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Established in 2020, Ramesh Corp, named after the late entrepreneur Ramesh Gupta, has made big strides as a business house in a relatively short period of time. Pratik Jalan, who is the Executive Director of Ramesh Corp, has a deeper understanding and experience in different verticals of IT including telecom services, cloud computing, and other technology investments and businesses. Himanshi Karn of ApEx caught up with Jalan to talk about the current state of the private sector, the economic prospects of Nepal and Ramesh Corp’s investment plans. Excerpts: The Confederation of Nepalese Industry (CNI’s) recent survey also shows demands throughout the country have fallen. Industrialists have put a hold on their investment plans. What is the state of the Nepali private sector right now? When will we see new investments by the private sector? Currently, the economy is in a bad state. A severe cash crunch has obstructed the money cycle at every level of business. We can barely see consumer spending in the market. This has badly affected the production of industries as both consumption and demand are suppressed now. While the economy is going through a turbulent phase, Ramesh Corp is also expanding its presence across different verticals. Nepal is a growing economy, and the beauty of this country is that we usually have short-lived crises. We’re hopeful the present-day economic difficulties will soon go away. There is an anticipation that the market will bounce back and we will get support from the government. How much time do you think it will take for the economy to come out of the recession? There is a new government in place now and we expect private sector-friendly policies. We are definitely seeing some positive progress on the regulatory side. But it will take time. It should be a matter of 6-7 months for the economy to be stable. I wouldn’t say growth but there will be stability. How has the high-interest rate made an impact on the industrialists and the common people? The private sector is the major employment provider in the country. The interest cost is a big burden on everybody and it is not just limited to business houses. If we look at it deeper with an example, the normal citizen of this country is dependent on different kinds of loans such as car loans, home loans, and so on. If the interest rate climbs higher, their loan repayment capacity gets affected. So it is obvious that many people have second thoughts about spending in this situation which affects our business activities. Now the private sector is suffering both ways; they are required to pay extra for the money they’ve borrowed to run their business too. Business leaders recently met the new Prime Minister and Finance Minister. While both the PM and Finance Minister have said that the economy is their prime agenda, how hopeful are you that the new government will address the issues raised by the private sector? There is definitely a lot of space for hope here. I believe we should avoid a conservative assessment of the current situation. The new government is holding consistent meetings and that shows the beam of light to the private sector. Ramesh Corp recently made a big investment announcement, i.e., manufacturing tiles in Nepal in partnership with India's Kajaria Group. What led your group to have this joint venture with Kajaria? If we look around Nepal, there’s a lot of potential for growth in the construction sector. Tiles specifically are mostly imported into the country. We want Nepal to become self-sufficient in products that are in big demand. Kajaria is a big brand not just in India and also globally, and we have an opportunity to collaborate with them and produce and supply the Nepali market with quality products. Ever since the establishment of Ramesh corp, how has the journey been as a single business house? We are certainly sustaining and growing, dealing with the current adverse situation. We’re also looking for different ways to make investments as Ramesh corp. It has been positively effective ever since the establishment of our group. So many of our goals have been successfully completed, a lot of them are yet to be ticked on the checklist and many are yet to be made. Ramesh Corp is already a diversified business conglomerate. What areas your group is planning to enter in the near future? There are a couple of things in the pipeline like tile manufacturing which is our latest venture. We are also looking for more opportunities to invest in. We are hopeful that by the end of 2023, we will have 25 different ventures under us.

