Apr 15
NIC Sajilo Karza launched (eKantipur.com)
Apr 16
NOC's gas loss widens (eKantipur.com)
Apr 17
Maoists demand Rs 500m for PLA (eKantipur.com)
Airport tax being siphoned off (eKantipur.com)
Businessmen cry foul over scrap duty (eKantipur.com)
Tough industrial security policy in pipeline (eKantipur.com)
Rupee touches 9-year high (eKantipur.com)
BoK to enter rural areas (eKantipur.com)
Apr 18
Locals padlock Upper Tamakoshi project office (eKantipur.com)
Economy to grow by 4 pc: UN (eKantipur.com)
CIAA orders govt to check sandalwood smuggling (Nepalbiznews.com)
BoK's projects 20 pc increase of profit; gives priority to small investors (Nepalnews.com)
Apr 19
Mountaineers flock to Nepal (eKantipur.com)
Drivers' strike triggers petroleum shortage (eKantipur.com)
Apr 20
136,805 leave for foreign jobs (eKantipur.com)
Citizens Bank begins operations (eKantipur.com)
Apr 21
Tata genuine parts company set up (eKantipur.com)
Rupee firms against major currencies, gold price falls (eKantipur.com)
'Women occupy less than 10 percent of managerial positions' (Nepalnews.com)
14th BIMSTEC meeting in Thimpu (Nepalnews.com)
Tankers' strike ends (Nepalnews.com)
Apr 22
Experts suggest 1950 treaty review (eKantipur.com)
Gorkha beer now in Japan (eKantipur.com)
Tata Ace launched (eKantipur.com)
Biz News Brief - New Chevy Aveo in market (eKantipur.com)
Apr 23
ISP, VSAT license fees to go down by 99 pc (eKantipur.com)
Civil Savings Cooperative fined Rs 31.4 million (eKantipur.com)
Carpet export dips by 3.05 pc (eKantipur.com)
Apr 24
Nepal Airlines' Boeings grounded (eKantipur.com)
Biz News Brief - Directory of construction industry published (eKantipur.com)
Employees demand passage of Civil Service Act (Nepalnews.com)
Apr 25
Govt decides to invest in West Seti (eKantipur.com)
Air seat shortage spoils tourism revival (eKantipur.com)
Spices import posts double-digit rise (eKantipur.com)
CAN Softech 2007 from May 2 (eKantipur.com)
Commentary
Traffic jams and our failed development (eKantipur.com)
Apr 26
Industrial output growth dismal at 2.1 percent (eKantipur.com)
Little interest in securing Intellectual Property Rights (IPR) (eKantipur.com)
‘New act to facilitate M&A’ (eKantipur.com)
First neuro hospital opened (Nepalnews.com)
Nepal in Dhaka Tourism Mart (Nepalnews.com)
Apr 27
GMR Group suggested for Arun III, Upper Karnali (eKantipur.com)
Industrialist Khetan dies at 61 (eKantipur.com)
Employees stress NRB reform (eKantipur.com)
Saturday, April 28, 2007
Industrial output growth dismal at 2.1 percent
Industrial output growth dismal at 2.1 percent
eKantipur.com, 26-April-2007
The manufacturing production index (MPI), a major indicator of the country's industrial output, recorded a meager growth of 2.1 percent in the first half of the current fiscal year as compared to the same period last year.
The lower than expected growth rate was the upshot of the tumble in production of textile, garment apparel, plastic and metal products, and electrical wire and cables. According to the latest report of Central Bureau of Statistics (CBS), of the 20 sub-sectors listed under the MPI, eight showed declines, while the performance of the rest was also not satisfactory.
The report states that production of vegetable oil and fat, which hold the largest weight of 15.78 in the MPI, went up marginally by 2.5 percent in the review period.
Despite the growth, the increment in production of vegetable ghee -- which alone holds a weight of 10.08 -- was meager at 0.28 percent. The manufacture of vegetable ghee had surged by 9.2 percent in the similar period last fiscal year.
The biggest gainer in the first six months of the current fiscal year was the chemical products sub-sector that boasts of a weight of 10.34 in the MPI.
The report states that production of medicine and soap - listed under chemical products sub-sector -- witnessed a robust growth of 9.65 percent and 10.32 percent respectively in the first six months of the current fiscal year.
Similarly, manufacture of food products and beverage went up by 6.09 and 4.84 percent respectively, in the review period.
Of the major products under food products group, production of sugar and noodles surged by 10.26 percent and 4.94 percent respectively. Under the beverage sub-sector, production of alcohol increased by 5.25 percent, production of beer increased by 4.86 percent and manufacture of soft drinks went up by 4.01 percent.
