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The financial close of the Upper Tamakoshi-V Hydroelectric Project has been completed. A tripartite agreement regarding loan investment was signed between the promoter company Tamakoshi Hydropower Company, Nepal Electricity Authority (NEA), and the Employees Provident Fund (EPF) on Sunday. According to the agreement, EPF will invest Rs 13.47bn in the 99.8 MW project, a cascade project of the 456 MW Upper Tamakosi Hydroelectric Project. NEA and Tamakoshi Hydropower Company had earlier signed a memorandum of understanding (MoU) with EPF in August 2021 for the loan investment in the project. NEA's subsidiary company Tamakoshi Hydropower Company Limited is developing the project with an estimated cost of Rs 20 billion. Of the total cost, 70 percent, or Rs 13.47bn, is being raised through loans and the rest through equity. As per the agreement, EPF will start disbursing loans at an interest rate of 14 percent per annum to the project after the promoter spends 50 percent of its equity. Binod Bhandari, CEO of Tamakoshi Hydropower Company, said that with the loan investment signing completed, the construction work of the project will proceed ahead. "The loan investment agreement for the project has been signed. We planned to proceed with the project construction within the current fiscal year," he said. The company had called for contracts for the construction of the civil component of the project in July 2022. Two Chinese contractors—Sino Hydro Corporation Limited and China Gezhouba Group Company Limited were shortlisted. However, it was found that the cost proposed by the companies was more than the estimation and the tender was canceled. According to CEO Bhandari, a new tender will be called soon. “Preliminary work is being done for the construction of the project now. As the previous tender has been canceled, we are preparing to invite a new tender,” he said. As the project is a cascade project of the 456 MW Upper Tamakosi Project, it does not need to build a dam as it takes its water directly from the tailrace tunnel of the Upper Tamakoshi Project. The power produced from the project will be connected to the 220kV transmission line of the Upper Tamakoshi Project. The underground powerhouse will be made at Suri Dobhan in Bigu Rural Municipality-3. The Department of Electricity Development (DoED) issued a power generation license to the project in 2017. An additional environmental study of the project was carried out with a grant from the Asian Infrastructure Investment Bank (AIIB). The construction of the project is targeted to be completed within 2027. According to the promoter company, the Tamakhoshi-V will be constructed under the engineer procurement construction (EPC) model. Under an EPC contract, a single contractor takes responsibility for all components like design, engineering, construction, and procurement.

The ruling Nepali Congress is going through a challenging phase. Youth leaders in the party strongly believe that the NC needs a comprehensive overhaul. But the top leaders, who hold positions either in the government or at the helm of the party, think everything is fine, offering youth leaders little hope that the current leadership will take steps to reform the party. This loss of faith has led a group of youth leaders to launch what they call the “NC Reformation Campaign”. Interestingly, this campaign does not include popular youth leaders Gagan Kumar Thapa and Bishwa Prakash Sharma. Bhupendra Jung Shahi, a prominent figure of this campaign, expresses confidence that despite the emergence of new political forces such as the Rastriya Swatantra Party and the growing public disenchantment toward the NC, the campaign can restore the party's former glory. Shahi believes that parties like RSP wouldn’t have formed had the old parties addressed the concerns of the public. “It was out of frustration and disappointment that people decided to vote for new parties like the RSP,” says Shahi, who thinks that their campaign can turn the tide. If the NC leaders start working for the benefit of the people, he says the party can have a bright future. Shahi is of the view that unlike the RSP, the Nepali Congress has experience, vision, and  strong party structure. Joining Shahi in the campaign are leaders such as Madhu Acharya, Gururaj Ghimire, Govinda Pokhrel, and Ranjit Karna. “We plan to reach every district and village, and address the problems faced by locals, while simultaneously revitalizing our party structures,” says Shahi. To restore the party’s former glory, Shahi suggests that politicians must refrain from portraying themselves as masters and the people as servants. He acknowledges that people’s anger toward major political parties is understandable, as politicians often prioritized their own self-interests over serving the public. “True democracy entails empowering the people and avoiding dictatorial tendencies,” says Shahi. The need for a reform in the NC stems from their inability to effectively function and comprehend the desires and needs of the public. Shahi says the existing gap between the party’s leaders and its members, as well as the disconnect between political parties and the general public, will inevitably lead to future problems. “To avoid that situation, we are initiating campaigns to implement the essential changes and reforms within the party.” Shahi says the primary focus of the campaign is to implement reforms and enhance the strength of the party while also winning public support. “We need to create a political party that stands by the public in all circumstances and remains attuned to the realities of their lives,” he says.  “The goal is to build a party that uplifts the citizens and strives to alleviate their struggles.” Highlighting issues such as youth unemployment, the lack of safety for women, the unavailability of necessary resources for farmers, and the inadequate access to educational materials for students, Shahi notes that the current state of the country leaves no one truly content. “We need a party that understands the emotions and concerns of the public and is dedicated to promptly addressing these issues,” he says. “The party should prioritize the happiness and satisfaction of the public rather than being solely focused on the advancement of their own members within the party hierarchy.”