Addressing one of the major demands of the private sector, Nepal Rastra Bank (NRB) has revised the guidelines on working capital loans. In a press conference organized on Wednesday, NRB said that the central bank has amended the guidelines in a bid to address the concerns of the business community. The central bank amended the guidelines, which had become very controversial after it was introduced on October 18, following strong pressure from the private sector and instructions from the political leadership. The revision has offered some concessions to borrowers who have borrowed working capital loans from banks before November 16, 2022. According to NRB Spokesperson Gunakar Bhatta, the guidelines have been revised based on the suggestions of banks and financial institutions and industrialists. He further said the guidelines were amended to provide additional time for borrowers to repay their working capital loans and to resolve the problems encountered during its implementation. As per the amendment, businesses that have borrowed working capital loans more than the limit can repay in five installments by mid-July, 2025. Similarly, such loans issued prior to November 16, 2022, can be repaid semi-annually. This has reduced the obligation of the businessman to return the amount taken in excess of the limit immediately. The central bank has said that businessmen who've borrowed in excess of the limit can reschedule and restructure by repaying from mid-July 2023 to mid-July 2025. The central bank has barred BFIs from imposing pre-payment charges or any other fees to borrowers who want to repay the loan before the end of July 2025. Earlier, the NRB had said the working capital loans guidelines would be applicable for loans above Rs 5 million. Now, the central bank has stated that the guidelines will be applicable to working capital loans above Rs 10 million. Similarly, permanent working capital loans could be issued for a 3-10 years period which was earlier for up to five years only. Likewise, the central bank has also reduced the requirement of five years financial statement to get the working capital loans to three years. The amendment by the central bank has given some respite to the business community members who had hit the streets against the implementation of the guidelines. The central bank also softened its stance following the formation of the Pushpa Kamal Dahal-led government and Bishnu Poudel taking charge as the finance minister. Finance minister Poudel, who has promised the private sector leaders to resolve the problems faced by the business community, also pressured NRB Governor Adhikari to find a 'middle ground' on resolving the working capital loans issue. Earlier this week, Adhikari held a series of meetings with private sector leaders and bankers to reach an understanding on rescheduling the implementation of working capital loans guidelines. On Wednesday, Finance Minister Poudel and Governor Adhikari briefed Prime Minister Pushpa Kamal Dahal about the 'middle ground' on the working capital loans. After the meeting with Prime Minister Dahal, the central bank announced the amendment. The central bank enforced the guidelines on October 18 arguing that it seeks to stop the misutilization of money loaned to business firms. The private sector has been demanding suspension of the implementation of the guidelines arguing that the arrangements have adversely affected their businesses. They had termed the guidelines on working capital loans as the 'major obstacle to the business and private sector growth'. The new arrangement  

• Industrialists/businesspersons who have borrowed working capital loans more than the limit can repay in five installments by mid-July, 2025.
• Such loans issued prior to November 16, 2022, can be repaid semi-annually.
• Such loans in excess of the limit can be rescheduled and restructured by repaying from mid-July 2023 to mid-July 2025.
• If a borrower wants to repay the loan before the end of July 2025, BFIs cannot impose a prepayment charge or any other fees.
• The guidelines will be applicable to working capital loans above Rs 10 million.
• The central bank has said that permanent working capital loans could be provided for a 3-10 years period. Earlier, the NRB had a provision of providing such loans for up to five years only.
• The central bank has also reduced the requirement of five years of financial statements to get the working capital loans to three years.

The domestic stock market surged by a whopping 64.87 points on Wednesday. This is the highest single-day gain of the Nepse index in the current fiscal year. The market surged in the last hour of trading with the news that Prime Minister Pushpa Kamal Dahal has instructed Nepal Rastra Bank (NRB) Governor Maha Prasad Adhikari to address the demands of the private sector, including the issue related to the working capital loans guidelines. Following the meeting between the Prime Minister NRB Governor and Finance Minister Bishu Paudel, the central bank amended the arrangements in the guidelines. On Wednesday, the Nepse index rose by 3.15 percent to close at 2125.94 points. A total of 8.73 million shares were traded through 57,312 transactions of 258 companies. With all sub-indices turning green, the Nepse recorded a turnover of Rs 3.5 billion on Wednesday. Himalayan Distillery Limited recorded the highest turnover of Rs 115.2 million while the shares of Himal Dolakha Hydropower Company Limited (HDHPC) were the most traded. On Wednesday, the share prices of 8 companies hit the positive circuit after increasing by 10 percent. The share price of Salt Trading, Himalayan Distillery, Kalika Microfinance, Mirmire Microfinance, Kisan Microfinance, Nadep Microfinance, People's Power, and Khaptad Microfinance increased by 10 percent.

CPN (Unified Socialist) chairperson Madhav Kumar Nepal has said that the party will not rush to take the decision about joining the government. As Prime Minister Pushpa Kamal Dahal prepares to seek the vote of confidence on Jan 10, Nepal is under pressure to make a decision.

PM Dahal on Wednesday urged Nepal to support the government. Nepal, however, said his party has not taken any decision on the issue. The party views the political situation as foggy and is not in a hurry to make a decision. We will wait for the policies and program of the government and decide, Nepal said.

The party has failed to emerge as a national party but has 10 members in the Parliament. Nepal is reportedly unhappy that Dahal joined hands with CPN-UML to form the government. The UML is Nepal's former party, which he left after falling out with its Chairman KP Oli. Dahal has expedited talks with parties to win the floor test, and it is important for him that Nepal's party is behind him.

The Nepal Stock Exchange (NEPSE) gained 64.78 points to close at 2,125.84 points on Wednesday. Similarly, the sensitive index surged by 14.09 points to close at 408. 72 points. A total of 8,733,542 unit shares of 258 companies were traded for Rs 3. 50 billion. Meanwhile, Salt Trading Corporation, Himalayan Distillery Limited, Kalika Laghubitta Bittiya Sanstha Limited, Mirmire Laghubitta Bittiya Sanstha and Kisan Laghubitta Bittiya Sanstha were the top gainers today, with their price surging by 10. 00 percent. Similarly, Nepal SBI Bank Debenture was the top loser as its price fell by 1.99 percent. At the end of the day, total market capitalization stood at Rs 3. 07 trillion.