Among others, production of rice went up by 4.4 percent, production of wheat flour increased by 4.48 percent and manufacture of animal feed witnessed a robust growth of 12.83 percent.
Plagued by the sluggish global demand for readymade apparels and labor related problems, the production of garments continued to decline in the first six months of the current fiscal year.
As per the report, production of garments slumped by 12.5 percent in the review period.
Similarly, production of pashmina products fell by almost eight percent, while manufacture of woolen carpet also slumped by 10.96 percent in the first half. Production of pashmina products and woolen carpets had increased by 2.22 percent and 1.75 percent respectively, in the similar period of last fiscal year.
Among others, production of plastic products declined by three percent and production of electrical wire and cables fell by around three percent.
eKantipur.com, 26-April-2007
The manufacturing production index (MPI), a major indicator of the country's industrial output, recorded a meager growth of 2.1 percent in the first half of the current fiscal year as compared to the same period last year.
The lower than expected growth rate was the upshot of the tumble in production of textile, garment apparel, plastic and metal products, and electrical wire and cables. According to the latest report of Central Bureau of Statistics (CBS), of the 20 sub-sectors listed under the MPI, eight showed declines, while the performance of the rest was also not satisfactory.
The report states that production of vegetable oil and fat, which hold the largest weight of 15.78 in the MPI, went up marginally by 2.5 percent in the review period.
Despite the growth, the increment in production of vegetable ghee -- which alone holds a weight of 10.08 -- was meager at 0.28 percent. The manufacture of vegetable ghee had surged by 9.2 percent in the similar period last fiscal year.
The biggest gainer in the first six months of the current fiscal year was the chemical products sub-sector that boasts of a weight of 10.34 in the MPI.
The report states that production of medicine and soap - listed under chemical products sub-sector -- witnessed a robust growth of 9.65 percent and 10.32 percent respectively in the first six months of the current fiscal year.
Similarly, manufacture of food products and beverage went up by 6.09 and 4.84 percent respectively, in the review period.
Of the major products under food products group, production of sugar and noodles surged by 10.26 percent and 4.94 percent respectively. Under the beverage sub-sector, production of alcohol increased by 5.25 percent, production of beer increased by 4.86 percent and manufacture of soft drinks went up by 4.01 percent.
Among others, production of rice went up by 4.4 percent, production of wheat flour increased by 4.48 percent and manufacture of animal feed witnessed a robust growth of 12.83 percent.
Plagued by the sluggish global demand for readymade apparels and labor related problems, the production of garments continued to decline in the first six months of the current fiscal year.
As per the report, production of garments slumped by 12.5 percent in the review period.
Similarly, production of pashmina products fell by almost eight percent, while manufacture of woolen carpet also slumped by 10.96 percent in the first half. Production of pashmina products and woolen carpets had increased by 2.22 percent and 1.75 percent respectively, in the similar period of last fiscal year.
Among others, production of plastic products declined by three percent and production of electrical wire and cables fell by around three percent.
Experts suggest 1950 treaty review
Experts suggest 1950 treaty review
eKantipur.com, 22-April-2007
Considering the "changing relations" between Nepal and India, policy experts of both countries have requested the respective governments to review the provisions of the Peace and Friendship Treaty of 1950 as well as the 1947 Tri-partite Treaty on Gurkha soldiers.
Summing up the two-day international conference on ''India-Nepal Relations: Looking at the Future'', on Saturday, they reiterated that relations between the two countries should be reviewed and renewed on the basis of Nepal's transition to new a political system and federal structure.
The 10-point recommendation prepared by experts with inputs from government officials includes development of physical infrastructure along the border and institutional linkages between the two countries, especially in social development, including in the field of health and education.
''Given the changes that are visible at all levels of relationship between India and Nepal, there may be a need to review the provisions of the 1950 Peace and Friendship Treaty, as well as the 1947 Tri-partite treaty on Gurkha soldiers'' experts have concluded.
The conference - organized by India's foreign policy think tank, the Indian Council of World Affairs (ICWA) - was participated in by Nepal's former foreign minister and ex-ambassador to India Bhekh Bahadur Thapa; academicians Dr Chaitanya Mishra, Dr Bishwambhar Pyakuryal, Dr Puskar Bajracharya and Prof Ajaya Bhadra Khanal from Nepal. Those participating from the Indian aide were Pankaj Saran, Joint Secretary -North at the Ministry of External Affairs; academician Mahendra P Lama; Director General of ICWA Talmiz Ahmad; Former Foreign Secretary Shashank; and former Indian ambassador to Nepal MK Rasgotra, among others.
