Quick Updates on Nepal’s Business News: Khabarhub

Experts in Nepal are calling for a pragmatic budget for the upcoming fiscal year, emphasizing the need for a credible approach to revenue, foreign aid, and internal loans. The budget should align with available resources and focus on a socialism-oriented strategy to boost the country’s economy.

In other news, the price of gold fell by Rs 1,800 on Friday, while cooperative victims in Kathmandu demanded the return of their savings. Additionally, 374 small industries have closed in Makwanpur due to the economic slowdown.

Meanwhile, the construction of a 132 kV substation in Gulmi is nearing completion, aiming to improve power transmission in the region. The government is planning to exceed the budget limit set by the National Planning Commission for the next fiscal year, raising concerns about fiscal discipline.

Furthermore, despite significant import activity at Kathmandu’s Chobhar Dry Port, there have been no reported exports, raising trade concerns. Internet service providers have agreed to pay taxes following government pressure, and the domestic gold market saw a significant decrease in prices on Friday.

Lastly, Ilam will host an International Tea Festival from June 8-10 to showcase the quality of Nepali tea globally and promote tea cultivation among farmers. The festival aims to enhance the international market presence of Nepali tea and address concerns of tea farmers and traders.