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Prime Minister Pushpa Kamal Dahal has claimed that the long-term agreement between Nepal and India on electricity export was a milestone from power trade perspective.

Inaugurating the administrative building of Sunapati Rural Municipality of Ramechhap on Thursday, PM Dahal expressed the hope that the long-term pact on power trade signed during the visit of Indian External Affairs Minister S Jaishankar to Nepal would help the country to make a significant shift in power trade.

Sharing that the memorandum of understanding (MoU) was signed on exporting 10,000 MW electricity to India in 10 years during his visit to India last year, PM Dahal further said the signing of the long-term agreement has opened up avenues for power trade.

"This is an achievement in itself. Doors have been opened for power trade with India and Bangladesh", he said, adding, "Electricity will also be exported to Bangladesh by using the Indian grid".

On a different note, PM Dahal said the ruling coalition has realized the need of national consensus to ensure effective operation of the parliament and conclude the transitional justice related works.

"The incumbent coalition was not founded on tiny efforts. We are committed to consolidate the coalition", he said, adding, "However, national consensus is necessary in some pertinent agendas. We want national consensus for smooth parliamentary operation and concluding remaining tasks of transitional justice".

Saying that Sunapati Rural Municipality has made remarkable progress in physical development, he appealed to the people's representatives to focus on improving the status of service delivery, education, health, agriculture, tourism and employment sectors at local level.

Meanwhile, Dahal, also the chairperson of CPN (Maoist Centre), said forms of revolution have changed with the peaceful transformation. At a program organized at Bethan Panighat in Ramechhap, "We are still in revolution as it has not yet ended. But, forms of revolution have transformed".

Chair Dahal argued that the incumbent government was moving ahead with the priority of social justice, good governance and prosperity for the establishment of socialism.

On the occasion, Dahal inaugurated the Martyr Monument.

The Election Commission has reshuffled a team of election officers it appointed earlier in view of the National Assembly election scheduled for January 25.

Most of district judges assigned prior to this to take charge as the NA election officers have been appointed as High Court judges while one has been unwell, prompting the Commission to reshuffle the team.

As per the today's decision of EC, Bishnu Prasad Gautam (Koshi Province), Chitra Bahadur Gurung (Madhesh), Shreeprasad Sanjel (Bagmati), Rhishiram Acharya (Gandaki), Kul Prasad Pandey (Lumbini), Manoj Shrestha (Karnali) and Bishnu Prasad Awasthi (Sudurpashim) have been designated as the NA election officers in the respective provinces. 

As per the election schedule, candidacy nominations for the election will be registered on January 8.

The Nepal Stock Exchange (NEPSE) plunged by 8. 71 points to close at 2,049.28 points on Thursday.

Similarly, the sensitive index dropped by 5. 12 points to close at 379. 16 points.

A total of 16,052,101-unit shares of 303 companies were traded for Rs 5. 58 billion.

Meanwhile, Kalika power Company Ltd and Singati Hydro Energy Limited were the top gainers today with their price surging by 10. 00 percent. Likewise, Siddhartha Premier Insurance Limited was the top loser with its price dropped by 5. 56 percent.

At the end of the day, the total market capitalization stood at Rs 3. 18 trillion.

Nepal’s tea exports witnessed a decline in the first five months of the fiscal year 2023/24.

Data released by the Department of Customs shows that Nepal exported 7,181 tons of tea valued at Rs 1.87bn over the five months of 2023/24, in contrast to 10,065 tons worth Rs 2.23bn during the same period in the previous fiscal year.

The decline in tea exports during this period is attributed to farmers holding onto their stock in anticipation of obtaining better prices, according to traders. Notably, exports of special tea varieties decreased in this period. Special tea varieties such as green tea, white tea, gold tea, and silver tea are known to command higher prices in the international market.

Although there is a high demand for Nepali tea in the international market, Nepali producers are facing challenges in sending their products abroad. Indian traders take advantage of this situation by purchasing Nepali tea and exporting it to international markets, say Nepali farmers.

Farmers claim that Indian traders offer them around Rs 550 per kg for tea but sell the same product to international buyers for as much as Rs 3,000 per kg.

Nepali farmers cultivate CTC (crush, tear, curl)  and orthodox varieties of tea. Tea farming is done across 20,237 hectares in 30 districts. Nepal has around 160 tea gardens and over 17,000 people are involved in tea farming. However, major production is concentrated in districts like Jhapa, Ilam, Panchthar, Terhathum and Dhankuta in eastern Nepal. Tea is also grown in districts such as Bhojpur, Khotang, Chitwan, Sindhuli, Parbat, Kavre, Gorkha, Dolakha, Lalitpur, Ramechhap, and Pyuthan, among others.

