Insurance Regulator Beema Samiti Grants Approval in Principle to Himalayan Reinsurance

Jun 01, 2021 0 1 minutes 56 seconds to read

Beema Samiti—the insurance regulatory authority of the country—has decided to grant approval in principle to Himalayan Reinsurance to provide reinsurance…

Government to Extend Prohibitory Order in Kathmandu

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June 1: Government authorities have decided to extend the ongoing prohibitory order in Kathmandu valley for at least a week with slight…

800,000 Doses of China-gifted Vaccines Arrive in Kathmandu

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A consignment of 800,000 doses of COVID-19 vaccines gifted by China has arrived in Kathmandu.…

Exports of Dairy Products Jump 465% as Supply of Ghee to Japan Rises

Jun 01, 2021 0 1 minutes 48 seconds to read

Exports of dairy products have jumped 465 percent in the first ten months of the current fiscal year…

Private Sector Finds Overall Budget Positive, Points Implementation As Challenge

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The private sector has provided a mixed response on the federal budget for the fiscal year…

Finance Ministry Begins Preparations for Implementation of New Budget

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Solu Corridor Transmission Line Project Deadline Likely to Be Extended for Sixth Time

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As the construction work of Solu corridor 132 KV transmission line is yet to be completed, project officials are working to extend the project completion deadline for the sixth time. …

Finance Minister Assures of Implementing Budget

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Budget for Agriculture up by Rs 3.69 Billion

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No Laughing Matter

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NEPSE

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		'Article' => array(
			'id' => '13485',
			'article_category_id' => '1',
			'title' => 'Insurance Regulator Beema Samiti Grants Approval in Principle to Himalayan Reinsurance ',
			'sub_title' => '',
			'summary' => 'Beema Samiti—the  insurance regulatory authority of the country—has decided to grant approval in principle to Himalayan Reinsurance to provide reinsurance service.',
			'content' => '<p>June 1: &nbsp;<br />
Beema Samiti&mdash;the &nbsp;insurance regulatory authority of the country&mdash;has&nbsp;decided to grant approval in principle to Himalayan Reinsurance, allowing the new company to start a process to get the operation license for providing reinsurance services.&nbsp;</p>

<p>Raju Raman Paudel, Executive Director at the Beema Samiti, said that the board meeting held recently decided to grant approval in principle to set up a reinsurance company to Himalayan Reinsurance. According to Paudel, a formal letter regarding the decision will be provided to the company within two days.<br />
Five companies had applied for the approval after the Beema Samiti&nbsp;on May 29 called for applications from the private sector to grant approval for the reinsurance company. Kathmandu Reinsurance Company, Annapurna Reinsurance Company, Prudential Reinsurance Company, Himalayan Reinsurance Company and Genuine Reinsurance Company had sought Beema Samiti&rsquo;s nod to start the process to acquire the operation license.&nbsp;<br />
Beema Samiti&nbsp;officials say that the board decided to choose Himalayan Re which received the highest marks during the evaluation process.</p>

<p>After receiving the approval from the board, Himalayan Re will have to register itself at the Office of the Company Registrar. The company should come into operation within six months from the date of receiving the approval.</p>

<p><br />
Once the company sets up its infrastructure and office, it should apply for the license with Beema Samiti&nbsp;for the operation license. After carrying out inspection of the infrastructure, Beema Samiti then decides on granting the operation license.<br />
Himalayan Re will have a paid-up capital of Rs 10 billion as required by Beema Samiti. Shekhar Golchha, President of Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Bhawani Rana, the outgoing FNCCI President, former FNCCI President Pashupati Murarka along with other industrialists including Shahil Agrawal and Sulav Agrawal, are said to be major promoters of Himalayan Re. It also has investments from Lucky Group, Dugar Group and Shankar Group.&nbsp;<br />
Currently, there is only one state-owned Nepal Reinsurance Company that is in operation in Nepal. Beema Samiti&nbsp;had started the process to add one more reinsurer from the private sector in line with a recommendation from its committee formed to study the viability of a new reinsurance company.&nbsp;</p>
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			'id' => '13487',
			'article_category_id' => '1',
			'title' => 'Government to Extend Prohibitory Order in Kathmandu',
			'sub_title' => 'Retail Stores will be Allowed to Open Under New Modality ',
			'summary' => 'June 1: Government authorities have decided to extend the ongoing prohibitory order in Kathmandu valley for at least a week with slight modifications.',
			'content' => '<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">June 1: Government authorities have decided to extend the ongoing prohibitory order in Kathmandu valley for at&nbsp; least a week with slight modifications, according to the state-owned national news agency RSS.&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">A meeting of the chief district officers of Kathmandu, Lalitpur and Bhaktapur on Tuesday (June 1) &nbsp;decided to give continuity to the prohibitory order issued on May 28, RSS reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to the CDO of Bhaktapur Prem Prasad Bhattarai, retail and grocery shops as well as food stores and departmental stores will be allowed to open until 9 am each day from June 4 when the new order comes into effect.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">Similarly, development works and construction activities will be allowed under certain conditions. The contractors need to arrange boarding facilities for the workers to undertake construction works.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Likewise, vehicles carrying daily essentials and supplies can be operated following a fixed timetable. These activities had been curtailed by the May 28 decision. Other activities shall remain prohibited as per the previous decision.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">The modification comes in the wake of a declining rate of COVID-19 infection across the country since the past few days.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">The ongoing prohibitory order expires on June 3. </span></span></span><br />
&nbsp;</p>
',
			'published' => true,
			'created' => '2021-06-02',
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			'description' => '',
			'sortorder' => '13230',
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			'article_date' => '2021-06-02 11:57:50',
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	(int) 2 => array(
		'Article' => array(
			'id' => '13484',
			'article_category_id' => '1',
			'title' => '800,000 Doses of China-gifted Vaccines Arrive in Kathmandu ',
			'sub_title' => '',
			'summary' => ' A consignment of 800,000 doses of COVID-19 vaccines gifted by China has arrived in Kathmandu. ',
			'content' => '<p>June 1:&nbsp;A consignment of 800,000 doses of COVID-19 vaccines gifted by China has arrived in Kathmandu. Nepal Airlines, the state-owned airlines, airlifted the vaccines from Beijing on Tuesday.</p>

<p>China has decided to provide one million doses of Covid vaccines under its grant assistance following a request from President Bidya Devi Bhandari to her Chinese counterpart Xi Jinping.&nbsp;</p>

<p>During a telephone conversation held with President Bhandari on May 26, Chinese President Xi Jinping had announced that China will provide one&nbsp;million doses of Covid-19 vaccines to Nepal under grant assistance.&nbsp;</p>

<p>According to a statement of Nepal&rsquo;s Ministry of Foreign Affairs, the remaining 200,000 doses of the vaccine are being provided to Nepal by the Government of the Tibet Autonomous Region of China. Accordingly, 50,400 doses of the vaccine and syringes have been handed over to the officials of the Ministry of Health and Population on Tuesday morning, and another batch of 50,400 vaccines and syringes is scheduled to arrive in Kathmandu this evening, according to the statement. The consignment of remaining 99,200 vaccines and syringes will arrive in Kathmandu on Wednesday.&nbsp;</p>

<p>Though it&rsquo;s not immediately clear which vaccine China has provided to Nepal, the Department of Drug Administration has authorized only&nbsp;Vero Cell as the vaccine manufactured in China for the emergency use in Nepal.&nbsp;</p>

<p>This is the second time that China gifted Covid vaccines to Nepal. Earlier in March, China had provided Nepal 800,000 doses of Vero Cell.&nbsp;<br />
&nbsp;<br />
&nbsp;</p>
',
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			'created' => '2021-06-01',
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			'description' => '',
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		'Article' => array(
			'id' => '13483',
			'article_category_id' => '1',
			'title' => 'Exports of Dairy Products Jump 465% as Supply of Ghee to Japan Rises ',
			'sub_title' => '',
			'summary' => 'Exports of dairy products have jumped 465 percent in the first ten months of the current fiscal year (2020/21). ',
			'content' => '<p>June 1:&nbsp;Exports of dairy products have&nbsp;jumped 465 percent in the first ten months of the current fiscal year (2020/21).&nbsp;<br />
According to the data of National Dairy Development Board (NDDB), the exports of dairy products have surged 465 percent in 10 months of the current fiscal year compared to the corresponding period of the last fiscal year.&nbsp;<br />
Nepal exported dairy products worth Rs&nbsp;65.6 million this year up from Rs 11.65 million in last year.&nbsp;<br />
Imports of dairy products are still higher than exports. However, the imports have also declined in the review period.<br />
According to the board, the imports of dairy products fell 14.25 percent. The country imported dairy products worth Rs 1.69 billion, down from Rs 1.45 billion.&nbsp;<br />
Dr. Balak Chaudhary, Technical Director at the NDDB, said that the surge in the export of ghee (clarified butter)&nbsp;to Japan has increased the total export receipt from dairy products. The clarified butter exports to Japan rose by 11,115 kg in the first 10 months of the current fiscal year as compared to the same period of last year. This is the highest quantity of clarified butter that Nepal has exported,&nbsp;&nbsp;he&nbsp;said.&nbsp;</p>

<p>According to Chaudhary, Japan is becoming a major market for Nepali dairy products thanks to Nepali doing dairy businesses in Japan.&nbsp;</p>

<p><br />
<strong>Milk collection limited to 50% </strong><br />
The collection of milk has been limited to 50 percent due to the prohibitory orders imposed in various parts of the country. Organizing a press conference organized on the eve of World Milk Day, the National Dairy Development Board said that the milk collection in the formal sector declined by 50 percent due to the prohibitory orders imposed by the government to control the Covid-19. Speaking at the press meet, Radha Krishna Sapkota, President of the Nepal Dairy Association, said that the dairy sector, which contributes to nearly 9 percent to the country&#39;s gross domestic product, is facing various problems due to the pandemic. According to him, dairy businesses have only 41,000 metric tons of powdered milk and 25,000 metric tons of butter in their stock.<br />
&nbsp;</p>
',
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			'created' => '2021-06-01',
			'modified' => '2021-06-01',
			'keywords' => '',
			'description' => '',
			'sortorder' => '13228',
			'image' => '20210601024754_Ghee.jpg',
			'article_date' => '2021-06-01 14:36:42',
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	(int) 4 => array(
		'Article' => array(
			'id' => '13482',
			'article_category_id' => '1',
			'title' => 'Private Sector Finds Overall Budget Positive, Points Implementation As Challenge    ',
			'sub_title' => '',
			'summary' => 'The private sector has provided a mixed response on the federal budget for the fiscal year 2021/22. ',
			'content' => '<p>June 1:&nbsp;The private sector has provided a mixed response on the federal budget for the fiscal year 2021/22.&nbsp;</p>

<p>The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Confederation of Nepalese Industries (CNI) have said that the overall budget program looks promising.&nbsp;However, they have said that the budget did not address some of their key demands.</p>

<p>Issuing a statement on Monday, the FNCCI said that priorities accorded in the budget have sent a positive message. The Federation is confident that the removal of excise duty and reduction of customs duty on import of electric vehicles will help in the promotion of environmentally friendly vehicles and replace diesel and petrol powered vehicles. However, the federation said that the implementation of the upcoming year&rsquo;s budget is more difficult than of previous year.<br />
&ldquo;Elections have been announced for the fourth month of the upcoming fiscal year and if the vaccination program couldn&rsquo;t be expanded it will soon invite the third wave of coronavirus. It will prevent the private sector from expanding the business which will add pressure on the revenue system,&rdquo; read the statement of the FNCCI.&nbsp;</p>

<p>Similarly, CNI, in a separate statement, said that provisions like 100 percent income tax exemption to startup businesses, deduction of seed capital investment in startups as expenditure and subsidized loans to youths against academic certificate pledge are commendable. However, the Confederation has stated that such seed capital should have been of Rs 50 million.&nbsp;</p>

<p>According to CNI, the budget is aimed at uplifting the economy ravaged by the COVID- 19, improving the industrial environment, increasing private sector investment and generating employment opportunities. It also said that it expects the provision of transferring electricity from power companies to the industries by paying the wheeling charge will reduce the production charge and help in the export of the electricity. It has further said that waiving off electricity demand fees to the industries, hotel and cinema during the period of prohibitory order is also an encouraging move.<br />
Stating that the budget has not been able to address the domestic, small and medium industries affected by the COVID pandemic, CNI also urged the government to address their needs through the monetary policy. &nbsp;</p>
',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '13227',
			'image' => '20210601020406_FNCCI_CNi.jpg',
			'article_date' => '2021-06-01 13:59:26',
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	(int) 5 => array(
		'Article' => array(
			'id' => '13481',
			'article_category_id' => '1',
			'title' => 'Finance Ministry Begins Preparations for Implementation of New Budget ',
			'sub_title' => '',
			'summary' => 'Ministry of Finance (MoF) has started preparation for the implementation of the budget for the upcoming fiscal year (2021/22). ',
			'content' => '<p>June 1: Ministry of Finance (MoF) has started preparation for the implementation of the budget for the upcoming fiscal year (2021/22).</p>

<p>According to MoF officials, the MoF has begun the preparation for the budget implementation immediately after unveiling the estimate of revenue and expenditure.&nbsp;<br />
Earlier on Saturday, Minister for Finance Bishnu Prasad Paudel had introduced the budget for the upcoming fiscal year through an ordinance. &nbsp;<br />
MoF officials say that the early preparation would lay a ground to bring desired results from the plans and programmes mentioned in the budget on time.<br />
Finance Minister Paudel on Monday held a meeting with ministers, secretaries and other senior officials of various ministries to discuss the execution of the new budget, according to a statement issued by the MoF. Minister for Physical Infrastructure and Transport Basanta Nembang, Minister for Education, Science and Technology Krishna Gopal Shrestha, Minister for Communications and Information Technology Parbat Gurung along with secretaries were present in the interaction.&nbsp;</p>

<p>Finance Minister Bishnu Prasad Poudel directed them to prepare a time-bound action plan as well as other guidelines and working procedures required for the implementation of the provisions, plans and programmes introduced in the budget.&nbsp;<br />
He urged the senior officials to make preparation that will allow them to &nbsp;implement the budget from the beginning of the upcoming fiscal year. The new fiscal year begins from July 16. &nbsp;<br />
&ldquo;We are serious on implementing the budget. I urge you all to move forward with a clear timetable from the beginning to the completion of plans and programs,&rdquo; the statement quoted Finance Minister Poudel as saying. &ldquo;The ministry will assist, coordinate and facilitate the implementation of the budget.&rdquo;<br />
Stating that it is important to pay special attention to the implementation and its results, Finance Secretary Shishir Kumar Dhungana said that the MoF will look after the management of resources for the projects and programmes included in the budget.<br />
<br />
The MoF plans to hold discussions with various ministries and agencies on budget implementation regularly, according to the statement.&nbsp;</p>
',
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			'created' => '2021-06-01',
			'modified' => '2021-06-01',
			'keywords' => '',
			'description' => '',
			'sortorder' => '13226',
			'image' => '20210601123504_IMG_5049.jpg',
			'article_date' => '2021-06-01 12:31:56',
			'homepage' => true,
			'breaking_news' => false,
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	(int) 6 => array(
		'Article' => array(
			'id' => '13480',
			'article_category_id' => '1',
			'title' => 'Solu Corridor Transmission Line Project Deadline Likely to Be Extended for Sixth Time',
			'sub_title' => '',
			'summary' => 'As the construction work of Solu corridor 132 KV transmission line is yet to be completed, project officials are working to extend the project completion deadline for the sixth time.     ',
			'content' => '<p>June 1: As the construction work of Solu corridor 132 KV transmission line is yet to be completed, project officials are working to extend the project completion deadline for the sixth time. &nbsp; &nbsp;&nbsp;</p>

<p>The construction had started in September 2016 with a target to complete the project within 30 months. However, the deadline was extended fifth time with a plan to finish the entire construction work by May 2021. &nbsp; &nbsp;&nbsp;</p>

<p>Project Chief Janardan Gautam shared that the deadline is likely to be extended for three months. According to Gautam, locals&rsquo; obstruction in the construction works is to blame for delay in the project completion though 132 KV transmission line is being developed to export the power generated in the district. &nbsp; &nbsp;&nbsp;</p>

<p>It is said that only the foundation work of 292 towers is completed so far though 302 towers are to be constructed from Mirchaiya of Siraha to Tingla of Solukhumbu.</p>

<p>Gautam shared that locals in Maruwa of Udayapur district have obstructed the construction works in the sites for developing 10 other towers. Gautam shared that locals in Maruwa of Udayapur district have obstructed the construction works in the sites for developing 10 other towers. The locals have halted the work demanding compensation of their land. &nbsp; &nbsp;&nbsp;<br />
Similarly, the work of fixing electric wires is still left to do in 30 kilometres out of total 90 kilometres. Most of the tasks have come to a halt due to the locals&rsquo; obstruction. &nbsp; &nbsp;&nbsp;</p>