The experts recommended that the border should be made a point of opportunity rather than a corridor of vice. "The border may be treated from a larger perspective of variety of exchanges and movements," they said.
eKantipur.com, 22-April-2007
Considering the "changing relations" between Nepal and India, policy experts of both countries have requested the respective governments to review the provisions of the Peace and Friendship Treaty of 1950 as well as the 1947 Tri-partite Treaty on Gurkha soldiers.
Summing up the two-day international conference on ''India-Nepal Relations: Looking at the Future'', on Saturday, they reiterated that relations between the two countries should be reviewed and renewed on the basis of Nepal's transition to new a political system and federal structure.
The 10-point recommendation prepared by experts with inputs from government officials includes development of physical infrastructure along the border and institutional linkages between the two countries, especially in social development, including in the field of health and education.
''Given the changes that are visible at all levels of relationship between India and Nepal, there may be a need to review the provisions of the 1950 Peace and Friendship Treaty, as well as the 1947 Tri-partite treaty on Gurkha soldiers'' experts have concluded.
The conference - organized by India's foreign policy think tank, the Indian Council of World Affairs (ICWA) - was participated in by Nepal's former foreign minister and ex-ambassador to India Bhekh Bahadur Thapa; academicians Dr Chaitanya Mishra, Dr Bishwambhar Pyakuryal, Dr Puskar Bajracharya and Prof Ajaya Bhadra Khanal from Nepal. Those participating from the Indian aide were Pankaj Saran, Joint Secretary -North at the Ministry of External Affairs; academician Mahendra P Lama; Director General of ICWA Talmiz Ahmad; Former Foreign Secretary Shashank; and former Indian ambassador to Nepal MK Rasgotra, among others.
The experts recommended that the border should be made a point of opportunity rather than a corridor of vice. "The border may be treated from a larger perspective of variety of exchanges and movements," they said.
Friday, April 27, 2007
Nepal can achieve 4 percent GDP growth : UNESCAP
Nepal can achieve 4 percent GDP growth : UNESCAP
Nepalbiznews.com, 18-April-2007
A report on "The Economic and Social Survey of Asia and the Pacific 2007", carried out by UNESCAP has estimated that Gross Domestic Product (GDP) of Nepal would grow by around 4 percent in 2007.
The report said that the GDP grew by an estimated 1.9 percent in 2006 and there were possibilities of achieving this growth in consonance with the changed political situation of the country.
"The recent peace agreement has, however, brought new hope and Nepal is expected to return to a new phase of sustained growth and development." the report added.
The report also said that the inflation rate increased by 3.5 percent in 2006 and reached to 8 percent in 2006 due to rise in petroleum and food prices.
The fiscal situation remained weak with growing recurrent expenditure, low capital spending and a high budget deficit, which increased to 4.3% in 2006 from 3.4% in 2005, the report said.
"Reform needs to be maintained to sustain high growth and rapid poverty reduction. With fiscal adjustment still a challenge, more progress is needed in tax collection and resource mobilization to reduce large budget deficits," the report suggested.
Nepalbiznews.com, 18-April-2007
A report on "The Economic and Social Survey of Asia and the Pacific 2007", carried out by UNESCAP has estimated that Gross Domestic Product (GDP) of Nepal would grow by around 4 percent in 2007.
The report said that the GDP grew by an estimated 1.9 percent in 2006 and there were possibilities of achieving this growth in consonance with the changed political situation of the country.
"The recent peace agreement has, however, brought new hope and Nepal is expected to return to a new phase of sustained growth and development." the report added.
The report also said that the inflation rate increased by 3.5 percent in 2006 and reached to 8 percent in 2006 due to rise in petroleum and food prices.
The fiscal situation remained weak with growing recurrent expenditure, low capital spending and a high budget deficit, which increased to 4.3% in 2006 from 3.4% in 2005, the report said.
"Reform needs to be maintained to sustain high growth and rapid poverty reduction. With fiscal adjustment still a challenge, more progress is needed in tax collection and resource mobilization to reduce large budget deficits," the report suggested.
