Stories By 'Rajesh Khanal'
The government has decided to raise the import quota of gold by additional 5 kg per day to 25 kg, raising alarm bells about the country’s trade deficit which has ballooned out of control due to excessive rise in import bills.
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The government decision to impose quantitative restrictions on sugar imports is facing a public outrage as the move has given free rein to domestic producers to increase the sugar price haphazardly ahead of the festival season.Last month, the government, at the behest of domestic sugar producers, imposed imports restriction. The repercussion was immediately felt in the market as sugar prices jumped from Rs65 per kg to Rs85-90 per kg within days.
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The price of sugar rose sharply in the local market after the government imposed import quotas on the daily essential despite assurances by domestic mills that prices would not go up.
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Gasoline lines returned in Kathmandu on Thursday due to a disruption to fuel supplies after tanker drivers went on strike to show solidarity with drivers of public vehicles who have launched a countrywide protest against an amendment to the Criminal Code. Fuel deliveries have stopped from Wednesday, spreading panic among motorists.
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The Nepali market for electric vehicles (EVs) has been growing at a steady pace. With the denizens of Kathmandu becoming more and more concerned about the growing pollution rate in the valley, the sales of EVs has picked up tremendously, say automobile dealers.
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The government’s aim of achieving this year’s target of inflation rate and economic growth seems like a pipe dream as the government tackles soaring petroleum prices and the strong US dollar, said economists.
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