<p>The Upper Solukhola Hydropower Project that completed its project last year is generating only five megawatt of power out of its capacity of 23.5 megawatt due to lack of transmission line. The power generated from there is linked to 33 KV sub-station at Rumjatar of Okhaldhunga. &nbsp; &nbsp;&nbsp;<br />
--RSS &nbsp;&nbsp;<br />
&nbsp;</p>
',
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			'modified' => '2021-06-01',
			'keywords' => '',
			'description' => '',
			'sortorder' => '13225',
			'image' => '20210601112810_transmission line.jpg',
			'article_date' => '2021-06-01 11:25:46',
			'homepage' => true,
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	(int) 7 => array(
		'Article' => array(
			'id' => '13479',
			'article_category_id' => '1',
			'title' => 'Finance Minister Assures of Implementing Budget ',
			'sub_title' => '',
			'summary' => 'May 31: Finance Minister Bishnu Prasad Poudel has assured that the government will implement the budget for the upcoming fiscal year which was announced on May 29.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">May 31</span><span style="font-size:10.0pt"><span style="font-family:Times">: </span></span><span style="font-family:&quot;Times New Roman&quot;">Finance Minister Bishnu Prasad Poudel has assured that the government will implement the budget for the upcoming fiscal year which was announced on May 29.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The finance minister made such remark dismissing concerns over the implementation of the budget brought through ordinance.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Speaking at a press conference organised at the Ministry of Finance on Sunday, Minister Paudel said that the government would implement the budget to achieve the economic growth rate of 6.5 percent. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to him, the finance ministry is starting discussions with various line ministries on budget implementation from Monday (May 31) itself. He clarified that the government did not bring a provisional budget as it did not want to shy away from its duty during the current crisis caused by coronavirus pandemic. He claimed that a full-fledged budget was announced as per the constitutional provisions.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Experts say that the size of the budget has increased as the government tried to introduce a budget which was populist in nature. This poses a serious problem in financial discipline and it would be difficult to implement, according to the experts.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">However Minister Paudel said that the government cannot avoid its responsibility towards the country and the people by bringing only a provisional budget in such a time of crisis. &ldquo;Therefore, we have brought the budget in line with the constitution, and now we are determined to implement it.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to Finance Minister Paudel, the budget has given maximum priority to the revival of the economy by providing relief and facilities to the people and businesses affected by COVID-19. The budget has put forth the idea of restoring the economy to its old rhythm and making revitalizing it.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Denying the remark that there was no budget allocated for the election, Minister Paudel said that the government would mobilize all its resources to conduct the upcoming election in a free and fair manner. According to him, the required budget has already been allocated for the election. He said that the budget allocated for the polls will be released to the Election Commission and the security agencies as per the need.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Minister Paudel claimed that the government took the responsibility of increasing the social security allowances including the old age allowance even during the pandemic. He said, &quot;Contribution-based social security fund has already been implemented. Once it is fully implemented, the burden on the government will be greatly reduced. We have not reached the limit where we wouldn&rsquo;t be able to bear the load right now.&quot;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to him, the government has introduced a tax exemption and relief programme in the budget considering the sectors affected by the pandemic.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Minister Paudel said that the government has brought programs such as old age allowance and salary increment to fulfill the responsibility of the nation and not just to lure fellow voters. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Meanwhile, Governor Maha Prasad Adhikari has stated that the budget target could be achieved as soon as the impact of the coronavirus declines. According to Adhikari, the statistics show that the loan flow from last November to April has reached Rs 700 billion. &quot;Considering the same situation, there will be an economic revival of the &#39;V&#39; shape,&quot; he said.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Finance Secretary Sishir Kumar Dhungana said that the economic growth rate of 6.5 percent aimed by the government is attainable. According to Dhungana, the policy adopted by the government will help achieve the economic growth.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">&quot;The budget has programmes for relief and rehabilitation,&quot; he said, adding, &quot;Which will increase production and create more job opportunities.&quot;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to Dhungana, the economy that collapsed due to the pandemic will soon return to normal as the government has made vaccination drive against COVID-19 its top priority.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">&quot;We have made vaccination our first priority. As soon as the vaccines arrive, our economic activities will return to normal,&quot; Dhungana said, &ldquo;Which is why we have aimed for the economic growth rate of 6.5 percent. A study conducted by Nepal Rastra Bank also states the same. As soon as the market reopens, economic activities will pick up pace and demand will increase, so we can easily achieve the targeted economic growth.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">While many are questioning the size of the budget, he said that it was only 11.5 percent of gross domestic product (GDP). According to him, the government is trying to raise internal debt based on international standards.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to Dhungana, the implementation of various projects will be expedited in the current fiscal year. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Although there are concerns that revenue collection may be affected due to the large tax exemptions, Revenue Secretary Ram Sharan Pudasaini clarified that the exemptions were given mainly to the manufacturing industries, tourism business, small taxpayers and export-oriented industries and for the import of health equipment.</span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13478',
			'article_category_id' => '1',
			'title' => 'Farmers Cry Foul Over ‘No Budget’ for Poultry Farming and Floriculture ',
			'sub_title' => '',
			'summary' => 'May 31: Farmers have complained that poultry and floriculture business have not been included in the budget of Fiscal Year 2078/79. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">May 31: Farmers have complained that poultry and floriculture business have not been included in the budget of Fiscal Year 2078/79. They complained that budget presented by finance minister on Saturday did not address the concerns of both of these sectors.&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The farmers argued that an agricultural country like Nepal with more than 65 percent farmers cannot become self-reliant in agriculture if the government allocates only 2.78 percent of the total budget to the agriculture and livestock sector. Likewise, the farmers are frustrated that the poultry and floriculture business, which has provided employment to millions of people in the country, has not been included in the budget.&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">General Secretary of the Nepal Poultry Federation Dinesh Raj Mishra lamented that poultry sector was not mentioned in the budget. The contribution of poultry sector to Nepal&lsquo;s GDP is Rs 180 billion. He said that the government has completely ignored the poultry industry which has a huge contribution to the overall economy of the country.&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Similarly, florists have also expressed concern that the budget does not include them. Kumar Kasaju Shrestha, president of the Floriculture Association of Nepal, said that the government has ignored the floriculture business that has an investment of Rs 6.5 billion in the country. He said that they had hoped the government would address their concerns through the budget at a time when their business was in crisis due to the lockdown. However, the budget did not cover all the sectors of agriculture. He said this has disappointed all farmers and businessmen.&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The overall floriculture business is losing Rs 10 million daily due to the lockdown. The business, spread across 43 districts, has provided employment to more than 40,000 people directly and indirectly. A large part of this business is connected with various gatherings, weddings, and banquets, programmes and tourism sector and as these sectors are largely affected, the floriculture business is in crisis and has also halted production due to coronavirus.&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '13477',
			'article_category_id' => '1',
			'title' => 'Hydro Power Producers Resent Government’s Failure to Provide Subsidy on VAT despite its Declaration ',
			'sub_title' => '',
			'summary' => 'May 31: The government has remained silent on the issue of giving VAT exemption and subsidies to the promoters of hydro power projects. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">May 31: The government has remained silent on the issue of giving VAT exemption and subsidies to the promoters of hydro power projects. The government has not allocated any amount in this regard in the budget for the upcoming fiscal year which was announced on Saturday, May 29.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">In 2015, the government had announced to provide Rs 5 million grant on VAT per megawatt to the promoter companies of power projects to be completed within a decade by issuing a concept paper on National Energy Crisis Mitigation and Power Development Decade. In addition, it was said that the projects completed by 2015 would also receive the grant.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The government has already unveiled five budgets after announcing the grant. However, the promoters say that none of the budgets has addressed the issue.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Chairman of Independent Power Producers Association of Nepal (IPPAN) Krishna Prasad Acharya said that it was unfortunate that the grant was not implemented even after the announcement.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;The government has already decided to subsidize VAT for power projects. The required amount has to be allocated through the budget. However, even after 5-6 years, this issue has not found a place in the budget. We will not remain silent in this regard. We will continue our initiative for this,&rdquo; he said.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Spokesperson for the Ministry of Energy Madhu Prasad Bhetwal said that the Ministry of Finance is the body to take a necessary decision in this regard. &ldquo;At that time, we had offered a grant of Rs 10 million. The finance ministry reduced it to Rs 5 million,&rdquo; he said, adding, &ldquo;We have not been able to understand why the implementation has been delayed.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Secretary at the Ministry of Finance Shishir Kumar Dhungana also admitted that the budget could not address the issue. He said that this time the issue could not be addressed because it did not fall in priority list and there were other pressing issues.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;The coronavirus pandemic and its impact grabbed our attention while preparing budget. Therefore, this issue could not be addressed in the current budget,&rdquo; he said, &ldquo;However, it is an issue that the government has already decided. We will make necessary arrangements and implement them.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The government had announced such a concessional package to private sector promoters in 2015 intending to encourage power generation during the time of load-shedding. The government had made public a 99-point concept paper on energy crisis mitigation. However, the failure to implement it has discouraged energy producers of the private sector.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The government had announced a grant of Rs 5 million per megawatt to the promoter companies of the project to be completed by 2026. They also said that a grant of Rs 5.5 million per megawatt would be given if the construction is completed by 2024.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Many projects have been completed even after the government announced the exemption. However, IPPAN chairman Acharya said that they have not received the facility announced by the government. He stressed the need to implement the government&#39;s declaration as soon as possible.</span></span></span></p>

<p><br />
<br />
<br />
<br />
&nbsp;</p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '13476',
			'article_category_id' => '1',
			'title' => 'Humla to be Linked to National Highway',
			'sub_title' => '',
			'summary' => 'May 31: Simikot, the district headquarters of Humla is finally being linked to the national highway. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">May 31: Simikot, the district headquarters of Humla is finally being linked to the national highway. This will happen in the coming fiscal year, according to the budget estimates presented by Finance Minister Bishnu Prasad Paudel on Saturday.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Of the 77 district headquarters of the country, only Simikot is yet to be linked to the national highway. The pledge to change this reality features in every fiscal year budget though it has not yet been realized.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">The budget estimates also includes construction of a trekking route in Simikot as well as in the lower Dolpa area. Likewise, construction of a dry port will begin in Yari of Namkha rural municipality.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">The federal government has also allocated budget for construction of an access road in Hilsa region. The budget also features funds to be allocated for operation of maternity and neonatal care service in the district hospital. -- RSS&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;"><img alt="" src="/app/webroot/userfiles/images/20181226034129_IMG_8456.JPG" style="height:533px; width:800px" /></span></span></span></p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '13475',
			'article_category_id' => '1',
			'title' => 'Budget for Agriculture up by Rs 3.69 Billion',
			'sub_title' => '',
			'summary' => 'May 30: The government has allocated Rs 45.09 billion for the agriculture sector for the upcoming fiscal year (FY 2021/22).',
			'content' => '<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Manisha Balami</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">May 30: The government has allocated Rs 45.09 billion for the agriculture sector for the upcoming fiscal year (FY 2021/22), which is Rs 3.69 billion more than the budget allocated for the current fiscal year. The government had allocated Rs 41.40 billion for the agriculture sector for the current fiscal year.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Presenting the budget for the upcoming fiscal year on Saturday, Finance Minister Bishnu Poudel said that the agriculture sector would be developed as the main basis of a prosperous economy. For this, the government plans to modernise and commercialise the agriculture sector. He said that the Prime Minister&rsquo;s Agriculture Modernisation Project will be made more effective and an additional 71 zones to promote agriculture, fisheries and livestock production would be brought into operation.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Tax exemption will be given for the imports of agricultural tools, equipment and spare parts. Likewise, the government has given continuity to 50 percent subsidy in farm insurance premium.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Grants will be provided to the local level for purchasing agricultural equipment such as combine harvester, power teller, cultivator, rotavator, and harrow in the pocket areas. Minister Poudel announced that in order to provide technical assistance to the farmers in the project area, 300 students studying at the undergraduate level in agriculture will be assigned as interns.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">According to Poudel, Rs 7.60 billion has been allocated for providing concessional loan to the farmers. The government has also made an arrangement to provide subsidy of up to 50 percent to the farmers who purchase improved seeds from licensed sellers. Moreover, five million fruit seedlings will be produced by establishing medium and high-technology multi-purpose nursery. In addition, 50 percent subsidy will be provided for purchasing plants to promote apple farming in Manang, Mustang, Jumla and other Himalayan districts.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Minister Poudel said that sugarcane farmers will &nbsp;now onward get their subsidy within 15 days of sale of sugarcane to sugar mills. He informed that Rs 840 million has been allocated for this purpose.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">The existing agricultural subsidy system will be reviewed and production-based incentive grants will be provided to the farmers, agri-entrepreneurs, farmers&rsquo; group and cooperatives.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Likewise, the government has planned to provide the unused government farms and barren lands to the private sector on lease for commercial farming. Poudel informed that the budget has been allocated to encourage the private sector for commercial animal husbandry in Manang, Mustang, Myagdi, Dolpa and other districts of Himalayan region and floriculture in districts like Bhojpur, Nuwakot, and Baitadi.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;"><img alt="" src="/app/webroot/userfiles/images/20200512091924_20190527010000_Makai%281%29.jpg" style="height:480px; width:531px" /></span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Announcing the budget, Minister Poudel said that adequate supply of chemical fertilisers would be ensured prior to the time of plantation. He informed that the budget has been allocated to set up a chemical fertiliser plant within three years. Rs 12 billion will be allocated for the establishment of a chemical fertiliser plant in the country.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">The government has made arrangements to buy agricultural products of farmers in order to encourage them for farming and make the supply management easy and regular. He said that 200 food storage centers and 89 cold storages will be established throughout the local levels.&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Budget has been allocated for irrigation so that the irrigation facility is easily available to the farmers.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;"><img alt="" src="/app/webroot/userfiles/images/20210106123441_20201105020829_cover%281%29.jpg" style="height:517px; width:800px" /></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13474',
			'article_category_id' => '1',
			'title' => 'Government Announces Wide Range of Tax Incentives in Budget ',
			'sub_title' => '',
			'summary' => 'May 30: The government has announced a wide range of tax incentives and tax rebates in the budget presented for the fiscal year 2021-22. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">May 30: The government has announced a wide range of tax incentives and tax rebates in the budget presented for the fiscal year 2021-22.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government is providing 90 percent of income tax waiver to the taxpayers with an annual turnover of two million rupees. In the current fiscal year, the government is providing 75% of income tax waiver to the small cottage industries.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">In the upcoming fiscal year, taxpayers with an annual income of Rs two to five million will get tax waiver of 75 percent and taxpayers with annual income of Rs 5 million to Rs 10 million will get tax waiver of 50 percent.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government has announced that it will not charge additional fees against taxpayers paying tax within the stipulated time. Taxpayers are required to pay tax within mid-June and interest applicable to it by mid-Jan, 2022.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government is waiving off VAT on the purchase of diesel and LP gas used for business enterprises. Similarly, people have been provided with tax and excise duty exemption on the production and distribution of oxygen gas, liquid oxygen, oxygen cylinder, oxygen concentrator, medicines and import of medicines.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Excise duty applied on import of electric vehicles has been removed and customs duty has also been significantly reduced. Customs duty of induction cooker has been reduced to one percent and customs and excise duties have been reduced on refrigerator, grinder, rice cooker, fan among others.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Customers will get an immediate refund of 10 percent VAT on the items purchased through the payment of electronic gateways like debit, credit cards, QR code and scan and pay.&nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">With an aim to protect the domestic industries, customs duty of raw material will be made one level cheaper than that of the ready-made goods. Similarly, customs duty waiver has been provided to the import of machines, equipment and parts being used by tea, jute, cinema, pashmina, and hatchery industries.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Startup business will be receiving 100 percent income tax waiver for the five years since the establishment of the business. If the private sector provides seed capital of Rs 100,000 the amount will not be taxable while calculating the tax amount.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Meanwhile the government has increased excise duty on alcohol, beer, cigarettes and other tobacco items. The government has increased the capital gains tax on short-term capital market investors. Share investors selling shares before 365 days are applicable to pay 7.5 capital gains tax while long-term investors, selling shares after a year, will be subjected to 5 percent capital gains tax. </span></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13471',
			'article_category_id' => '1',
			'title' => 'Spending on Battle Against Covid Important, So Is Wooing Voters—FM’s Rs 1.65 Trillion Budget Message',
			'sub_title' => '',
			'summary' => 'Minister for Finance Bishnu Prasad Paudel has introduced the budget for the upcoming fiscal year (2021/22) with a plan to spend a total of Rs 1,647.57 billion.',
			'content' => '<p>Sagar Ghimire<br />
Kathmandu, May 30:<br />
Minister for Finance Bishnu Prasad Paudel has introduced the budget for the upcoming fiscal year (2021/22) with a plan to spend a total of Rs 1,647.57 billion.<br />
The budget&mdash;introduced in the form of ordinance in the absence of the parliament&mdash;ramps up spending on healthcare, plans to finance vaccination, raises social security allowances for the elderly people and salary to government employees and gives continuity to the funding of ongoing major development programs and projects.<br />
This is the fourth budget of the current KP Oli-led government that rose to power in February 2018 after an electoral alliance of his party CPN (UML) and CPN (Maoist-Center) swept parliamentary elections in December 2017. The previous three budgets were delivered by former Finance Minister Yuba Raj Khatiwada.</p>

<p><strong>Focus on fight against Covid-19</strong><br />
As Covid second wave rages, Finance Minister Paudel announced a spending of Rs 37.53 billion to combat the pandemic. This is in addition to Rs 122.78 billion earmarked to the Ministry of Health and Population for the health-related spending.<br />
He said that the government will expand free test and treatment from government-owned hospitals and labs, 50 percent capital subsidy for private hospitals to install oxygen plants, procurement of ICU, HDU, ventilators and test kits among other medical equipment for the treatment of Covid-19 patients. While continuing the risk allowance for frontline staff, Finance Minister Paudel also announced the government plan to mobilize retired or interning doctors, nurses and health workers with 50 percent risk allowance and full salary in one year contract. &nbsp;<br />
To provide Covid-19 jabs to the people at free of cost, Finance Minister Paudel allocated Rs 26.75 billion for the vaccination. &nbsp;<br />
The budget delivered by the Finance Minister Paudel amid devastating second wave of coronavirus and closure of economy due to prohibitory orders imposed in many parts of the country also includes some relief measures to&nbsp;the private sector as well as general public and put the economy on the track of recovery.<br />
In addition to giving continuity to &lsquo;Business Continuity Loan Scheme&rsquo; and pledging to expand the sectors and fund under the central bank-administered refinancing facility, Finance Minister Paudel also announced a raft of tax rebates and waivers for businesses and firms.<br />
The government set a target to achieve 6.5 percent of economic growth in the upcoming fiscal year.<br />
&nbsp;<br />
<strong>&lsquo;Populist and Distributive&rsquo; Budget</strong><br />
Finance Minister Paudel shrugged off widespread pressure to not introduce the full-fledged budget through ordinance when the House dissolution case is subjudice at the Supreme Court. &nbsp;In his budget, he presented his spending plan that is designed to appease and influence voters, say opposition leaders and experts. &nbsp;<br />
Baburam Bhattarai, a former Prime Minister and Chairman of Janata Samajwadi Party, is one among them. Bhattarai, who is also a former Finance Minister, came down heavily on the government for introducing the populist budget. In his tweet post, Former Prime Minister Bhattarai said that the Finance Minister read out the &lsquo;election manifesto&rsquo; of ruling CPN (UML) as a budget speech that promises to distribute &lsquo;lollipops&rsquo; to innocent voters.&nbsp;<br />
Dissolving the House of Representatives on May 21, the government has announced the mid-term elections for November 12 and 13. &nbsp;<br />
All types of social security allowances have been raised by 33 percent. As announced by Prime Minister Oli recently, Finance Minister Paudel increased the monthly allowance to senior citizens by Rs 1,000 to Rs 4,000.<br />
From a scheme to offer loans to college and university students for the purchase of laptops at one percent interest to a plan of free medical treatment to journalists, the budget incorporates various populist programmes. &nbsp;<br />
&ldquo;On the one hand, Finance Minister Paudel has announced setting up of the Pay Commission for the longer-term pay and perks reforms, and on the other, he has also raised the salary by Rs 2,000 per month for government employees,&rdquo; Krishna Gyawali, a former government secretary, told New Business Age. &ldquo;This short-term staff incentive measure is appeasingly illogical and highly unconvincing, which only justifies the allegations that, though cautiously guarded, it is still a populist and election-oriented budget,&rdquo; said Gyawali, who had also worked as a joint secretary in the Ministry of Finance. &nbsp;&nbsp;<br />
However, the Finance Minister decided to scrap the Local Infrastructure Development Programme. The programme, commonly known as Constituency Development Fund, was drawing criticism for giving funds directly to lawmakers to be invested in their constituencies with little or no transparency and oversight on spending. The termination of the programme also comes in the wake of dissolution of the House of Representatives and announcement of mid-term elections. Despite calls to discontinue such pork barrel funding, the government, in the current fiscal year, had allocated a total of Rs 6.6 billion for the programme to distribute Rs 40 million to each lawmaker to spend money in their constituencies.<br />
There are concerns not only in the process of introducing the budget with no parliamentary scrutiny, but also in the government&rsquo;s capacity to implement it.</p>

<p>&ldquo;The government will face immense political and systemic challenges to implement this budget not only because there is no robust institutional departure with regard to resetting the rules and routes of implementation but also because this budget is devoid of &lsquo;political legitimacy&rsquo;. The budget suffers from a likely lack of needed political support for creating a conducive implementation climate on the ground,&rdquo; said Gyawali.<br />
&nbsp;<br />
<strong>&nbsp;Job Creation Targets</strong><br />
Creation of employment opportunities also seemed to be a priority in the budget. As thousands of workers have either lost their jobs due to the pandemic, the government plans to generate 200,000 jobs in the upcoming fiscal year through the Prime Minister Employment Programme with a plan to spend Rs 12 billion.<br />
He also said that the government will provide skill training to 100,000 youths who have lost their jobs or returned from foreign employment. For the training on handicraft, plumbing, carpentry, vehicle and mobile repairing, beautician, Finance Minister announced a spending of Rs 400 million. &nbsp;<br />
In the budget, the government also expects 350,000 jobs creation from its partnership with the private sector. It has also set a target of creating 12,000 new jobs from its Youth Self Employment Fund. &nbsp;&nbsp;<br />
&nbsp;</p>
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			'id' => '13473',
			'article_category_id' => '1',
			'title' => 'Budget for FY2021/22 presented in Three Charts ',
			'sub_title' => '',
			'summary' => 'These three graphs sum up the the figures presented in the budget for upcoming fiscal year',
			'content' => '<p>May 30:&nbsp;<br />
Minister for Finance Bishnu Prasad Paudel on Saturday unveiled the budget of Rs 1,647.57 billion for upcoming fiscal year (2021/22) through an ordinance. These three charts sum up the&nbsp;key figures presented in the budget:&nbsp;<br />
&nbsp;</p>