Sunday, April 15, 2007
Roundup of Economic & Business News (Apr 6 - Apr 14)
Apr 6
Tourist arrivals jump by 33.5 pc (eKantipur.com)
Improve NEPSE, say experts (eKantipur.com)
Garment export declines by 47 percent in March (Nepalnews.com)
Nepal Tourism Board (NTB) launches new promotion campaign in India (Nepalnews.com)
NT suspends distribution of pre-paid SIM-cards (Nepalnews.com)
Apr 7
FNCCI prez faces forgery charge (eKantipur.com)
Smuggling out of sandalwood unabated (eKantipur.com)
New leadership at Society of Economic Journalists of Nepal (SEJON) (eKantipur.com)
Nepal Credit and Commerce (NCC) Bank to raise paid-up capital (eKantipur.com)
Cooking gas supply dries up (eKantipur.com)
India plans to extend railway network to Nepal (Nepalbiznews.com)
Apr 8
Panchakanya starts production of Panmix (eKantipur.com)
Biz News Briefs (NCC Bank, UWTC, Nepal SBI, Annapurna Lifan, DSFPPL) (eKantipur.com)
Gas dealers to resume gas supply from Monday (Nepalbiznews.com)
Commentary
Gorakhkali eyes B'deshi market (eKantipur.com)
‘Nepal needs economic diplomacy’ - Sahana Pradhan (eKantipur.com)
Apr 9
Terai banda paralyzes life (eKantipur.com)
Rural infrastructure project to spend Rs 57b (eKantipur.com)
Workers close Jyoti Farm (eKantipur.com)
NOC to increase petrol storage capacity (eKantipur.com)
All-in-one event center unveiled (eKantipur.com)
60 Nepali workers stranded in Qatar (Nepalnews.com)
Apr 10
Govt to introduce Rs 159b budget (eKantipur.com)
Inflation on high trajectory (eKantipur.com)
Apr 11
Employment package for Karnali residents launched (eKantipur.com)
‘No new financial institutions this fiscal year’, NRB (eKantipur.com)
NIC Sajilo Karza unveiled (eKantipur.com)
Cybernetics becomes sole Lenovo distributor (eKantipur.com)
Biz News Briefs (Standard Chartered Bank, Global Bank, Ohm Solution) (eKantipur.com)
NPC aims for 5.5 percent growth (Nepalnews.com)
Apr 12
All Pokhara hotels booked for New Year (eKantipur.com)
Lack of law stalls Bhairahawa SEZ (eKantipur.com)
‘Promulgate NRN Act soon’ (eKantipur.com)
Govt asks embassies to cancel visa of 80 bank defaulters (Nepalnews.com)
Apr 13
India can give only 35 MWs more to Nepal (eKantipur.com)
Govt to review air service agreement (ASA) (eKantipur.com)
Apr 14
Handicraft exports decline by 5 percent (eKantipur.com)
Exports to India to face competition (eKantipur.com)
Country’s largest shopping mall inaugurated (Nepalnews.com)
Tourist arrivals jump by 33.5 pc (eKantipur.com)
Improve NEPSE, say experts (eKantipur.com)
Garment export declines by 47 percent in March (Nepalnews.com)
Nepal Tourism Board (NTB) launches new promotion campaign in India (Nepalnews.com)
NT suspends distribution of pre-paid SIM-cards (Nepalnews.com)
Apr 7
FNCCI prez faces forgery charge (eKantipur.com)
Smuggling out of sandalwood unabated (eKantipur.com)
New leadership at Society of Economic Journalists of Nepal (SEJON) (eKantipur.com)
Nepal Credit and Commerce (NCC) Bank to raise paid-up capital (eKantipur.com)
Cooking gas supply dries up (eKantipur.com)
India plans to extend railway network to Nepal (Nepalbiznews.com)
Apr 8
Panchakanya starts production of Panmix (eKantipur.com)
Biz News Briefs (NCC Bank, UWTC, Nepal SBI, Annapurna Lifan, DSFPPL) (eKantipur.com)
Gas dealers to resume gas supply from Monday (Nepalbiznews.com)
Commentary
Gorakhkali eyes B'deshi market (eKantipur.com)
‘Nepal needs economic diplomacy’ - Sahana Pradhan (eKantipur.com)
Apr 9
Terai banda paralyzes life (eKantipur.com)
Rural infrastructure project to spend Rs 57b (eKantipur.com)
Workers close Jyoti Farm (eKantipur.com)
NOC to increase petrol storage capacity (eKantipur.com)
All-in-one event center unveiled (eKantipur.com)
60 Nepali workers stranded in Qatar (Nepalnews.com)
Apr 10
Govt to introduce Rs 159b budget (eKantipur.com)
Inflation on high trajectory (eKantipur.com)
Apr 11
Employment package for Karnali residents launched (eKantipur.com)
‘No new financial institutions this fiscal year’, NRB (eKantipur.com)
NIC Sajilo Karza unveiled (eKantipur.com)
Cybernetics becomes sole Lenovo distributor (eKantipur.com)
Biz News Briefs (Standard Chartered Bank, Global Bank, Ohm Solution) (eKantipur.com)
NPC aims for 5.5 percent growth (Nepalnews.com)
Apr 12
All Pokhara hotels booked for New Year (eKantipur.com)
Lack of law stalls Bhairahawa SEZ (eKantipur.com)
‘Promulgate NRN Act soon’ (eKantipur.com)
Govt asks embassies to cancel visa of 80 bank defaulters (Nepalnews.com)
Apr 13
India can give only 35 MWs more to Nepal (eKantipur.com)
Govt to review air service agreement (ASA) (eKantipur.com)
Apr 14
Handicraft exports decline by 5 percent (eKantipur.com)
Exports to India to face competition (eKantipur.com)
Country’s largest shopping mall inaugurated (Nepalnews.com)
NPC aims for 5.5 percent growth
NPC aims for 5.5 percent growth
Nepalnews.com, 11-Apr-2007
The National Planning Commission (NPC) is aiming to attain 5.5 percent growth rate in the forthcoming three-year interim plan period.
