Weekly Economic Update (25 August 2023 to 31 August 2023)
1. IBN approves four hydro projects: Investment Board Nepal (IBN) has approved four hydropower projects including Rolwaling Khola, Chhujung Khola, Dana Khola, and Sanibheri worth NPR 36.37 billion. (Source: https://english.onlinekhabar.com/investment-board-hydropower-projects.html)
2. Nepal expands electricity transmission lines: Nepal has expanded the electricity transmission lines network by 3118 km in the last nine years. Similarly, another 2852 km is currently being built as per the Nepal Electricity Authority. (Source: https://thehimalayantimes.com/business/nepal-expands-electrical-transmission-network-by-3118-km-in-nine-years-2852-km-being-built)
3. Rice prices to go up: India has levied a 20% export tax on all types of parboiled rice soon after it banned the export of all rice except basmati. This move is expected to further increase the price of rice in Nepal. (Source: https://thehimalayantimes.com/business/private-sector-unhappy-with-fy-2023-24-monetary-policy)
4. MCC compact reaches implementation phase: The Millennium Challenge Corporation (MCC) has entered the implementation phase, indicating that the project must be completed within five years of the Entry into Force date. (Source: https://myrepublica.nagariknetwork.com/news/mcc-nepal-compact-enters-implementation-phase-today/)
5. NADA auto show to be held: The Nepal Automobile Dealers Association (NADA) auto show will be held on September 12, 2023. Traders expect a turnover of NPR 20 billion through the show. (Source: https://kathmandupost.com/money/2023/08/26/nada-auto-show-slated-for-september-opening)
6. 4G extents to Jumla: The fourth generation (4G) services have been extended to Jumla by Ncell Axiata ensuring high-speed broadband internet data and voice calls. Ncell’s 4G coverage has now reached 91.39 percent.
(Source: https://kathmandupost.com/money/2023/08/25/ncell-s-4g-service-reaches-jumla)
7. Pick and Pay Introduced in Cable Television: The Ministry of Communication and Information Technology has issued a directive to implement the pick and pay option for Nepali television viewers. (Source: https://kathmandupost.com/money/2023/08/25/cable-television-in-nepal-goes-la-carte)
8. Top hotels report profits: Nepal’s top-rated hotels have reported a boom in profits mainly because of a rise in events and other MICE tourism activities. This comes after the loss in revenue due to the coronavirus pandemic and subsequent lockdowns. (Source: https://kathmandupost.com/money/2023/08/24/luxury-hotels-bask-in-record-profits-due-to-events-boom)
9. Blacklisted companies peak: The number of blacklisted construction, supply, and consulting companies has peaked at 162 in the last FY 2079/80 according to the Public Procurement Monitoring Office. (Source: https://www.newbusinessage.com/Articles/view/18870)
10. Government to support entrepreneurship: Amid the Startup Nation 2030 conference held in the capital the government expressed its support to enhancing the entrepreneurial ecosystem in Nepal. (Source: https://kathmandupost.com/money/2023/08/28/government-makes-more-promises-to-help-start-ups)
