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When the 15th Plan started in the fiscal year 2019/20, there was much hope for the country’s economic transformation, especially with a stable government with an almost two-thirds majority in place. The KP Sharma Oli-led government also aimed for high-trajectory economic growth. The National Planning Commission (NPC) in the 15th Plan had set a growth target of 8.5 percent in FY 2019/20, 9.6 percent in FY 2020/21, 9.9 percent in FY 2021/22, 9.6 percent in fiscal 2022/23, and 10.3 percent in FY 2023/24. But it didn’t take much time for hope to turn into despair as the country plunged into political instability and the Covid-19 pandemic hit the country hard. The intra-party infighting in the erstwhile Nepal Communist Party (NCP) formed after the merger between the CPN (UML) and the CPN (Maoist Centre) overshadowed the government's economic priorities. And, the Covid-19 pandemic during which the government enforced a months-long lockdown further hit the economic activities and the private sector. As a result, economic growth in FY 2019/20 was limited to 2.4 percent. As the Covid-19 pandemic continued in FY 2020/21 too, the economy grew by 4.3 percent in FY 2020/21 and 5.8 percent in FY 2021/22. According to economists, the growth target set by the NPC is far from reality. “There is a trend of setting the growth target based on ambition instead of ground reality,” said a former Finance Secretary. “So, it is obvious to see those targets went unachieved.” The writing is already on the wall about the economic performance in FY 2022/23 with the country witnessing economic growth of just 0.8 percent during the first quarter of the current fiscal year. It is the lowest growth in the last seven years in the first quarter on a year-on-year basis. The economic growth slumped because of negative growth in five areas, namely construction, mining and quarrying, wholesale and retail and repair of motor vehicles, transportation and storage, and education, according to the National Statistics Office. Even during Dashain and Tihar festivals and before the November 20 elections, businessmen were complaining about reduced market demand for goods and services. A part of market dynamism was also affected by import control measures with the government banning imports of automobiles, liquor, and expensive mobile sets till December 2022. In the federal budget for FY 2022/23, the government has targeted eight percent economic growth. But after six months, the mid-term review slashed the growth rate to 4.5 percent. After concluding the Article IV mission, the International Monetary Fund said on February 28 that Nepal’s economy is expected to grow by just 4.4 percent in the current fiscal year. “Nepal’s real GDP growth is supported by the ongoing recovery of tourism, strong agriculture sector performance in the first half of the year, and resilient remittances,” the International Monetary Fund (IMF) said in a statement. The IMF has warned that the country remains vulnerable to shocks, from volatile and higher global commodity prices and from natural disasters and weather variability. NPC has projected that the country's economy would grow by six percent in FY 2023/24, the final year of the 15th plan. There is a projection of economic growth of 7.4 percent in fiscal 2024/25 and 8 percent in the fiscal year 2025/26, as per the NPC’s mid-term economic targets. Given the fractured political mandate after the elections on November 20 last year, economists are skeptical about attaining the growth target. According to them, the country could have entered into a new cycle of political instability. “In the space of just two months since the Pushpa Kamal Dahal-led government was formed, another government is being formed with a new alliance,” the former Finance Secretary said.

Laxmi Intercontinental, the authorized distributor of Hyundai vehicles in Nepal has launched the facelift version of the Hyundai Grand i10 Nios in the market with the slogan "More. The Merrier". Issuing a press statement, the company claimed that the new Hyundai hatchback is 'set to take the automotive segment by storm' due to its new and innovative combination of cutting-edge technology, high performance, attractive design, and distinctive features. "Revolutionary and distinctive touch is added to the overall appearance of the new Grand i10 Nios with its first in-segment-extended LED Tail Light with a connected light bar at the rear of the vehicle. The new Painted Black Radiator Grille and LED Daytime Running Lamps (DRLs) on the front of the new Grand i10 Nios give the vehicle a stylish and sporty edge. Similarly, its 15-inch Dual Tone Styled Steel Wheel, Projector Headlamps, Shark Fin Antenna, and Roof Rail give the hatchback an unmistakably unique identity," reads the statement. According to the company, the interior of the all-new Hyundai Grand i10 Nios boasts a modern and refreshing layout with its Dual Tone Gray interiors. The hatchback comes with new features like semi-fabric seats, tilt steering, a cooled glove box, footwell lighting, an 8'' Infotainment System, and a rear USB charger. "Furthermore, the all-new Grand i10 Nios is packed with high-tech features and has set a new standard as a technology-friendly car. Its latest features include a Wireless Phone Charger, Fast USB Type C Charger, Cruise Control, Voice Recognition, Apple CarPlay, and Android Auto," said the company, adding, "The driver can obtain other information such as fuel economy, average vehicle speed, and service reminders from the Multi-Info Display (MID) feature in the digital instrument cluster of the new Grand i10 Nios." According to the statement, the safety features in the all-new Hyundai Grand i10 Nios are unmatched. The body of the hatchback is made with Advanced High-Strength Steel (AHHS), making it stronger and safer than ever before. It features Four Airbags, Tyre Pressure Monitoring System, Automatic Headlamps, Electronic Stability Control (ESC), Vehicle Stability Management (VSM), Hill-Start Assist Control (HAC), Rear Parking Camera with Display on Audio, and other special features. Additionally, the facelift model has safety features like a Speed Alert System, Burglar Alarm, Rear Defogger, Impact Sensing Auto Door Unlock, Speed Sensing Auto Door Lock, Headlamp Escort System, and Emergency Stop Signal. The company informs that the Grand i10 Nios comes with a powerful 1.2L petrol engine. With a ground clearance of 165mm, the hatchback offers the perfect combination of power and agility for that thrilling driving experience. The Grand i10 Nios is available in Era, Magna, and Sportz variants in the MT option and Magna and Sportz in the AMT Option with a starting price of Rs 29,96,000.

The price of gold has dropped by Rs 1, 000 per tola in the domestic market on Wednesday. According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow bullion is being traded at Rs 101, 500 per tola today. The yellow metal was traded at Rs 102, 500 per tola on Tuesday. Meanwhile, tejabi gold is being traded at Rs 101, 000 per tola. Similarly, the price of silver has dropped by Rs 40 and is being traded at Rs 1,225 per tola today.

The Nepal Stock Exchange (NEPSE) gained 14.41 points to close at 1,952.66 points on Tuesday. Similarly, the sensitive index surged by 1.53 points to close at 370. 24 points. A total of 4,059,149 unit shares of 261 companies were traded for Rs 1. 20 billion. Meanwhile, Shuvam Power Limited was the top gainer today, with its price surging by 10. 00 percent. CYC Nepal Laghubitta Bittiya Sanstha Limited was the top loser as its price fell by 5.18 percent. At the end of the day, total market capitalization stood at Rs 2. 82 trillion.