a year ago.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">July 12: The year-on-year consumer price inflation stood at 8.56 percent in the eleventh month of Fiscal Year 2021/22 compared to 4.19 percent a year ago. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the latest report of Nepal Rastra Bank, food and beverage inflation stood at 7.43 percent whereas non-food and service inflation stood at 9.44 percent in the review month. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report published by the central bank on Monday states that the average monthly y-o-y inflation for 11 months was 6.09 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under the food and beverage category, the prices of ghee and oil, milk products and eggs, tobacco products, alcoholic drinks and pulses and legumes sub-categories rose by 22.60 percent, 11.22 percent, 9.70 percent, 9.68 and 9.13 percent respectively on y-o-y basis. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, under the non-food and services category, the prices of transportation, education, furnishing and household equipment, recreation and culture and housing & utilities sub-categories rose by 25.79 percent, 11.64 percent, 8.30 percent, 8.21 percent and 7.84 percent respectively on y-o-y basis. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review month, the Kathmandu Valley, Terai, hill and mountain witnessed 8.32 percent, 8.29 percent, 9.28 percent and 8.92 percent inflation respectively. Inflation in these regions was 3.87 percent, 4.47 percent, 4.32 percent and 1.72 percent respectively a year ago.</span></span></p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15344', 'image' => '20220712021103_Inflation.jpg', 'article_date' => '2022-07-12 14:10:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15602', 'article_category_id' => '1', 'title' => 'Balance of Payments Remains at a Deficit of Rs 269 Billion', 'sub_title' => '', 'summary' => 'July 12: The country’s Balance of Payments (BOP) remained at a deficit of Rs 269.81 billion in the first 11 months of the current fiscal year (FY 2021/22), according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">July 12: The country’s Balance of Payments (BOP) remained at a deficit of Rs 269.81 billion in the first 11 months of the current fiscal year (FY 2021/22), according to the latest report of Nepal Rastra Bank (NRB).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Such a deficit was Rs 15.15 billion in the corresponding period of the previous year, states the Current Macroeconomic and Financial Situation Report unveiled by the central bank on Monday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the US dollar terms, the BOP remained at a deficit of 2.26 billion in the review period against a deficit of 140.8 million in the same period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the current account remained at a deficit of Rs 595.73 billion in the review period compared to a deficit of Rs 298.11 billion in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, capital transfer decreased 32.9 percent to Rs 9.49 billion and net foreign direct investment (FDI) increased 7.1 percent to Rs 17.35 billion, the report further stated. In the same period of the previous year, capital transfer and net FDI amounted to Rs 14.15 billion and Rs 16.20 billion respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report, the country’s gross foreign exchange reserves decreased 15.9 percent to Rs 1176.84 billion in mid-June 2022 from Rs 1399.03 billion in mid-July 2021. In the US dollar terms, the gross foreign exchange reserves decreased 19.6 percent to 9.45 billion in mid-June 2022 from 11.75 billion in mid-July 2021. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Of the total foreign exchange reserves, reserves held by NRB decreased 17.1 percent to Rs 1031.89 billion in mid-June 2022 from Rs 1244.63 billion in mid-July 2021. Reserves held by banks and financial institutions (except NRB) decreased 6.1 percent to Rs 144.95 billion in mid-June 2022 from Rs 154.39 billion in mid-July 2021, the report stated. The share of Indian currency in total reserves stood at 25 percent in mid-June 2022.</span></span></p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15343', 'image' => '20220712113504_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-07-12 11:34:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15601', 'article_category_id' => '1', 'title' => 'Trade Deficit Increases despite Increase in Exports', 'sub_title' => '', 'summary' => 'July 12: Nepal exported goods worth Rs 185.84 billion in the first 11 months of the current fiscal year (FY 2021/22), according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">July 12: Nepal exported goods worth Rs 185.84 billion in the first 11 months of the current fiscal year (FY 2021/22), according to the latest report of Nepal Rastra Bank (NRB).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report released by the central bank on Monday states that the exports during the review period increased by 53.3 percent against an increase of 37.8 percent in the corresponding period of last fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, exports to India and other countries increased by 61.8 percent and 30.1 respectively whereas exports to China declined by 21.4 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report, exports of palm oil, soybean oil, polyester yarn and thread, woolen carpets, zinc sheet, among others, increased whereas exports of cardamom, tea, medicine (ayurvedic), toothpaste, wire, among others, decreased in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the first eleven months of 2021/22, merchandise imports increased 27.5 percent to Rs 1763.22 billion compared to an increase of 25.7 percent a year ago, the report added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, imports from India, China and other countries increased 24.2 percent, 16.0 percent, and 46.1 percent respectively.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Imports of petroleum products, medicine, crude palm oil, gold, machinery and parts, among others, increased whereas imports of MS billet, chemical fertilizer, cement, rice/paddy, pulses, among others, decreased in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Based on customs points, exports from Kanchanpur and Mechi customs offices decreased whereas exports from all the other major customs points increased in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the import side, imports from all the major customs points increased in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The report further said that the country’s trade deficit increased 25.0 percent to Rs 1577.39 billion during the eleven months of 2021/22. Such a deficit had increased 24.6 percent in the corresponding period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The export-import ratio increased to 10.5 percent in the review period from 8.8 percent in the corresponding period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the eleven months of 2021/22, merchandise imports from India by paying convertible foreign currency amounted to Rs 200.82 billion. Such amount was Rs 173.26 billion in the same period of the previous year.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15342', 'image' => '20220712103532_Trade.jpg', 'article_date' => '2022-07-12 10:34:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15600', 'article_category_id' => '1', 'title' => 'Remittance Inflow up by 3.8 Percent in 11 Months ', 'sub_title' => '', 'summary' => 'July 11: Remittance inflow in the first 11 months of the current fiscal year has reached Rs 904.18 billion, Nepal Rastra Bank said in its latest report on Monday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">July 11: Remittance inflow in the first 11 months of the current fiscal year has reached Rs 904.18 billion, Nepal Rastra Bank said in its latest report on Monday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Current Macroeconomic and Financial Situation Report released by the central bank, the inflow of remittance in the review period increased by 3.8 percent compared to 12.6 percent increment in the corresponding period of last fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In terms of the US dollar, remittance inflow increased 1.5 percent to 7.51 billion in the review period against an increase of 10.5 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The report states that the number of Nepali workers (institutional and individual) taking approval for foreign employment increased significantly to 313,367 in the review period. Such number had decreased 68 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the number of Nepali workers (renew entry) taking approval for foreign employment increased 208.3 percent to 259,091 in the review period. It had decreased 52.1 percent in the same period of the previous year. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-11', 'modified' => '2022-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '15341', 'image' => '20220711084312_Remittance.jpg', 'article_date' => '2022-07-11 20:42:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15599', 'article_category_id' => '1', 'title' => 'Jute Manufacturers urge Govt to Take Diplomatic Initiative with India for Lifting Anti-Dumping Duty', 'sub_title' => '', 'summary' => 'July 11: The Sunsari-Morang Industrial Corridor has been hit hard by the anti-dumping duty (ADD) of up to 4 percent imposed by India on the jute industry which employs the most workers in the area. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">July 11: The Sunsari-Morang Industrial Corridor has been hit hard by the anti-dumping duty (ADD) of up to 4 percent imposed by India on the jute industry which employs the most workers in the area. The problems of the jute industry have not been addressed due to the lack of effective diplomatic initiatives by the Government of Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Apart from writing a general letter to their Indian counterparts, the Ministry of Industry, Commerce and Supplies and the Ministry of Foreign Affairs done nothing more to remove the anti-dumping duty imposed since the last five years, according to the Nepali industrialists who are struggling to compete with the Indian products due to this very reason.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">India has imposed anti-dumping duty on Nepali products but has not imposed such duty on jute products coming from Bangladesh.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Nepali industrialists have been paying an annual fee of Rs 300 million to the Indian government for anti-dumping. However, Bangladeshi industries do not pay a penny. Nepal’s jute industry has been exporting ready-made jute worth Rs 7.5 billion annually.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">As the jute mill operated in Morang and Sunsari of Nepal is close to the border area, even the workers employed by those industries come from India. The Government of India has adopted a policy of mandatory use of jute bags in food packaging. However, the jute bags used for it is not enough and the industries have opted using plastic bags to pack food. In this regard, Nepal Jute Industries Association President Raj Kumar Golchha says that Nepal should take initiative to remove the ADD imposed on Nepali jute products. He says that the Government of Nepal must convince the Indian government that the jute manufactured in Nepal would supported the policy of the Government of India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">He said that Nepali products could not compete with Indian goods due to the anti-dumping duty and the government should take initiative to abolish the duty by negotiating with the Indian government through diplomatic initiative. There are 30,000 workers in Nepal's jute industry. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Anti-dumping duty has been imposed on Nepali jute products in India for the past five years. The Government of India reviews the duty every 5 years. The industrialists say the duty could be scrapped if the government negotiates before India renews the duty.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Five years ago, after the Nepal Jute Industries Association repeatedly demanded the removal of ADD before the Indian government, a team of Indian tax experts visited the jute industries in Morang and Sunsari and decided to impose duties on different products at different rates.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Ramesh Rathi, treasurer of the Province 1 chapter of the Federation of Nepalese Chambers of Commerce and Industry and operator of Swastik Jute, says that Bangladesh, like Nepal, is sending jute products to the Indian market but India has not imposed any duty on them. India has decided not to impose anti-dumping duty on the products of 16 jute industries of Bangladesh. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Six out of 11 jute industries in Nepal are closed. Arihant, Raghupati, Swastik, Baba and Nepal jute mills are still in operation. Rathi is of the opinion that if the government of Nepal solves the problem of ADD through talks with the government of India, the industry affected by the impacts of coronavirus will get relief. Rathi says if the Indian government revokes the ADD, industries will increase production capacity and create more jobs.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The Government of India had imposed 12 and a half percent countervailing duty (CVD) along with ADD. Jute items exported from Nepal were subject to 12 percent countervailing duty (CVD) from July 17, 2015. The jute industry then made several requests to the Indian government to remove it.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The jute industry also registered a protest letter against CVD with the Revenue Department of India’s Union Ministry of Finance on December 16, 2016 at the suggestion of the Government of India. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Following the move, India allowed Nepali jute manufacturers to keep the amount equivalent to CVD as collateral with the Department of Customs.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Based on the protest letter, the Government of India removed the provision of CVD on April 20, 2017.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-11', 'modified' => '2022-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '15340', 'image' => '20220711053930_jute-sacks-500x500.jpg', 'article_date' => '2022-07-11 17:38:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15598', 'article_category_id' => '1', 'title' => 'Arrival of Tourist in Lumbini on the Rise', 'sub_title' => '', 'summary' => 'July 11: The number of Indian tourists visiting Lumbini, the birthplace of Gautam Buddha, has increased in recent days.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 11: The number of Indian tourists visiting Lumbini, the birthplace of Gautam Buddha, has increased in recent days. According to the Lumbini Development Trust, the number of Indian tourists visiting Lumbini this year is significantly higher than last year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to Sanuraja Shakya, member secretary of the trust, the number of Indian tourists visiting the Buddha's birthplace has been increasing since Indian Prime Minister Narendra Modi visited Lumbini on the day of Buddha Jayanti festival. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the Information Branch of the trust, 37,835 Indian tourists visited Lumbini during the month and a half after Modi's visit to Lumbini. That number is higher than last year. The number of domestic tourists has also increased.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">In the last month, 39,000 domestic tourists visited Lumbini, according to the trust. Not only Indian tourists but also domestic and foreigners from third-countries are visiting Lumbini due to the decline in Covid-19 cases.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Tourists from all over the world are eager to come to Lumbini due to the publicity, said Govinda Gyawali, president of Lumbini Hotel Association. He said that the government should provide special facilities and assistance to the tourists visiting Lumbini.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Religious and spiritual tourists visit the Buddha's birthplace, while other tourists come here to enjoy the beauty. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Chairman of the Siddhartha Hotel, Chandra Prakash Shrestha, said that the tourists visiting Lumbini have also increased due to the operation of the Gautam Buddha International Airport.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Tourism activities in Lumbini, which had declined for a long time due to Covid-19, is now bustling with domestic and Indian tourists as well as visitors from third countries.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-11', 'modified' => '2022-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '15339', 'image' => '20220711032641_LumbiniRSS.jpg', 'article_date' => '2022-07-11 15:25:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15597', 'article_category_id' => '1', 'title' => 'Less than 125,000 People get Jobs under Prime Minister Employment Programme', 'sub_title' => '', 'summary' => 'July 11: The implementation part of the Prime Minister's Employment Programme initiated by the then government led by KP Sharma Oli is found to be weak. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 11: The implementation part of the Prime Minister's Employment Programme initiated by the then government led by KP Sharma Oli is found to be weak. The inability of the programme to provide employment to the targeted group has raised quite a few eyebrows.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Despite the government's goal of providing employment to the unemployed by establishing employment centers in the villages, many unemployed people are still unable to find jobs. Despite their desire to work, unemployed people are deprived of employment due to lack of proper implementation of the programme.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The employment programme is being carried out with the support of donor agencies including the World Bank since its inauguration. In the current fiscal year, 708,129 unemployed people registered their names at the employment centers designated by the government. Among them were 3,70,259 men, 337,733 women and 137 people of other gender.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the Ministry of Labor, Employment and Social Security, only 123,993 people among them have been employed as of May this year. Statistics show that the number of people who received employment under this programme in the previous years was not encouraging as well.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to government data, only 172,270 people got minimum employment in the fiscal year 2075/76, 1,05,626 in the fiscal year 2076/77 and 181,091 in the fiscal year 2077/78.