<p><img alt="" src="/app/webroot/userfiles/images/Expenditures_Budget.jpg" style="height:320px; width:600px" /></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p><img alt="" src="/app/webroot/userfiles/images/Income%20Projections_Budget_.jpg" style="height:319px; width:617px" /></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p><img alt="" src="/app/webroot/userfiles/images/Sector%20Wise%20Spending.JPG" style="height:363px; width:617px" /></p>
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		'Article' => array(
			'id' => '13485',
			'article_category_id' => '1',
			'title' => 'Insurance Regulator Beema Samiti Grants Approval in Principle to Himalayan Reinsurance ',
			'sub_title' => '',
			'summary' => 'Beema Samiti—the  insurance regulatory authority of the country—has decided to grant approval in principle to Himalayan Reinsurance to provide reinsurance service.',
			'content' => '<p>June 1: &nbsp;<br />
Beema Samiti&mdash;the &nbsp;insurance regulatory authority of the country&mdash;has&nbsp;decided to grant approval in principle to Himalayan Reinsurance, allowing the new company to start a process to get the operation license for providing reinsurance services.&nbsp;</p>

<p>Raju Raman Paudel, Executive Director at the Beema Samiti, said that the board meeting held recently decided to grant approval in principle to set up a reinsurance company to Himalayan Reinsurance. According to Paudel, a formal letter regarding the decision will be provided to the company within two days.<br />
Five companies had applied for the approval after the Beema Samiti&nbsp;on May 29 called for applications from the private sector to grant approval for the reinsurance company. Kathmandu Reinsurance Company, Annapurna Reinsurance Company, Prudential Reinsurance Company, Himalayan Reinsurance Company and Genuine Reinsurance Company had sought Beema Samiti&rsquo;s nod to start the process to acquire the operation license.&nbsp;<br />
Beema Samiti&nbsp;officials say that the board decided to choose Himalayan Re which received the highest marks during the evaluation process.</p>

<p>After receiving the approval from the board, Himalayan Re will have to register itself at the Office of the Company Registrar. The company should come into operation within six months from the date of receiving the approval.</p>

<p><br />
Once the company sets up its infrastructure and office, it should apply for the license with Beema Samiti&nbsp;for the operation license. After carrying out inspection of the infrastructure, Beema Samiti then decides on granting the operation license.<br />
Himalayan Re will have a paid-up capital of Rs 10 billion as required by Beema Samiti. Shekhar Golchha, President of Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Bhawani Rana, the outgoing FNCCI President, former FNCCI President Pashupati Murarka along with other industrialists including Shahil Agrawal and Sulav Agrawal, are said to be major promoters of Himalayan Re. It also has investments from Lucky Group, Dugar Group and Shankar Group.&nbsp;<br />
Currently, there is only one state-owned Nepal Reinsurance Company that is in operation in Nepal. Beema Samiti&nbsp;had started the process to add one more reinsurer from the private sector in line with a recommendation from its committee formed to study the viability of a new reinsurance company.&nbsp;</p>
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			'id' => '13487',
			'article_category_id' => '1',
			'title' => 'Government to Extend Prohibitory Order in Kathmandu',
			'sub_title' => 'Retail Stores will be Allowed to Open Under New Modality ',
			'summary' => 'June 1: Government authorities have decided to extend the ongoing prohibitory order in Kathmandu valley for at least a week with slight modifications.',
			'content' => '<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">June 1: Government authorities have decided to extend the ongoing prohibitory order in Kathmandu valley for at&nbsp; least a week with slight modifications, according to the state-owned national news agency RSS.&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">A meeting of the chief district officers of Kathmandu, Lalitpur and Bhaktapur on Tuesday (June 1) &nbsp;decided to give continuity to the prohibitory order issued on May 28, RSS reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to the CDO of Bhaktapur Prem Prasad Bhattarai, retail and grocery shops as well as food stores and departmental stores will be allowed to open until 9 am each day from June 4 when the new order comes into effect.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">Similarly, development works and construction activities will be allowed under certain conditions. The contractors need to arrange boarding facilities for the workers to undertake construction works.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Likewise, vehicles carrying daily essentials and supplies can be operated following a fixed timetable. These activities had been curtailed by the May 28 decision. Other activities shall remain prohibited as per the previous decision.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">The modification comes in the wake of a declining rate of COVID-19 infection across the country since the past few days.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">The ongoing prohibitory order expires on June 3. </span></span></span><br />
&nbsp;</p>
',
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			'article_date' => '2021-06-02 11:57:50',
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		'Article' => array(
			'id' => '13484',
			'article_category_id' => '1',
			'title' => '800,000 Doses of China-gifted Vaccines Arrive in Kathmandu ',
			'sub_title' => '',
			'summary' => ' A consignment of 800,000 doses of COVID-19 vaccines gifted by China has arrived in Kathmandu. ',
			'content' => '<p>June 1:&nbsp;A consignment of 800,000 doses of COVID-19 vaccines gifted by China has arrived in Kathmandu. Nepal Airlines, the state-owned airlines, airlifted the vaccines from Beijing on Tuesday.</p>

<p>China has decided to provide one million doses of Covid vaccines under its grant assistance following a request from President Bidya Devi Bhandari to her Chinese counterpart Xi Jinping.&nbsp;</p>

<p>During a telephone conversation held with President Bhandari on May 26, Chinese President Xi Jinping had announced that China will provide one&nbsp;million doses of Covid-19 vaccines to Nepal under grant assistance.&nbsp;</p>

<p>According to a statement of Nepal&rsquo;s Ministry of Foreign Affairs, the remaining 200,000 doses of the vaccine are being provided to Nepal by the Government of the Tibet Autonomous Region of China. Accordingly, 50,400 doses of the vaccine and syringes have been handed over to the officials of the Ministry of Health and Population on Tuesday morning, and another batch of 50,400 vaccines and syringes is scheduled to arrive in Kathmandu this evening, according to the statement. The consignment of remaining 99,200 vaccines and syringes will arrive in Kathmandu on Wednesday.&nbsp;</p>

<p>Though it&rsquo;s not immediately clear which vaccine China has provided to Nepal, the Department of Drug Administration has authorized only&nbsp;Vero Cell as the vaccine manufactured in China for the emergency use in Nepal.&nbsp;</p>

<p>This is the second time that China gifted Covid vaccines to Nepal. Earlier in March, China had provided Nepal 800,000 doses of Vero Cell.&nbsp;<br />
&nbsp;<br />
&nbsp;</p>
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			'id' => '13483',
			'article_category_id' => '1',
			'title' => 'Exports of Dairy Products Jump 465% as Supply of Ghee to Japan Rises ',
			'sub_title' => '',
			'summary' => 'Exports of dairy products have jumped 465 percent in the first ten months of the current fiscal year (2020/21). ',
			'content' => '<p>June 1:&nbsp;Exports of dairy products have&nbsp;jumped 465 percent in the first ten months of the current fiscal year (2020/21).&nbsp;<br />
According to the data of National Dairy Development Board (NDDB), the exports of dairy products have surged 465 percent in 10 months of the current fiscal year compared to the corresponding period of the last fiscal year.&nbsp;<br />
Nepal exported dairy products worth Rs&nbsp;65.6 million this year up from Rs 11.65 million in last year.&nbsp;<br />
Imports of dairy products are still higher than exports. However, the imports have also declined in the review period.<br />
According to the board, the imports of dairy products fell 14.25 percent. The country imported dairy products worth Rs 1.69 billion, down from Rs 1.45 billion.&nbsp;<br />
Dr. Balak Chaudhary, Technical Director at the NDDB, said that the surge in the export of ghee (clarified butter)&nbsp;to Japan has increased the total export receipt from dairy products. The clarified butter exports to Japan rose by 11,115 kg in the first 10 months of the current fiscal year as compared to the same period of last year. This is the highest quantity of clarified butter that Nepal has exported,&nbsp;&nbsp;he&nbsp;said.&nbsp;</p>

<p>According to Chaudhary, Japan is becoming a major market for Nepali dairy products thanks to Nepali doing dairy businesses in Japan.&nbsp;</p>

<p><br />
<strong>Milk collection limited to 50% </strong><br />
The collection of milk has been limited to 50 percent due to the prohibitory orders imposed in various parts of the country. Organizing a press conference organized on the eve of World Milk Day, the National Dairy Development Board said that the milk collection in the formal sector declined by 50 percent due to the prohibitory orders imposed by the government to control the Covid-19. Speaking at the press meet, Radha Krishna Sapkota, President of the Nepal Dairy Association, said that the dairy sector, which contributes to nearly 9 percent to the country&#39;s gross domestic product, is facing various problems due to the pandemic. According to him, dairy businesses have only 41,000 metric tons of powdered milk and 25,000 metric tons of butter in their stock.<br />
&nbsp;</p>
',
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			'sortorder' => '13228',
			'image' => '20210601024754_Ghee.jpg',
			'article_date' => '2021-06-01 14:36:42',
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		'Article' => array(
			'id' => '13482',
			'article_category_id' => '1',
			'title' => 'Private Sector Finds Overall Budget Positive, Points Implementation As Challenge    ',
			'sub_title' => '',
			'summary' => 'The private sector has provided a mixed response on the federal budget for the fiscal year 2021/22. ',
			'content' => '<p>June 1:&nbsp;The private sector has provided a mixed response on the federal budget for the fiscal year 2021/22.&nbsp;</p>

<p>The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Confederation of Nepalese Industries (CNI) have said that the overall budget program looks promising.&nbsp;However, they have said that the budget did not address some of their key demands.</p>

<p>Issuing a statement on Monday, the FNCCI said that priorities accorded in the budget have sent a positive message. The Federation is confident that the removal of excise duty and reduction of customs duty on import of electric vehicles will help in the promotion of environmentally friendly vehicles and replace diesel and petrol powered vehicles. However, the federation said that the implementation of the upcoming year&rsquo;s budget is more difficult than of previous year.<br />
&ldquo;Elections have been announced for the fourth month of the upcoming fiscal year and if the vaccination program couldn&rsquo;t be expanded it will soon invite the third wave of coronavirus. It will prevent the private sector from expanding the business which will add pressure on the revenue system,&rdquo; read the statement of the FNCCI.&nbsp;</p>

<p>Similarly, CNI, in a separate statement, said that provisions like 100 percent income tax exemption to startup businesses, deduction of seed capital investment in startups as expenditure and subsidized loans to youths against academic certificate pledge are commendable. However, the Confederation has stated that such seed capital should have been of Rs 50 million.&nbsp;</p>

<p>According to CNI, the budget is aimed at uplifting the economy ravaged by the COVID- 19, improving the industrial environment, increasing private sector investment and generating employment opportunities. It also said that it expects the provision of transferring electricity from power companies to the industries by paying the wheeling charge will reduce the production charge and help in the export of the electricity. It has further said that waiving off electricity demand fees to the industries, hotel and cinema during the period of prohibitory order is also an encouraging move.<br />
Stating that the budget has not been able to address the domestic, small and medium industries affected by the COVID pandemic, CNI also urged the government to address their needs through the monetary policy. &nbsp;</p>
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			'sortorder' => '13227',
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			'article_date' => '2021-06-01 13:59:26',
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		'Article' => array(
			'id' => '13481',
			'article_category_id' => '1',
			'title' => 'Finance Ministry Begins Preparations for Implementation of New Budget ',
			'sub_title' => '',
			'summary' => 'Ministry of Finance (MoF) has started preparation for the implementation of the budget for the upcoming fiscal year (2021/22). ',
			'content' => '<p>June 1: Ministry of Finance (MoF) has started preparation for the implementation of the budget for the upcoming fiscal year (2021/22).</p>

<p>According to MoF officials, the MoF has begun the preparation for the budget implementation immediately after unveiling the estimate of revenue and expenditure.&nbsp;<br />
Earlier on Saturday, Minister for Finance Bishnu Prasad Paudel had introduced the budget for the upcoming fiscal year through an ordinance. &nbsp;<br />
MoF officials say that the early preparation would lay a ground to bring desired results from the plans and programmes mentioned in the budget on time.<br />
Finance Minister Paudel on Monday held a meeting with ministers, secretaries and other senior officials of various ministries to discuss the execution of the new budget, according to a statement issued by the MoF. Minister for Physical Infrastructure and Transport Basanta Nembang, Minister for Education, Science and Technology Krishna Gopal Shrestha, Minister for Communications and Information Technology Parbat Gurung along with secretaries were present in the interaction.&nbsp;</p>

<p>Finance Minister Bishnu Prasad Poudel directed them to prepare a time-bound action plan as well as other guidelines and working procedures required for the implementation of the provisions, plans and programmes introduced in the budget.&nbsp;<br />
He urged the senior officials to make preparation that will allow them to &nbsp;implement the budget from the beginning of the upcoming fiscal year. The new fiscal year begins from July 16. &nbsp;<br />
&ldquo;We are serious on implementing the budget. I urge you all to move forward with a clear timetable from the beginning to the completion of plans and programs,&rdquo; the statement quoted Finance Minister Poudel as saying. &ldquo;The ministry will assist, coordinate and facilitate the implementation of the budget.&rdquo;<br />
Stating that it is important to pay special attention to the implementation and its results, Finance Secretary Shishir Kumar Dhungana said that the MoF will look after the management of resources for the projects and programmes included in the budget.<br />
<br />
The MoF plans to hold discussions with various ministries and agencies on budget implementation regularly, according to the statement.&nbsp;</p>
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		'Article' => array(
			'id' => '13480',
			'article_category_id' => '1',
			'title' => 'Solu Corridor Transmission Line Project Deadline Likely to Be Extended for Sixth Time',
			'sub_title' => '',
			'summary' => 'As the construction work of Solu corridor 132 KV transmission line is yet to be completed, project officials are working to extend the project completion deadline for the sixth time.     ',
			'content' => '<p>June 1: As the construction work of Solu corridor 132 KV transmission line is yet to be completed, project officials are working to extend the project completion deadline for the sixth time. &nbsp; &nbsp;&nbsp;</p>

<p>The construction had started in September 2016 with a target to complete the project within 30 months. However, the deadline was extended fifth time with a plan to finish the entire construction work by May 2021. &nbsp; &nbsp;&nbsp;</p>

<p>Project Chief Janardan Gautam shared that the deadline is likely to be extended for three months. According to Gautam, locals&rsquo; obstruction in the construction works is to blame for delay in the project completion though 132 KV transmission line is being developed to export the power generated in the district. &nbsp; &nbsp;&nbsp;</p>

<p>It is said that only the foundation work of 292 towers is completed so far though 302 towers are to be constructed from Mirchaiya of Siraha to Tingla of Solukhumbu.</p>

<p>Gautam shared that locals in Maruwa of Udayapur district have obstructed the construction works in the sites for developing 10 other towers. Gautam shared that locals in Maruwa of Udayapur district have obstructed the construction works in the sites for developing 10 other towers. The locals have halted the work demanding compensation of their land. &nbsp; &nbsp;&nbsp;<br />
Similarly, the work of fixing electric wires is still left to do in 30 kilometres out of total 90 kilometres. Most of the tasks have come to a halt due to the locals&rsquo; obstruction. &nbsp; &nbsp;&nbsp;</p>

<p>The Upper Solukhola Hydropower Project that completed its project last year is generating only five megawatt of power out of its capacity of 23.5 megawatt due to lack of transmission line. The power generated from there is linked to 33 KV sub-station at Rumjatar of Okhaldhunga. &nbsp; &nbsp;&nbsp;<br />
--RSS &nbsp;&nbsp;<br />
&nbsp;</p>
',
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			'sortorder' => '13225',
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			'article_date' => '2021-06-01 11:25:46',
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	(int) 7 => array(
		'Article' => array(
			'id' => '13479',
			'article_category_id' => '1',
			'title' => 'Finance Minister Assures of Implementing Budget ',
			'sub_title' => '',
			'summary' => 'May 31: Finance Minister Bishnu Prasad Poudel has assured that the government will implement the budget for the upcoming fiscal year which was announced on May 29.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">May 31</span><span style="font-size:10.0pt"><span style="font-family:Times">: </span></span><span style="font-family:&quot;Times New Roman&quot;">Finance Minister Bishnu Prasad Poudel has assured that the government will implement the budget for the upcoming fiscal year which was announced on May 29.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The finance minister made such remark dismissing concerns over the implementation of the budget brought through ordinance.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Speaking at a press conference organised at the Ministry of Finance on Sunday, Minister Paudel said that the government would implement the budget to achieve the economic growth rate of 6.5 percent. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to him, the finance ministry is starting discussions with various line ministries on budget implementation from Monday (May 31) itself. He clarified that the government did not bring a provisional budget as it did not want to shy away from its duty during the current crisis caused by coronavirus pandemic. He claimed that a full-fledged budget was announced as per the constitutional provisions.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Experts say that the size of the budget has increased as the government tried to introduce a budget which was populist in nature. This poses a serious problem in financial discipline and it would be difficult to implement, according to the experts.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">However Minister Paudel said that the government cannot avoid its responsibility towards the country and the people by bringing only a provisional budget in such a time of crisis. &ldquo;Therefore, we have brought the budget in line with the constitution, and now we are determined to implement it.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to Finance Minister Paudel, the budget has given maximum priority to the revival of the economy by providing relief and facilities to the people and businesses affected by COVID-19. The budget has put forth the idea of restoring the economy to its old rhythm and making revitalizing it.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Denying the remark that there was no budget allocated for the election, Minister Paudel said that the government would mobilize all its resources to conduct the upcoming election in a free and fair manner. According to him, the required budget has already been allocated for the election. He said that the budget allocated for the polls will be released to the Election Commission and the security agencies as per the need.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Minister Paudel claimed that the government took the responsibility of increasing the social security allowances including the old age allowance even during the pandemic. He said, &quot;Contribution-based social security fund has already been implemented. Once it is fully implemented, the burden on the government will be greatly reduced. We have not reached the limit where we wouldn&rsquo;t be able to bear the load right now.&quot;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to him, the government has introduced a tax exemption and relief programme in the budget considering the sectors affected by the pandemic.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Minister Paudel said that the government has brought programs such as old age allowance and salary increment to fulfill the responsibility of the nation and not just to lure fellow voters. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Meanwhile, Governor Maha Prasad Adhikari has stated that the budget target could be achieved as soon as the impact of the coronavirus declines. According to Adhikari, the statistics show that the loan flow from last November to April has reached Rs 700 billion. &quot;Considering the same situation, there will be an economic revival of the &#39;V&#39; shape,&quot; he said.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Finance Secretary Sishir Kumar Dhungana said that the economic growth rate of 6.5 percent aimed by the government is attainable. According to Dhungana, the policy adopted by the government will help achieve the economic growth.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">&quot;The budget has programmes for relief and rehabilitation,&quot; he said, adding, &quot;Which will increase production and create more job opportunities.&quot;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to Dhungana, the economy that collapsed due to the pandemic will soon return to normal as the government has made vaccination drive against COVID-19 its top priority.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">&quot;We have made vaccination our first priority. As soon as the vaccines arrive, our economic activities will return to normal,&quot; Dhungana said, &ldquo;Which is why we have aimed for the economic growth rate of 6.5 percent. A study conducted by Nepal Rastra Bank also states the same. As soon as the market reopens, economic activities will pick up pace and demand will increase, so we can easily achieve the targeted economic growth.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">While many are questioning the size of the budget, he said that it was only 11.5 percent of gross domestic product (GDP). According to him, the government is trying to raise internal debt based on international standards.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to Dhungana, the implementation of various projects will be expedited in the current fiscal year. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Although there are concerns that revenue collection may be affected due to the large tax exemptions, Revenue Secretary Ram Sharan Pudasaini clarified that the exemptions were given mainly to the manufacturing industries, tourism business, small taxpayers and export-oriented industries and for the import of health equipment.</span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13478',
			'article_category_id' => '1',
			'title' => 'Farmers Cry Foul Over ‘No Budget’ for Poultry Farming and Floriculture ',
			'sub_title' => '',
			'summary' => 'May 31: Farmers have complained that poultry and floriculture business have not been included in the budget of Fiscal Year 2078/79. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">May 31: Farmers have complained that poultry and floriculture business have not been included in the budget of Fiscal Year 2078/79. They complained that budget presented by finance minister on Saturday did not address the concerns of both of these sectors.&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The farmers argued that an agricultural country like Nepal with more than 65 percent farmers cannot become self-reliant in agriculture if the government allocates only 2.78 percent of the total budget to the agriculture and livestock sector. Likewise, the farmers are frustrated that the poultry and floriculture business, which has provided employment to millions of people in the country, has not been included in the budget.&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">General Secretary of the Nepal Poultry Federation Dinesh Raj Mishra lamented that poultry sector was not mentioned in the budget. The contribution of poultry sector to Nepal&lsquo;s GDP is Rs 180 billion. He said that the government has completely ignored the poultry industry which has a huge contribution to the overall economy of the country.&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Similarly, florists have also expressed concern that the budget does not include them. Kumar Kasaju Shrestha, president of the Floriculture Association of Nepal, said that the government has ignored the floriculture business that has an investment of Rs 6.5 billion in the country. He said that they had hoped the government would address their concerns through the budget at a time when their business was in crisis due to the lockdown. However, the budget did not cover all the sectors of agriculture. He said this has disappointed all farmers and businessmen.&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The overall floriculture business is losing Rs 10 million daily due to the lockdown. The business, spread across 43 districts, has provided employment to more than 40,000 people directly and indirectly. A large part of this business is connected with various gatherings, weddings, and banquets, programmes and tourism sector and as these sectors are largely affected, the floriculture business is in crisis and has also halted production due to coronavirus.&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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	(int) 9 => array(
		'Article' => array(
			'id' => '13477',
			'article_category_id' => '1',
			'title' => 'Hydro Power Producers Resent Government’s Failure to Provide Subsidy on VAT despite its Declaration ',
			'sub_title' => '',
			'summary' => 'May 31: The government has remained silent on the issue of giving VAT exemption and subsidies to the promoters of hydro power projects. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">May 31: The government has remained silent on the issue of giving VAT exemption and subsidies to the promoters of hydro power projects. The government has not allocated any amount in this regard in the budget for the upcoming fiscal year which was announced on Saturday, May 29.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">In 2015, the government had announced to provide Rs 5 million grant on VAT per megawatt to the promoter companies of power projects to be completed within a decade by issuing a concept paper on National Energy Crisis Mitigation and Power Development Decade. In addition, it was said that the projects completed by 2015 would also receive the grant.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The government has already unveiled five budgets after announcing the grant. However, the promoters say that none of the budgets has addressed the issue.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Chairman of Independent Power Producers Association of Nepal (IPPAN) Krishna Prasad Acharya said that it was unfortunate that the grant was not implemented even after the announcement.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;The government has already decided to subsidize VAT for power projects. The required amount has to be allocated through the budget. However, even after 5-6 years, this issue has not found a place in the budget. We will not remain silent in this regard. We will continue our initiative for this,&rdquo; he said.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Spokesperson for the Ministry of Energy Madhu Prasad Bhetwal said that the Ministry of Finance is the body to take a necessary decision in this regard. &ldquo;At that time, we had offered a grant of Rs 10 million. The finance ministry reduced it to Rs 5 million,&rdquo; he said, adding, &ldquo;We have not been able to understand why the implementation has been delayed.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Secretary at the Ministry of Finance Shishir Kumar Dhungana also admitted that the budget could not address the issue. He said that this time the issue could not be addressed because it did not fall in priority list and there were other pressing issues.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;The coronavirus pandemic and its impact grabbed our attention while preparing budget. Therefore, this issue could not be addressed in the current budget,&rdquo; he said, &ldquo;However, it is an issue that the government has already decided. We will make necessary arrangements and implement them.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The government had announced such a concessional package to private sector promoters in 2015 intending to encourage power generation during the time of load-shedding. The government had made public a 99-point concept paper on energy crisis mitigation. However, the failure to implement it has discouraged energy producers of the private sector.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The government had announced a grant of Rs 5 million per megawatt to the promoter companies of the project to be completed by 2026. They also said that a grant of Rs 5.5 million per megawatt would be given if the construction is completed by 2024.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Many projects have been completed even after the government announced the exemption. However, IPPAN chairman Acharya said that they have not received the facility announced by the government. He stressed the need to implement the government&#39;s declaration as soon as possible.</span></span></span></p>

