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The country's foreign trade deficit has reached Rs 1 trillion 431 billion 300 million in the first 10 months of the current fiscal year 2021/22.

This is 24.94 percent more than the trade deficit recorded in the corresponding period last fiscal year.

The trade deficit was Rs 1 trillion 145 billion 630 million in the first 10 months of the last fiscal year 2020/21.

As per the statistics released by the Department of Customs, the foreign trade deficit of the country has reached Rs 1 trillion 778 billion until May 14 of the current fiscal year which ends on coming July 16.

This volume of foreign trade is more by 30.49 percent compared to the previous fiscal year. The country's foreign trade in the 10 months of the last fiscal year was Rs 1 trillion 362 billion 580 million.

Although there is a notable growth in foreign trade, the country's foreign trade deficit is surging due to the import-based trade. According to the Department, the import has increased by 27.95 percent in the first 10 months of the current fiscal year as compared to the corresponding period of the last fiscal year.

Goods worth Rs 1 trillion 254 billion were imported until mid-May of last fiscal year while the import has reached Rs 1 trillion 604 billion until the review period of the current fiscal year.

Likewise, the export has increased by 59.80 percent in the first 10 months of the current fiscal year as compared to the corresponding period in the last fiscal year.

Goods worth Rs 1 trillion 8 billion 470 million were exported until the mid-May last fiscal year whereas goods worth more than Rs 1 trillion 73 billion were exported in the review period of the current fiscal year.

According to the Department, the share of import in foreign trade has reduced by 1.94 percent in the first 10 months of the current fiscal year and reached 90.25 percent against 92.04 per cent during the same period of the previous fiscal year.

Similarly, the share of export in foreign trade has increased by 22.46 percent. It has reached 9.75 percent till May 14 in the current fiscal year against 9.96 percent during the corresponding period of the last fiscal year.

The county imported the highest amount of petroleum products as compared to other goods. Diesel worth Rs 123.70 billion was imported in the country till May 14 of the current fiscal year.

Likewise, petrol worth Rs 54.83 billion and LP gas worth Rs 52.59 billion were also imported during the first 10 months of the current fiscal year, added the Department.

Soybean oil worth Rs 49.41 billion was imported during the same period, shows the data. Similarly, Nepal exported soybean oil worth over Rs 45.35 billion.

Nepalis businessmen import raw materials of soybean from different countries and export to other countries by refining it in the country. So contribution of soybean oil is seen in foreign trade.

Similarly, raw materials of palm oil is also imported from different countries and exported to other countries after refining it as like soybean oil.

As per the report, palm oil worth over Rs 39.94 billion was exported in the first 10 months of the current fiscal year.

Nepal Chamber of Commerce (NCC) has urged Malaysia for the establishment of industrial village in Nepal.

The NCC representatives met Charge d'Affaires of Malaysia to Nepal, Mohd Fadzle Abu Hassan, and reminded him of setting up industrial village as per integrated investment on tourism, information technology and production.

NCC Chairperson Rajendra Malla stressed the need for high level cooperation at government level between Nepal and Malaysia to spur investment. He further said NCC would take initiative for ensuring Malaysian investment in Nepal, he added.

"Malaysia is also the best labour destination for Nepal. In addition to labour, we request Malaysian government for investment in other sectors, including tourism, hydropower and information," Malla reminded.

In response, the Charge d'Affaires Hassan however said they were not clear about the law on guarantee of return although they were ready for the investment. "Malaysia has been expanding its investment in IT sector in south Asian countries. But, further clarity on policy regarding investment return is imperative," he stressed.

Minister of Energy, Water Resources and Irrigation Pampha Bhusal has said a new policy will be brought to increase power consumption in the domestic market.

Addressing an event in the capital city today, the energy minister said industries would be increased and e-vehicles and e-stoves would be promoted to increase electricity consumption in Nepal's domestic market.

Saying that the country's trade deficit was rising owing to huge amount of import of petroleum products, Bhusal argued that import of petroleum products could be substituted by electricity.

So far, in the current fiscal year, the country has imported petroleum products worth Rs 220 billion. Minister Bhusal also said foreign currency could be imported in the country by exporting surplus electricity. "In the current fiscal, 39 megawatts of power is being exported. "We are in a position to export electricity worth Rs 2 billion in the current fiscal," he added.

The final results of the May 13 local level elections remain to be announced only in 26 local units.

The results of 26 local levels with high number of voters including Kathmandu, Lalitpur, Pokhara, Bharatpur and Birgunj metropolises remain to be announced.

