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Bharat Kafle, a resident of Harshahi in Dudhauli Municipality-6, Sindhuli, is an example for many, as he chose to stay in his homeland and contribute positively to his community, and it has paid off.

Kafle chose to engage in dragon fruit farming, which, according to Kafle, is doing well. In addition to generating a good income, he has also been able to create employment opportunities for five members of his family. Kafle believes that commercial farming not only provides self-employment but also benefits the entire nation by attracting others to the industry.

“This year, I earned Rs 1m by selling 20 quintals of dragon fruits at the rate of Rs 500 per kg. I made another Rs 300,000 by selling saplings. I still have 4,000 saplings in my nursery,” he added.

Over the past two years, Kafle has earned Rs 1.3m by selling dragon fruits cultivated on eight katthas of land. Scaling up his efforts, he has extended the cultivation to 18 katthas. He now has 3,500 plants supported by 930 poles. About 900 of these plants are currently yielding fruit. “Each of these 900 plants have produced fruits up to 17 times. Harvesting can be done thrice a year between May 15 and November 15. In the first year, each plant yielded 8 kg of fruit. Now, it has increased to 45 kg,” Kafle added.

After earning Rs 1.3m within just two years, Kafle, who previously managed a grocery store in Kathmandu, felt inspired to return to his village and expand his farm. He discontinued his shop merely two months after its initiation due to the outbreak of Covid-19. Despite the initial costs associated with dragon fruit farming, Kafle is confident that as earnings escalate each year, this venture remains a promising opportunity. Kafle utilized a Rs 200,000 subsidy received from the Agriculture Knowledge Center, Sindhuli, to install 200 additional poles to support his saplings. He has a plan to expand his farming to one and a half bighas this year.

He has planted the siam red variety of dragon fruit in his farm. The variety starts bearing 13 months after planting sapling. The lifespan of dragon fruit sapling is 25 years, Kafle added. Kafle advocates for the vast income potential and employment opportunities that commercial agriculture, coupled with modern technology and market-driven production, can offer in rural areas. “The promotion of commercial farming is important for Nepal's prosperity,” Kafle said, calling for government initiatives to attract unemployed youth toward sustainable commercial farming.

The Nepal Stock Exchange (NEPSE) plunged by 5. 05 points to close at 1,993.42 points on Tuesday.

Similarly, the sensitive index dropped by 0. 71 points to close at 382. 85 points.

A total of 4,006,739-unit shares of 278 companies were traded for Rs 865 billion.

Meanwhile, Kutheli Bukhari Small Hydropower Limited is the top gainer today with its price surging by 10. 00 percent. Likewise, Swabhimaan Laghubitta Bittiya Sanstha Limited was the top loser as its price fell by 4. 83 percent.

At the end of the day, the total market capitalization stood at Rs 2. 98 trillion.

Nepal Rastra Bank (NRB) has amended working capital loan guidelines following pressure from the government and the private sector. The revised guidelines provide flexible provisions, especially for the manufacturing sector.

Issuing a circular on Monday, the central bank has given relief to the manufacturing sector. thereby giving a boost to the country’s productive segment. The term ‘manufacturing industry’, according to the NRB, refers to an industry that adds value to raw materials or semi-finished goods through human effort or machinery.

The central bank through the new amendment has relaxed several provisions that were initially put in place to curb the potential misuse of loans. The working capital loan guidelines have been a contentious point of debate between the private sector and the central bank over the past year. Ever since the implementation of the guidelines, the private sector has been lobbied hard for its suspension, terming the guideline as the 'major obstacle to the business and private sector growth'.

The central bank implemented the guidelines starting on October 18, 2022. The essence of bringing working capital loan guidelines was to stop the misuse of the bank money taken to meet short-term commercial needs for an unlimited period of time and outside of the purpose. The central bank has sought to discourage practices of misuse of working capital loans, a significant portion of which businesspersons use to invest in real estate and the stock market, after getting such loans from banks and financial institutions. 

 Of late, business bodies have been lobbying for its revision saying that the working capital loan guidelines was the main reason for the economy slowing down. In view of growing discontent,  Prime Minister Pushpa Kamal Dahal and Finance Minister Prakash Sharan Mahat have also instructed the central bank to relax the guidelines.

 As per the new amendment, manufacturing industries will not have to comply with the guidelines while using loans up to Rs 30m. Earlier, this limit was only up to Rs 10m.

 Similarly, the loan limit of fluctuating working capital needs that industries can take for one year has been increased to 40 percent of the annual turnover from the existing 25 percent. Businessmen have been demanding to increase this limit.

 The central bank has also increased the working capital loan limit for the manufacturing sector to Rs 40m from the existing Rs 20m. Now, while determining the working capital loan limit of up to 40m rupees for the manufacturing industry, it is stipulated that the total working capital loan limit should be maintained only up to the maximum amount of 20 percent of the estimated annual turnover/sales.

 The central bank has allowed banks to provide working capital loans up to 50 percent of the maximum annual turnover based on the industries' operating cycle, cash conversion cycle, days sales outstanding, inventory conversion period, lead time, and accounts payable period.

 The new amendment has changed the previous provision of reducing working capital loans to zero for seven consecutive days after the third year of implementation of the guidelines, allowing at least 10 percent of the amount to be retained in the account annually. Industrialists and businessmen have been demanding that the provision to reduce the working capital loan to zero is unreasonable and should be abolished.

 Additionally, a provision has been established for granting emergency working capital loans to seasonal businesses (e.g., those involved in purchasing chemical fertilizers, festival-related enterprises, etc.) based on justifications.

 The central bank Spokesperson Dr. Gunakar Bhatta said that the guidance has been revised to invigorate economic activities. According to Bhatta, more concessions have been given to the manufacturing sector. "While the amendment has provided ease to other businesses, special concessions have been given to the manufacturing sector," said Bhatta, "We have removed the provision of reducing working capital loans outstanding to zero."

The price of gold has increased by Rs 600 per tola in the domestic market on Tuesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 111, 700 per tola today. It was traded at Rs 111, 100 per tola on Monday.

Meanwhile, tejabi gold is being traded at Rs 111, 050 per tola. It was traded at Rs 110, 550 per tola.

Similarly, the price of silver has increased by Rs 5 and is being traded at Rs 1,465 per tola today.