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Analyzing the data, 458,000 unemployed people got minimum employment in the first three years since the implementation of the programme. Adding this year, it reaches 581,000. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Although government statistics show that almost 150,000 people are employed every year, the compulsion to go abroad in search of greener pastures has not diminished.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The Prime Minister's Employment Programme does not provide year-round employment. The goal of this programme is to provide employment for at least 100 days in each year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">In the fiscal year 2075/76, some of the listed people were employed for a total of 13 days. Records show that some unemployed people were employed for just 16 days in FY 2076/77 and 76 days in FY 2077/78. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The government started implementing the programme by modifying the structure after being criticized for allegedly misusing the budget allocated under the Prime Minister's Employment Program for other works.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Danduraj Ghimire, program director of the Prime Minister's Employment Programme, admits that he is criticized for running projects of a general nature for the time being to address local needs.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">To make this program effective, the Prime Minister's Employment Programme Operation (Second Amendment) Directive-2078 BS was recently passed by the Council of Ministers. The reason for changing the directive was to make it practical as the previous directive included the same wage rate for all the three geographical regions of the country, mountains, hills and terai. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“The same wage rate does not seem practical in all places, so the guideline has been amended and the wage rate has been implemented on the basis of the local wage rate or the current fixed rate of 577 per day. However, many of those listed have not been able to find employment,” said Ghimire.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">On the other hand, the budget of the Prime Minister's Employment Program for the upcoming fiscal year has been reduced. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">In the budget of the upcoming Fiscal Year 2079/80, Rs 7.5 billion has been allocated to create employment for an additional 200,000 people listed in the employment centers opened in the villages. The government had allocated more than Rs 12 billion for the current fiscal year. In the upcoming policies and programmes issued by President Bidya Devi Bhandari, it is mentioned that the Prime Minister's Employment Programme will be restructured in a way that would establish ownership of all.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The policies and programmes states that the Prime Minister's Employment Programme will be implemented in an integrated manner by studying the effectiveness of the programmes related to employment, skill development and entrepreneurship. However, the budget does not explicitly mention any of this.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The government has made arrangements to provide employment only for the construction of roads in the local levels or for building infrastructures, river control measures, irrigation and tree planting programs. However, there is a tendency to spend the budget of this programme even on general work as well.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the employment expert Dr. Ganesh Gurung, the government is still unable to implement this programme in such a way that would be inclusive for the youths returning from foreign employment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-11', 'modified' => '2022-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '15338', 'image' => '20220711020810_PMEP.jpeg', 'article_date' => '2022-07-11 14:07:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15596', 'article_category_id' => '1', 'title' => 'Nepal Competitiveness Index 2022 Launched', 'sub_title' => '', 'summary' => 'July 11: Nepal Institute for Policy Research in collaboration with Singapore-based Asia Competitiveness Institute (ACI) recently launched the Nepal Competitiveness Index 2022 report.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 11: Nepal Institute for Policy Research in collaboration with Singapore-based Asia Competitiveness Institute (ACI) recently launched the Nepal Competitiveness Index 2022 report.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to a joint statement issued by the two institutes, an independent research institute based in Kathmandu, the report was launched by Nepal Rastra Bank (NRB)’s Governor Maha Prasad Adhikari at Hotel Aloft in Kathmandu on July 5.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The statement claimed that the report is a first-of-its-kind to be launched in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">During the occasion, Governor Adhikari reportedly said that such reports are of great importance as they provide additional inputs and provide grassroots data analysis for formulating policies. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the statement, the report includes measurement of the competitiveness among the seven provinces of Nepal in different aspects of economic, governance, social, education, and health sectors, with a total of 64 indicators. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The report has identified places of policy interventions, quantified measures of competitiveness, and justified logical arguments made to serve for the betterment of the provinces, added the statement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">A panel discussion was also hosted after the presentation of the report's findings that revolved around different stakeholders and their views on competitiveness. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Among the panelists were, Dr Biswas Gauchan, director of the Institute for Integrated Development Studies (IIDS); Dr Ammu George, research fellow at Asia Competitive Institute; Rohit Gupta, vice president of the Confederation of Nepalese Industries (CNI); and Barsha Shrestha, business head of ICRA Nepal. Jaya Jung Mahat, the founding director of institute, moderated the session.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The event was followed by a meeting at the Pokhara Provincial Office of Chief Minister and Council of Ministers with the Chief Secretary Rabi Lal Pantha on July 7. The the findings of the report was presented during the meeting with more focus on Gandaki Province, added the statement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Stakeholders said these kinds of reports help guide policy interventions at the provincial level and will act as a baseline for the provinces to measure their competitiveness.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-11', 'modified' => '2022-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '15337', 'image' => '20220711122744_photo.jpeg', 'article_date' => '2022-07-11 12:26:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, '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' => '15610', 'article_category_id' => '1', 'title' => 'Rs 15 Billion Investment in Nepal’s Oil Industry in Peril', 'sub_title' => '', 'summary' => 'July 12: Investment in Nepal's cooking oil industry increased exponentially after India raised the import duty on edible oil to 40 per cent some time ago. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 12: Investment in Nepal's cooking oil industry increased exponentially after India raised the import duty on edible oil to 40 per cent some time ago. The existing industries expanded their capacity to take advantage of India's policy on oil imports. In the meantime, new industries were also opened. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the entrepreneurs, the investment in this sector has reached Rs 15 billion. The amount has been invested in 30 industries that produce cooking oil.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">However, the investment made in Nepal's oil industry is now in crisis after India slashed the tariffs on import of edible oil. Until some time ago, the cooking oil industries of Nepal used to import semi-refined oil from Ukraine, Indonesia and Malaysia and then exports it to India after refining the product. At present, the export of edible oil to India has almost stopped.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The semi-refined oil imports in Nepal are subject to 10 per cent customs duty and 13 per cent value-added tax. The amount is refunded after the refined oil is exported from the country. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Nepal used to export a significant amount of refined oil to India when the import duty was 40 percent because the importers in India had to pay only 5 per cent customs duty for importing oil from Nepal under the South Asia Free Trade Agreement (SAFTA).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Oil export from Nepal topped the list of export items in recent years due to the policy adopted by the Indian government.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Massive amount of oil exports also resulted in Nepal’s total annual export crossing the mark of Rs 100 billion for the first time in the Fiscal Year (FY 2077/78). Goods worth more than Rs 141 billion were exported that year. According to the Department of Customs, the share of soybean oil in the total exports last year was more than Rs 53.65 billion. As of May this year, edible oil worth more than Rs 85 billion have been exported to India. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">However, businessmen say that its export will be halted from next year. Director of Birgunj-based OCB Food Suresh Rungata said that he has not been able to export even one truck of oil in the last one month. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The prospect of oil export is now over. There is no alternative than to compete in the domestic market, Rungata told New Business Age.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">India is taking several measures to ease food pressure due to the Covid-19 pandemic and Russia-Ukraine war. New Delhi has taken steps ranging from curbing exports of food grains and sugar to reducing import duties and taxes. As India is Nepal's largest trading partner, it has made a direct impact on Nepal’s domestic industries and foreign.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">India's high tariff on oil imports has been gradually reduced to 2.5 per cent. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">India has completely waived agriculture infrastructure development tax on 2 million metric tons of semi-refined soybean and sunflower oil in the current fiscal year 2022/23 and next fiscal year 2023/24. In these two years, 8 million tons of semi-refined oil will enter India without import duty.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The edible oil production capacity of Nepal's industry is about 2.5 million tons. Nikhil Chachan, the operator of Narayani Oil Refinery, said that about 500,000 tonnes of oil was sold in the domestic market in the past, and the rest was exported to India. He said that after the export to India was stopped, domestic industries started operating only for 4/5 days a month.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-13', 'modified' => '2022-07-13', 'keywords' => '', 'description' => '', 'sortorder' => '15351', 'image' => '20220713122307_soybean.jpg', 'article_date' => '2022-07-13 12:22:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '15609', 'article_category_id' => '1', 'title' => 'Export via Chovar Dry Port Begins ', 'sub_title' => '', 'summary' => 'July 13: Export through the Chobhar Dry Port on the outskirts of Kathmandu has started with the transportation of a truck laden with home-made woolen items to Denmark for the first time on Tuesday, the Chovar customs office shared. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Arial Unicode MS","sans-serif"">July 13: Export through the Chobhar Dry Port on the outskirts of Kathmandu has started with the transportation of a truck laden with home-made woolen items to Denmark for the first time on Tuesday, the Chovar customs office shared. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">With this, the door for exports through the dry port has opened up, said chief customs administrator Dhan Bahadur Baduwal. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The consignments were worth 43,467 euros (over Rs 5,571,000), he said. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The dry port was officially inaugurated by Prime Minister Sher Bahadur Deuba on April 5. The port has imported goods worth more than Rs 73 million so far since it came into operation. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The good and merchandises imported through Birgunj customs office, Mechi customs office, Biratnagar customs office, Bhairahawa customs office and dry port customs office, Parsa can be directly available at the Chobhar Dry Port. </span><br /> <span style="font-family:"Arial Unicode MS","sans-serif"">The dry port was constructed recently at the cost of over Rs 100 billion. The project spans across 261 ropanis of land. -- RSS </span></span></span></p> ', 'published' => true, 'created' => '2022-07-13', 'modified' => '2022-07-13', 'keywords' => '', 'description' => '', 'sortorder' => '15350', 'image' => '20220713115014_Chobhar Dy port.jpg', 'article_date' => '2022-07-13 08:01:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '15608', 'article_category_id' => '1', 'title' => 'Nepalese Currency Falls to an All-Time Low against US Dollar', 'sub_title' => '', 'summary' => 'July 12: The Nepalese currency fell to an all-time low against the US dollar in its entire history. ', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">July 12: The Nepalese currency fell to an all-time low against the US dollar in its entire history. The Indian currency on Monday depreciated to an all-time low against the US dollar resulting in a fall in the Nepalese currency which is pegged with the Indian currency.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Nepal Rastra Bank has fixed the exchange rate of US dollar at Rs 127.41 on Tuesday. This is the first time that the Nepalis have to pay so much amount for a single dollar. Prior to this, the value of US dollar had rose to a record high of Rs 127.30 last Wednesday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The US dollar then fell a bit after that but then again increased to an all-time high on Tuesday.</span></span></p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15349', 'image' => '20220712082812_20210901020646_Richest-Nepalese-–-List-of-Top-Richest-People-scaled.jpg', 'article_date' => '2022-07-12 20:27:30', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '15607', 'article_category_id' => '266', 'title' => 'GWM-Nepal to Operate After-Sales Service at Chakupat', 'sub_title' => '', 'summary' => 'July 12: GWM-Nepal has announced to operate its world-class GWM after-sales service at Chakupat, Lalitpur.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 12: GWM-Nepal has announced to operate its world-class GWM after-sales service at Chakupat, Lalitpur. According to the company, the new after-sales facility is built with GWM's world-class standards.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The company said in a statement that the after-sales service center covers an area of 15,000+ square feet. It has 6 rooms with the capacity to provide fast service for 600+ vehicles per month. This facility is equipped with high-tech equipment and well-trained technicians to provide excellent service experience to the customers of GWM, the statement added. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the company, spare parts are made available at reasonable prices by maintaining a “strong real stock” with facilities.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Rupesh Sharma Bhatta, vice president of GWM Nepal, assured that the vehicles at the service centre will be at safe hands. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“You have entrusted the responsibility of your vehicle to a safe hand, with our trained technicians providing state-of-the-art facilities through a service center and specialized customer service. We guarantee to take care of not only your vehicle but also your vehicle for the duration of your ownership through this service,” said Sharma, adding, “This service is more than just caring for your vehicle. We assure you that the vehicles will be cared for in your own experience.”</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Ajit Patel, deputy general manager of GWM Services, added that they provide services capable of handling all GWM range vehicles in addition to providing world class facilities. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“We are using the latest diagnostic equipment and real parts so that your vehicle gets the best service and it runs in real condition as it should. We provide personalized service experience. You will receive a high level of personalized and dedicated service to you because no one knows more about your GWM than we do,” said Patel.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15348', 'image' => '20220712080833_gwm-service-800x445.jpeg', 'article_date' => '2022-07-12 20:07:45', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '15606', 'article_category_id' => '1', 'title' => 'Process of Importing Fertilizer from India under GTG Process Uncertain', 'sub_title' => '', 'summary' => 'July 12: Although the government has promised to import chemical fertilizers from India through the G2G process to address the acute shortage of fertilizer, the import process is still in limbo.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">July 12: Although the government has promised to import chemical fertilizers from India through the G2G process to address the acute shortage of fertilizer, the import process is still in limbo.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the agreement between the two countries, 150,000 metric tonnes of chemical fertilizer should be imported within the current fiscal year. But, as the year draws to a close, the process itself is uncertain.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Concerned officials say that the confusion has increased after India refused to provide fertilizer citing various legal issues.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The then Agriculture Minister Mahindra Raya Yadav himself had reached India to pave the way for the immediate supply of fertilizer through the GTG process after the shortage of fertilzier was reported at the beginning of planting season. However, his attempt has turned futile.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">India not only delayed the process of supplying fertilizer but also reduced the amount of urea and DAP to be given in the first phase as per the agreement. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The ministry issued a statement at the end of June expressing its commitment to provide 70,000 tons of fertilizer through the GTG process by the end of July. However, India has reduced the amount and stated that only 15,000 tons can be sent to Nepal in the first phase.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The spokesperson of the Ministry of Agriculture and Livestock Development, Prakash Kumar Sanjel, said that the fertilizer could not be imported on time due to the weakness on part of the Indian side. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">“India has shown some legal hurdles. So there has been a delay. We are in constant talks but there is still confusion about when the fertilzier will be available and in what quantity,” he said.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Rajendra Bahadur Karki, acting managing director of the Agricultural Inputs Company Limited, said the confusion was compounded when India initially refused to work as per its own commitment.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">It was agreed between the two countries that India would transport the fertilizer to the warehouse of Agricultural Inputs Company Limited in Nepal. However, in recent times, India has been trying to backtrack from the agreement. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Karki said that Nepal has maintained that India should transport the fertilizer. However, that has not been possible as India refused to work under our Public Procurement Act. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the ministry, about 45 percent of paddy has been planted across the country by mid-July. This is 15 percent less than the same period last year. Stakeholders say that one of the reasons for the delay in paddy sowing is the extreme shortage of fertilizer. </span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to Uddhav Adhikari, coordinator of the Agriculture Campaign for Food, farmers have not received government-subsidized fertilizer. He said that the farmers who need 50 kg of fertilizer have to settle for 10 kg this year.</span></span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">He said that the farmers have not been able to apply DAP fertilizer. The 30,000 tons of urea brought by the Agriculture Inputs Company Limited through global tender will reach Nepal in the first week of July. The next consignment of 20,000 tons of DAP is said to arrive in Nepal by the third week of August. The state-owned company has 5,500 tonnes of urea and DAP in stock.</span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15347', 'image' => '20220712063712_Fertilizer.jpg', 'article_date' => '2022-07-12 18:36:25', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '15605', 'article_category_id' => '1', 'title' => 'Former Finance Ministers Demand Budget Amendment ', 'sub_title' => '', 'summary' => 'July 12: Opposition leaders are raising questions over the budget introduced by the former finance minister Janardan Sharma after his disgraceful exit.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 12: Opposition leaders are raising questions over the budget introduced by the former finance minister Janardan Sharma after his disgraceful exit.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The opposition leaders claimed that Sharma introduced the budget for upcoming fiscal year without addressing some of the major issues related to the economy such as balance of payments, trade deficit and inflation.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Former Finance Minister Dr. Yuvaraj Khatiwada said that the budget for the upcoming fiscal year should be amended. He claimed that the economy will get in crisis if the proposed budget is implemented. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Speaking at a recent programme organized in Kathmandu, Khatiwada said that there are lots of issues in the budget that are still not accepted by the public.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“None of the parties ever introduced the provision of paying old-age allowance to people over 68 years. However, the government introduced such an arrangement through this budget. It is not approved by the people. Thus, the budget is not feasible for many reasons like this,” said Khatiwada.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to him, the budget does not include measures to address the issues related to balance of payments, trade deficit, price hike and other major problems of the economy. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“The budget should be amended also because unauthorized people were allowed to enter the ministry during the preparation of the budget and manipulate tax rates in favor of certain business group,” Khatiwada added.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Khatiwada says that the target of economic growth should be only 6 percent in the budget of the upcoming fiscal year. He also said that monetary policy should not be formulated to achieve the target of 8 percent economic growth in line with the budget.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Former Deputy Prime Minister and Finance Minister Bishnu Prasad Poudel also said that the budget for the upcoming fiscal year is not feasible. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“Even if the budget is passed by the parliament, it has to get approval from the parliament’s probe committee which was formed after Sharma courted controversy. Unless that is done, it will not be considered a budget for the next fiscal year,” said Poudel.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">He blamed that when the former ministers including him departed, they left with a strong economy, however, the current government is responsible for weakening the economy of the country.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Speaking on the occasion, Prithviraj Ligal, former vice-chairman of the National Planning Commission, said that Nepal is similar to Sri Lanka politically but not economically. He said that the government made a mistake by manipulating the budget even during the economic crisis. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“It would be foolish for the NRB to formulate a monetary policy targeting 8 percent economic growth, similar to the target set by the budget. Currently, when the prices need to be reduced and demand in the market needs to be reduced, monetary policy should be brought keeping all these aspects into consideration,” he said.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Presenting a paper during the program, Dr. Dilnath Dangal said that imports should be discouraged and the use of indigenous goods should be increased to resolve the current problem.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Former Finance Minister Janardan Sharma resigned after being criticized for manipulating tax rates through the budget.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15346', 'image' => '20220712052309_budget new.jpg', 'article_date' => '2022-07-12 17:22:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '15604', 'article_category_id' => '1', 'title' => 'Stakeholders urge to Clear Doubts and Confusion Regarding Aviation Security of Nepal', 'sub_title' => '', 'summary' => 'July 12: Stakeholders have urged that the Nepali ambassadors to take initiative to inform the people abroad that Nepal’s aviation sector is safe. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 12: Stakeholders have urged that the Nepali ambassadors to take initiative to inform the people abroad that Nepal’s aviation sector is safe. They made such appeal as there is confusion abroad regarding aviation safety despite improvement in this sector. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">They said that Nepal is a safe country from the point of view of air security, and it is necessary to dispel the misconceptions. The officials of the Ministry of Culture, Tourism and Civil Aviation and the Civil Aviation Authority of Nepal made such remarks on Monday at an interaction organized by the Nepal Tourism Board with the newly appointed ambassadors to different countries.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">On the occasion, Minister for Culture, Tourism and Civil Aviation Jeevan Ram Shrestha said that the role of Nepali embassies and ambassadors abroad would be important in the promotion of tourism in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Stating that it is necessary to coordinate programs abroad, he stressed the need to spread a positive message about Nepal as embassies are the official body representing the country abroad. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Joint Secretary of the Ministry Buddhisagar Lamichhane stressed the need to spread awareness about Nepal being a safe country in terms of aviation safety.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">CAAN Director-General Pradip Adhikari said that Nepal's aviation is safe and meets the safety standards set by the International Civil Aviation Organization (ICAO).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The ambassadors said that they would spread positive message about Nepal's air security and motivate foreigners to visit Nepal by breaking the illusions about security.