Weekly Economic Updates (9th August 2024–15th August 2024)
3 min readAug 16, 2024
- NEA Profits NPR 47.41 Billion Under Ghising
Nepal Electricity Authority achieved a profit of NPR 47.41 billion, reversing an NPR 34.61 billion loss eight years ago. Managing Director Ghising credits increased electricity consumption from 3.32 billion to 10.23 billion units.
(Source: https://english.khabarhub.com/2024/09/372969/) - Nepal, India Discuss Enhanced Air Routes and Bilateral Projects
Nepal’s Foreign Minister Dr. Rana and Indian Foreign Secretary Misri discussed expanding air routes to Bhairahawa and Pokhara, a new lab for imports, the Pancheshwar Project, flood control, and the Darchula bridge.
(Source: https://english.khabarhub.com/2024/12/379113/) - Nepal Expands Transmission Lines
Nepal Electricity Authority has doubled its transmission lines to 6,507 circuit kilometers in eight years to match rising electricity production of 3,157 MW. NEA needs Rs 500 billion in the next decade.
(Source: https://myrepublica.nagariknetwork.com/news/nepal-s-transmission-lines-doubled-to-6-507-circuit-km-in-eight-years/) - CIAA Raids NEPSE Over Insider Trading
CIAA raided Nepal Stock Exchange, suspecting employees of insider trading using family and friends’ names. The raid, triggered by complaints, led to the seizure of documents and phones for investigation.
(Source: https://myrepublica.nagariknetwork.com/news/ciaa-raids-nepse-office-on-suspect-of-its-employees-being-involved-in-insider-trading-of-shares/) - Bill to Amend Transitional Justice Law Presented in House Amid Mixed Reactions
The bill to amend the Truth and Reconciliation Commission Act has been presented in the House, receiving mixed reactions. Some support its progress, but concerns persist over crime classification, reduced sentencing, and the omission of war crimes. The bill will face further discussion before a final vote.
(Source:https://kathmandupost.com/politics/2024/08/14/bill-to-amend-transitional-justice-law-lands-in-house) - Nepal’s Power Surge: Capacity Triples in Eight Years
Nepal’s electricity production capacity has soared to 3,157 MW, tripling in the past eight years. Recent additions include 1,700 MW in just three years. Hydropower dominates, contributing 95% of the total, with the private sector driving significant growth. The NEA aims for 10,000 MW by 2028, with major projects underway, including new hydropower and solar initiatives.
(Source: https://myrepublica.nagariknetwork.com/news/nepal-s-electricity-production-capacity-tripled-to-3-157-mw-in-past-eight-years/ ) - PM Oli Invites Indian PM Modi for Official Visit to Nepal
Prime Minister (PM) Oli has invited Indian PM Modi for an official visit to Nepal. The invitation was delivered by Indian Foreign Secretary Vikram Misri during his visit to Nepal, marking the first high-level interaction since Oli’s recent appointment.
(Source: https://myrepublica.nagariknetwork.com/news/pm-oli-invites-indian-pm-modi-for-official-visit-to-nepal) - Government to Provide Subsidies for Full Operation of Bhairahawa and Pokhara Airports
The Nepal government will provide subsidies, including waived service charges, VAT, and Tourism Board fees until August 2027, to fully operationalize Bhairahawa and Pokhara airports. Additionally, aviation fuel in Bhairahawa will be cheaper than in Kathmandu.
(Source: https://www.onlinekhabar.com/2024/08/1524580) - Rastriya Swatantra Party MP Files Proposal on Cholera Outbreak Risk Rastriya Swatantra Party MP Dr. Toshima Karki has filed a proposal in the House of Representatives highlighting the risk of a cholera outbreak. The proposal, co-signed by MPs Sobhita Gautam, Manish Jha, and Dr. Chanda Karki, was addressed to Health Minister Pradeep Paudel and submitted to Speaker Devraj Ghimire.
(Source: https://www.setopati.com/politics/336717) - Ncell Faces Pressure Over License Renewal
Ncell is pushing for a license renewal without meeting the legal requirement to transition to state ownership after 25 years. Despite a Cabinet directive in March, the government’s decision is still pending, with two weeks left, raising legal concerns.
(Source:https://ekantipur.com/news/2024/08/14/after-reaching-25-years-pressure-to-renew-ncell-without-ensuring-that-it-will-be-government-21-15.html)