<p><br />
<br />
<br />
<br />
&nbsp;</p>
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		'Article' => array(
			'id' => '13476',
			'article_category_id' => '1',
			'title' => 'Humla to be Linked to National Highway',
			'sub_title' => '',
			'summary' => 'May 31: Simikot, the district headquarters of Humla is finally being linked to the national highway. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">May 31: Simikot, the district headquarters of Humla is finally being linked to the national highway. This will happen in the coming fiscal year, according to the budget estimates presented by Finance Minister Bishnu Prasad Paudel on Saturday.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Of the 77 district headquarters of the country, only Simikot is yet to be linked to the national highway. The pledge to change this reality features in every fiscal year budget though it has not yet been realized.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">The budget estimates also includes construction of a trekking route in Simikot as well as in the lower Dolpa area. Likewise, construction of a dry port will begin in Yari of Namkha rural municipality.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">The federal government has also allocated budget for construction of an access road in Hilsa region. The budget also features funds to be allocated for operation of maternity and neonatal care service in the district hospital. -- RSS&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;"><img alt="" src="/app/webroot/userfiles/images/20181226034129_IMG_8456.JPG" style="height:533px; width:800px" /></span></span></span></p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '13475',
			'article_category_id' => '1',
			'title' => 'Budget for Agriculture up by Rs 3.69 Billion',
			'sub_title' => '',
			'summary' => 'May 30: The government has allocated Rs 45.09 billion for the agriculture sector for the upcoming fiscal year (FY 2021/22).',
			'content' => '<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Manisha Balami</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">May 30: The government has allocated Rs 45.09 billion for the agriculture sector for the upcoming fiscal year (FY 2021/22), which is Rs 3.69 billion more than the budget allocated for the current fiscal year. The government had allocated Rs 41.40 billion for the agriculture sector for the current fiscal year.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Presenting the budget for the upcoming fiscal year on Saturday, Finance Minister Bishnu Poudel said that the agriculture sector would be developed as the main basis of a prosperous economy. For this, the government plans to modernise and commercialise the agriculture sector. He said that the Prime Minister&rsquo;s Agriculture Modernisation Project will be made more effective and an additional 71 zones to promote agriculture, fisheries and livestock production would be brought into operation.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Tax exemption will be given for the imports of agricultural tools, equipment and spare parts. Likewise, the government has given continuity to 50 percent subsidy in farm insurance premium.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Grants will be provided to the local level for purchasing agricultural equipment such as combine harvester, power teller, cultivator, rotavator, and harrow in the pocket areas. Minister Poudel announced that in order to provide technical assistance to the farmers in the project area, 300 students studying at the undergraduate level in agriculture will be assigned as interns.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">According to Poudel, Rs 7.60 billion has been allocated for providing concessional loan to the farmers. The government has also made an arrangement to provide subsidy of up to 50 percent to the farmers who purchase improved seeds from licensed sellers. Moreover, five million fruit seedlings will be produced by establishing medium and high-technology multi-purpose nursery. In addition, 50 percent subsidy will be provided for purchasing plants to promote apple farming in Manang, Mustang, Jumla and other Himalayan districts.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Minister Poudel said that sugarcane farmers will &nbsp;now onward get their subsidy within 15 days of sale of sugarcane to sugar mills. He informed that Rs 840 million has been allocated for this purpose.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">The existing agricultural subsidy system will be reviewed and production-based incentive grants will be provided to the farmers, agri-entrepreneurs, farmers&rsquo; group and cooperatives.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Likewise, the government has planned to provide the unused government farms and barren lands to the private sector on lease for commercial farming. Poudel informed that the budget has been allocated to encourage the private sector for commercial animal husbandry in Manang, Mustang, Myagdi, Dolpa and other districts of Himalayan region and floriculture in districts like Bhojpur, Nuwakot, and Baitadi.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;"><img alt="" src="/app/webroot/userfiles/images/20200512091924_20190527010000_Makai%281%29.jpg" style="height:480px; width:531px" /></span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Announcing the budget, Minister Poudel said that adequate supply of chemical fertilisers would be ensured prior to the time of plantation. He informed that the budget has been allocated to set up a chemical fertiliser plant within three years. Rs 12 billion will be allocated for the establishment of a chemical fertiliser plant in the country.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">The government has made arrangements to buy agricultural products of farmers in order to encourage them for farming and make the supply management easy and regular. He said that 200 food storage centers and 89 cold storages will be established throughout the local levels.&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Budget has been allocated for irrigation so that the irrigation facility is easily available to the farmers.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;"><img alt="" src="/app/webroot/userfiles/images/20210106123441_20201105020829_cover%281%29.jpg" style="height:517px; width:800px" /></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13474',
			'article_category_id' => '1',
			'title' => 'Government Announces Wide Range of Tax Incentives in Budget ',
			'sub_title' => '',
			'summary' => 'May 30: The government has announced a wide range of tax incentives and tax rebates in the budget presented for the fiscal year 2021-22. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">May 30: The government has announced a wide range of tax incentives and tax rebates in the budget presented for the fiscal year 2021-22.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government is providing 90 percent of income tax waiver to the taxpayers with an annual turnover of two million rupees. In the current fiscal year, the government is providing 75% of income tax waiver to the small cottage industries.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">In the upcoming fiscal year, taxpayers with an annual income of Rs two to five million will get tax waiver of 75 percent and taxpayers with annual income of Rs 5 million to Rs 10 million will get tax waiver of 50 percent.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government has announced that it will not charge additional fees against taxpayers paying tax within the stipulated time. Taxpayers are required to pay tax within mid-June and interest applicable to it by mid-Jan, 2022.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government is waiving off VAT on the purchase of diesel and LP gas used for business enterprises. Similarly, people have been provided with tax and excise duty exemption on the production and distribution of oxygen gas, liquid oxygen, oxygen cylinder, oxygen concentrator, medicines and import of medicines.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Excise duty applied on import of electric vehicles has been removed and customs duty has also been significantly reduced. Customs duty of induction cooker has been reduced to one percent and customs and excise duties have been reduced on refrigerator, grinder, rice cooker, fan among others.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Customers will get an immediate refund of 10 percent VAT on the items purchased through the payment of electronic gateways like debit, credit cards, QR code and scan and pay.&nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">With an aim to protect the domestic industries, customs duty of raw material will be made one level cheaper than that of the ready-made goods. Similarly, customs duty waiver has been provided to the import of machines, equipment and parts being used by tea, jute, cinema, pashmina, and hatchery industries.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Startup business will be receiving 100 percent income tax waiver for the five years since the establishment of the business. If the private sector provides seed capital of Rs 100,000 the amount will not be taxable while calculating the tax amount.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Meanwhile the government has increased excise duty on alcohol, beer, cigarettes and other tobacco items. The government has increased the capital gains tax on short-term capital market investors. Share investors selling shares before 365 days are applicable to pay 7.5 capital gains tax while long-term investors, selling shares after a year, will be subjected to 5 percent capital gains tax. </span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '13471',
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			'title' => 'Spending on Battle Against Covid Important, So Is Wooing Voters—FM’s Rs 1.65 Trillion Budget Message',
			'sub_title' => '',
			'summary' => 'Minister for Finance Bishnu Prasad Paudel has introduced the budget for the upcoming fiscal year (2021/22) with a plan to spend a total of Rs 1,647.57 billion.',
			'content' => '<p>Sagar Ghimire<br />
Kathmandu, May 30:<br />
Minister for Finance Bishnu Prasad Paudel has introduced the budget for the upcoming fiscal year (2021/22) with a plan to spend a total of Rs 1,647.57 billion.<br />
The budget&mdash;introduced in the form of ordinance in the absence of the parliament&mdash;ramps up spending on healthcare, plans to finance vaccination, raises social security allowances for the elderly people and salary to government employees and gives continuity to the funding of ongoing major development programs and projects.<br />
This is the fourth budget of the current KP Oli-led government that rose to power in February 2018 after an electoral alliance of his party CPN (UML) and CPN (Maoist-Center) swept parliamentary elections in December 2017. The previous three budgets were delivered by former Finance Minister Yuba Raj Khatiwada.</p>

<p><strong>Focus on fight against Covid-19</strong><br />
As Covid second wave rages, Finance Minister Paudel announced a spending of Rs 37.53 billion to combat the pandemic. This is in addition to Rs 122.78 billion earmarked to the Ministry of Health and Population for the health-related spending.<br />
He said that the government will expand free test and treatment from government-owned hospitals and labs, 50 percent capital subsidy for private hospitals to install oxygen plants, procurement of ICU, HDU, ventilators and test kits among other medical equipment for the treatment of Covid-19 patients. While continuing the risk allowance for frontline staff, Finance Minister Paudel also announced the government plan to mobilize retired or interning doctors, nurses and health workers with 50 percent risk allowance and full salary in one year contract. &nbsp;<br />
To provide Covid-19 jabs to the people at free of cost, Finance Minister Paudel allocated Rs 26.75 billion for the vaccination. &nbsp;<br />
The budget delivered by the Finance Minister Paudel amid devastating second wave of coronavirus and closure of economy due to prohibitory orders imposed in many parts of the country also includes some relief measures to&nbsp;the private sector as well as general public and put the economy on the track of recovery.<br />
In addition to giving continuity to &lsquo;Business Continuity Loan Scheme&rsquo; and pledging to expand the sectors and fund under the central bank-administered refinancing facility, Finance Minister Paudel also announced a raft of tax rebates and waivers for businesses and firms.<br />
The government set a target to achieve 6.5 percent of economic growth in the upcoming fiscal year.<br />
&nbsp;<br />
<strong>&lsquo;Populist and Distributive&rsquo; Budget</strong><br />
Finance Minister Paudel shrugged off widespread pressure to not introduce the full-fledged budget through ordinance when the House dissolution case is subjudice at the Supreme Court. &nbsp;In his budget, he presented his spending plan that is designed to appease and influence voters, say opposition leaders and experts. &nbsp;<br />
Baburam Bhattarai, a former Prime Minister and Chairman of Janata Samajwadi Party, is one among them. Bhattarai, who is also a former Finance Minister, came down heavily on the government for introducing the populist budget. In his tweet post, Former Prime Minister Bhattarai said that the Finance Minister read out the &lsquo;election manifesto&rsquo; of ruling CPN (UML) as a budget speech that promises to distribute &lsquo;lollipops&rsquo; to innocent voters.&nbsp;<br />
Dissolving the House of Representatives on May 21, the government has announced the mid-term elections for November 12 and 13. &nbsp;<br />
All types of social security allowances have been raised by 33 percent. As announced by Prime Minister Oli recently, Finance Minister Paudel increased the monthly allowance to senior citizens by Rs 1,000 to Rs 4,000.<br />
From a scheme to offer loans to college and university students for the purchase of laptops at one percent interest to a plan of free medical treatment to journalists, the budget incorporates various populist programmes. &nbsp;<br />
&ldquo;On the one hand, Finance Minister Paudel has announced setting up of the Pay Commission for the longer-term pay and perks reforms, and on the other, he has also raised the salary by Rs 2,000 per month for government employees,&rdquo; Krishna Gyawali, a former government secretary, told New Business Age. &ldquo;This short-term staff incentive measure is appeasingly illogical and highly unconvincing, which only justifies the allegations that, though cautiously guarded, it is still a populist and election-oriented budget,&rdquo; said Gyawali, who had also worked as a joint secretary in the Ministry of Finance. &nbsp;&nbsp;<br />
However, the Finance Minister decided to scrap the Local Infrastructure Development Programme. The programme, commonly known as Constituency Development Fund, was drawing criticism for giving funds directly to lawmakers to be invested in their constituencies with little or no transparency and oversight on spending. The termination of the programme also comes in the wake of dissolution of the House of Representatives and announcement of mid-term elections. Despite calls to discontinue such pork barrel funding, the government, in the current fiscal year, had allocated a total of Rs 6.6 billion for the programme to distribute Rs 40 million to each lawmaker to spend money in their constituencies.<br />
There are concerns not only in the process of introducing the budget with no parliamentary scrutiny, but also in the government&rsquo;s capacity to implement it.</p>

<p>&ldquo;The government will face immense political and systemic challenges to implement this budget not only because there is no robust institutional departure with regard to resetting the rules and routes of implementation but also because this budget is devoid of &lsquo;political legitimacy&rsquo;. The budget suffers from a likely lack of needed political support for creating a conducive implementation climate on the ground,&rdquo; said Gyawali.<br />
&nbsp;<br />
<strong>&nbsp;Job Creation Targets</strong><br />
Creation of employment opportunities also seemed to be a priority in the budget. As thousands of workers have either lost their jobs due to the pandemic, the government plans to generate 200,000 jobs in the upcoming fiscal year through the Prime Minister Employment Programme with a plan to spend Rs 12 billion.<br />
He also said that the government will provide skill training to 100,000 youths who have lost their jobs or returned from foreign employment. For the training on handicraft, plumbing, carpentry, vehicle and mobile repairing, beautician, Finance Minister announced a spending of Rs 400 million. &nbsp;<br />
In the budget, the government also expects 350,000 jobs creation from its partnership with the private sector. It has also set a target of creating 12,000 new jobs from its Youth Self Employment Fund. &nbsp;&nbsp;<br />
&nbsp;</p>
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			'title' => 'Budget for FY2021/22 presented in Three Charts ',
			'sub_title' => '',
			'summary' => 'These three graphs sum up the the figures presented in the budget for upcoming fiscal year',
			'content' => '<p>May 30:&nbsp;<br />
Minister for Finance Bishnu Prasad Paudel on Saturday unveiled the budget of Rs 1,647.57 billion for upcoming fiscal year (2021/22) through an ordinance. These three charts sum up the&nbsp;key figures presented in the budget:&nbsp;<br />
&nbsp;</p>

<p><img alt="" src="/app/webroot/userfiles/images/Expenditures_Budget.jpg" style="height:320px; width:600px" /></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p><img alt="" src="/app/webroot/userfiles/images/Income%20Projections_Budget_.jpg" style="height:319px; width:617px" /></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p><img alt="" src="/app/webroot/userfiles/images/Sector%20Wise%20Spending.JPG" style="height:363px; width:617px" /></p>
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			'id' => '13485',
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			'title' => 'Insurance Regulator Beema Samiti Grants Approval in Principle to Himalayan Reinsurance ',
			'sub_title' => '',
			'summary' => 'Beema Samiti—the  insurance regulatory authority of the country—has decided to grant approval in principle to Himalayan Reinsurance to provide reinsurance service.',
			'content' => '<p>June 1: &nbsp;<br />
Beema Samiti&mdash;the &nbsp;insurance regulatory authority of the country&mdash;has&nbsp;decided to grant approval in principle to Himalayan Reinsurance, allowing the new company to start a process to get the operation license for providing reinsurance services.&nbsp;</p>

<p>Raju Raman Paudel, Executive Director at the Beema Samiti, said that the board meeting held recently decided to grant approval in principle to set up a reinsurance company to Himalayan Reinsurance. According to Paudel, a formal letter regarding the decision will be provided to the company within two days.<br />
Five companies had applied for the approval after the Beema Samiti&nbsp;on May 29 called for applications from the private sector to grant approval for the reinsurance company. Kathmandu Reinsurance Company, Annapurna Reinsurance Company, Prudential Reinsurance Company, Himalayan Reinsurance Company and Genuine Reinsurance Company had sought Beema Samiti&rsquo;s nod to start the process to acquire the operation license.&nbsp;<br />
Beema Samiti&nbsp;officials say that the board decided to choose Himalayan Re which received the highest marks during the evaluation process.</p>