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The newly appointed ambassadors attending the event were Durga Bahadur Subedi (Japan), Sharmila Parajuli Dhakal (Spain), Sushil Lamsal (Egypt), Harish Chandra Ghimire (Myanmar), Bharatraj Regmi (Austria), Kanta Rijal (Israel), Dan Bahadur Tamang (South Africa).</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The stakeholders stressed the need to prepare different promotional materials for promoting Nepal. They also demanded arrangement for budget to organise promotional activities abroad and coordinate with the embassy while conducting such programmes.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Similarly, emphasizing that air connectivity is essential for the development of tourism in Nepal, the stakeholders suggested coordination between the embassies, ministries, boards and other agencies to make the programmes effective.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">They also suggested that the newly appointed ambassadors should make maximum use of their tenure to develop Nepal's economy and also urged them to attract foreign investment, and technology by developing mutual relations with the foreign countries.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15345', 'image' => '20220712024922_Nepal-Airlines.jpg', 'article_date' => '2022-07-12 14:48:39', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '15603', 'article_category_id' => '1', 'title' => 'Inflation Rises to 8.56 Percent against 4.19 Percent a Year Ago', 'sub_title' => '', 'summary' => 'July 12: The year-on-year consumer price inflation stood at 8.56 percent in the eleventh month of Fiscal Year 2021/22 compared to 4.19 percent a year ago.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">July 12: The year-on-year consumer price inflation stood at 8.56 percent in the eleventh month of Fiscal Year 2021/22 compared to 4.19 percent a year ago. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the latest report of Nepal Rastra Bank, food and beverage inflation stood at 7.43 percent whereas non-food and service inflation stood at 9.44 percent in the review month. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report published by the central bank on Monday states that the average monthly y-o-y inflation for 11 months was 6.09 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Under the food and beverage category, the prices of ghee and oil, milk products and eggs, tobacco products, alcoholic drinks and pulses and legumes sub-categories rose by 22.60 percent, 11.22 percent, 9.70 percent, 9.68 and 9.13 percent respectively on y-o-y basis. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Likewise, under the non-food and services category, the prices of transportation, education, furnishing and household equipment, recreation and culture and housing & utilities sub-categories rose by 25.79 percent, 11.64 percent, 8.30 percent, 8.21 percent and 7.84 percent respectively on y-o-y basis. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review month, the Kathmandu Valley, Terai, hill and mountain witnessed 8.32 percent, 8.29 percent, 9.28 percent and 8.92 percent inflation respectively. Inflation in these regions was 3.87 percent, 4.47 percent, 4.32 percent and 1.72 percent respectively a year ago.</span></span></p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15344', 'image' => '20220712021103_Inflation.jpg', 'article_date' => '2022-07-12 14:10:17', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '15602', 'article_category_id' => '1', 'title' => 'Balance of Payments Remains at a Deficit of Rs 269 Billion', 'sub_title' => '', 'summary' => 'July 12: The country’s Balance of Payments (BOP) remained at a deficit of Rs 269.81 billion in the first 11 months of the current fiscal year (FY 2021/22), according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">July 12: The country’s Balance of Payments (BOP) remained at a deficit of Rs 269.81 billion in the first 11 months of the current fiscal year (FY 2021/22), according to the latest report of Nepal Rastra Bank (NRB).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Such a deficit was Rs 15.15 billion in the corresponding period of the previous year, states the Current Macroeconomic and Financial Situation Report unveiled by the central bank on Monday. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the US dollar terms, the BOP remained at a deficit of 2.26 billion in the review period against a deficit of 140.8 million in the same period of the previous year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the current account remained at a deficit of Rs 595.73 billion in the review period compared to a deficit of Rs 298.11 billion in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In the review period, capital transfer decreased 32.9 percent to Rs 9.49 billion and net foreign direct investment (FDI) increased 7.1 percent to Rs 17.35 billion, the report further stated. In the same period of the previous year, capital transfer and net FDI amounted to Rs 14.15 billion and Rs 16.20 billion respectively. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report, the country’s gross foreign exchange reserves decreased 15.9 percent to Rs 1176.84 billion in mid-June 2022 from Rs 1399.03 billion in mid-July 2021. In the US dollar terms, the gross foreign exchange reserves decreased 19.6 percent to 9.45 billion in mid-June 2022 from 11.75 billion in mid-July 2021. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Of the total foreign exchange reserves, reserves held by NRB decreased 17.1 percent to Rs 1031.89 billion in mid-June 2022 from Rs 1244.63 billion in mid-July 2021. Reserves held by banks and financial institutions (except NRB) decreased 6.1 percent to Rs 144.95 billion in mid-June 2022 from Rs 154.39 billion in mid-July 2021, the report stated. The share of Indian currency in total reserves stood at 25 percent in mid-June 2022.</span></span></p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15343', 'image' => '20220712113504_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2022-07-12 11:34:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '15601', 'article_category_id' => '1', 'title' => 'Trade Deficit Increases despite Increase in Exports', 'sub_title' => '', 'summary' => 'July 12: Nepal exported goods worth Rs 185.84 billion in the first 11 months of the current fiscal year (FY 2021/22), according to the latest report of Nepal Rastra Bank (NRB).', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">July 12: Nepal exported goods worth Rs 185.84 billion in the first 11 months of the current fiscal year (FY 2021/22), according to the latest report of Nepal Rastra Bank (NRB).</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The Current Macroeconomic and Financial Situation Report released by the central bank on Monday states that the exports during the review period increased by 53.3 percent against an increase of 37.8 percent in the corresponding period of last fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, exports to India and other countries increased by 61.8 percent and 30.1 respectively whereas exports to China declined by 21.4 percent. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the report, exports of palm oil, soybean oil, polyester yarn and thread, woolen carpets, zinc sheet, among others, increased whereas exports of cardamom, tea, medicine (ayurvedic), toothpaste, wire, among others, decreased in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the first eleven months of 2021/22, merchandise imports increased 27.5 percent to Rs 1763.22 billion compared to an increase of 25.7 percent a year ago, the report added. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Destination-wise, imports from India, China and other countries increased 24.2 percent, 16.0 percent, and 46.1 percent respectively.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Imports of petroleum products, medicine, crude palm oil, gold, machinery and parts, among others, increased whereas imports of MS billet, chemical fertilizer, cement, rice/paddy, pulses, among others, decreased in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Based on customs points, exports from Kanchanpur and Mechi customs offices decreased whereas exports from all the other major customs points increased in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">On the import side, imports from all the major customs points increased in the review period. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The report further said that the country’s trade deficit increased 25.0 percent to Rs 1577.39 billion during the eleven months of 2021/22. Such a deficit had increased 24.6 percent in the corresponding period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The export-import ratio increased to 10.5 percent in the review period from 8.8 percent in the corresponding period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">During the eleven months of 2021/22, merchandise imports from India by paying convertible foreign currency amounted to Rs 200.82 billion. Such amount was Rs 173.26 billion in the same period of the previous year.</span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-12', 'modified' => '2022-07-12', 'keywords' => '', 'description' => '', 'sortorder' => '15342', 'image' => '20220712103532_Trade.jpg', 'article_date' => '2022-07-12 10:34:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '15600', 'article_category_id' => '1', 'title' => 'Remittance Inflow up by 3.8 Percent in 11 Months ', 'sub_title' => '', 'summary' => 'July 11: Remittance inflow in the first 11 months of the current fiscal year has reached Rs 904.18 billion, Nepal Rastra Bank said in its latest report on Monday.', 'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">July 11: Remittance inflow in the first 11 months of the current fiscal year has reached Rs 904.18 billion, Nepal Rastra Bank said in its latest report on Monday.