As per its interim plan (2007/08 – 2009/10), the NPC aims to attain average annual growth of 3.3 percent in agriculture sector and 6.8 percent in non-agriculture sector.
Vice chairman of NPC Dr. Jagdish Chandra Pokarel says that these estimates are based on the current trend of economy. The plan projects that the inflation will remain on average of 6 percent and revenue growth will average 16. 5 percent during the period.
Nepalnews.com, 11-Apr-2007
The National Planning Commission (NPC) is aiming to attain 5.5 percent growth rate in the forthcoming three-year interim plan period.
As per its interim plan (2007/08 – 2009/10), the NPC aims to attain average annual growth of 3.3 percent in agriculture sector and 6.8 percent in non-agriculture sector.
Vice chairman of NPC Dr. Jagdish Chandra Pokarel says that these estimates are based on the current trend of economy. The plan projects that the inflation will remain on average of 6 percent and revenue growth will average 16. 5 percent during the period.
Inflation on high trajectory
Inflation on high trajectory
eKantipur.com, 10-April-2007
Inflation continued to stay on a high trajectory, driven up by stiff price rises of food items during the seven months of the current fiscal year. It touched eight percent in mid-February, compared to 5.8 percent of a year ago, shows a report of Nepal Rastra Bank (NRB).
The central bank stated that supplies of spices and pulses fell far short of the demand in the international market, thereby affecting their domestic prices.
“Furthermore, the recent terai protest that affected the supply of daily consumables like vegetables and fruits also pushed up prices,” the report stated.
However, the money supply -- a factor that normally determines the level of inflation -- seemed not to have played any role in propelling up prices.
The broad money (M2) supply registered a moderate growth of 9.5 percent, while narrow money (M1) increased by just 7.1 percent.
Despite the materialization of peace, government expenditure remained very low, indicating that development activities are going on a slower pace.
The report demonstrates that the government expenditure increased by 13 percent to Rs 51.6 billion in the first seven months this current fiscal year, while it grew by 19.6 percent in the same period last year.
On the revenue front, the actual revenue collection exceeded its target, growing by 17.9 percent to touch Rs 42.25 billion.
On the trade scenario, things remained bleak with export declining and import decelerating. The total exports fell by 3.9 percent during the period compared to an increase of 12.2 percent in the corresponding period last year, due partly to load shedding and terai unrest.
Of total exports, the country registered a faljavascript:void(0)
Publishl of 5.4 percent in the export to India as against a sharp increase of 22.8 percent in the same period last year. Likewise, export to third countries decreased by 0.4 percent.
Imports grew marginally by 0.3 percent in comparison to the rise of 25.1 percent in the same period last year, as industries demanded fewer raw materials due to the declining exports.
On the foreign exchange front, the reserves rose by only 3.4 percent to reach Rs 170.7 billion in mid-February.
Stung by decelerating remittance growth and decreasing export, the balance of payment remained at a surplus of just Rs 6.3 billion, down from the surplus of Rs 13 billion during the same period last year.
eKantipur.com, 10-April-2007
Inflation continued to stay on a high trajectory, driven up by stiff price rises of food items during the seven months of the current fiscal year. It touched eight percent in mid-February, compared to 5.8 percent of a year ago, shows a report of Nepal Rastra Bank (NRB).
The central bank stated that supplies of spices and pulses fell far short of the demand in the international market, thereby affecting their domestic prices.
“Furthermore, the recent terai protest that affected the supply of daily consumables like vegetables and fruits also pushed up prices,” the report stated.
However, the money supply -- a factor that normally determines the level of inflation -- seemed not to have played any role in propelling up prices.
The broad money (M2) supply registered a moderate growth of 9.5 percent, while narrow money (M1) increased by just 7.1 percent.
Despite the materialization of peace, government expenditure remained very low, indicating that development activities are going on a slower pace.
The report demonstrates that the government expenditure increased by 13 percent to Rs 51.6 billion in the first seven months this current fiscal year, while it grew by 19.6 percent in the same period last year.