<p>After receiving the approval from the board, Himalayan Re will have to register itself at the Office of the Company Registrar. The company should come into operation within six months from the date of receiving the approval.</p>

<p><br />
Once the company sets up its infrastructure and office, it should apply for the license with Beema Samiti&nbsp;for the operation license. After carrying out inspection of the infrastructure, Beema Samiti then decides on granting the operation license.<br />
Himalayan Re will have a paid-up capital of Rs 10 billion as required by Beema Samiti. Shekhar Golchha, President of Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Bhawani Rana, the outgoing FNCCI President, former FNCCI President Pashupati Murarka along with other industrialists including Shahil Agrawal and Sulav Agrawal, are said to be major promoters of Himalayan Re. It also has investments from Lucky Group, Dugar Group and Shankar Group.&nbsp;<br />
Currently, there is only one state-owned Nepal Reinsurance Company that is in operation in Nepal. Beema Samiti&nbsp;had started the process to add one more reinsurer from the private sector in line with a recommendation from its committee formed to study the viability of a new reinsurance company.&nbsp;</p>
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			'id' => '13487',
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			'title' => 'Government to Extend Prohibitory Order in Kathmandu',
			'sub_title' => 'Retail Stores will be Allowed to Open Under New Modality ',
			'summary' => 'June 1: Government authorities have decided to extend the ongoing prohibitory order in Kathmandu valley for at least a week with slight modifications.',
			'content' => '<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">June 1: Government authorities have decided to extend the ongoing prohibitory order in Kathmandu valley for at&nbsp; least a week with slight modifications, according to the state-owned national news agency RSS.&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">A meeting of the chief district officers of Kathmandu, Lalitpur and Bhaktapur on Tuesday (June 1) &nbsp;decided to give continuity to the prohibitory order issued on May 28, RSS reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to the CDO of Bhaktapur Prem Prasad Bhattarai, retail and grocery shops as well as food stores and departmental stores will be allowed to open until 9 am each day from June 4 when the new order comes into effect.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">Similarly, development works and construction activities will be allowed under certain conditions. The contractors need to arrange boarding facilities for the workers to undertake construction works.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Likewise, vehicles carrying daily essentials and supplies can be operated following a fixed timetable. These activities had been curtailed by the May 28 decision. Other activities shall remain prohibited as per the previous decision.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">The modification comes in the wake of a declining rate of COVID-19 infection across the country since the past few days.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">The ongoing prohibitory order expires on June 3. </span></span></span><br />
&nbsp;</p>
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		'Article' => array(
			'id' => '13484',
			'article_category_id' => '1',
			'title' => '800,000 Doses of China-gifted Vaccines Arrive in Kathmandu ',
			'sub_title' => '',
			'summary' => ' A consignment of 800,000 doses of COVID-19 vaccines gifted by China has arrived in Kathmandu. ',
			'content' => '<p>June 1:&nbsp;A consignment of 800,000 doses of COVID-19 vaccines gifted by China has arrived in Kathmandu. Nepal Airlines, the state-owned airlines, airlifted the vaccines from Beijing on Tuesday.</p>

<p>China has decided to provide one million doses of Covid vaccines under its grant assistance following a request from President Bidya Devi Bhandari to her Chinese counterpart Xi Jinping.&nbsp;</p>

<p>During a telephone conversation held with President Bhandari on May 26, Chinese President Xi Jinping had announced that China will provide one&nbsp;million doses of Covid-19 vaccines to Nepal under grant assistance.&nbsp;</p>

<p>According to a statement of Nepal&rsquo;s Ministry of Foreign Affairs, the remaining 200,000 doses of the vaccine are being provided to Nepal by the Government of the Tibet Autonomous Region of China. Accordingly, 50,400 doses of the vaccine and syringes have been handed over to the officials of the Ministry of Health and Population on Tuesday morning, and another batch of 50,400 vaccines and syringes is scheduled to arrive in Kathmandu this evening, according to the statement. The consignment of remaining 99,200 vaccines and syringes will arrive in Kathmandu on Wednesday.&nbsp;</p>

<p>Though it&rsquo;s not immediately clear which vaccine China has provided to Nepal, the Department of Drug Administration has authorized only&nbsp;Vero Cell as the vaccine manufactured in China for the emergency use in Nepal.&nbsp;</p>

<p>This is the second time that China gifted Covid vaccines to Nepal. Earlier in March, China had provided Nepal 800,000 doses of Vero Cell.&nbsp;<br />
&nbsp;<br />
&nbsp;</p>
',
			'published' => true,
			'created' => '2021-06-01',
			'modified' => '2021-06-01',
			'keywords' => '',
			'description' => '',
			'sortorder' => '13229',
			'image' => '20210601052506_20201220030450_Corona3.jpg',
			'article_date' => '2021-06-01 17:19:17',
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	(int) 3 => array(
		'Article' => array(
			'id' => '13483',
			'article_category_id' => '1',
			'title' => 'Exports of Dairy Products Jump 465% as Supply of Ghee to Japan Rises ',
			'sub_title' => '',
			'summary' => 'Exports of dairy products have jumped 465 percent in the first ten months of the current fiscal year (2020/21). ',
			'content' => '<p>June 1:&nbsp;Exports of dairy products have&nbsp;jumped 465 percent in the first ten months of the current fiscal year (2020/21).&nbsp;<br />
According to the data of National Dairy Development Board (NDDB), the exports of dairy products have surged 465 percent in 10 months of the current fiscal year compared to the corresponding period of the last fiscal year.&nbsp;<br />
Nepal exported dairy products worth Rs&nbsp;65.6 million this year up from Rs 11.65 million in last year.&nbsp;<br />
Imports of dairy products are still higher than exports. However, the imports have also declined in the review period.<br />
According to the board, the imports of dairy products fell 14.25 percent. The country imported dairy products worth Rs 1.69 billion, down from Rs 1.45 billion.&nbsp;<br />
Dr. Balak Chaudhary, Technical Director at the NDDB, said that the surge in the export of ghee (clarified butter)&nbsp;to Japan has increased the total export receipt from dairy products. The clarified butter exports to Japan rose by 11,115 kg in the first 10 months of the current fiscal year as compared to the same period of last year. This is the highest quantity of clarified butter that Nepal has exported,&nbsp;&nbsp;he&nbsp;said.&nbsp;</p>

<p>According to Chaudhary, Japan is becoming a major market for Nepali dairy products thanks to Nepali doing dairy businesses in Japan.&nbsp;</p>

<p><br />
<strong>Milk collection limited to 50% </strong><br />
The collection of milk has been limited to 50 percent due to the prohibitory orders imposed in various parts of the country. Organizing a press conference organized on the eve of World Milk Day, the National Dairy Development Board said that the milk collection in the formal sector declined by 50 percent due to the prohibitory orders imposed by the government to control the Covid-19. Speaking at the press meet, Radha Krishna Sapkota, President of the Nepal Dairy Association, said that the dairy sector, which contributes to nearly 9 percent to the country&#39;s gross domestic product, is facing various problems due to the pandemic. According to him, dairy businesses have only 41,000 metric tons of powdered milk and 25,000 metric tons of butter in their stock.<br />
&nbsp;</p>
',
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			'created' => '2021-06-01',
			'modified' => '2021-06-01',
			'keywords' => '',
			'description' => '',
			'sortorder' => '13228',
			'image' => '20210601024754_Ghee.jpg',
			'article_date' => '2021-06-01 14:36:42',
			'homepage' => true,
			'breaking_news' => false,
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	(int) 4 => array(
		'Article' => array(
			'id' => '13482',
			'article_category_id' => '1',
			'title' => 'Private Sector Finds Overall Budget Positive, Points Implementation As Challenge    ',
			'sub_title' => '',
			'summary' => 'The private sector has provided a mixed response on the federal budget for the fiscal year 2021/22. ',
			'content' => '<p>June 1:&nbsp;The private sector has provided a mixed response on the federal budget for the fiscal year 2021/22.&nbsp;</p>

<p>The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Confederation of Nepalese Industries (CNI) have said that the overall budget program looks promising.&nbsp;However, they have said that the budget did not address some of their key demands.</p>

<p>Issuing a statement on Monday, the FNCCI said that priorities accorded in the budget have sent a positive message. The Federation is confident that the removal of excise duty and reduction of customs duty on import of electric vehicles will help in the promotion of environmentally friendly vehicles and replace diesel and petrol powered vehicles. However, the federation said that the implementation of the upcoming year&rsquo;s budget is more difficult than of previous year.<br />
&ldquo;Elections have been announced for the fourth month of the upcoming fiscal year and if the vaccination program couldn&rsquo;t be expanded it will soon invite the third wave of coronavirus. It will prevent the private sector from expanding the business which will add pressure on the revenue system,&rdquo; read the statement of the FNCCI.&nbsp;</p>

<p>Similarly, CNI, in a separate statement, said that provisions like 100 percent income tax exemption to startup businesses, deduction of seed capital investment in startups as expenditure and subsidized loans to youths against academic certificate pledge are commendable. However, the Confederation has stated that such seed capital should have been of Rs 50 million.&nbsp;</p>

<p>According to CNI, the budget is aimed at uplifting the economy ravaged by the COVID- 19, improving the industrial environment, increasing private sector investment and generating employment opportunities. It also said that it expects the provision of transferring electricity from power companies to the industries by paying the wheeling charge will reduce the production charge and help in the export of the electricity. It has further said that waiving off electricity demand fees to the industries, hotel and cinema during the period of prohibitory order is also an encouraging move.<br />
Stating that the budget has not been able to address the domestic, small and medium industries affected by the COVID pandemic, CNI also urged the government to address their needs through the monetary policy. &nbsp;</p>
',
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			'modified' => '2021-06-01',
			'keywords' => '',
			'description' => '',
			'sortorder' => '13227',
			'image' => '20210601020406_FNCCI_CNi.jpg',
			'article_date' => '2021-06-01 13:59:26',
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	(int) 5 => array(
		'Article' => array(
			'id' => '13481',
			'article_category_id' => '1',
			'title' => 'Finance Ministry Begins Preparations for Implementation of New Budget ',
			'sub_title' => '',
			'summary' => 'Ministry of Finance (MoF) has started preparation for the implementation of the budget for the upcoming fiscal year (2021/22). ',
			'content' => '<p>June 1: Ministry of Finance (MoF) has started preparation for the implementation of the budget for the upcoming fiscal year (2021/22).</p>

<p>According to MoF officials, the MoF has begun the preparation for the budget implementation immediately after unveiling the estimate of revenue and expenditure.&nbsp;<br />
Earlier on Saturday, Minister for Finance Bishnu Prasad Paudel had introduced the budget for the upcoming fiscal year through an ordinance. &nbsp;<br />
MoF officials say that the early preparation would lay a ground to bring desired results from the plans and programmes mentioned in the budget on time.<br />
Finance Minister Paudel on Monday held a meeting with ministers, secretaries and other senior officials of various ministries to discuss the execution of the new budget, according to a statement issued by the MoF. Minister for Physical Infrastructure and Transport Basanta Nembang, Minister for Education, Science and Technology Krishna Gopal Shrestha, Minister for Communications and Information Technology Parbat Gurung along with secretaries were present in the interaction.&nbsp;</p>

<p>Finance Minister Bishnu Prasad Poudel directed them to prepare a time-bound action plan as well as other guidelines and working procedures required for the implementation of the provisions, plans and programmes introduced in the budget.&nbsp;<br />
He urged the senior officials to make preparation that will allow them to &nbsp;implement the budget from the beginning of the upcoming fiscal year. The new fiscal year begins from July 16. &nbsp;<br />
&ldquo;We are serious on implementing the budget. I urge you all to move forward with a clear timetable from the beginning to the completion of plans and programs,&rdquo; the statement quoted Finance Minister Poudel as saying. &ldquo;The ministry will assist, coordinate and facilitate the implementation of the budget.&rdquo;<br />
Stating that it is important to pay special attention to the implementation and its results, Finance Secretary Shishir Kumar Dhungana said that the MoF will look after the management of resources for the projects and programmes included in the budget.<br />
<br />
The MoF plans to hold discussions with various ministries and agencies on budget implementation regularly, according to the statement.&nbsp;</p>
',
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			'created' => '2021-06-01',
			'modified' => '2021-06-01',
			'keywords' => '',
			'description' => '',
			'sortorder' => '13226',
			'image' => '20210601123504_IMG_5049.jpg',
			'article_date' => '2021-06-01 12:31:56',
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	(int) 6 => array(
		'Article' => array(
			'id' => '13480',
			'article_category_id' => '1',
			'title' => 'Solu Corridor Transmission Line Project Deadline Likely to Be Extended for Sixth Time',
			'sub_title' => '',
			'summary' => 'As the construction work of Solu corridor 132 KV transmission line is yet to be completed, project officials are working to extend the project completion deadline for the sixth time.     ',
			'content' => '<p>June 1: As the construction work of Solu corridor 132 KV transmission line is yet to be completed, project officials are working to extend the project completion deadline for the sixth time. &nbsp; &nbsp;&nbsp;</p>

<p>The construction had started in September 2016 with a target to complete the project within 30 months. However, the deadline was extended fifth time with a plan to finish the entire construction work by May 2021. &nbsp; &nbsp;&nbsp;</p>

<p>Project Chief Janardan Gautam shared that the deadline is likely to be extended for three months. According to Gautam, locals&rsquo; obstruction in the construction works is to blame for delay in the project completion though 132 KV transmission line is being developed to export the power generated in the district. &nbsp; &nbsp;&nbsp;</p>

<p>It is said that only the foundation work of 292 towers is completed so far though 302 towers are to be constructed from Mirchaiya of Siraha to Tingla of Solukhumbu.</p>

<p>Gautam shared that locals in Maruwa of Udayapur district have obstructed the construction works in the sites for developing 10 other towers. Gautam shared that locals in Maruwa of Udayapur district have obstructed the construction works in the sites for developing 10 other towers. The locals have halted the work demanding compensation of their land. &nbsp; &nbsp;&nbsp;<br />
Similarly, the work of fixing electric wires is still left to do in 30 kilometres out of total 90 kilometres. Most of the tasks have come to a halt due to the locals&rsquo; obstruction. &nbsp; &nbsp;&nbsp;</p>

<p>The Upper Solukhola Hydropower Project that completed its project last year is generating only five megawatt of power out of its capacity of 23.5 megawatt due to lack of transmission line. The power generated from there is linked to 33 KV sub-station at Rumjatar of Okhaldhunga. &nbsp; &nbsp;&nbsp;<br />
--RSS &nbsp;&nbsp;<br />
&nbsp;</p>
',
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			'created' => '2021-06-01',
			'modified' => '2021-06-01',
			'keywords' => '',
			'description' => '',
			'sortorder' => '13225',
			'image' => '20210601112810_transmission line.jpg',
			'article_date' => '2021-06-01 11:25:46',
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	(int) 7 => array(
		'Article' => array(
			'id' => '13479',
			'article_category_id' => '1',
			'title' => 'Finance Minister Assures of Implementing Budget ',
			'sub_title' => '',
			'summary' => 'May 31: Finance Minister Bishnu Prasad Poudel has assured that the government will implement the budget for the upcoming fiscal year which was announced on May 29.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">May 31</span><span style="font-size:10.0pt"><span style="font-family:Times">: </span></span><span style="font-family:&quot;Times New Roman&quot;">Finance Minister Bishnu Prasad Poudel has assured that the government will implement the budget for the upcoming fiscal year which was announced on May 29.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The finance minister made such remark dismissing concerns over the implementation of the budget brought through ordinance.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Speaking at a press conference organised at the Ministry of Finance on Sunday, Minister Paudel said that the government would implement the budget to achieve the economic growth rate of 6.5 percent. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to him, the finance ministry is starting discussions with various line ministries on budget implementation from Monday (May 31) itself. He clarified that the government did not bring a provisional budget as it did not want to shy away from its duty during the current crisis caused by coronavirus pandemic. He claimed that a full-fledged budget was announced as per the constitutional provisions.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Experts say that the size of the budget has increased as the government tried to introduce a budget which was populist in nature. This poses a serious problem in financial discipline and it would be difficult to implement, according to the experts.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">However Minister Paudel said that the government cannot avoid its responsibility towards the country and the people by bringing only a provisional budget in such a time of crisis. &ldquo;Therefore, we have brought the budget in line with the constitution, and now we are determined to implement it.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to Finance Minister Paudel, the budget has given maximum priority to the revival of the economy by providing relief and facilities to the people and businesses affected by COVID-19. The budget has put forth the idea of restoring the economy to its old rhythm and making revitalizing it.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Denying the remark that there was no budget allocated for the election, Minister Paudel said that the government would mobilize all its resources to conduct the upcoming election in a free and fair manner. According to him, the required budget has already been allocated for the election. He said that the budget allocated for the polls will be released to the Election Commission and the security agencies as per the need.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Minister Paudel claimed that the government took the responsibility of increasing the social security allowances including the old age allowance even during the pandemic. He said, &quot;Contribution-based social security fund has already been implemented. Once it is fully implemented, the burden on the government will be greatly reduced. We have not reached the limit where we wouldn&rsquo;t be able to bear the load right now.&quot;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to him, the government has introduced a tax exemption and relief programme in the budget considering the sectors affected by the pandemic.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Minister Paudel said that the government has brought programs such as old age allowance and salary increment to fulfill the responsibility of the nation and not just to lure fellow voters. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Meanwhile, Governor Maha Prasad Adhikari has stated that the budget target could be achieved as soon as the impact of the coronavirus declines. According to Adhikari, the statistics show that the loan flow from last November to April has reached Rs 700 billion. &quot;Considering the same situation, there will be an economic revival of the &#39;V&#39; shape,&quot; he said.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Finance Secretary Sishir Kumar Dhungana said that the economic growth rate of 6.5 percent aimed by the government is attainable. According to Dhungana, the policy adopted by the government will help achieve the economic growth.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">&quot;The budget has programmes for relief and rehabilitation,&quot; he said, adding, &quot;Which will increase production and create more job opportunities.&quot;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to Dhungana, the economy that collapsed due to the pandemic will soon return to normal as the government has made vaccination drive against COVID-19 its top priority.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">&quot;We have made vaccination our first priority. As soon as the vaccines arrive, our economic activities will return to normal,&quot; Dhungana said, &ldquo;Which is why we have aimed for the economic growth rate of 6.5 percent. A study conducted by Nepal Rastra Bank also states the same. As soon as the market reopens, economic activities will pick up pace and demand will increase, so we can easily achieve the targeted economic growth.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">While many are questioning the size of the budget, he said that it was only 11.5 percent of gross domestic product (GDP). According to him, the government is trying to raise internal debt based on international standards.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to Dhungana, the implementation of various projects will be expedited in the current fiscal year. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Although there are concerns that revenue collection may be affected due to the large tax exemptions, Revenue Secretary Ram Sharan Pudasaini clarified that the exemptions were given mainly to the manufacturing industries, tourism business, small taxpayers and export-oriented industries and for the import of health equipment.</span></span></span></p>

