Construction sector hit hard with price hike of construction materials

Prices of construction materials, especially iron, steel, sand and pebbles, have gone up significantly following the recent momentum in construction works. The price of iron and steel has increased by Rs. 20 per kilogram in the market within two months, said Rabi Singh, president of the Federation of Contractors' Association of Nepal (FCAN). The market price of per kilogram of iron bar stands at Rs. 80 at present which was Rs. 62 per kilogram about two months ago. "The suppliers have increased...

People flock to buy garlands, ignoring virus fears

People across the country are busy purchasing garlands for the celebration of Tihar festival, in which they worship dogs, crows and cows, decorate their homes, among others – and they all need garlands made from flowers. That is why, demand for flowers, especially marigolds, soars during this time. However, fewer than expected number of people flocked to the market areas like New Road even on the eve of Laxmi Puja in order to purchase garlands and other essentials, because of the fear of COVID-19...

Sales of dry fruits goes down this Tihar

Sale of dry fruits has not increased even on the eve of Tihar festival. The major markets, including New Road, Makhan, Indrachowk and Asan have not received crowd even just a day before Tihar begins. In the past, the markets in New Road, Makhan, Indrachowk and Asan used to be filled with the crowds of consumers to buy dry fruits as many people think that dry fruits are available in these markets at a cheaper rate than in other markets.

Despite Indian ban on export, onions arriving in Kathmandu

Although the Indian government has imposed a ban on the export of onion, Indian onion is still arriving in Nepal. “Onion is entering Nepal from India despite the ban in the export by the government of India,” said Binaya Shrestha, deputy director and information officer of Kalimati Fruits and Vegetables Market Development Board. According to him, around 30-40 tonnes of Indian onion is being supplied to the Kalimtai market on the daily basis for the last couple of weeks. The arrival of onion...

No reduction in goat demand in Kathmandu

There has been no reduction in the demand for goats in Kathmandu Valley even amid the fear of COVID-19. “The inflow of people at the goat markets is encouraging for the last four days which shows the demand for goats will not be down in Kathmandu Valley this year’s Dashain compared to the consumption of last year,” said Dr. Banshi Sharma, Director General, Department of Livestock Services. He said that around 40,000 goats will be sacrificed in the Kathmandu Valley to celebrate Dashain this...

Net FDI inflow up amid COVID-19 pandemic

Despite the impact of COVID-19, there has been a significant increase in the inflow of foreign direct investment (FDI) in Nepal in the last fiscal year 2019/20. In the last fiscal year 2019/20, Nepal received about Rs. 19.48 billion of foreign direct investment, according to Nepal Rastra Bank (NRB). Inflow of FDI has increased by 43 per cent in FY 2019/20 as compared to FY 2018/19. The country had received about Rs. 13.6 billion of foreign investment in 2018/19. Net FDI inflows to Nepal stood...

Tatopani border closed again after Nepali loaders tested virus positive

The Tatopani border point between Nepal and China, whose operation resumed on Monday, has been closed again after three Nepali workers tested positive for COVID-19. The Tatopani border point, which had remained closed for three months due to floods and landslides, reopened from Monday. “China has closed the checkpoint from Tuesday after three of the 29 loading workers sent to China were tested positive for COVID-19 in a Chinese lab test,” said Lal Bahadur Khatri, chief of Tatopani Customs Office. No...

Nepal, China agree to implement transit transport agreement

The first virtual meeting of the joint working group on trade between Nepal and China on Tuesday agreed to take initiative for the implementation of the Transit Transport Agreement, 2016 and its protocol, 2019. Prakash Dahal, Joint Secretary at the Ministry of Industry, Commerce and Supplies and Coordinator of the Joint Task Force on Nepal-China Trade, and Peng Gang, Director General of the Department of Asia Affairs of the Chinese Ministry of Commerce, led the delegation on behalf of their respective...

Govt releases Rs. 950 million subsidy to sugarcane farmers

The government has released almost all subsidy amount of last year to the sugarcane farmers. The Ministry of Agriculture and Livestock Development has sent about of Rs. 952 million to the District Treasury and Controller Offices of the eight different districts to distribute to the sugarcane farmers, said Dr. Hari Bahadur KC, spokesperson of the Ministry.

Nepal spending billions in onion import

Nepal has been spending billions of rupees to import onions as the country is heavily dependent on imported onions. Most of the onions are imported from India whereas only nominal quantity of onion in Nepali market comes from China. Thus, the price of onion in the local market depends on its price in the Indian market. According to the statistics of the Department of Customs, the country imported 106,834 tonnes of onion worth Rs. 4.21 billion in the fiscal year 2019/20. The import of onion decreased...