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">According to the Current Macroeconomic and Financial Situation Report released by the central bank, the inflow of remittance in the review period increased by 3.8 percent compared to 12.6 percent increment in the corresponding period of last fiscal year.</span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">In terms of the US dollar, remittance inflow increased 1.5 percent to 7.51 billion in the review period against an increase of 10.5 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">The report states that the number of Nepali workers (institutional and individual) taking approval for foreign employment increased significantly to 313,367 in the review period. Such number had decreased 68 percent in the same period of the previous year. </span></span></p> <p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif"">Similarly, the number of Nepali workers (renew entry) taking approval for foreign employment increased 208.3 percent to 259,091 in the review period. It had decreased 52.1 percent in the same period of the previous year. </span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-11', 'modified' => '2022-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '15341', 'image' => '20220711084312_Remittance.jpg', 'article_date' => '2022-07-11 20:42:08', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '15599', 'article_category_id' => '1', 'title' => 'Jute Manufacturers urge Govt to Take Diplomatic Initiative with India for Lifting Anti-Dumping Duty', 'sub_title' => '', 'summary' => 'July 11: The Sunsari-Morang Industrial Corridor has been hit hard by the anti-dumping duty (ADD) of up to 4 percent imposed by India on the jute industry which employs the most workers in the area. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">July 11: The Sunsari-Morang Industrial Corridor has been hit hard by the anti-dumping duty (ADD) of up to 4 percent imposed by India on the jute industry which employs the most workers in the area. The problems of the jute industry have not been addressed due to the lack of effective diplomatic initiatives by the Government of Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Apart from writing a general letter to their Indian counterparts, the Ministry of Industry, Commerce and Supplies and the Ministry of Foreign Affairs done nothing more to remove the anti-dumping duty imposed since the last five years, according to the Nepali industrialists who are struggling to compete with the Indian products due to this very reason.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">India has imposed anti-dumping duty on Nepali products but has not imposed such duty on jute products coming from Bangladesh.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Nepali industrialists have been paying an annual fee of Rs 300 million to the Indian government for anti-dumping. However, Bangladeshi industries do not pay a penny. Nepal’s jute industry has been exporting ready-made jute worth Rs 7.5 billion annually.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">As the jute mill operated in Morang and Sunsari of Nepal is close to the border area, even the workers employed by those industries come from India. The Government of India has adopted a policy of mandatory use of jute bags in food packaging. However, the jute bags used for it is not enough and the industries have opted using plastic bags to pack food. In this regard, Nepal Jute Industries Association President Raj Kumar Golchha says that Nepal should take initiative to remove the ADD imposed on Nepali jute products. He says that the Government of Nepal must convince the Indian government that the jute manufactured in Nepal would supported the policy of the Government of India.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">He said that Nepali products could not compete with Indian goods due to the anti-dumping duty and the government should take initiative to abolish the duty by negotiating with the Indian government through diplomatic initiative. There are 30,000 workers in Nepal's jute industry. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Anti-dumping duty has been imposed on Nepali jute products in India for the past five years. The Government of India reviews the duty every 5 years. The industrialists say the duty could be scrapped if the government negotiates before India renews the duty.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Five years ago, after the Nepal Jute Industries Association repeatedly demanded the removal of ADD before the Indian government, a team of Indian tax experts visited the jute industries in Morang and Sunsari and decided to impose duties on different products at different rates.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Ramesh Rathi, treasurer of the Province 1 chapter of the Federation of Nepalese Chambers of Commerce and Industry and operator of Swastik Jute, says that Bangladesh, like Nepal, is sending jute products to the Indian market but India has not imposed any duty on them. India has decided not to impose anti-dumping duty on the products of 16 jute industries of Bangladesh. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Six out of 11 jute industries in Nepal are closed. Arihant, Raghupati, Swastik, Baba and Nepal jute mills are still in operation. Rathi is of the opinion that if the government of Nepal solves the problem of ADD through talks with the government of India, the industry affected by the impacts of coronavirus will get relief. Rathi says if the Indian government revokes the ADD, industries will increase production capacity and create more jobs.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The Government of India had imposed 12 and a half percent countervailing duty (CVD) along with ADD. Jute items exported from Nepal were subject to 12 percent countervailing duty (CVD) from July 17, 2015. The jute industry then made several requests to the Indian government to remove it.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">The jute industry also registered a protest letter against CVD with the Revenue Department of India’s Union Ministry of Finance on December 16, 2016 at the suggestion of the Government of India. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Following the move, India allowed Nepali jute manufacturers to keep the amount equivalent to CVD as collateral with the Department of Customs.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Times New Roman","serif"">Based on the protest letter, the Government of India removed the provision of CVD on April 20, 2017.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-11', 'modified' => '2022-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '15340', 'image' => '20220711053930_jute-sacks-500x500.jpg', 'article_date' => '2022-07-11 17:38:52', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '15598', 'article_category_id' => '1', 'title' => 'Arrival of Tourist in Lumbini on the Rise', 'sub_title' => '', 'summary' => 'July 11: The number of Indian tourists visiting Lumbini, the birthplace of Gautam Buddha, has increased in recent days.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 11: The number of Indian tourists visiting Lumbini, the birthplace of Gautam Buddha, has increased in recent days. According to the Lumbini Development Trust, the number of Indian tourists visiting Lumbini this year is significantly higher than last year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to Sanuraja Shakya, member secretary of the trust, the number of Indian tourists visiting the Buddha's birthplace has been increasing since Indian Prime Minister Narendra Modi visited Lumbini on the day of Buddha Jayanti festival. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the Information Branch of the trust, 37,835 Indian tourists visited Lumbini during the month and a half after Modi's visit to Lumbini. That number is higher than last year. The number of domestic tourists has also increased.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">In the last month, 39,000 domestic tourists visited Lumbini, according to the trust. Not only Indian tourists but also domestic and foreigners from third-countries are visiting Lumbini due to the decline in Covid-19 cases.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Tourists from all over the world are eager to come to Lumbini due to the publicity, said Govinda Gyawali, president of Lumbini Hotel Association. He said that the government should provide special facilities and assistance to the tourists visiting Lumbini.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Religious and spiritual tourists visit the Buddha's birthplace, while other tourists come here to enjoy the beauty. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Chairman of the Siddhartha Hotel, Chandra Prakash Shrestha, said that the tourists visiting Lumbini have also increased due to the operation of the Gautam Buddha International Airport.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Tourism activities in Lumbini, which had declined for a long time due to Covid-19, is now bustling with domestic and Indian tourists as well as visitors from third countries.