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Indian Foreign Secretary Harsh Vardhan Shringla has said that Nepal and Bangladesh are among the top ten export destinations for India.

He said India’s total exports to these two countries amount to over 16 billion dollars.

Speaking at a program organized by the Bharat Chamber of Commerce on 'Post-Covid Economic Recovery', the Indian foreign secretary said Nepal is India’s ninth-largest export market and an important destination for Indian investments. Indian firms account for over 30% of the total FDI stock in Nepal, worth nearly USD 600 million.

There are about 150 Indian ventures operating in Nepal in the manufacturing, services, power sector and tourism industry, he said.

A number of reforms have been undertaken in recent years in Nepal which are expected to improve the ease of doing business in that country.

Some upcoming areas that may be attractive to Indian industry include vehicle assembly, hydropower, medicinal and aromatic plants, and pharmaceuticals, the top Indian diplomat said. He said, “Nepal is a close neighbor and economic partner of India. It is India’s ninth-largest export market and an important destination for Indian investments.” 

Situated in the laps of Shivapuri Nagarjun National Park, Dekkaido Resort is the perfect place for a quiet weekend getaway. The resort has a great restaurant that serves Nepali and Japanese dishes–its garlic mutton barbeque, spicy pork, ramen and sushi are a must-try. There are also plenty of breakfast, lunch and dinner options. Or you could try the chef specials—fried chicken with special sauce, tofu steak, or salmon steak. The food alone can make your trip here worthwhile. Its tranquil setting, far from the madding crowd, is an added bonus.

Chef’s Special:

Garlic mutton barbeque 

Ramen 

Spicy pork 

Opening hours: 11:00 am to 8:00 pm

Location: Chisini Marg, Budhanilkantha

Meal for 2: Rs 1,000

Phone/Card pay: Yes

Reservation: 985-1328943

The Supreme Court has issued a short-term order not to implement the decision of the government to suspend Nepal Rastra Bank Governor Maha Prasad Adhikari.

A single bench of Supreme Court Justice Hari Prasad Phuyal on Tuesday issued the order directing the government not to stop Adhikari from working at his office.

The apex court has summoned both the parties to the court on April 26 for discussion.

Earlier on April 17, Adhikari had filed a writ petition at the Supreme Court demanding his reinstatement.

Nepal reported 10 new Covid-19 cases on Tuesday.

According to the Ministry of Health and Population, 3, 058 swab samples were tested in the RT-PCR method, of which 10 returned positive. Likewise, 1, 345 people underwent antigen tests, of which no one tested positive.

The Ministry said that no one died of virus in the last 24 hours. The Ministry said that 26 infected people recovered from the disease.

As of today, there are 334 active cases in the country.

Foreign Secretary Bharat Raj Paudyal has said that economic partnership is the key area where Nepal and Bangladesh can work together to further expand and diversify the relationship.

Speaking at a program organized by the Institute of Foreign Affairs, a government think-tank, Paudyal identified trade, energy, tourism and travel, and connectivity as key areas where two countries can work together. 

“First and foremost is in the areas of trade. Even if we trade under the existing regional framework of SAFTA, the two countries do hold the potential to increase the current amount of trade many fold provided we rationalize our tariffs and limit the non-tariff barriers to a minimum," said the senior diplomat. 

Highlighting the need for cooperation in the energy sector, the foreign secretary said Nepal’s rivers have enormous potential to contribute to the clean and green energy security in our region.

This sector offers a new vista of sustainable and long-term beneficial collaboration between Nepal and Bangladesh, he said.

The Foreign Secretary further added that there also exists a promising potential in trilateral cooperation for cross-border energy trade between Nepal, Bangladesh, and India as we grow and prosper together. 

We are grateful to Bangladesh for providing an additional transit route via Rohanpur-Singabad railway transit that would facilitate Nepal’s access to Chittagong and Mongla Ports and help boost regional and sub-regional trade, he added.

The Nepal Stock Exchange (NEPSE) gained 13.37 points to close at 2, 357. 24 points on Tuesday.

Similarly, the sensitive index increased by 3. 61 points to close at 447. 76 points.

Meanwhile, a total of 3,213, 195 unit shares of 229 companies were traded for Rs 1. 32 billion.

In today’s market, all sub-indices saw green. Non Life Insurance topped the chart with 62. 44 points.

Meanwhile, NESDO Sambridha Laghubitta Bittiya Sanstha Limited was the top gainer today, with its price surging by 10. 00 percent.

At the end of the day, total market capitalisation stood at Rs 3. 53 trillion.