The Nepali private sector is the largest contributor to Nepal’s gross domestic product (GDP) as well as the biggest employer in the country, a new study has said. The study, conducted jointly by the International Finance Corporation (IFC) and the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), was published in the report titled 'State of Private Sector in Nepal: Contributions and Constraints' has highlighted the private sector as a major contributor to gross fixed capital formation (GFCF) and consumption in the economy. According to the report, Nepal’s private sector contributes 81.55 percent to the country’s GDP. The study report is the first of its kind that evaluates the private sector’s contribution to the economy and current context in Nepal. The private sector has been a catalyst in the overall economic growth and development of Nepal. After the government adopted a liberal economic regime in the 1990s, its contribution to the country’s GDP and employment increased significantly. The private sector is the largest employer in the country, providing employment to around 80 percent of the total labor force. In 2018, the private sector employed approximately 5.5m people, while the public sector employed less than half a million people. The contribution of the private sector to Nepal’s economic growth has increased steadily in recent years. According to the Finance Ministry’s Economic Survey, the private sector grew at an annual rate of 6.6 percent in 2018/19, while the public sector grew at 4.8 percent. “Some of the major sectors contributing to the growth of the private sector include tourism, agriculture, manufacturing, and services. The private sector also plays a critical role in infrastructure development, transportation, and energy,” states the IFC/FNCCI report. The report says the Nepali private sector is dominated by small enterprises, which make up 62.4 percent of the total, followed by medium-sized enterprises at 22.9 percent, and large enterprises at 14.7 percent. Private sector investment accounts for more than two-thirds of the total fixed investment in the country. The private sector plays a significant role in capital formation in the economy. According to the Economic Survey 2020/21, the private sector contributed 76.9 percent of the total investment in the country, while the public sector contributed the rest. The private sector’s contribution to capital formation has been increasing over the years, reflecting the growing role of the private sector in the country’s economy. “Private sector fixed investment has averaged 71.4 percent of the total fixed investment in the last ten fiscal years, indicating the continued dominance of the private sector in driving economic growth and development,” states the IFC/FNCCI report. In FY 2021/22, gross fixed investment is estimated to have increased by 7.3 percent to Rs 1250.98bn compared to the previous fiscal year, of which private sector gross fixed investment increased by 9.6 percent while public sector investment decreased by 2.8 percent. The cumulative private investment amounted to Rs 3,191.57bn, as of mid-July 2022. This is an increase of 10.7 percent over the previous year. Nepal Rastra Bank data shows that private investment has been increasing at an average annual rate of 11.7 percent over the past five years. The average share of public and private sectors in total consumption was 9.1 percent and 89.2 percent respectively. The private sector is also growing in terms of volume, investment, and contribution to GDP. The private sector has been a major contributor to gross fixed capital formation (GFCF) and consumption in the economy. In FY 2020/21, government consumption expenditure increased by 4.4 percent, while private consumption expenditure grew by 5.5 percent. Public sector GFCF increased by 0.6 percent, while the private sector’s GFCF grew by 6.1 percent. According to the report, the share of total consumption in GDP slightly decreased from 92.3 percent in FY 2020/21 to an estimated 90.7 percent in FY 2021/22. The private sector contributed around 87 percent of intermediate consumption in the economy between 2012/13 and 