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-11', 'modified' => '2022-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '15339', 'image' => '20220711032641_LumbiniRSS.jpg', 'article_date' => '2022-07-11 15:25:51', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '15597', 'article_category_id' => '1', 'title' => 'Less than 125,000 People get Jobs under Prime Minister Employment Programme', 'sub_title' => '', 'summary' => 'July 11: The implementation part of the Prime Minister's Employment Programme initiated by the then government led by KP Sharma Oli is found to be weak. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 11: The implementation part of the Prime Minister's Employment Programme initiated by the then government led by KP Sharma Oli is found to be weak. The inability of the programme to provide employment to the targeted group has raised quite a few eyebrows.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Despite the government's goal of providing employment to the unemployed by establishing employment centers in the villages, many unemployed people are still unable to find jobs. Despite their desire to work, unemployed people are deprived of employment due to lack of proper implementation of the programme.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The employment programme is being carried out with the support of donor agencies including the World Bank since its inauguration. In the current fiscal year, 708,129 unemployed people registered their names at the employment centers designated by the government. Among them were 3,70,259 men, 337,733 women and 137 people of other gender.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the Ministry of Labor, Employment and Social Security, only 123,993 people among them have been employed as of May this year. Statistics show that the number of people who received employment under this programme in the previous years was not encouraging as well.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to government data, only 172,270 people got minimum employment in the fiscal year 2075/76, 1,05,626 in the fiscal year 2076/77 and 181,091 in the fiscal year 2077/78.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Analyzing the data, 458,000 unemployed people got minimum employment in the first three years since the implementation of the programme. Adding this year, it reaches 581,000. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Although government statistics show that almost 150,000 people are employed every year, the compulsion to go abroad in search of greener pastures has not diminished.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The Prime Minister's Employment Programme does not provide year-round employment. The goal of this programme is to provide employment for at least 100 days in each year.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">In the fiscal year 2075/76, some of the listed people were employed for a total of 13 days. Records show that some unemployed people were employed for just 16 days in FY 2076/77 and 76 days in FY 2077/78. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The government started implementing the programme by modifying the structure after being criticized for allegedly misusing the budget allocated under the Prime Minister's Employment Program for other works.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Danduraj Ghimire, program director of the Prime Minister's Employment Programme, admits that he is criticized for running projects of a general nature for the time being to address local needs.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">To make this program effective, the Prime Minister's Employment Programme Operation (Second Amendment) Directive-2078 BS was recently passed by the Council of Ministers. The reason for changing the directive was to make it practical as the previous directive included the same wage rate for all the three geographical regions of the country, mountains, hills and terai. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">“The same wage rate does not seem practical in all places, so the guideline has been amended and the wage rate has been implemented on the basis of the local wage rate or the current fixed rate of 577 per day. However, many of those listed have not been able to find employment,” said Ghimire.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">On the other hand, the budget of the Prime Minister's Employment Program for the upcoming fiscal year has been reduced. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">In the budget of the upcoming Fiscal Year 2079/80, Rs 7.5 billion has been allocated to create employment for an additional 200,000 people listed in the employment centers opened in the villages. The government had allocated more than Rs 12 billion for the current fiscal year. In the upcoming policies and programmes issued by President Bidya Devi Bhandari, it is mentioned that the Prime Minister's Employment Programme will be restructured in a way that would establish ownership of all.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The policies and programmes states that the Prime Minister's Employment Programme will be implemented in an integrated manner by studying the effectiveness of the programmes related to employment, skill development and entrepreneurship. However, the budget does not explicitly mention any of this.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The government has made arrangements to provide employment only for the construction of roads in the local levels or for building infrastructures, river control measures, irrigation and tree planting programs. However, there is a tendency to spend the budget of this programme even on general work as well.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the employment expert Dr. Ganesh Gurung, the government is still unable to implement this programme in such a way that would be inclusive for the youths returning from foreign employment. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong> </strong></span></span></p> <p> </p> ', 'published' => true, 'created' => '2022-07-11', 'modified' => '2022-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '15338', 'image' => '20220711020810_PMEP.jpeg', 'article_date' => '2022-07-11 14:07:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '15596', 'article_category_id' => '1', 'title' => 'Nepal Competitiveness Index 2022 Launched', 'sub_title' => '', 'summary' => 'July 11: Nepal Institute for Policy Research in collaboration with Singapore-based Asia Competitiveness Institute (ACI) recently launched the Nepal Competitiveness Index 2022 report.', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">July 11: Nepal Institute for Policy Research in collaboration with Singapore-based Asia Competitiveness Institute (ACI) recently launched the Nepal Competitiveness Index 2022 report.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to a joint statement issued by the two institutes, an independent research institute based in Kathmandu, the report was launched by Nepal Rastra Bank (NRB)’s Governor Maha Prasad Adhikari at Hotel Aloft in Kathmandu on July 5.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The statement claimed that the report is a first-of-its-kind to be launched in Nepal.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">During the occasion, Governor Adhikari reportedly said that such reports are of great importance as they provide additional inputs and provide grassroots data analysis for formulating policies. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">According to the statement, the report includes measurement of the competitiveness among the seven provinces of Nepal in different aspects of economic, governance, social, education, and health sectors, with a total of 64 indicators. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The report has identified places of policy interventions, quantified measures of competitiveness, and justified logical arguments made to serve for the betterment of the provinces, added the statement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">A panel discussion was also hosted after the presentation of the report's findings that revolved around different stakeholders and their views on competitiveness. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Among the panelists were, Dr Biswas Gauchan, director of the Institute for Integrated Development Studies (IIDS); Dr Ammu George, research fellow at Asia Competitive Institute; Rohit Gupta, vice president of the Confederation of Nepalese Industries (CNI); and Barsha Shrestha, business head of ICRA Nepal. Jaya Jung Mahat, the founding director of institute, moderated the session.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">The event was followed by a meeting at the Pokhara Provincial Office of Chief Minister and Council of Ministers with the Chief Secretary Rabi Lal Pantha on July 7. The the findings of the report was presented during the meeting with more focus on Gandaki Province, added the statement.</span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:14.0pt"><span style="font-family:"Arial","sans-serif"">Stakeholders said these kinds of reports help guide policy interventions at the provincial level and will act as a baseline for the provinces to measure their competitiveness.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2022-07-11', 'modified' => '2022-07-11', 'keywords' => '', 'description' => '', 'sortorder' => '15337', 'image' => '20220711122744_photo.jpeg', 'article_date' => '2022-07-11 12:26:44', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, '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