<p>&nbsp;</p>
',
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	(int) 8 => array(
		'Article' => array(
			'id' => '13478',
			'article_category_id' => '1',
			'title' => 'Farmers Cry Foul Over ‘No Budget’ for Poultry Farming and Floriculture ',
			'sub_title' => '',
			'summary' => 'May 31: Farmers have complained that poultry and floriculture business have not been included in the budget of Fiscal Year 2078/79. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">May 31: Farmers have complained that poultry and floriculture business have not been included in the budget of Fiscal Year 2078/79. They complained that budget presented by finance minister on Saturday did not address the concerns of both of these sectors.&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The farmers argued that an agricultural country like Nepal with more than 65 percent farmers cannot become self-reliant in agriculture if the government allocates only 2.78 percent of the total budget to the agriculture and livestock sector. Likewise, the farmers are frustrated that the poultry and floriculture business, which has provided employment to millions of people in the country, has not been included in the budget.&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">General Secretary of the Nepal Poultry Federation Dinesh Raj Mishra lamented that poultry sector was not mentioned in the budget. The contribution of poultry sector to Nepal&lsquo;s GDP is Rs 180 billion. He said that the government has completely ignored the poultry industry which has a huge contribution to the overall economy of the country.&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Similarly, florists have also expressed concern that the budget does not include them. Kumar Kasaju Shrestha, president of the Floriculture Association of Nepal, said that the government has ignored the floriculture business that has an investment of Rs 6.5 billion in the country. He said that they had hoped the government would address their concerns through the budget at a time when their business was in crisis due to the lockdown. However, the budget did not cover all the sectors of agriculture. He said this has disappointed all farmers and businessmen.&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The overall floriculture business is losing Rs 10 million daily due to the lockdown. The business, spread across 43 districts, has provided employment to more than 40,000 people directly and indirectly. A large part of this business is connected with various gatherings, weddings, and banquets, programmes and tourism sector and as these sectors are largely affected, the floriculture business is in crisis and has also halted production due to coronavirus.&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
',
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	(int) 9 => array(
		'Article' => array(
			'id' => '13477',
			'article_category_id' => '1',
			'title' => 'Hydro Power Producers Resent Government’s Failure to Provide Subsidy on VAT despite its Declaration ',
			'sub_title' => '',
			'summary' => 'May 31: The government has remained silent on the issue of giving VAT exemption and subsidies to the promoters of hydro power projects. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">May 31: The government has remained silent on the issue of giving VAT exemption and subsidies to the promoters of hydro power projects. The government has not allocated any amount in this regard in the budget for the upcoming fiscal year which was announced on Saturday, May 29.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">In 2015, the government had announced to provide Rs 5 million grant on VAT per megawatt to the promoter companies of power projects to be completed within a decade by issuing a concept paper on National Energy Crisis Mitigation and Power Development Decade. In addition, it was said that the projects completed by 2015 would also receive the grant.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The government has already unveiled five budgets after announcing the grant. However, the promoters say that none of the budgets has addressed the issue.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Chairman of Independent Power Producers Association of Nepal (IPPAN) Krishna Prasad Acharya said that it was unfortunate that the grant was not implemented even after the announcement.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;The government has already decided to subsidize VAT for power projects. The required amount has to be allocated through the budget. However, even after 5-6 years, this issue has not found a place in the budget. We will not remain silent in this regard. We will continue our initiative for this,&rdquo; he said.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Spokesperson for the Ministry of Energy Madhu Prasad Bhetwal said that the Ministry of Finance is the body to take a necessary decision in this regard. &ldquo;At that time, we had offered a grant of Rs 10 million. The finance ministry reduced it to Rs 5 million,&rdquo; he said, adding, &ldquo;We have not been able to understand why the implementation has been delayed.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Secretary at the Ministry of Finance Shishir Kumar Dhungana also admitted that the budget could not address the issue. He said that this time the issue could not be addressed because it did not fall in priority list and there were other pressing issues.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;The coronavirus pandemic and its impact grabbed our attention while preparing budget. Therefore, this issue could not be addressed in the current budget,&rdquo; he said, &ldquo;However, it is an issue that the government has already decided. We will make necessary arrangements and implement them.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The government had announced such a concessional package to private sector promoters in 2015 intending to encourage power generation during the time of load-shedding. The government had made public a 99-point concept paper on energy crisis mitigation. However, the failure to implement it has discouraged energy producers of the private sector.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The government had announced a grant of Rs 5 million per megawatt to the promoter companies of the project to be completed by 2026. They also said that a grant of Rs 5.5 million per megawatt would be given if the construction is completed by 2024.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Many projects have been completed even after the government announced the exemption. However, IPPAN chairman Acharya said that they have not received the facility announced by the government. He stressed the need to implement the government&#39;s declaration as soon as possible.</span></span></span></p>

<p><br />
<br />
<br />
<br />
&nbsp;</p>
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			'id' => '13476',
			'article_category_id' => '1',
			'title' => 'Humla to be Linked to National Highway',
			'sub_title' => '',
			'summary' => 'May 31: Simikot, the district headquarters of Humla is finally being linked to the national highway. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">May 31: Simikot, the district headquarters of Humla is finally being linked to the national highway. This will happen in the coming fiscal year, according to the budget estimates presented by Finance Minister Bishnu Prasad Paudel on Saturday.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Of the 77 district headquarters of the country, only Simikot is yet to be linked to the national highway. The pledge to change this reality features in every fiscal year budget though it has not yet been realized.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">The budget estimates also includes construction of a trekking route in Simikot as well as in the lower Dolpa area. Likewise, construction of a dry port will begin in Yari of Namkha rural municipality.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">The federal government has also allocated budget for construction of an access road in Hilsa region. The budget also features funds to be allocated for operation of maternity and neonatal care service in the district hospital. -- RSS&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;"><img alt="" src="/app/webroot/userfiles/images/20181226034129_IMG_8456.JPG" style="height:533px; width:800px" /></span></span></span></p>
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			'title' => 'Budget for Agriculture up by Rs 3.69 Billion',
			'sub_title' => '',
			'summary' => 'May 30: The government has allocated Rs 45.09 billion for the agriculture sector for the upcoming fiscal year (FY 2021/22).',
			'content' => '<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Manisha Balami</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">May 30: The government has allocated Rs 45.09 billion for the agriculture sector for the upcoming fiscal year (FY 2021/22), which is Rs 3.69 billion more than the budget allocated for the current fiscal year. The government had allocated Rs 41.40 billion for the agriculture sector for the current fiscal year.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Presenting the budget for the upcoming fiscal year on Saturday, Finance Minister Bishnu Poudel said that the agriculture sector would be developed as the main basis of a prosperous economy. For this, the government plans to modernise and commercialise the agriculture sector. He said that the Prime Minister&rsquo;s Agriculture Modernisation Project will be made more effective and an additional 71 zones to promote agriculture, fisheries and livestock production would be brought into operation.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Tax exemption will be given for the imports of agricultural tools, equipment and spare parts. Likewise, the government has given continuity to 50 percent subsidy in farm insurance premium.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Grants will be provided to the local level for purchasing agricultural equipment such as combine harvester, power teller, cultivator, rotavator, and harrow in the pocket areas. Minister Poudel announced that in order to provide technical assistance to the farmers in the project area, 300 students studying at the undergraduate level in agriculture will be assigned as interns.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">According to Poudel, Rs 7.60 billion has been allocated for providing concessional loan to the farmers. The government has also made an arrangement to provide subsidy of up to 50 percent to the farmers who purchase improved seeds from licensed sellers. Moreover, five million fruit seedlings will be produced by establishing medium and high-technology multi-purpose nursery. In addition, 50 percent subsidy will be provided for purchasing plants to promote apple farming in Manang, Mustang, Jumla and other Himalayan districts.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Minister Poudel said that sugarcane farmers will &nbsp;now onward get their subsidy within 15 days of sale of sugarcane to sugar mills. He informed that Rs 840 million has been allocated for this purpose.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">The existing agricultural subsidy system will be reviewed and production-based incentive grants will be provided to the farmers, agri-entrepreneurs, farmers&rsquo; group and cooperatives.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Likewise, the government has planned to provide the unused government farms and barren lands to the private sector on lease for commercial farming. Poudel informed that the budget has been allocated to encourage the private sector for commercial animal husbandry in Manang, Mustang, Myagdi, Dolpa and other districts of Himalayan region and floriculture in districts like Bhojpur, Nuwakot, and Baitadi.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;"><img alt="" src="/app/webroot/userfiles/images/20200512091924_20190527010000_Makai%281%29.jpg" style="height:480px; width:531px" /></span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Announcing the budget, Minister Poudel said that adequate supply of chemical fertilisers would be ensured prior to the time of plantation. He informed that the budget has been allocated to set up a chemical fertiliser plant within three years. Rs 12 billion will be allocated for the establishment of a chemical fertiliser plant in the country.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">The government has made arrangements to buy agricultural products of farmers in order to encourage them for farming and make the supply management easy and regular. He said that 200 food storage centers and 89 cold storages will be established throughout the local levels.&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Budget has been allocated for irrigation so that the irrigation facility is easily available to the farmers.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;"><img alt="" src="/app/webroot/userfiles/images/20210106123441_20201105020829_cover%281%29.jpg" style="height:517px; width:800px" /></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Government Announces Wide Range of Tax Incentives in Budget ',
			'sub_title' => '',
			'summary' => 'May 30: The government has announced a wide range of tax incentives and tax rebates in the budget presented for the fiscal year 2021-22. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">May 30: The government has announced a wide range of tax incentives and tax rebates in the budget presented for the fiscal year 2021-22.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government is providing 90 percent of income tax waiver to the taxpayers with an annual turnover of two million rupees. In the current fiscal year, the government is providing 75% of income tax waiver to the small cottage industries.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">In the upcoming fiscal year, taxpayers with an annual income of Rs two to five million will get tax waiver of 75 percent and taxpayers with annual income of Rs 5 million to Rs 10 million will get tax waiver of 50 percent.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government has announced that it will not charge additional fees against taxpayers paying tax within the stipulated time. Taxpayers are required to pay tax within mid-June and interest applicable to it by mid-Jan, 2022.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government is waiving off VAT on the purchase of diesel and LP gas used for business enterprises. Similarly, people have been provided with tax and excise duty exemption on the production and distribution of oxygen gas, liquid oxygen, oxygen cylinder, oxygen concentrator, medicines and import of medicines.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Excise duty applied on import of electric vehicles has been removed and customs duty has also been significantly reduced. Customs duty of induction cooker has been reduced to one percent and customs and excise duties have been reduced on refrigerator, grinder, rice cooker, fan among others.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Customers will get an immediate refund of 10 percent VAT on the items purchased through the payment of electronic gateways like debit, credit cards, QR code and scan and pay.&nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">With an aim to protect the domestic industries, customs duty of raw material will be made one level cheaper than that of the ready-made goods. Similarly, customs duty waiver has been provided to the import of machines, equipment and parts being used by tea, jute, cinema, pashmina, and hatchery industries.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Startup business will be receiving 100 percent income tax waiver for the five years since the establishment of the business. If the private sector provides seed capital of Rs 100,000 the amount will not be taxable while calculating the tax amount.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Meanwhile the government has increased excise duty on alcohol, beer, cigarettes and other tobacco items. The government has increased the capital gains tax on short-term capital market investors. Share investors selling shares before 365 days are applicable to pay 7.5 capital gains tax while long-term investors, selling shares after a year, will be subjected to 5 percent capital gains tax. </span></span></span></span></p>

<p>&nbsp;</p>
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			'id' => '13471',
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			'title' => 'Spending on Battle Against Covid Important, So Is Wooing Voters—FM’s Rs 1.65 Trillion Budget Message',
			'sub_title' => '',
			'summary' => 'Minister for Finance Bishnu Prasad Paudel has introduced the budget for the upcoming fiscal year (2021/22) with a plan to spend a total of Rs 1,647.57 billion.',
			'content' => '<p>Sagar Ghimire<br />
Kathmandu, May 30:<br />
Minister for Finance Bishnu Prasad Paudel has introduced the budget for the upcoming fiscal year (2021/22) with a plan to spend a total of Rs 1,647.57 billion.<br />
The budget&mdash;introduced in the form of ordinance in the absence of the parliament&mdash;ramps up spending on healthcare, plans to finance vaccination, raises social security allowances for the elderly people and salary to government employees and gives continuity to the funding of ongoing major development programs and projects.<br />
This is the fourth budget of the current KP Oli-led government that rose to power in February 2018 after an electoral alliance of his party CPN (UML) and CPN (Maoist-Center) swept parliamentary elections in December 2017. The previous three budgets were delivered by former Finance Minister Yuba Raj Khatiwada.</p>

<p><strong>Focus on fight against Covid-19</strong><br />
As Covid second wave rages, Finance Minister Paudel announced a spending of Rs 37.53 billion to combat the pandemic. This is in addition to Rs 122.78 billion earmarked to the Ministry of Health and Population for the health-related spending.<br />
He said that the government will expand free test and treatment from government-owned hospitals and labs, 50 percent capital subsidy for private hospitals to install oxygen plants, procurement of ICU, HDU, ventilators and test kits among other medical equipment for the treatment of Covid-19 patients. While continuing the risk allowance for frontline staff, Finance Minister Paudel also announced the government plan to mobilize retired or interning doctors, nurses and health workers with 50 percent risk allowance and full salary in one year contract. &nbsp;<br />
To provide Covid-19 jabs to the people at free of cost, Finance Minister Paudel allocated Rs 26.75 billion for the vaccination. &nbsp;<br />
The budget delivered by the Finance Minister Paudel amid devastating second wave of coronavirus and closure of economy due to prohibitory orders imposed in many parts of the country also includes some relief measures to&nbsp;the private sector as well as general public and put the economy on the track of recovery.<br />
In addition to giving continuity to &lsquo;Business Continuity Loan Scheme&rsquo; and pledging to expand the sectors and fund under the central bank-administered refinancing facility, Finance Minister Paudel also announced a raft of tax rebates and waivers for businesses and firms.<br />
The government set a target to achieve 6.5 percent of economic growth in the upcoming fiscal year.<br />
&nbsp;<br />
<strong>&lsquo;Populist and Distributive&rsquo; Budget</strong><br />
Finance Minister Paudel shrugged off widespread pressure to not introduce the full-fledged budget through ordinance when the House dissolution case is subjudice at the Supreme Court. &nbsp;In his budget, he presented his spending plan that is designed to appease and influence voters, say opposition leaders and experts. &nbsp;<br />
Baburam Bhattarai, a former Prime Minister and Chairman of Janata Samajwadi Party, is one among them. Bhattarai, who is also a former Finance Minister, came down heavily on the government for introducing the populist budget. In his tweet post, Former Prime Minister Bhattarai said that the Finance Minister read out the &lsquo;election manifesto&rsquo; of ruling CPN (UML) as a budget speech that promises to distribute &lsquo;lollipops&rsquo; to innocent voters.&nbsp;<br />
Dissolving the House of Representatives on May 21, the government has announced the mid-term elections for November 12 and 13. &nbsp;<br />
All types of social security allowances have been raised by 33 percent. As announced by Prime Minister Oli recently, Finance Minister Paudel increased the monthly allowance to senior citizens by Rs 1,000 to Rs 4,000.<br />
From a scheme to offer loans to college and university students for the purchase of laptops at one percent interest to a plan of free medical treatment to journalists, the budget incorporates various populist programmes. &nbsp;<br />
&ldquo;On the one hand, Finance Minister Paudel has announced setting up of the Pay Commission for the longer-term pay and perks reforms, and on the other, he has also raised the salary by Rs 2,000 per month for government employees,&rdquo; Krishna Gyawali, a former government secretary, told New Business Age. &ldquo;This short-term staff incentive measure is appeasingly illogical and highly unconvincing, which only justifies the allegations that, though cautiously guarded, it is still a populist and election-oriented budget,&rdquo; said Gyawali, who had also worked as a joint secretary in the Ministry of Finance. &nbsp;&nbsp;<br />
However, the Finance Minister decided to scrap the Local Infrastructure Development Programme. The programme, commonly known as Constituency Development Fund, was drawing criticism for giving funds directly to lawmakers to be invested in their constituencies with little or no transparency and oversight on spending. The termination of the programme also comes in the wake of dissolution of the House of Representatives and announcement of mid-term elections. Despite calls to discontinue such pork barrel funding, the government, in the current fiscal year, had allocated a total of Rs 6.6 billion for the programme to distribute Rs 40 million to each lawmaker to spend money in their constituencies.<br />
There are concerns not only in the process of introducing the budget with no parliamentary scrutiny, but also in the government&rsquo;s capacity to implement it.</p>

<p>&ldquo;The government will face immense political and systemic challenges to implement this budget not only because there is no robust institutional departure with regard to resetting the rules and routes of implementation but also because this budget is devoid of &lsquo;political legitimacy&rsquo;. The budget suffers from a likely lack of needed political support for creating a conducive implementation climate on the ground,&rdquo; said Gyawali.<br />
&nbsp;<br />
<strong>&nbsp;Job Creation Targets</strong><br />
Creation of employment opportunities also seemed to be a priority in the budget. As thousands of workers have either lost their jobs due to the pandemic, the government plans to generate 200,000 jobs in the upcoming fiscal year through the Prime Minister Employment Programme with a plan to spend Rs 12 billion.<br />
He also said that the government will provide skill training to 100,000 youths who have lost their jobs or returned from foreign employment. For the training on handicraft, plumbing, carpentry, vehicle and mobile repairing, beautician, Finance Minister announced a spending of Rs 400 million. &nbsp;<br />
In the budget, the government also expects 350,000 jobs creation from its partnership with the private sector. It has also set a target of creating 12,000 new jobs from its Youth Self Employment Fund. &nbsp;&nbsp;<br />
&nbsp;</p>
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			'title' => 'Budget for FY2021/22 presented in Three Charts ',
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			'summary' => 'These three graphs sum up the the figures presented in the budget for upcoming fiscal year',
			'content' => '<p>May 30:&nbsp;<br />
Minister for Finance Bishnu Prasad Paudel on Saturday unveiled the budget of Rs 1,647.57 billion for upcoming fiscal year (2021/22) through an ordinance. These three charts sum up the&nbsp;key figures presented in the budget:&nbsp;<br />
&nbsp;</p>

<p><img alt="" src="/app/webroot/userfiles/images/Expenditures_Budget.jpg" style="height:320px; width:600px" /></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p><img alt="" src="/app/webroot/userfiles/images/Income%20Projections_Budget_.jpg" style="height:319px; width:617px" /></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p><img alt="" src="/app/webroot/userfiles/images/Sector%20Wise%20Spending.JPG" style="height:363px; width:617px" /></p>
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		'Article' => array(
			'id' => '13485',
			'article_category_id' => '1',
			'title' => 'Insurance Regulator Beema Samiti Grants Approval in Principle to Himalayan Reinsurance ',
			'sub_title' => '',
			'summary' => 'Beema Samiti—the  insurance regulatory authority of the country—has decided to grant approval in principle to Himalayan Reinsurance to provide reinsurance service.',
			'content' => '<p>June 1: &nbsp;<br />
Beema Samiti&mdash;the &nbsp;insurance regulatory authority of the country&mdash;has&nbsp;decided to grant approval in principle to Himalayan Reinsurance, allowing the new company to start a process to get the operation license for providing reinsurance services.&nbsp;</p>

<p>Raju Raman Paudel, Executive Director at the Beema Samiti, said that the board meeting held recently decided to grant approval in principle to set up a reinsurance company to Himalayan Reinsurance. According to Paudel, a formal letter regarding the decision will be provided to the company within two days.<br />
Five companies had applied for the approval after the Beema Samiti&nbsp;on May 29 called for applications from the private sector to grant approval for the reinsurance company. Kathmandu Reinsurance Company, Annapurna Reinsurance Company, Prudential Reinsurance Company, Himalayan Reinsurance Company and Genuine Reinsurance Company had sought Beema Samiti&rsquo;s nod to start the process to acquire the operation license.&nbsp;<br />
Beema Samiti&nbsp;officials say that the board decided to choose Himalayan Re which received the highest marks during the evaluation process.</p>

<p>After receiving the approval from the board, Himalayan Re will have to register itself at the Office of the Company Registrar. The company should come into operation within six months from the date of receiving the approval.</p>