2021/22, and also 83 percent of national GDP at a constant price during the same period. “However, the declining trend in private sector consumption over this period indicates potential hindrances to its growth,” states the report. The private sector has captured approximately one-third of the entire sectoral output in the education sector with a growing trend between 2012/13 to 2017/18. However, since then, the private sector’s share in overall output has declined slightly, owing to restrictions due to the Covid-19 pandemic. The report states that in the financial and insurance sector, the share of the private sector in the total output of this sub-sector is approximately two-thirds of the entire sectoral output. However, private sector contribution to both sectoral output and gross value added (GVA) is declining. In 2012/13, the private companies sector contributed 74.31 percent to the overall output of this sector. However, in 2021/22, this share was estimated at 65.94 percent. Likewise, the share of privately contributed GVA is on a downward trend. In the information and communication sector, the private sector contributed 57.18 percent of the total sectoral GVA in 2012/13. Except for the minor decline in FY 2016/17, the private sector continued to increase its share in sectoral GVA to 68.62 percent in 2021/22. In the manufacturing sector, the private sector contributes to above 99 percent of the GVA of the entire industry. The agriculture, forestry, and fisheries industry are solely driven by the private sector with a median contribution of 97.62 percent to sectoral GVA between FY 2012/13 and 2021/22. Largest employer in Nepal According to the report, the Nepali private sector continues to be the largest provider of employment, creating a significant portion of both formal and informal jobs. In 2018, the private sector provided jobs to 4,938,566 persons. Of this, MSMEs accounted for 4,564,040 jobs, SMEs for 333,077 jobs, and large industries for 41,449 jobs. Till March 2022, 555,776 micro and small industries were registered and they created 3,008,369 jobs. The formal private sector comprises over 99 percent of small and medium-sized enterprises, with only 18 percent of these firms employing more than 20 individuals. Private sector contributes significantly to income tax The report states the private sector plays a significant role in contributing to the country’s tax revenue. Citing the statistics of the Inland Revenue Department (IRD), the report says the sector accounted for 80 percent of the total income tax revenue in the fiscal year 2019/20. Private enterprises’ share in revenue collection has been growing over the past decade. In 2021/22, private enterprises contributed Rs 749m in income tax revenues. MSMEs account for 95.3 percent According to the report, micro, small and medium enterprises (MSMEs) accounted for 95.3 percent, SMEs for 4.5 percent, and large industries for only 0.2 percent of the total business enterprises operating in Nepal. “There were a total of 923,356 private sector establishments operating in Nepal in 2018, up 47.6 percent from 610,364 recorded in the 2011 Economic Census,” says the report. IFC and FNCCI said Nepal needs to continue strengthening the competitive private sector to achieve its goal of becoming a middle-income country by 2030. “To do so, the government needs to improve policy design and implementation, enhance governance, simplify bureaucratic processes, and promote transparency and accountability. There is a need for better coherence and harmonization in policies to facilitate investment in the productive sector,” it reads. IFC and FNCCI have suggested reforms in intellectual property laws and uniform enforcement of ethical business practices without hindering entrepreneurship. “Nepal should also address supply-side constraints to export by improving the reliability and cost of electricity and transportation services and reducing tariffs on crucial imported inputs,” the report says. Private sector contribution to GDP