Nepal’s annual tea production capacity is approximately 26,300 tons. Of the total production, about 6,500 tons is orthodox tea, while green tea accounts for around 730 tons and the remaining is CTC tea.

Nepali tea is exported to various countries, including Australia, France, Canada, Denmark, China, Germany, Japan, Italy, the Netherlands, the United States, Poland, Sweden, Thailand, Taiwan, and India.

Meanwhile, the government has begun branding exercises in a bid to enhance competitiveness and access of Nepali tea in the national market. The Nepal Nepal Tea and Coffee Development Board has started preparation to establish a brand identity for Nepali tea. The board has invited designers to create and submit a logo for Nepali CTC tea with the slogan ‘Nepal Tea-Premium CTC’.

Nepal and India have inked a long-term agreement on electricity today.  Secretaries of both countries signed on the document in the presence of Minister for Energy, Water Resources and Irrigation, Shakti Bahadur Basnet.

With the signing of the agreement, the bilateral understanding to export 10,000 megawatts of electricity from Nepal to India in the next ten years has been materialized.

Secretary at the Ministry of Energy, Water Resources and Irrigation, Gopal Sigdel and India's Energy Secretary Pankaj Agrawal signed on the agreement paper on behalf of their respective sides.

The bilateral understanding on electricity export was reached during Prime Minister Pushpa Kamal Dahal's visit to India from 31 May to 3 June 2023.

During the visit, Indian Prime Minister Narendra Modi expressed India's commitment to long-term electricity purchase from Nepal, and both nations reached a consensus on this matter.

The Federal Council of Ministers of India has already endorsed the Memorandum of Understanding (MoU) in this regard. The agreement was signed during the two-day visit of India's External Affairs Minister Dr Subrahmanyam Jaishankar, which commenced today.

Following this agreement, various government and private entities in India will engage in power trade with Nepal through short-term, medium-term, and long-term contracts. Private sectors in Nepal can also participate in the import and export of electricity after completing the necessary procedures.

In a press conference organized in the course of Prime Minister Dahal's visit to India, prime ministers of both countries had commented that the issue of power export was historic and significant.

The government has already prepared an energy development strategy with an objective of producing 28,000 MW electricity in the next 12 years.

Of 28,000 MW power, a target has been set to export 15,000 MW electricity to different countries including India.

The private sector welcomed the agreement, citing doors for development of Nepal's energy sector would be opened after the agreement.

The government has set a target to bring quality change in the development of the energy sector by taking the private sector together.

Earlier, a delegation led by Indian Energy Secretary Agrawal paid a courtesy call on Energy Minister Basnet.

On the occasion, expressing happiness over the beginning of meaningful cooperation in the energy sector between the two countries, Energy Minister Basnet pointed out the need of taking it to further conclusion.

He shared that the agreement regarding exporting 10,000 MW electricity in next 10 years would take the relations between the two countries to a new height.

The energy minister urged to accelerate other projects and complete them on slated time, expecting Indian investment in large projects.

India’s External Affairs Minister S Jaishankar called on Prime Minister Pushpa Kamal Dahal on Thursday.

Jaishankar, who arrived in Kathmandu to take part in the seventh Nepal-India Joint Commission, held a meeting with Prime Minister Dahal at the Prime Minister’s Office in Singhadurbar.

During the meeting, matters relating to bilateral relations and mutual interest, Nepal-India long-term power trade and implementation of agreements signed with Prime Minister Dahal during his India visit were discussed, the Prime Minister’s Secretariat said.

The price of gold has dropped by Rs 1,300 per tola in the domestic market on Thursday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 119, 500 per tola today.

Meanwhile, tejabi gold is being traded at Rs 118, 950 per tola.

Similarly, the silver is being traded at Rs 1,420 per tola today.

India’s External Affairs Minister S Jaishankar paid a courtesy call on President Ram Chandra Paudel on Thursday.

Jaishankar, who arrived in Kathmandu to take part in the seventh Nepal-India Joint Commission this morning, had reached sheetal Niwas to meet President Paudel.

According to an official at the President’s Office, issues of mutual interest and Nepal-India relations were discussed in the meeting.

He is scheduled to call on Prime Minister Pushpa Kamal Dahal this afternoon.