<p><br />
Once the company sets up its infrastructure and office, it should apply for the license with Beema Samiti&nbsp;for the operation license. After carrying out inspection of the infrastructure, Beema Samiti then decides on granting the operation license.<br />
Himalayan Re will have a paid-up capital of Rs 10 billion as required by Beema Samiti. Shekhar Golchha, President of Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Bhawani Rana, the outgoing FNCCI President, former FNCCI President Pashupati Murarka along with other industrialists including Shahil Agrawal and Sulav Agrawal, are said to be major promoters of Himalayan Re. It also has investments from Lucky Group, Dugar Group and Shankar Group.&nbsp;<br />
Currently, there is only one state-owned Nepal Reinsurance Company that is in operation in Nepal. Beema Samiti&nbsp;had started the process to add one more reinsurer from the private sector in line with a recommendation from its committee formed to study the viability of a new reinsurance company.&nbsp;</p>
',
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			'created' => '2021-06-01',
			'modified' => '2021-06-01',
			'keywords' => '',
			'description' => '',
			'sortorder' => '13231',
			'image' => '20210601093819_Beema Samiti.jpg',
			'article_date' => '2021-06-01 21:30:39',
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	(int) 1 => array(
		'Article' => array(
			'id' => '13487',
			'article_category_id' => '1',
			'title' => 'Government to Extend Prohibitory Order in Kathmandu',
			'sub_title' => 'Retail Stores will be Allowed to Open Under New Modality ',
			'summary' => 'June 1: Government authorities have decided to extend the ongoing prohibitory order in Kathmandu valley for at least a week with slight modifications.',
			'content' => '<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">June 1: Government authorities have decided to extend the ongoing prohibitory order in Kathmandu valley for at&nbsp; least a week with slight modifications, according to the state-owned national news agency RSS.&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">A meeting of the chief district officers of Kathmandu, Lalitpur and Bhaktapur on Tuesday (June 1) &nbsp;decided to give continuity to the prohibitory order issued on May 28, RSS reported.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">According to the CDO of Bhaktapur Prem Prasad Bhattarai, retail and grocery shops as well as food stores and departmental stores will be allowed to open until 9 am each day from June 4 when the new order comes into effect.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">Similarly, development works and construction activities will be allowed under certain conditions. The contractors need to arrange boarding facilities for the workers to undertake construction works.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Likewise, vehicles carrying daily essentials and supplies can be operated following a fixed timetable. These activities had been curtailed by the May 28 decision. Other activities shall remain prohibited as per the previous decision.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">The modification comes in the wake of a declining rate of COVID-19 infection across the country since the past few days.&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">The ongoing prohibitory order expires on June 3. </span></span></span><br />
&nbsp;</p>
',
			'published' => true,
			'created' => '2021-06-02',
			'modified' => '2021-06-02',
			'keywords' => '',
			'description' => '',
			'sortorder' => '13230',
			'image' => '20210602115853_20200601121121_lockdown.jpg',
			'article_date' => '2021-06-02 11:57:50',
			'homepage' => false,
			'breaking_news' => false,
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		'Article' => array(
			'id' => '13484',
			'article_category_id' => '1',
			'title' => '800,000 Doses of China-gifted Vaccines Arrive in Kathmandu ',
			'sub_title' => '',
			'summary' => ' A consignment of 800,000 doses of COVID-19 vaccines gifted by China has arrived in Kathmandu. ',
			'content' => '<p>June 1:&nbsp;A consignment of 800,000 doses of COVID-19 vaccines gifted by China has arrived in Kathmandu. Nepal Airlines, the state-owned airlines, airlifted the vaccines from Beijing on Tuesday.</p>

<p>China has decided to provide one million doses of Covid vaccines under its grant assistance following a request from President Bidya Devi Bhandari to her Chinese counterpart Xi Jinping.&nbsp;</p>

<p>During a telephone conversation held with President Bhandari on May 26, Chinese President Xi Jinping had announced that China will provide one&nbsp;million doses of Covid-19 vaccines to Nepal under grant assistance.&nbsp;</p>

<p>According to a statement of Nepal&rsquo;s Ministry of Foreign Affairs, the remaining 200,000 doses of the vaccine are being provided to Nepal by the Government of the Tibet Autonomous Region of China. Accordingly, 50,400 doses of the vaccine and syringes have been handed over to the officials of the Ministry of Health and Population on Tuesday morning, and another batch of 50,400 vaccines and syringes is scheduled to arrive in Kathmandu this evening, according to the statement. The consignment of remaining 99,200 vaccines and syringes will arrive in Kathmandu on Wednesday.&nbsp;</p>

<p>Though it&rsquo;s not immediately clear which vaccine China has provided to Nepal, the Department of Drug Administration has authorized only&nbsp;Vero Cell as the vaccine manufactured in China for the emergency use in Nepal.&nbsp;</p>

<p>This is the second time that China gifted Covid vaccines to Nepal. Earlier in March, China had provided Nepal 800,000 doses of Vero Cell.&nbsp;<br />
&nbsp;<br />
&nbsp;</p>
',
			'published' => true,
			'created' => '2021-06-01',
			'modified' => '2021-06-01',
			'keywords' => '',
			'description' => '',
			'sortorder' => '13229',
			'image' => '20210601052506_20201220030450_Corona3.jpg',
			'article_date' => '2021-06-01 17:19:17',
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		'Article' => array(
			'id' => '13483',
			'article_category_id' => '1',
			'title' => 'Exports of Dairy Products Jump 465% as Supply of Ghee to Japan Rises ',
			'sub_title' => '',
			'summary' => 'Exports of dairy products have jumped 465 percent in the first ten months of the current fiscal year (2020/21). ',
			'content' => '<p>June 1:&nbsp;Exports of dairy products have&nbsp;jumped 465 percent in the first ten months of the current fiscal year (2020/21).&nbsp;<br />
According to the data of National Dairy Development Board (NDDB), the exports of dairy products have surged 465 percent in 10 months of the current fiscal year compared to the corresponding period of the last fiscal year.&nbsp;<br />
Nepal exported dairy products worth Rs&nbsp;65.6 million this year up from Rs 11.65 million in last year.&nbsp;<br />
Imports of dairy products are still higher than exports. However, the imports have also declined in the review period.<br />
According to the board, the imports of dairy products fell 14.25 percent. The country imported dairy products worth Rs 1.69 billion, down from Rs 1.45 billion.&nbsp;<br />
Dr. Balak Chaudhary, Technical Director at the NDDB, said that the surge in the export of ghee (clarified butter)&nbsp;to Japan has increased the total export receipt from dairy products. The clarified butter exports to Japan rose by 11,115 kg in the first 10 months of the current fiscal year as compared to the same period of last year. This is the highest quantity of clarified butter that Nepal has exported,&nbsp;&nbsp;he&nbsp;said.&nbsp;</p>

<p>According to Chaudhary, Japan is becoming a major market for Nepali dairy products thanks to Nepali doing dairy businesses in Japan.&nbsp;</p>

<p><br />
<strong>Milk collection limited to 50% </strong><br />
The collection of milk has been limited to 50 percent due to the prohibitory orders imposed in various parts of the country. Organizing a press conference organized on the eve of World Milk Day, the National Dairy Development Board said that the milk collection in the formal sector declined by 50 percent due to the prohibitory orders imposed by the government to control the Covid-19. Speaking at the press meet, Radha Krishna Sapkota, President of the Nepal Dairy Association, said that the dairy sector, which contributes to nearly 9 percent to the country&#39;s gross domestic product, is facing various problems due to the pandemic. According to him, dairy businesses have only 41,000 metric tons of powdered milk and 25,000 metric tons of butter in their stock.<br />
&nbsp;</p>
',
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			'created' => '2021-06-01',
			'modified' => '2021-06-01',
			'keywords' => '',
			'description' => '',
			'sortorder' => '13228',
			'image' => '20210601024754_Ghee.jpg',
			'article_date' => '2021-06-01 14:36:42',
			'homepage' => true,
			'breaking_news' => false,
			'main_news' => true,
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	(int) 4 => array(
		'Article' => array(
			'id' => '13482',
			'article_category_id' => '1',
			'title' => 'Private Sector Finds Overall Budget Positive, Points Implementation As Challenge    ',
			'sub_title' => '',
			'summary' => 'The private sector has provided a mixed response on the federal budget for the fiscal year 2021/22. ',
			'content' => '<p>June 1:&nbsp;The private sector has provided a mixed response on the federal budget for the fiscal year 2021/22.&nbsp;</p>

<p>The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Confederation of Nepalese Industries (CNI) have said that the overall budget program looks promising.&nbsp;However, they have said that the budget did not address some of their key demands.</p>

<p>Issuing a statement on Monday, the FNCCI said that priorities accorded in the budget have sent a positive message. The Federation is confident that the removal of excise duty and reduction of customs duty on import of electric vehicles will help in the promotion of environmentally friendly vehicles and replace diesel and petrol powered vehicles. However, the federation said that the implementation of the upcoming year&rsquo;s budget is more difficult than of previous year.<br />
&ldquo;Elections have been announced for the fourth month of the upcoming fiscal year and if the vaccination program couldn&rsquo;t be expanded it will soon invite the third wave of coronavirus. It will prevent the private sector from expanding the business which will add pressure on the revenue system,&rdquo; read the statement of the FNCCI.&nbsp;</p>

<p>Similarly, CNI, in a separate statement, said that provisions like 100 percent income tax exemption to startup businesses, deduction of seed capital investment in startups as expenditure and subsidized loans to youths against academic certificate pledge are commendable. However, the Confederation has stated that such seed capital should have been of Rs 50 million.&nbsp;</p>

<p>According to CNI, the budget is aimed at uplifting the economy ravaged by the COVID- 19, improving the industrial environment, increasing private sector investment and generating employment opportunities. It also said that it expects the provision of transferring electricity from power companies to the industries by paying the wheeling charge will reduce the production charge and help in the export of the electricity. It has further said that waiving off electricity demand fees to the industries, hotel and cinema during the period of prohibitory order is also an encouraging move.<br />
Stating that the budget has not been able to address the domestic, small and medium industries affected by the COVID pandemic, CNI also urged the government to address their needs through the monetary policy. &nbsp;</p>
',
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			'modified' => '2021-06-01',
			'keywords' => '',
			'description' => '',
			'sortorder' => '13227',
			'image' => '20210601020406_FNCCI_CNi.jpg',
			'article_date' => '2021-06-01 13:59:26',
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	(int) 5 => array(
		'Article' => array(
			'id' => '13481',
			'article_category_id' => '1',
			'title' => 'Finance Ministry Begins Preparations for Implementation of New Budget ',
			'sub_title' => '',
			'summary' => 'Ministry of Finance (MoF) has started preparation for the implementation of the budget for the upcoming fiscal year (2021/22). ',
			'content' => '<p>June 1: Ministry of Finance (MoF) has started preparation for the implementation of the budget for the upcoming fiscal year (2021/22).</p>

<p>According to MoF officials, the MoF has begun the preparation for the budget implementation immediately after unveiling the estimate of revenue and expenditure.&nbsp;<br />
Earlier on Saturday, Minister for Finance Bishnu Prasad Paudel had introduced the budget for the upcoming fiscal year through an ordinance. &nbsp;<br />
MoF officials say that the early preparation would lay a ground to bring desired results from the plans and programmes mentioned in the budget on time.<br />
Finance Minister Paudel on Monday held a meeting with ministers, secretaries and other senior officials of various ministries to discuss the execution of the new budget, according to a statement issued by the MoF. Minister for Physical Infrastructure and Transport Basanta Nembang, Minister for Education, Science and Technology Krishna Gopal Shrestha, Minister for Communications and Information Technology Parbat Gurung along with secretaries were present in the interaction.&nbsp;</p>

<p>Finance Minister Bishnu Prasad Poudel directed them to prepare a time-bound action plan as well as other guidelines and working procedures required for the implementation of the provisions, plans and programmes introduced in the budget.&nbsp;<br />
He urged the senior officials to make preparation that will allow them to &nbsp;implement the budget from the beginning of the upcoming fiscal year. The new fiscal year begins from July 16. &nbsp;<br />
&ldquo;We are serious on implementing the budget. I urge you all to move forward with a clear timetable from the beginning to the completion of plans and programs,&rdquo; the statement quoted Finance Minister Poudel as saying. &ldquo;The ministry will assist, coordinate and facilitate the implementation of the budget.&rdquo;<br />
Stating that it is important to pay special attention to the implementation and its results, Finance Secretary Shishir Kumar Dhungana said that the MoF will look after the management of resources for the projects and programmes included in the budget.<br />
<br />
The MoF plans to hold discussions with various ministries and agencies on budget implementation regularly, according to the statement.&nbsp;</p>
',
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			'created' => '2021-06-01',
			'modified' => '2021-06-01',
			'keywords' => '',
			'description' => '',
			'sortorder' => '13226',
			'image' => '20210601123504_IMG_5049.jpg',
			'article_date' => '2021-06-01 12:31:56',
			'homepage' => true,
			'breaking_news' => false,
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	(int) 6 => array(
		'Article' => array(
			'id' => '13480',
			'article_category_id' => '1',
			'title' => 'Solu Corridor Transmission Line Project Deadline Likely to Be Extended for Sixth Time',
			'sub_title' => '',
			'summary' => 'As the construction work of Solu corridor 132 KV transmission line is yet to be completed, project officials are working to extend the project completion deadline for the sixth time.     ',
			'content' => '<p>June 1: As the construction work of Solu corridor 132 KV transmission line is yet to be completed, project officials are working to extend the project completion deadline for the sixth time. &nbsp; &nbsp;&nbsp;</p>

<p>The construction had started in September 2016 with a target to complete the project within 30 months. However, the deadline was extended fifth time with a plan to finish the entire construction work by May 2021. &nbsp; &nbsp;&nbsp;</p>

<p>Project Chief Janardan Gautam shared that the deadline is likely to be extended for three months. According to Gautam, locals&rsquo; obstruction in the construction works is to blame for delay in the project completion though 132 KV transmission line is being developed to export the power generated in the district. &nbsp; &nbsp;&nbsp;</p>

<p>It is said that only the foundation work of 292 towers is completed so far though 302 towers are to be constructed from Mirchaiya of Siraha to Tingla of Solukhumbu.</p>

<p>Gautam shared that locals in Maruwa of Udayapur district have obstructed the construction works in the sites for developing 10 other towers. Gautam shared that locals in Maruwa of Udayapur district have obstructed the construction works in the sites for developing 10 other towers. The locals have halted the work demanding compensation of their land. &nbsp; &nbsp;&nbsp;<br />
Similarly, the work of fixing electric wires is still left to do in 30 kilometres out of total 90 kilometres. Most of the tasks have come to a halt due to the locals&rsquo; obstruction. &nbsp; &nbsp;&nbsp;</p>

<p>The Upper Solukhola Hydropower Project that completed its project last year is generating only five megawatt of power out of its capacity of 23.5 megawatt due to lack of transmission line. The power generated from there is linked to 33 KV sub-station at Rumjatar of Okhaldhunga. &nbsp; &nbsp;&nbsp;<br />
--RSS &nbsp;&nbsp;<br />
&nbsp;</p>
',
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			'created' => '2021-06-01',
			'modified' => '2021-06-01',
			'keywords' => '',
			'description' => '',
			'sortorder' => '13225',
			'image' => '20210601112810_transmission line.jpg',
			'article_date' => '2021-06-01 11:25:46',
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	(int) 7 => array(
		'Article' => array(
			'id' => '13479',
			'article_category_id' => '1',
			'title' => 'Finance Minister Assures of Implementing Budget ',
			'sub_title' => '',
			'summary' => 'May 31: Finance Minister Bishnu Prasad Poudel has assured that the government will implement the budget for the upcoming fiscal year which was announced on May 29.',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">May 31</span><span style="font-size:10.0pt"><span style="font-family:Times">: </span></span><span style="font-family:&quot;Times New Roman&quot;">Finance Minister Bishnu Prasad Poudel has assured that the government will implement the budget for the upcoming fiscal year which was announced on May 29.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The finance minister made such remark dismissing concerns over the implementation of the budget brought through ordinance.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Speaking at a press conference organised at the Ministry of Finance on Sunday, Minister Paudel said that the government would implement the budget to achieve the economic growth rate of 6.5 percent. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to him, the finance ministry is starting discussions with various line ministries on budget implementation from Monday (May 31) itself. He clarified that the government did not bring a provisional budget as it did not want to shy away from its duty during the current crisis caused by coronavirus pandemic. He claimed that a full-fledged budget was announced as per the constitutional provisions.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Experts say that the size of the budget has increased as the government tried to introduce a budget which was populist in nature. This poses a serious problem in financial discipline and it would be difficult to implement, according to the experts.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">However Minister Paudel said that the government cannot avoid its responsibility towards the country and the people by bringing only a provisional budget in such a time of crisis. &ldquo;Therefore, we have brought the budget in line with the constitution, and now we are determined to implement it.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to Finance Minister Paudel, the budget has given maximum priority to the revival of the economy by providing relief and facilities to the people and businesses affected by COVID-19. The budget has put forth the idea of restoring the economy to its old rhythm and making revitalizing it.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Denying the remark that there was no budget allocated for the election, Minister Paudel said that the government would mobilize all its resources to conduct the upcoming election in a free and fair manner. According to him, the required budget has already been allocated for the election. He said that the budget allocated for the polls will be released to the Election Commission and the security agencies as per the need.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Minister Paudel claimed that the government took the responsibility of increasing the social security allowances including the old age allowance even during the pandemic. He said, &quot;Contribution-based social security fund has already been implemented. Once it is fully implemented, the burden on the government will be greatly reduced. We have not reached the limit where we wouldn&rsquo;t be able to bear the load right now.&quot;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to him, the government has introduced a tax exemption and relief programme in the budget considering the sectors affected by the pandemic.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Minister Paudel said that the government has brought programs such as old age allowance and salary increment to fulfill the responsibility of the nation and not just to lure fellow voters. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Meanwhile, Governor Maha Prasad Adhikari has stated that the budget target could be achieved as soon as the impact of the coronavirus declines. According to Adhikari, the statistics show that the loan flow from last November to April has reached Rs 700 billion. &quot;Considering the same situation, there will be an economic revival of the &#39;V&#39; shape,&quot; he said.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Finance Secretary Sishir Kumar Dhungana said that the economic growth rate of 6.5 percent aimed by the government is attainable. According to Dhungana, the policy adopted by the government will help achieve the economic growth.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">&quot;The budget has programmes for relief and rehabilitation,&quot; he said, adding, &quot;Which will increase production and create more job opportunities.&quot;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to Dhungana, the economy that collapsed due to the pandemic will soon return to normal as the government has made vaccination drive against COVID-19 its top priority.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">&quot;We have made vaccination our first priority. As soon as the vaccines arrive, our economic activities will return to normal,&quot; Dhungana said, &ldquo;Which is why we have aimed for the economic growth rate of 6.5 percent. A study conducted by Nepal Rastra Bank also states the same. As soon as the market reopens, economic activities will pick up pace and demand will increase, so we can easily achieve the targeted economic growth.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">While many are questioning the size of the budget, he said that it was only 11.5 percent of gross domestic product (GDP). According to him, the government is trying to raise internal debt based on international standards.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">According to Dhungana, the implementation of various projects will be expedited in the current fiscal year. </span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Although there are concerns that revenue collection may be affected due to the large tax exemptions, Revenue Secretary Ram Sharan Pudasaini clarified that the exemptions were given mainly to the manufacturing industries, tourism business, small taxpayers and export-oriented industries and for the import of health equipment.</span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13478',
			'article_category_id' => '1',
			'title' => 'Farmers Cry Foul Over ‘No Budget’ for Poultry Farming and Floriculture ',
			'sub_title' => '',
			'summary' => 'May 31: Farmers have complained that poultry and floriculture business have not been included in the budget of Fiscal Year 2078/79. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">May 31: Farmers have complained that poultry and floriculture business have not been included in the budget of Fiscal Year 2078/79. They complained that budget presented by finance minister on Saturday did not address the concerns of both of these sectors.&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The farmers argued that an agricultural country like Nepal with more than 65 percent farmers cannot become self-reliant in agriculture if the government allocates only 2.78 percent of the total budget to the agriculture and livestock sector. Likewise, the farmers are frustrated that the poultry and floriculture business, which has provided employment to millions of people in the country, has not been included in the budget.&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">General Secretary of the Nepal Poultry Federation Dinesh Raj Mishra lamented that poultry sector was not mentioned in the budget. The contribution of poultry sector to Nepal&lsquo;s GDP is Rs 180 billion. He said that the government has completely ignored the poultry industry which has a huge contribution to the overall economy of the country.&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">Similarly, florists have also expressed concern that the budget does not include them. Kumar Kasaju Shrestha, president of the Floriculture Association of Nepal, said that the government has ignored the floriculture business that has an investment of Rs 6.5 billion in the country. He said that they had hoped the government would address their concerns through the budget at a time when their business was in crisis due to the lockdown. However, the budget did not cover all the sectors of agriculture. He said this has disappointed all farmers and businessmen.&nbsp;</span></span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:&quot;Times New Roman&quot;">The overall floriculture business is losing Rs 10 million daily due to the lockdown. The business, spread across 43 districts, has provided employment to more than 40,000 people directly and indirectly. A large part of this business is connected with various gatherings, weddings, and banquets, programmes and tourism sector and as these sectors are largely affected, the floriculture business is in crisis and has also halted production due to coronavirus.&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13477',
			'article_category_id' => '1',
			'title' => 'Hydro Power Producers Resent Government’s Failure to Provide Subsidy on VAT despite its Declaration ',
			'sub_title' => '',
			'summary' => 'May 31: The government has remained silent on the issue of giving VAT exemption and subsidies to the promoters of hydro power projects. ',
			'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">May 31: The government has remained silent on the issue of giving VAT exemption and subsidies to the promoters of hydro power projects. The government has not allocated any amount in this regard in the budget for the upcoming fiscal year which was announced on Saturday, May 29.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">In 2015, the government had announced to provide Rs 5 million grant on VAT per megawatt to the promoter companies of power projects to be completed within a decade by issuing a concept paper on National Energy Crisis Mitigation and Power Development Decade. In addition, it was said that the projects completed by 2015 would also receive the grant.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The government has already unveiled five budgets after announcing the grant. However, the promoters say that none of the budgets has addressed the issue.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Chairman of Independent Power Producers Association of Nepal (IPPAN) Krishna Prasad Acharya said that it was unfortunate that the grant was not implemented even after the announcement.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;The government has already decided to subsidize VAT for power projects. The required amount has to be allocated through the budget. However, even after 5-6 years, this issue has not found a place in the budget. We will not remain silent in this regard. We will continue our initiative for this,&rdquo; he said.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Spokesperson for the Ministry of Energy Madhu Prasad Bhetwal said that the Ministry of Finance is the body to take a necessary decision in this regard. &ldquo;At that time, we had offered a grant of Rs 10 million. The finance ministry reduced it to Rs 5 million,&rdquo; he said, adding, &ldquo;We have not been able to understand why the implementation has been delayed.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Secretary at the Ministry of Finance Shishir Kumar Dhungana also admitted that the budget could not address the issue. He said that this time the issue could not be addressed because it did not fall in priority list and there were other pressing issues.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">&ldquo;The coronavirus pandemic and its impact grabbed our attention while preparing budget. Therefore, this issue could not be addressed in the current budget,&rdquo; he said, &ldquo;However, it is an issue that the government has already decided. We will make necessary arrangements and implement them.&rdquo;</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The government had announced such a concessional package to private sector promoters in 2015 intending to encourage power generation during the time of load-shedding. The government had made public a 99-point concept paper on energy crisis mitigation. However, the failure to implement it has discouraged energy producers of the private sector.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">The government had announced a grant of Rs 5 million per megawatt to the promoter companies of the project to be completed by 2026. They also said that a grant of Rs 5.5 million per megawatt would be given if the construction is completed by 2024.</span></span></span></p>

