"Economy is getting back on track," claims Nepal govt

Kathmandu [Nepal], May 19 : The Government of Nepal claimed the economy is getting back on track as it unveiled the annual policies and programs for the upcoming fiscal year 2080/81 (Nepali year).
Nepal's President Ram Chandra Paudel on Friday while presenting the government policies and programs at the joint meeting of the House of Representatives and National Assembly stated that the economy is getting back on track.
"Positive results have started appearing in all sectors since the formation of the government. Economic indicators have turned positive. As the economy has started to return to normalcy, there is a positive impact on foreign aid and investment along with an increase in revenue collection. The remittance flow has increased. The Forex reserve has increased. The interest of banks has improved comparatively," claimed the government's document presented by the head of state.
Friday's plans and policies lay the foundation for the fiscal budget scheduled to be unveiled on May 29 by the Finance Minister. The Government has clearly mentioned the need to strictly control revenue leakage channelling of remittances through formal channels on Friday's plans and programs.
The government has also announced channelling foreign assistance to big projects. President Paudel said the international aid will mainly be invested in national pride and high-priority projects.
In order to effectively implement the development projects, the government plans to bring laws to facilitate land acquisition, environmental impact assessment and procurement process, read the policies and programs.
The policies and programs have pledged to make structural reforms for the development and expansion of the capital market.
President Paudel further said that collective farming will be encouraged to increase agricultural production and achieve self-reliance. Likewise, the government has also pledged to encourage the establishment of fertilizer factories at the local level.
Paudel said that organic agricultural production will be encouraged and certification of agricultural products will also be carried out. The government has said that it will prepare and implement a multi-year plan to produce chemical fertilizers.
President Paudel said the government's aim is to establish a fertilizer factory in the country to provide timely fertilizer to the farmers. The government has also announced that it will adopt a policy of purchasing electric vehicles for government offices.
Necessary arrangements will be made for the operation of electric public transportation in the city and the technology to convert gas, diesel and petrol-powered vehicles into electric vehicles will be given priority with concessions, it said.
The government of Nepal has planned to open expedition on other mountains and tourism decade. Mentioning in brief the plans to open up the mountains, the government also promised to ensure the security and immediate rescue of tourists.
"New mountains would be opened for summits. Reliable modes for the immediate rescue of mountain climbers, as well as the trekkers, would be ensured," the president stated without mentioning the details about the mountains to be opened for.
Nepal sandwiched between India and China is home to the world's tallest mountains including Mount Everest, locally called Sagarmatha. This year the Himalayan Nation is seeing a high influx of climbing aspirants as the Department of Tourism has issued permits to 478 individuals, the highest number on record.
Nepal, earlier in 2021, had issued a record 409 permits which had overcrowded the summit which often is blamed for the high fatalities that year. A year later, the number dropped to 325 taken as an impact of the ongoing Russia-Ukraine war and recession that is coming forth this year.
Nepal charges 11,000 USD to foreign climbers to take permits for Mount Everest but the expenses range between 40,000 to 90,000 USD to climb the mountain. The cost of an expedition rises further when the weather is not favourable as it normally lasts for only two weeks in a year.
Close to 7,000 mountaineers have climbed Everest from the Nepal side since Tenzing Norgay Sherpa and New Zealander Edmund Percival Hillary first set foot atop the world's highest peak in May 1953.
Along with this, the Government of Nepal has decided to observe the decade of the 2080s as a tourism decade. On Friday's policies and programs, the president also announced the upcoming English year of 2025 to be observed as a "Special Tourism Year" as the cash-strapped nation relies more on the tourism sector for income.