On the revenue front, the actual revenue collection exceeded its target, growing by 17.9 percent to touch Rs 42.25 billion.
On the trade scenario, things remained bleak with export declining and import decelerating. The total exports fell by 3.9 percent during the period compared to an increase of 12.2 percent in the corresponding period last year, due partly to load shedding and terai unrest.
Of total exports, the country registered a faljavascript:void(0)
Publishl of 5.4 percent in the export to India as against a sharp increase of 22.8 percent in the same period last year. Likewise, export to third countries decreased by 0.4 percent.
Imports grew marginally by 0.3 percent in comparison to the rise of 25.1 percent in the same period last year, as industries demanded fewer raw materials due to the declining exports.
On the foreign exchange front, the reserves rose by only 3.4 percent to reach Rs 170.7 billion in mid-February.
Stung by decelerating remittance growth and decreasing export, the balance of payment remained at a surplus of just Rs 6.3 billion, down from the surplus of Rs 13 billion during the same period last year.
Govt to introduce Rs 159b budget
Govt to introduce Rs 159b budget
eKantipur.com, 10-Apr-2007
The government is working to announce a Rs 159 billion budget for the next fiscal year 2007/08, focusing on rehabilitation and reconstruction works, and the agriculture sector.
Of the total sum, the government is planning to spend Rs 90 billion under recurrent expenditure, and Rs 69 billion under capital expenditure, which also includes the principal payment of public debt, said Pushpa Raj Rajkarnikar, member of National Planning Commission (NPC). Speaking at an interaction with the newly appointed ministers, he said the government is targeting to collect Rs 98 billion as revenue, and receive Rs 42 billion as foreign aid.
The remaining Rs 19 billion will be mobilized through domestic debt, he said. Presenting a paper on the forthcoming Interim Plan, he said that the annual economic growth rate is targeted at 5.5 percent for the next three years.
Minister for Peace and Reconstruction Ram Chandra Poudel said the upcoming three-year Interim Plan should entail concrete strategies to lift the people out of poverty and wipe out social discrimination.
“In the context of new political development, the programs must make the deprived and excluded communities feel that they are enjoying the benefits of development,” he said.
Noting that spurring agriculture sector is necessary to improve the living standard of poor people, he asked the government to give subsidies for farmers in certain areas. Observing that scattered habitats in rural areas are a major problem for running development activities, Minister for Physical Planning and Works Hishila Yami stressed on the need to carry out proper and planned settlements.
“Resources have been scattered while operating development works. So, the outcome is not as effective as it should be,” said she.
Feeling that Nepal has a tremendous potential for herbal products, she said the upcoming plan should give a special priority to the pharmaceutical industry.
Minister for Local Development Dev Gurung said the plan should lay emphasis on developing the economy toward industrialization. “The public participation in any development work ought to receive priority. But, the current structure of the state is not favorable for this purpose,” said he. “The upcoming plan should be suitable for running development projects in a new federal Nepal, rather concentrating on the current center-controlled structure,” he said.
Finance Minister Dr Ram Sharan Mahat said the plan must mention a clear investment plan. “The plan should explicitly state what the government's policy is to increase private sector investment,” he said.
eKantipur.com, 10-Apr-2007
The government is working to announce a Rs 159 billion budget for the next fiscal year 2007/08, focusing on rehabilitation and reconstruction works, and the agriculture sector.
Of the total sum, the government is planning to spend Rs 90 billion under recurrent expenditure, and Rs 69 billion under capital expenditure, which also includes the principal payment of public debt, said Pushpa Raj Rajkarnikar, member of National Planning Commission (NPC). Speaking at an interaction with the newly appointed ministers, he said the government is targeting to collect Rs 98 billion as revenue, and receive Rs 42 billion as foreign aid.
The remaining Rs 19 billion will be mobilized through domestic debt, he said. Presenting a paper on the forthcoming Interim Plan, he said that the annual economic growth rate is targeted at 5.5 percent for the next three years.
Minister for Peace and Reconstruction Ram Chandra Poudel said the upcoming three-year Interim Plan should entail concrete strategies to lift the people out of poverty and wipe out social discrimination.
“In the context of new political development, the programs must make the deprived and excluded communities feel that they are enjoying the benefits of development,” he said.
Noting that spurring agriculture sector is necessary to improve the living standard of poor people, he asked the government to give subsidies for farmers in certain areas. Observing that scattered habitats in rural areas are a major problem for running development activities, Minister for Physical Planning and Works Hishila Yami stressed on the need to carry out proper and planned settlements.
“Resources have been scattered while operating development works. So, the outcome is not as effective as it should be,” said she.
