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The government today made public 'Nepal's Current Economic Situation Report-2083', assessing the country's current overall socio-economic situation.

Finance Minister Dr Swarnim Wagle had decided to prepare the document as soon as he took over the responsibility of the Ministry of Finance after the formation of the new government. 

According to the ministry, this situation report aims to present an objective picture of the country's current economic situation and to help guide the formulation of future policies, plans and budget.

The situation report acknowledges that Nepal's economy is currently beset by many challenges but it concludes that there are ample multifaceted opportunities for transformation. 

If a stable government, good governance and an investment-friendly policy environment can be created the confidence of the private sector will be restored and domestic and foreign investment will increase. This is expected to expand the manufacturing sector, create jobs and accelerate economic activity. 

The hydropower sector has been presented as a major opportunity, which could generate stable foreign income through cheap and reliable energy production, industrialization, expansion of the service sector and electricity export. 

The position paper states that income and employment can be created in rural areas through the integrated development of mountain, culture and community-based tourism. 

International competitiveness can increase if tourism infrastructure, service quality, mobility and destination management are improved.

Similarly, the document has placed artificial intelligence, robotics, information technology services, business process outsourcing and digital entrepreneurship as major opportunities for the coming decade. 

Production, income and exports can be increased through modernization of the agricultural sector. Investment in high-value crops, animal husbandry, horticulture development and agro-processing industries are the way forward.

Similarly, industrial development, supply chain strengthening, special economic zones (SEZs), industrial clusters and trade facilitation have been mentioned as the main tools for building an export-oriented economy. The paper also points out the possibility of making Nepal a regional 'transit trade hub' by taking advantage of its geographical location.

It is necessary to increase investment in transport, energy, irrigation and digital infrastructure sectors. There is a possibility of moving forward large projects through the Public-Private Partnership (PPP) model.

Similarly, it has been emphasized that remittances should be linked to entrepreneurship, skill development and manufacturing sectors. 

A policy is necessary to utilize the experience and skills of migrant workers who have returned from foreign employment.

The paper suggests increasing financial inclusion, digital banking, and long-term investment tools in the financial sector. Income, production, and employment can be increased through sustainable use of minerals, water, land, forests, and herbs available within the country. Emphasis is placed on adopting a policy of resource utilization while maintaining biological and ecological balance.

According to the report, an average of seven percent economic growth can be achieved from the coming fiscal year. 

It is set to increase per capita income to more than USD 3000  within five to seven years and bring the size of the economy to close to one hundred billion US dollars. 

For this, 15, 000  megawatts of electricity generation capacity within five years, completing national pride projects within two years, strengthening the interconnection between agriculture, industry, and tourism, building quality tourism infrastructure, and expanding the digital economy have to be carried out.

Chinese Ambassador to Nepal Zhang Maoming met with Minister for Communications and Information Technology Dr Bikram Timilsina at the Ministry today. 

According to Minister Timilsina's secretariat, discussions were held on issues of Nepal-China relations, mutual interests and bilateral cooperation.

On the occasion, the Chinese Ambassador congratulated Minister Timilsina for the new government in Nepal and opined to further strengthen and deepen Nepal-China relations by expanding cooperation in different areas.

The Chinese Ambassador stated that an unparalleled opportunity was created in Nepal for socio-economic development after the formation of a strong government and added that China was willing to cooperate with Nepal in such a transformation.

Ambassador Zhang shared that Nepal-China cooperation could be materialized in the areas of AI and information technology.  

He expressed confidence that an environment conducive for the operation of companies being run in Nepal with Chinese investment would be created. 

During the meeting, Minister Timilsina said that Nepal has always valued its continued cooperation, mutual interests and development partnership with China.

He underscored the chances of immense potential between the two countries in the areas of infrastructure connectivity, digital infrastructure development and IT. 

He added that the government would work further to expand services in the areas of IT, cyber security, telecommunications and digital service.

Likewise, Minister Timilsina said that the government was ready to resolve any issues the Chinese companies were facing while working in Nepal.

The air quality in the Kathmandu Valley, which started to deteriorate rapidly from last week, is once again showing signs of improvement.

The pollution, which had increased due to dry weather and forest fires, has gradually started to decrease with the onset of rain in recent days. 