The Immigration Office has scrapped the provision for the tourists traveling to Nepal to carry $200 in cash to pay for their on-arrival visa at the Tribhuvan International Airport for now.

The office had issued a notice a few days ago urging the travelers to carry $200 in cash with them for the on-arrival visa.

The TIA office said that the provision has been scrapped for now following widespread criticism.

General Manager at the TIA Premnath Thakur said that the work of installing the ATM of machine Rastriya Banijaya Bank in the Immigration Office of the airport has already been started and the provision for the travelers to carry cash for on-arrival has been scrapped for now.

For many leaders, mounting public anger and a rapidly worsening economic outlook would be cause for worry and a policy rethink.

But Chinese President Xi Jinping, who doubtless would prefer smoother sailing in the run-up to a third leadership term, is doubling down on a signature “dynamic zero” COVID-19 policy that has been increasingly tested by the more infectious Omicron variant, Reuters reported.

Xi’s high-profile reiteration of the policy, made last week during a visit to the southern island of Hainan that capped days of state-media support for it, reflects a political imperative not to reverse course and look weak in a year in which he needs to appear strong, analysts said.

It also points to the absence of attractive alternatives, beyond tweaks and refinements, given the lack of herd immunity and a shaky healthcare system in China, which until recently kept COVID at bay after fumbling the outbreak when it first emerged in late 2019 in Wuhan city .

China has also made much of the dangers of COVID and how it has ravaged populations elsewhere, and changing course would require an awkward reversal of messaging to a public conditioned to view the coronavirus with horror, according to Reuters.

“Persevering in China’s own answers to shocks, rather than import answers found by the West, seems to be his thinking,” said Alicia Garcia-Herrero, chief economist for Asia Pacific at Natixis.

“This includes ‘dynamic zero COVID’ policy versus the Western approach of pursuing herd immunity,” she said.

Xi’s loyalty to the policy, despite widespread public anger with it, also reflects the security of his position in the absence of internal opposition as he strides towards a precedent-breaking third term at this autumn’s once-in-five-years Communist Party conclave.

“Looking at the number of people from across different backgrounds who spoke up and the intensity of their expression, this has been the most massive public display of anger since Xi came to power in 2012,” said Yang Chaohui, a political science lecturer at the prestigious Peking University.

“But the public discontent is fragmented and doesn’t amount to a momentum that can impact Xi,” he said, Reuters reported.

CURE WORSE THAN DISEASE?

China’s COVID policy, under which every infected person, symptomatic or not, has to go into quarantine, long had public support but now faces pushback from fed-up residents and businesses in Shanghai and elsewhere who argue that the costs are starting to outweigh the benefits , especially as most cases are without symptoms.

While Shanghai had until this week not reported any deaths from COVID-19 during its recent outbreak, numerous social media users have posted stories of people who perished from other causes during the city’s lockdown. Consumption, supply chains and employment have been battered.

Many people, including the well-off who are accustomed to international travel but have been grounded by two years of nearly closed borders, have grown increasingly exasperated with zero-COVID as other countries try to live with the virus, according to Reuters.

But while Shanghai residents have vented frustration online and scuffled with officials, curbs on movement, state control of media, censorship and the speed with which China quashes protests means such outcry is unable to gain traction.

“The CCP leadership has decided for a long time to keep Xi as number one,” said Jean-Pierre Cabestan at Hong Kong Baptist University, referring to the Chinese Communist Party.

“Xi and his faction will find any kind of reasons or excuses to protect him and put the blame of any weakness or mistake on lower-level officials,” he said.

Unlike in democracies, where public discontent manifests itself in opinion polls and votes, it poses a danger to leaders in authoritarian regimes only when leveraged by an opponent, said Chen Daoyin, a former associate professor at Shanghai University of Political Science and Law and now a commentator based in Chile.

“Since Xi has already removed all viable opponents, the public anger now can’t do much to him,” he said, according to Reuters.

The original COVID outbreak in Wuhan, which sparked fear and online protest, ended up doing little political damage to Xi, with the government ultimately spinning its response as a win.

Many lower-level officials fared less well, which partly explains the speed with which cities now impose COVID restrictions.

Before Shanghai’s outbreak, its party chief, Li Qiang, was widely expected to be promoted to the highest power echelon, the Politburo Standing Committee, where he would be a key ally for Xi in his third term.

“If Li gets punished for the Shanghai outbreak, it could mess up Xi’s planned lineup for the party’s next generation leadership,” said Chen.

While city-level officials elsewhere have been fired or censured after outbreaks, only very low-level officials in Shanghai have been punished.

“If the Shanghai situation clears up within a month, both Xi and Li could still get what they want,” Chen said, Reuters reported.