Feeling that Nepal has a tremendous potential for herbal products, she said the upcoming plan should give a special priority to the pharmaceutical industry.
Minister for Local Development Dev Gurung said the plan should lay emphasis on developing the economy toward industrialization. “The public participation in any development work ought to receive priority. But, the current structure of the state is not favorable for this purpose,” said he. “The upcoming plan should be suitable for running development projects in a new federal Nepal, rather concentrating on the current center-controlled structure,” he said.
Finance Minister Dr Ram Sharan Mahat said the plan must mention a clear investment plan. “The plan should explicitly state what the government's policy is to increase private sector investment,” he said.
Friday, April 06, 2007
Roundup of Economic & Business News (Apr 1 - Apr 5)
Apr 1
Biz News Briefs (Laxmi Bank completes 5 years, CG completes 136 years) (eKantipur.com)
Locals intimidate officials of Melamchi project (Nepalbiznews.com)
LG gas supply worsens in valley (Nepalbiznews.com)
Floriculture Trade Fair to kick off from April 5 (Nepalbiznews.com)
Nepal Tourism Board (NTB) organises sales mission in China (Nepalnews.com)
Company Profile
Moving Ahead:United Insurance (eKantipur.com)
Apr 2
Nepal allowed to import from third country (eKantipur.com)
Chinese apples displace Indian ones (eKantipur.com)
Discotheque business in record slump (eKantipur.com)
Asian Paints closes down (eKantipur.com)
Maruti Zen's new avatar launched (eKantipur.com)
Share market registers sound growth (Nepalbiznews.com)
Supply of LP Gas worsens in valley (Nepalnews.com)
No curb on foreign investment in media now: Minister Mahara (Nepalnews.com)
Apr 3
International tour companies returning (eKantipur.com)
Nepal to go it alone on Raxaul-Amlekhgunj pipeline (eKantipur.com)
Substandard medicines still widespread (eKantipur.com)
Maoist cadres beat up GEFONT officials (Nepalbiznews.com)
NEA further reduces load shedding hours (Nepalnews.com)
NPC unveils three-year plan for rural reconstruction (Nepalnews.com)
Apr 4
Yami against privatizing water utility (eKantipur.com)
Surkhet airport blacktopped after 41 years (eKantipur.com)
Melamchi staff halt work, demand security (eKantipur.com)
No civil registration for MA-60 aircraft (eKantipur.com)
Alico declares bonus at flat rate (eKantipur.com)
Nepal SBI Bank declares 5pc dividend (eKantipur.com)
India to bring custom rate to zero (Nepalbiznews.com)
Apr 5
Garment export declines 55 pc (eKantipur.com)
Nepal’s largest business complex to open April 14 (eKantipur.com)
Tourist arrival surges in March (Nepalbiznews.com)
Biz News Briefs (Laxmi Bank completes 5 years, CG completes 136 years) (eKantipur.com)
Locals intimidate officials of Melamchi project (Nepalbiznews.com)
LG gas supply worsens in valley (Nepalbiznews.com)
Floriculture Trade Fair to kick off from April 5 (Nepalbiznews.com)
Nepal Tourism Board (NTB) organises sales mission in China (Nepalnews.com)
Company Profile
Moving Ahead:United Insurance (eKantipur.com)
Apr 2
Nepal allowed to import from third country (eKantipur.com)
Chinese apples displace Indian ones (eKantipur.com)
Discotheque business in record slump (eKantipur.com)
Asian Paints closes down (eKantipur.com)
Maruti Zen's new avatar launched (eKantipur.com)
Share market registers sound growth (Nepalbiznews.com)
Supply of LP Gas worsens in valley (Nepalnews.com)
No curb on foreign investment in media now: Minister Mahara (Nepalnews.com)
Apr 3
International tour companies returning (eKantipur.com)
Nepal to go it alone on Raxaul-Amlekhgunj pipeline (eKantipur.com)
Substandard medicines still widespread (eKantipur.com)
Maoist cadres beat up GEFONT officials (Nepalbiznews.com)
NEA further reduces load shedding hours (Nepalnews.com)
NPC unveils three-year plan for rural reconstruction (Nepalnews.com)
Apr 4
Yami against privatizing water utility (eKantipur.com)
Surkhet airport blacktopped after 41 years (eKantipur.com)
Melamchi staff halt work, demand security (eKantipur.com)
No civil registration for MA-60 aircraft (eKantipur.com)
Alico declares bonus at flat rate (eKantipur.com)
Nepal SBI Bank declares 5pc dividend (eKantipur.com)
India to bring custom rate to zero (Nepalbiznews.com)
Apr 5
Garment export declines 55 pc (eKantipur.com)
Nepal’s largest business complex to open April 14 (eKantipur.com)
Tourist arrival surges in March (Nepalbiznews.com)
Sunday, April 01, 2007
Interim cabinet formed; rebels join the govt
Interim cabinet formed; rebels join the govt
Nepalbiznews.com, 01-April-2007
Long awaited interim government has been formed Sunday inducting Maoists, former rebels, as a part of the state for the first time. The sitting of the interim legislature parliament unanimously passed the nominations of the members for interim cabinet.