<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-family:&quot;Times New Roman&quot;">Many projects have been completed even after the government announced the exemption. However, IPPAN chairman Acharya said that they have not received the facility announced by the government. He stressed the need to implement the government&#39;s declaration as soon as possible.</span></span></span></p>

<p><br />
<br />
<br />
<br />
&nbsp;</p>
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	(int) 10 => array(
		'Article' => array(
			'id' => '13476',
			'article_category_id' => '1',
			'title' => 'Humla to be Linked to National Highway',
			'sub_title' => '',
			'summary' => 'May 31: Simikot, the district headquarters of Humla is finally being linked to the national highway. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;">May 31: Simikot, the district headquarters of Humla is finally being linked to the national highway. This will happen in the coming fiscal year, according to the budget estimates presented by Finance Minister Bishnu Prasad Paudel on Saturday.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">Of the 77 district headquarters of the country, only Simikot is yet to be linked to the national highway. The pledge to change this reality features in every fiscal year budget though it has not yet been realized.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">The budget estimates also includes construction of a trekking route in Simikot as well as in the lower Dolpa area. Likewise, construction of a dry port will begin in Yari of Namkha rural municipality.&nbsp;&nbsp;&nbsp;&nbsp; </span><br />
<span style="font-family:&quot;Arial Unicode MS&quot;">The federal government has also allocated budget for construction of an access road in Hilsa region. The budget also features funds to be allocated for operation of maternity and neonatal care service in the district hospital. -- RSS&nbsp;&nbsp; </span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Cambria"><span style="font-family:&quot;Arial Unicode MS&quot;"><img alt="" src="/app/webroot/userfiles/images/20181226034129_IMG_8456.JPG" style="height:533px; width:800px" /></span></span></span></p>
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	(int) 11 => array(
		'Article' => array(
			'id' => '13475',
			'article_category_id' => '1',
			'title' => 'Budget for Agriculture up by Rs 3.69 Billion',
			'sub_title' => '',
			'summary' => 'May 30: The government has allocated Rs 45.09 billion for the agriculture sector for the upcoming fiscal year (FY 2021/22).',
			'content' => '<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Manisha Balami</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">May 30: The government has allocated Rs 45.09 billion for the agriculture sector for the upcoming fiscal year (FY 2021/22), which is Rs 3.69 billion more than the budget allocated for the current fiscal year. The government had allocated Rs 41.40 billion for the agriculture sector for the current fiscal year.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Presenting the budget for the upcoming fiscal year on Saturday, Finance Minister Bishnu Poudel said that the agriculture sector would be developed as the main basis of a prosperous economy. For this, the government plans to modernise and commercialise the agriculture sector. He said that the Prime Minister&rsquo;s Agriculture Modernisation Project will be made more effective and an additional 71 zones to promote agriculture, fisheries and livestock production would be brought into operation.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Tax exemption will be given for the imports of agricultural tools, equipment and spare parts. Likewise, the government has given continuity to 50 percent subsidy in farm insurance premium.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Grants will be provided to the local level for purchasing agricultural equipment such as combine harvester, power teller, cultivator, rotavator, and harrow in the pocket areas. Minister Poudel announced that in order to provide technical assistance to the farmers in the project area, 300 students studying at the undergraduate level in agriculture will be assigned as interns.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">According to Poudel, Rs 7.60 billion has been allocated for providing concessional loan to the farmers. The government has also made an arrangement to provide subsidy of up to 50 percent to the farmers who purchase improved seeds from licensed sellers. Moreover, five million fruit seedlings will be produced by establishing medium and high-technology multi-purpose nursery. In addition, 50 percent subsidy will be provided for purchasing plants to promote apple farming in Manang, Mustang, Jumla and other Himalayan districts.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Minister Poudel said that sugarcane farmers will &nbsp;now onward get their subsidy within 15 days of sale of sugarcane to sugar mills. He informed that Rs 840 million has been allocated for this purpose.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">The existing agricultural subsidy system will be reviewed and production-based incentive grants will be provided to the farmers, agri-entrepreneurs, farmers&rsquo; group and cooperatives.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Likewise, the government has planned to provide the unused government farms and barren lands to the private sector on lease for commercial farming. Poudel informed that the budget has been allocated to encourage the private sector for commercial animal husbandry in Manang, Mustang, Myagdi, Dolpa and other districts of Himalayan region and floriculture in districts like Bhojpur, Nuwakot, and Baitadi.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;"><img alt="" src="/app/webroot/userfiles/images/20200512091924_20190527010000_Makai%281%29.jpg" style="height:480px; width:531px" /></span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Announcing the budget, Minister Poudel said that adequate supply of chemical fertilisers would be ensured prior to the time of plantation. He informed that the budget has been allocated to set up a chemical fertiliser plant within three years. Rs 12 billion will be allocated for the establishment of a chemical fertiliser plant in the country.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">The government has made arrangements to buy agricultural products of farmers in order to encourage them for farming and make the supply management easy and regular. He said that 200 food storage centers and 89 cold storages will be established throughout the local levels.&nbsp;&nbsp;</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;">Budget has been allocated for irrigation so that the irrigation facility is easily available to the farmers.</span></span></span></p>

<p><span style="font-size:16px"><span style="font-family:Times"><span style="font-family:&quot;Times New Roman&quot;"><img alt="" src="/app/webroot/userfiles/images/20210106123441_20201105020829_cover%281%29.jpg" style="height:517px; width:800px" /></span></span></span></p>

<p>&nbsp;</p>
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		'Article' => array(
			'id' => '13474',
			'article_category_id' => '1',
			'title' => 'Government Announces Wide Range of Tax Incentives in Budget ',
			'sub_title' => '',
			'summary' => 'May 30: The government has announced a wide range of tax incentives and tax rebates in the budget presented for the fiscal year 2021-22. ',
			'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">May 30: The government has announced a wide range of tax incentives and tax rebates in the budget presented for the fiscal year 2021-22.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government is providing 90 percent of income tax waiver to the taxpayers with an annual turnover of two million rupees. In the current fiscal year, the government is providing 75% of income tax waiver to the small cottage industries.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">In the upcoming fiscal year, taxpayers with an annual income of Rs two to five million will get tax waiver of 75 percent and taxpayers with annual income of Rs 5 million to Rs 10 million will get tax waiver of 50 percent.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government has announced that it will not charge additional fees against taxpayers paying tax within the stipulated time. Taxpayers are required to pay tax within mid-June and interest applicable to it by mid-Jan, 2022.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">The government is waiving off VAT on the purchase of diesel and LP gas used for business enterprises. Similarly, people have been provided with tax and excise duty exemption on the production and distribution of oxygen gas, liquid oxygen, oxygen cylinder, oxygen concentrator, medicines and import of medicines.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Excise duty applied on import of electric vehicles has been removed and customs duty has also been significantly reduced. Customs duty of induction cooker has been reduced to one percent and customs and excise duties have been reduced on refrigerator, grinder, rice cooker, fan among others.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Customers will get an immediate refund of 10 percent VAT on the items purchased through the payment of electronic gateways like debit, credit cards, QR code and scan and pay.&nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">With an aim to protect the domestic industries, customs duty of raw material will be made one level cheaper than that of the ready-made goods. Similarly, customs duty waiver has been provided to the import of machines, equipment and parts being used by tea, jute, cinema, pashmina, and hatchery industries.</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Startup business will be receiving 100 percent income tax waiver for the five years since the establishment of the business. If the private sector provides seed capital of Rs 100,000 the amount will not be taxable while calculating the tax amount.&nbsp;</span></span></span></span></p>

<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;">Meanwhile the government has increased excise duty on alcohol, beer, cigarettes and other tobacco items. The government has increased the capital gains tax on short-term capital market investors. Share investors selling shares before 365 days are applicable to pay 7.5 capital gains tax while long-term investors, selling shares after a year, will be subjected to 5 percent capital gains tax. </span></span></span></span></p>

<p>&nbsp;</p>
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	(int) 13 => array(
		'Article' => array(
			'id' => '13471',
			'article_category_id' => '1',
			'title' => 'Spending on Battle Against Covid Important, So Is Wooing Voters—FM’s Rs 1.65 Trillion Budget Message',
			'sub_title' => '',
			'summary' => 'Minister for Finance Bishnu Prasad Paudel has introduced the budget for the upcoming fiscal year (2021/22) with a plan to spend a total of Rs 1,647.57 billion.',
			'content' => '<p>Sagar Ghimire<br />
Kathmandu, May 30:<br />
Minister for Finance Bishnu Prasad Paudel has introduced the budget for the upcoming fiscal year (2021/22) with a plan to spend a total of Rs 1,647.57 billion.<br />
The budget&mdash;introduced in the form of ordinance in the absence of the parliament&mdash;ramps up spending on healthcare, plans to finance vaccination, raises social security allowances for the elderly people and salary to government employees and gives continuity to the funding of ongoing major development programs and projects.<br />
This is the fourth budget of the current KP Oli-led government that rose to power in February 2018 after an electoral alliance of his party CPN (UML) and CPN (Maoist-Center) swept parliamentary elections in December 2017. The previous three budgets were delivered by former Finance Minister Yuba Raj Khatiwada.</p>

<p><strong>Focus on fight against Covid-19</strong><br />
As Covid second wave rages, Finance Minister Paudel announced a spending of Rs 37.53 billion to combat the pandemic. This is in addition to Rs 122.78 billion earmarked to the Ministry of Health and Population for the health-related spending.<br />
He said that the government will expand free test and treatment from government-owned hospitals and labs, 50 percent capital subsidy for private hospitals to install oxygen plants, procurement of ICU, HDU, ventilators and test kits among other medical equipment for the treatment of Covid-19 patients. While continuing the risk allowance for frontline staff, Finance Minister Paudel also announced the government plan to mobilize retired or interning doctors, nurses and health workers with 50 percent risk allowance and full salary in one year contract. &nbsp;<br />
To provide Covid-19 jabs to the people at free of cost, Finance Minister Paudel allocated Rs 26.75 billion for the vaccination. &nbsp;<br />
The budget delivered by the Finance Minister Paudel amid devastating second wave of coronavirus and closure of economy due to prohibitory orders imposed in many parts of the country also includes some relief measures to&nbsp;the private sector as well as general public and put the economy on the track of recovery.<br />
In addition to giving continuity to &lsquo;Business Continuity Loan Scheme&rsquo; and pledging to expand the sectors and fund under the central bank-administered refinancing facility, Finance Minister Paudel also announced a raft of tax rebates and waivers for businesses and firms.<br />
The government set a target to achieve 6.5 percent of economic growth in the upcoming fiscal year.<br />
&nbsp;<br />
<strong>&lsquo;Populist and Distributive&rsquo; Budget</strong><br />
Finance Minister Paudel shrugged off widespread pressure to not introduce the full-fledged budget through ordinance when the House dissolution case is subjudice at the Supreme Court. &nbsp;In his budget, he presented his spending plan that is designed to appease and influence voters, say opposition leaders and experts. &nbsp;<br />
Baburam Bhattarai, a former Prime Minister and Chairman of Janata Samajwadi Party, is one among them. Bhattarai, who is also a former Finance Minister, came down heavily on the government for introducing the populist budget. In his tweet post, Former Prime Minister Bhattarai said that the Finance Minister read out the &lsquo;election manifesto&rsquo; of ruling CPN (UML) as a budget speech that promises to distribute &lsquo;lollipops&rsquo; to innocent voters.&nbsp;<br />
Dissolving the House of Representatives on May 21, the government has announced the mid-term elections for November 12 and 13. &nbsp;<br />
All types of social security allowances have been raised by 33 percent. As announced by Prime Minister Oli recently, Finance Minister Paudel increased the monthly allowance to senior citizens by Rs 1,000 to Rs 4,000.<br />
From a scheme to offer loans to college and university students for the purchase of laptops at one percent interest to a plan of free medical treatment to journalists, the budget incorporates various populist programmes. &nbsp;<br />
&ldquo;On the one hand, Finance Minister Paudel has announced setting up of the Pay Commission for the longer-term pay and perks reforms, and on the other, he has also raised the salary by Rs 2,000 per month for government employees,&rdquo; Krishna Gyawali, a former government secretary, told New Business Age. &ldquo;This short-term staff incentive measure is appeasingly illogical and highly unconvincing, which only justifies the allegations that, though cautiously guarded, it is still a populist and election-oriented budget,&rdquo; said Gyawali, who had also worked as a joint secretary in the Ministry of Finance. &nbsp;&nbsp;<br />
However, the Finance Minister decided to scrap the Local Infrastructure Development Programme. The programme, commonly known as Constituency Development Fund, was drawing criticism for giving funds directly to lawmakers to be invested in their constituencies with little or no transparency and oversight on spending. The termination of the programme also comes in the wake of dissolution of the House of Representatives and announcement of mid-term elections. Despite calls to discontinue such pork barrel funding, the government, in the current fiscal year, had allocated a total of Rs 6.6 billion for the programme to distribute Rs 40 million to each lawmaker to spend money in their constituencies.<br />
There are concerns not only in the process of introducing the budget with no parliamentary scrutiny, but also in the government&rsquo;s capacity to implement it.</p>

<p>&ldquo;The government will face immense political and systemic challenges to implement this budget not only because there is no robust institutional departure with regard to resetting the rules and routes of implementation but also because this budget is devoid of &lsquo;political legitimacy&rsquo;. The budget suffers from a likely lack of needed political support for creating a conducive implementation climate on the ground,&rdquo; said Gyawali.<br />
&nbsp;<br />
<strong>&nbsp;Job Creation Targets</strong><br />
Creation of employment opportunities also seemed to be a priority in the budget. As thousands of workers have either lost their jobs due to the pandemic, the government plans to generate 200,000 jobs in the upcoming fiscal year through the Prime Minister Employment Programme with a plan to spend Rs 12 billion.<br />
He also said that the government will provide skill training to 100,000 youths who have lost their jobs or returned from foreign employment. For the training on handicraft, plumbing, carpentry, vehicle and mobile repairing, beautician, Finance Minister announced a spending of Rs 400 million. &nbsp;<br />
In the budget, the government also expects 350,000 jobs creation from its partnership with the private sector. It has also set a target of creating 12,000 new jobs from its Youth Self Employment Fund. &nbsp;&nbsp;<br />
&nbsp;</p>
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			'title' => 'Budget for FY2021/22 presented in Three Charts ',
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			'summary' => 'These three graphs sum up the the figures presented in the budget for upcoming fiscal year',
			'content' => '<p>May 30:&nbsp;<br />
Minister for Finance Bishnu Prasad Paudel on Saturday unveiled the budget of Rs 1,647.57 billion for upcoming fiscal year (2021/22) through an ordinance. These three charts sum up the&nbsp;key figures presented in the budget:&nbsp;<br />
&nbsp;</p>

<p><img alt="" src="/app/webroot/userfiles/images/Expenditures_Budget.jpg" style="height:320px; width:600px" /></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p><img alt="" src="/app/webroot/userfiles/images/Income%20Projections_Budget_.jpg" style="height:319px; width:617px" /></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p><img alt="" src="/app/webroot/userfiles/images/Sector%20Wise%20Spending.JPG" style="height:363px; width:617px" /></p>
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FOREX

Currency	Unit	Buy	Sell
U.S. Dollar	1	121.23	121.83
European Euro	1	131.65	132.31
UK Pound Sterling	1	142.47	143.18
Swiss Franc	1	124.29	124.90
Australian Dollar	1	71.69	72.05
Canadian Dollar	1	83.90	84.32
Japanese Yen	10	10.94	11.00
Chinese Yuan	1	17.17	17.26
Saudi Arabian Riyal	1	32.27	32.43
UAE Dirham	1	33.01	33.17
Malaysian Ringgit	1	27.36	27.50
South Korean Won	100	9.77	9.82

Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)

Bullion

Fine Gold	1 tola	77000.00
Tejabi Gold	1 tola	76700.00
Silver	1 tola	720.00

Update : 2020-03-25

Source: Federation of Nepal Gold and Silver Dealers' Association

Petroleum

Petrol	1 Liter	106.00
Diesel	1 Liter	95.00
Kerosene	1 Liter	95.00
LP Gas	1 Cylinder	1375.00