The final results of the vote counting of a total 727 local levels including 269 municipalities and 458 rural municipalities has been entered in the information system of the Election Commission by 12 noon today.

The final results of around 95 per cent of the total 753 local levels are available by now. The Election Commission had expressed that the final results of the vote counting will be available by May 24.

The vote counting or re-election would be carried out at Triyuga municipality-12 in Udayapur and the Budhiganga municipality of Bajura after the Election Commission takes a decision as political dispute arose regarding the voting at these places.

The National Women Commission has called for justice for the victim of rape incident that occurred eight years ago and has sought action against the culprit.

Issuing a press statement today, the Commission made the request to the concerned authority after a contestant of a beauty pageant made public the incident of rape and sexual abuse against her by the pageant organiser. The statement read, "The security agency has already arrested the alleged rapist.

The National Women Commission would like to draw attention to the need of impartial investigation into the incident to ensure justice to the victim and action against the perpetrator as per the prevailing law."

Furthermore, the constitutional body has demanded health care and security arrangement for rape survivors.

The Commission said it had adopted zero-tolerance policy against the heinous crime of rape.

A probe committee has been formed by the government to look into the case.

The Commission further said it had been coordinating efforts with the victim, government and security agencies and called for cooperation from all sides to ensure fair investigation into the case.

Final vote counts of the recently held local level elections have been completed in 706 local units, out of 753, across the country.

According to the Election Commission, the local levels reporting the final vote count results make up 93.94 percent of the total numbers. The results tally puts the Nepali Congress in the topmost position followed by the CPN (UML) and the CPN (Maoist Center).

Counting is underway at some major local levels such as the Kathmandu, Lalitpur, Bharatpur, Pokhara and Birgunj metropolises and some others.

As the EC said, it is yet to take a final decision over the election disputes at Budhiganga municipality in Bajura and the Triyuga municipality-12 in Udaypur. It is yet to decide whether to go with the vote counting or hold re-election in the above mentioned places.

Voting is taking place today at nine polling centres of five local levels in which the local level elections were postponed on May 13.

The Election Commission said election is being held today at two polling centres at the Shreeram Secondary School polling station in Panchkhal Municipality-13, Kavrepalanchok; at two polling centres at Nawajyoti Secondary School voting station, Panchadewal Binayak Municipality-5, Achham district; at three centres at Thakurdevi Secondary School of Shahidbhumi rural municipality, Dhankuta; at one centre at Bijay Secondary School of Punarbas Municipality, Kanchanpur and at one centre based in Peace Creative Academy of Budhinanda Municipality, Bajura.

Similarly, election is taking place on May 18 at the two polling booths at the Gabisa Bhawan polling station of Byasnagar municipality in Tanahun district; at two polling centres at the Primary School Laxmipur, Gadhimai Municipality-3 and at two polling centres of the Prabi Adarsha Secondary School polling station at Ward no 6 of Gadhimai Municipality, Rautahat district.

The voting was postponed due to political and other disputes. On May 13, the voting could not take place at 85 centres of 44 polling stations of 28 local levels in 17 districts and the fixation of a fresh poll date and the voting are going on.

The 2566th birth anniversary of Gautam Buddha- Buddha Jayanti- is being observed across the country by commemorating his contribution to the establishment of world peace.

Buddha, regarded as the ninth incarnation of Lord Bishnu, was born on Shukla purnima of Baisakh month in the lunar calendar. There is a coincidence that the dates (lunar calendar) the Buddha got birth, wisdom, and mahaparinirvan (passing away) fall the same. The Buddhist communities in the world including Nepal observe the Day with much reverence.

The birth anniversary of Buddha, the apostle of non-violence and peace, is being observed with spiritual leaders and gurus at monasteries. The government has appealed to all people to observe the Buddha Jayanti with illumination at homes.

Grand programmes are being held at Lumbini, Swayambhu, and Bauddha on Buddha Jayanti.  

Buddha born in the royal family of King Suddhodhan and Queen Mayadevi had left his palace at the age of 29 for penance. He is regarded also as the 'Light of Asia'.

Buddhist philosophy is taught in the internationally acclaimed universities like Oxford, Cambridge and Harvard. There are also MA level programmes on Buddhist philosophy at Tribhuvan University, Nepal Sanskrit University, Lumbini Bauddha University in Nepal.

The teaching and sermons given by Lord Buddha during his lifetime of 80 years are collected in 'binaya', 'sutta', 'abhidhamma' and 'tripitak'.