The ancient civilizations of Egypt, Mesopotamia, and the Indus Valley each made significant contributions to civil engineering, with the construction of pyramids, ziggurats, and irrigation systems respectively. In fact, even the Ramayana, a Hindu epic, describes an incident where Lord Ram and his team constructed a bridge of stones over a sea. As human beings have evolved, so has civil engineering, with the field experiencing every transition phase of homo sapiens. Today, we rely on civil engineering structures 24/7, whether directly or indirectly. Every civil engineering project has a story that involves the application of mathematics and physics. Because of this, civil engineering is always a topic of discussion among society members, making it a common belief.  Civil engineers have accomplished incredible feats of construction that were once considered unimaginable. However, the current state of civil engineering in Nepal presents a surreal situation. The construction projects in Nepal have yet to leave a significant impact on the world stage. Challenges to proper urbanization such as poorly constructed roads, inadequate drainage systems, congested traffic, polluted air, uneven population distribution, and lack of access to clean drinking water are some of the major civil engineering issues currently facing Nepal. Are there any concrete plans for the future of civil engineering in Nepal, particularly with regards to addressing global warming? Furthermore, how is Nepal progressing towards achieving the Sustainable Development Goals (SDGs)? Currently ranked 91 with a score of 66.18 out of 100, there is still work to be done. It is troubling that Kathmandu consistently ranks among the top three most polluted cities in the world, with many visitors experiencing nasal and vision problems upon arrival. What are the areas in which we need to improve to address the issue of air pollution in Kathmandu? One of the objectives of the Sagarmatha Civil Engineering Student's Society (SCEnSS) at Sagarmatha Engineering College is to address civil engineering problems at a student level and bring attention to potential solutions. Collaborating with similar societies from other institutions can contribute to producing valuable insights. Students have the opportunity to concentrate on various areas, including:

• Organizing awareness programs
• Participating in research-oriented projects
• Developing projects related to diverse civil engineering concepts and challenges
• Co-Hosting events in partnership with national and international organizations

The Kathmandu District Court has allowed those arrested in connection with the fake Bhutanese refugee scam to keep in custody for three more days. The District Public Prosecutor's Office had taken the 16 individuals who were apprehended on different dates to the Kathmandu District Court to extend the remand. Police are planning to submit the report prepared by conducting a 55-day long investigation to the Public Prosecutor’s Office today. Joint Attorney Achyutmani Neupane said that case will be registered in the Kathmandu District Court by Tuesday after the police submits the report. Police had started carrying out investigation from March 26 on the basis of the statements given by the victims. Police had prepared the report based on the statements and interrogations taken from various people including the 16 arrested in connection with the scam. The Public Prosecutor’s Office will register the case in the district court after studying the report for 24 hours. Former deputy prime minister Top Bahadur Rayamajhi, former home minister Bal Krishna Khand, secretary Tek Narayan Pandey, former lawmaker Angtawa Sherpa, Nepal Haj Committee Chairman Shumsher Miya, Bhutanese refugee leader Teknath Rijal, Keshav Dulal, Sanu Bhandari, Tanka Gurung, Sagar Rai, Sandesh Sharma, Sandeep Rayamajhi, son to Top Bahadur Rayamajhi, Indrajit Rai, aide of Bal Krishna Khand, Narendra KC, Ram Sharan KC and Govinda Chaudhary are in the custody. Niraj Rai and Pratik Thapa, who were involved in the same case, are on the run. Arrest warrants have already been issued against them. Pratik is the son of former home minister Ram Bahadur Thapa and Niraj is the son of Indrajit Rai, who served as the security advisor of former home minister Thapa.    