European Union Ambassador to Nepal Nona Deprez paid a courtesy call on Prime Minister Pushpa Kamal Dahal on Wednesday. During the meeting held at the Prime Minister’s official residence in Baluwatar, the two discussed matters of mutual interests, according to the Prime Minister’s Secretariat. Likewise, Swiss Ambassador to Nepal Elisabeth von Capeller called on the Prime Minister today itself. On the occasion, they discussed relations between Nepal and Switzerland.

Dr Om Murti Anil has made good use of social media platforms through his informative videos on health. Making videos and putting them online was a spur-of-the-moment decision. It was a solution he came up with to answer the queries from his patients and viewers. The 44-year-old senior cardiologist at the National Cardiac Center began his online journey 10 years ago, and over the years, his viewership has grown by leaps and bounds. “Most of my patients had similar queries and I would have to repeat the same thing over and over again. So, I thought to myself why not make an informative video and put it online,” says Dr Anil. He didn’t have many viewers at first, but that changed over time. Dr Anil knew people would soon be using online platforms as a source of information. As a full-time cardiologist, Dr Anil is a busy person. Throughout the day, he is busy attending to his patients. But he makes it a point of connecting with his viewers through his videos. He utilizes the time in between seeing his patients or in the evening after work to make video contents. “I find the experience rewarding,” he says. “I am helping people even outside my clinic.” Many people have visited Dr Anil after watching his videos. Although he doesn’t mention where he works, he says, his viewers somehow find him. Of course, when they visit him, they are visiting as patients. Dr Anil finds ideas for most of his video content based on the queries posted by his viewers on the comment section. He tries to find the best way that answers most of the questions, and in many instances, he says, his viewers want information on common topics. These days he also creates content focusing on diet and nutrition, recipes, and which food to eat if someone has a certain nutritional deficiency. Such videos are aimed at giving his viewers a basic idea on how they can lead a healthy lifestyle. Dr Anil has also diversified his content broadcast by adopting other online media platforms. He tries to remain consistent with his postings, but there are sometimes when his busy schedule keeps him from making new contents. “I do fall back sometimes but my goal is to be consistent, always,” he says. “If I don’t post the videos, my viewers and patients start asking questions as to why I have not been active on social media.” His viewers keep him motivated. “I’m not making any money. I do it out of passion and for my viewers, whom I can help,” he adds. For this work, Dr Anil has been nominated for the Nelson Mandela Award for Health Promotion. It is an award given by the World Health Organization to someone who has had a significant impact on health sectors in their country. “I never did it for the awards or praises, but it feels good to be recognized,” he says. Dr Anil says he will continue to post health-related videos for as long as he can. “As a doctor, it is satisfying to know that I have been able to spread my knowledge beyond my clinic.”  

When Gangadhar Hada joined Medha Secondary School, then Sabhik Kanya Secondary School, in 2005, the academic performance of students was dismal even by the standard of government schools. Students barely bothered to come to school, and the pass rate of 10th graders in the Secondary Education Examination (SEE) was extremely low. The entire school was in shambles. Soon the Education Ministry gave an ultimatum to the school management: either raise the student numbers and SEE pass rate, or downgrade to a lower secondary level. It was around this time when Hada took on the role of vice principal at the school and started making the much-needed reforms. He was soon appointed the principal and his mission to turn the school around only gained more momentum. Hada held meetings with parents to improve the students’ attendance rate. He also started offering extra classes for students doing poorly in their subjects, and introduced audio-visual teaching and learning. When Hada first joined the school, there were 80-odd students, and many of them had poor attendance records. His reforms not only improved the attendance rate, but also their performance. Here was a teacher who had single-handedly saved a school from the brink of failure. They say teaching is a noble profession, and Hada swore by this dictum. For him, teaching was a social service. It was all thanks to Hada, the SEE passing rate of Medha Secondary School rose up to 100 percent, which is rare for a government school. Fellow teachers and staff members say Hada’s vision and hard work transformed the school. In 2018, Medha Secondary School was named the top government school of Nepal. The government also awarded Hada with Prabal Jana Sewa Shree Award, one of the highest civilian honors, for his work in the education sector. A visionary teacher and a reformer, Hada died after suffering from cardiac arrest on 28 Dec 2022. He was on his way to school, the place he cherished the most. His colleagues say they have lost an inspiring figure without whom the school will never be the same. Hundreds of students, parents and teachers, even those from other schools, were among the people who paid their final respect to Hada. He is survived by his wife, and their two children. Birth: 23 Oct 1966, Bhaktapur Death: 28 Dec 2022, Bhaktapur