Kathmandu's Air Quality Index (AQI), which was around 92 last Tuesday, had risen to 247 on Thursday. 

Experts had expressed concern that since the level falls into the 'very unhealthy' category, it would have serious effects on the general public's health.

Currently, pollution is decreasing, having dropped to 141 today, which falls in the 'unhealthy' category.

According to the AQI standards, an AQI of 0–50 is considered 'Good', of 51–100 'Moderate', of 101–150 'Unhealthy', of 151–200 'Unhealthy for all', of 201–300 'Very Unhealthy' and of above 300 'Extremely Dangerous'.

Director General of the Department of Environment, Gyanraj Subedi, stated that rain plays an important role in controlling air pollution.

He said, "When there is no rain for a long time, dust and smoke accumulate in the atmosphere, forest fires increase, and the smoke from them settles in the valley, leading to high pollution. 

Additionally, polluted air coming from the neighbouring country India also affects the air quality in Kathmandu."

Subedi emphasised that the concerned authorities should effectively implement sustainable and environmentally friendly development measures to control pollution.

According to Binu Maharjan, a meteorologist at the Department of Hydrology and Meteorology, there is a good chance of rain from Wednesday. 

It is expected to help further reduce pollution by controlling dust and particles in the air.

The Nepal Stock Exchange (NEPSE) surged by 7. 73 points to close at 2, 796. 43 points on Monday. 

Similarly, the sensitive index dropped by 1. 64 points to close at 469. 72 points.

A total of 10,928,617-unit shares of 351 companies were traded for Rs 1. 58 billion.

Meanwhile, Corporate Development Bank Limited (CORBL), Palpa Cement Industries Limited (PCIL) and Shikhar power Development Limited (SIPD) were the top gainers today with its price surging by 15. 00 percent.

Similarly, Nifra Green Energy Debenture 6% - 2088/89 (NIFRAGED) was the top loser as its price fell by 14. 01 points. 

At the end of the day, the total market capitalization stood at Rs 4. 76 trillion.

Narayan Dutta Paudel has been appointed as the Inspector General of the Armed Police Force. 

A Cabinet meeting held on Monday decided to appoint Paudel as the Inspector General of the Armed Police Force. 

The Nepali Congress (NC) has decided to nominate Bhishmaraj Angdembe as the party’s Parliamentary Party leader.

A meeting of the NC Work Execution Committee held at the party’s central office in Sanepa, Lalitpur, unanimously decided to nominate Angdembe for the post, endorsing a proposal presented by party President Gagan Kumar Thapa, according to the party’s General Secretary Gururaj Ghimire.

Angdembe represents the party in the House of Representatives as a member elected under the proportional representation (PR) system.

A meeting of the party’s Parliamentary Party scheduled for today is expected to formally endorse the nomination.

Earlier, a three-member committee coordinated by party Vice President Bishwa Prakash Sharma was formed after three candidates staked their claims for the parliamentary leadership. 

Angdembe’s name was recommended following deliberations by the committee, which also included the party’s two general secretaries.

The NC is set to elect its Parliamentary Party leader unanimously for the first time since 2064 BS.

Chinese ambassador to Nepal Zhang Maoming called on Minister for Education, Science and Technology, Sasmit Pokharel on Monday. 

In the meeting held at the Minister's office in Singha Durbar, the two exchanged views on Chinese support and cooperation to Nepal's various areas including education, science and technology and sports. 

The discussions focused on school infrastructure development, institutionalization of digital systems in teaching and learning, and other contemporary issues.

They also covered Nepal–China historical relations, as well as areas of mutual cooperation and collaboration, according to the Minister's private secretariat. 

Minister Pokhrel, who also serves as the Government Spokesperson, expressed the government’s interest in further strengthening school infrastructure, advancing digitalization in education, and enhancing partnerships and collaboration with China. 

He also highlighted the urgency of completing Chinese-funded projects in Nepal’s education sector and expanding scholarship opportunities for Nepali students in China based on their interests.

In response, the Chinese Ambassador expressed China’s willingness to cooperate and collaborate with Nepal on these matters. 

Both sides agreed to move forward by further deepening mutual interests and strengthening multidimensional relations, it has been learnt. . 

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