The CPN (Maoist Centre) has denied any financial irregularities in the payment of the then members of the Maoist People's Liberation Army and other managerial works in the cantonments. Organizing a press meet at the party central office Parisdanda today, the party said the Office of the Auditor General had already cleared the matter and there were no irregularities in the budget meant for the supervision and management of ex-Maoist armies took place in the presence of government bodies. Party Vice Chair and Spokesperson Krishna Bahadur Mahara said a letter about the budget allocation to the cantonments and its expenditures was sent on June 1, 2012 to the Office of Cantonment Management Central Coordinator in Singha Durbar. The annual report of the Office of the Auditor General-2069 BS (page number 259) has mentioned about the audit of the cantonment expenditures, it has been learnt. The government on April 26, 2012 took a decision to convert around Rs 460 million allocated in advance for the supervision and management of the then Maoist armies in course of implementing the peace process to grants. The decision was based on the recommendations of the parliamentary Public Account Committee and the then Ministry of Peace and Reconstruction. Stating that the payments of salaries were made to the beneficiaries by issuing receipts, then the deputy commander of the Maoist Liberation Army and the CPN (Maoist Centre) Chakrapani Khanal accused the attempts of picking up an issue unnecessarily as 'the matter has been already concluded legally and practically'. There were not any financial irregularities in the cantonments and it could not be, he claimed. The Maoist Centre has asked the government to take a stern action against those involved in the fake Bhutanese refugee scam stating that its move in proceeding with investigations into the case undeterred has helped save the prestige of the state, and created encouragement and morale among people. The party has especially requested the government to do its maximum part and not to compromise on booking those involved in the scam, said Mahara. The Maoist Centre has emphasized on the need of effective implementation of the government policies and programs, noting that they include topics as realizing self-reliance by increasing production and productivity in agriculture and promoting employment. The governing party has expressed happiness stating the policy and program document incorporated creating at least 500,000 jobs, extending electricity to every household and completing the peace process, among others. The Maoist Centre said the government has tried to give positive message to the Nepali people by starting the process of initiating action against the people implicated in the fake Bhutanese refugee scam, formulating laws for providing justice to the loan-sharking victims, enlisting the Nepalis in foreign employment in the social security fund. It also mentioned that for the first time the school students have got textbooks on time and planned initiatives have been undertaken for improving the economy. The Maoist Centre has called attention of the government to carry out additional positive and pro-people works ahead.  

The Nepal Stock Exchange (NEPSE) gained 5.88 points to close at 2,883.20 points on Sunday. Similarly, the sensitive index surged by 0.14 points to close at 358. 33 points. A total of 4,828,776-unit shares of 273 companies were traded for Rs 1. 60 billion. Meanwhile, Rastriya Beema Company Limited was the top gainer today, with its price surging by 10. 00 percent. Similarly, Adarsha Laghubitta Bittiya Sanstha Limited was the top loser as its price fell by 6.56 percent. At the end of the day, total market capitalization stood at Rs 2. 74 trillion.

Twenty lawmakers have registered an amendment proposal on the government policies and programs for the upcoming fiscal year 2023/24. Speaker Devraj Ghimire informed the House about the registration of the amendment proposal at the Parliament Secretariat in today's meeting of the House of the Representatives. Shyam Kumar Ghimire and Dilendra Prasad Badu from the ruling Nepali Congress are among those lawmakers seeing the need to revise the government policies and programs that were presented on May 19 in the joint meeting of the federal Parliament by President Ramchandra Paudel. Yeknath Dhakal, Basudev Ghimire, Surya Bahadur Thapa Chhetri, Narayan Prasad Acharya, Juli Kumari Mahato (Mahaseth), Bhagawati Chaudhary, Jwala Kumari Shah, Dayal Bahadur Shahi, Damodar Poudel Bairagi, Mahesh Kumar Bartaula and Surya Prasad Dhakal are the main opposition lawmakers demanding amendment to the policies and programs. Likewise, Chandra Karki Bhandari, Shobita Gautam and Sumana Shrestha of Rastriya Swatantra Party, Chitra Bahadur KC of Rastriya Janamorcha, Prem Suwal of Nepal Workers and Peasants' Party, Gangaram Chaudhary of Nagarik Unmukti and Ram Prakash Chaudhary of Loktantrik Samajbadi Party have sought amendments to the policies and programs.