Prime Minister Girija Prasad Koirala administered oath of the office to the ministers and state ministers of 22 member new cabinet.
In the new cabinet, Ram Chandra Poudel (NC) has been inducted as the Minister for Peace and Reconstruction, Sahana Pradhan (UML) as Minister for Foreign Affairs, Krishna Bahadur Mahara (CPN-M) as Minister for Information and Communication and Pradip Nepal (UML) as Minister for Education and Sports.
Similarly, Mahantha Thakur (NC) has been elected as Minister for Science and Technology (NC), Dr. Ram Saran Mahat (NC) as Finance Minister, Narendra Bikram Nemwang (NC-D) as Minister for Law, Justice and Parliamentary Affairs, Krishna Prasad Sitaula (NC) as Home Minister and Dev Gurung (CPN-M) as Minister for Local Development.
In the new cabinet, Rajendra Mahato (NSP-A) is in-charge of Ministry of Commerce and Supply, Prithvi Subba Gurung (UML) is of Tourism and Civil Aviation, Matrika Yadav (CPN-M) is of Ministry of Forest and Soil Conservation, Chhabi Lal Biswokarma (UML) of Ministry of Agriculture and Cooperatives, Hisila Yami (CPN-M) is of Physical Planning and Construction, Jagat Bahadur Bogati (ULF) of Ministry of Land Reform and Khadga Bahadur Biswokarma (CPN-M) is in-charge of Ministry of Women, Children and Social Welfare (Maoist).
Similarly, Ramesh Lekhak (NC-D) has been elected as State Minister for Labour and Transport Management, Gyanendra Bahadur Karki (NC-D) for Water Resources, Ram Chandra Yadav (UML) for General Administration, Mohan Singh Rathor (UML) for Education and Sports (UML) and Indra Bahadur Gurung (NC-D) for Law, Justice and Parliament Affairs.
Following the oath-taking ceremony, a meeting of newly formed cabinet is underway in Singhadurbar.
Nepalbiznews.com, 01-April-2007
Long awaited interim government has been formed Sunday inducting Maoists, former rebels, as a part of the state for the first time. The sitting of the interim legislature parliament unanimously passed the nominations of the members for interim cabinet.
Prime Minister Girija Prasad Koirala administered oath of the office to the ministers and state ministers of 22 member new cabinet.
In the new cabinet, Ram Chandra Poudel (NC) has been inducted as the Minister for Peace and Reconstruction, Sahana Pradhan (UML) as Minister for Foreign Affairs, Krishna Bahadur Mahara (CPN-M) as Minister for Information and Communication and Pradip Nepal (UML) as Minister for Education and Sports.
Similarly, Mahantha Thakur (NC) has been elected as Minister for Science and Technology (NC), Dr. Ram Saran Mahat (NC) as Finance Minister, Narendra Bikram Nemwang (NC-D) as Minister for Law, Justice and Parliamentary Affairs, Krishna Prasad Sitaula (NC) as Home Minister and Dev Gurung (CPN-M) as Minister for Local Development.
In the new cabinet, Rajendra Mahato (NSP-A) is in-charge of Ministry of Commerce and Supply, Prithvi Subba Gurung (UML) is of Tourism and Civil Aviation, Matrika Yadav (CPN-M) is of Ministry of Forest and Soil Conservation, Chhabi Lal Biswokarma (UML) of Ministry of Agriculture and Cooperatives, Hisila Yami (CPN-M) is of Physical Planning and Construction, Jagat Bahadur Bogati (ULF) of Ministry of Land Reform and Khadga Bahadur Biswokarma (CPN-M) is in-charge of Ministry of Women, Children and Social Welfare (Maoist).
Similarly, Ramesh Lekhak (NC-D) has been elected as State Minister for Labour and Transport Management, Gyanendra Bahadur Karki (NC-D) for Water Resources, Ram Chandra Yadav (UML) for General Administration, Mohan Singh Rathor (UML) for Education and Sports (UML) and Indra Bahadur Gurung (NC-D) for Law, Justice and Parliament Affairs.
Following the oath-taking ceremony, a meeting of newly formed cabinet is underway in Singhadurbar.
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