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The price of gold has dropped by Rs 100 per tola in the domestic market on Thursday. According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow bullion is being traded at Rs 109, 600 per tola today. The yellow metal was traded at Rs 109, 700 per tola on Wednesday. Meanwhile, tejabi gold is being traded at Rs 109, 100 per tola. It was traded at Rs 109, 200. Similarly, the silver is being traded at Rs 1,415 per tola today.

The Nepal Stock Exchange (NEPSE) plunged by 13. 68 points to close at 1,892.00 points on Wednesday. Similarly, the sensitive index dropped by 2. 11 points to close at 361. 55 points. A total of 2,571,202-unit shares of 264 companies were traded for Rs 847 billion. Meanwhile, Janautthan Samudayic Laghubitta Bittiya Sanstha Limited was the top gainer today with its price surging by 3. 25 percent. Likewise, Sunrise Bluechip Fund was the top loser with its price dropped by 9. 12 percent. At the end of the day, the total market capitalization stood at Rs 2. 75 trillion.

As the government is struggling to manage resources in the wake of the economic downturn in the country, the ceiling of the funds that will be allocated in the next fiscal year's budget for the Ministry of Physical Infrastructure and Transport (MoPIT) has been reduced. The budget ceiling of MoPIT, the ministry responsible for infrastructure development in the country, has been decreased by Rs 54 billion. The ministry's annual budget for the current fiscal year is Rs 167 billion. However, it will be allocated only Rs 113 billion in the next fiscal year which is 32.33 percent lesser than this year. Minister for Physical Infrastructure and Transport Prakash Jwala acknowledged that the budget ceiling of the ministry for the upcoming fiscal year has been reduced significantly. As the country grapples with the economic downturn that has affected the federal government's revenue collection, the Finance Ministry is likely to present a budget smaller in size for the next fiscal year. The government had brought a Rs 1,793.83 billion budget for the current fiscal year. However, the National Planning Commission (NPC) has set a ceiling of Rs 1688.40 billion for the next fiscal year's budget. Minister Jwala said that despite the reduction in the budget ceiling, MoPIT is trying to allocate more resources under the capital expenditure heading. "Due to the difficult situation, the size of our ministry's budget has decreased. This may affect the development and construction work," he said in a program held at the ministry on Tuesday. "We will try to earmark more funds for the capital expenditure by cutting unnecessary recurrent expenditure as well as by prioritizing the projects." With a reduction in the budget size, the possibility of announcing new infrastructure projects in the next federal budget is slim. MoPIT officials also said works of the projects that are already under construction may also be affected. As the majority of large infrastructure projects fail to complete their construction within the deadline, the ministry is also planning to make a policy intervention to speed up the development of the projects. "There will be policy arrangements in place to improve coordination between inter-ministries, inter-agency, all three levels of government, and other agencies," said Jwala. The poor inter-agency coordination, particularly in acquisition of lands and forest clearance, has hampered the large infrastructure development projects related to hydropower and roads.  

At a time when the government is drafting the budget for the upcoming fiscal year, facing difficulties to pay pensions and salaries to civil service employees, the demand for reviving the highly controversial Local Infrastructure Development Partnership Program, popularly known as the 'constituency development fund' has surfaced again. The lawmakers of the ruling Nepali Congress during a parliamentary party meeting on Tuesday urged Finance Minister Dr. Prakash Saran Mahat to include the program in the upcoming federal budget. Most of the Nepali Congress lawmakers who spoke in the discussion with the finance minister urged that the program should be revived. The lawmakers argued that 'it was difficult for the federal parliamentarians to reach out to the people of their respective constituencies as there was no development budget for them'. They said there is a need to revive the program in the upcoming budget to 'connect with the people'. In response, Dr. Mahat did not commit to fulfilling their demand and briefed the lawmakers about the country's economic situation stating that it has become challenging to raise the necessary resources for the budget. Earlier run as two separate programs— the Constituency Infrastructure Special Program and the Constituency Development Program, the Local Infrastructure Development Partnership Program has faced widespread criticism for being distributive as well as for the alleged misuse of the funds. As the program gives discretionary authority to lawmakers to utilize the funds to run development programs in their constituencies, there were many instances in the past when the projects under the program were largely run by the local consumer committees close to the political party cadres. Under the program, the government in the fiscal year 2020/21 had allocated Rs 40 million for each constituency. The program is implemented through the local governments with the joint funding of federal and local government resources. The federal government stopped resources for projects under the program in July 2020 after deciding to invest the unused funds under the program for the Covid-19 response. However, in 2021, the then KP Sharma Oli government decided to release the budget despite widespread concerns over possible misuse of funds. Following criticisms from all quarters of the society, the then Finance Minister Yubaraj Khatiwada in the federal budget of FY 2020/21 reduced the resources for the program. The funds for each constituency were reduced to Rs 40 million from earlier Rs 60 million. The federal government in FY 2020/21 had allocated Rs 6.60 billion for the program, down from Rs 9.90 billion in FY 2019/20. The controversial program was scrapped by the then Finance Minister Bishnu Poudel in the FY 2021/22 federal budget. According to NC Chief Whip Ramesh Lekhak, lawmakers have given various suggestions to the finance minister for the upcoming budget during Tuesday's meeting. Finance Minister Mahat briefed the lawmakers about the principles, priorities, and bases of the next fiscal year's budget.