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With Tihar season approaching, Bhrikutimandap in Kathmandu offers a chance to shop for flowers at the Tihar Flora Expo, which runs until Tuesday. The expo, which started on Sept 25 under the theme “Festival of Tihar, Festival of Flowers,” features 65 stalls from flower and nursery businesses and includes consultation booths.

At the expo’s inauguration on Friday, Bagmati Province Minister for Forests and Environment, Krishna Prasad Silwal, highlighted the recent damage to nursery businesses due to October’s continuous rainfall and assured that relief assistance would be provided. He also committed to including provisions in future policies to allocate barren community forest land for nurseries, with budgetary support to promote the flower industry.

Minister Silwal emphasized the importance of producing indigenous varieties like rhododendron and wild orchids for the global market, which he believes could create employment for youth in Nepal. He advocated for a ban on plastic flowers in favor of natural ones.

Director General of the Department of Botany, Sanjeev Kumar Rai, pointed out that imported plastic flowers have disrupted the domestic market. He stressed the need to promote local flowers, including marigolds, velvet flowers, and Godavari blooms. Last year’s marigold imports inspired the department’s Natural Research Laboratory to produce food supplements and beauty products, which led to the registration of three new industries.

Mohan Katwal, Vice-president of the Federation of Nepal Cottage and Small Industries (FNCSI), expressed concerns over the lack of government support for small and cottage industries, which make up more than 80 percent of Nepal’s industries. Naresh Lal Shrestha, FNCCI executive committee member and Chair of the Export Promotion Committee, added that arranging concessional loans in agriculture, energy, and tourism could support domestic employment.

Ramji Prasad Timilsina, President of the Nursery Association of Nepal, described the fair as a platform to discourage foreign flower imports and promote domestic flowers, nurseries, and herbs.

On the expo’s first day, coordinator and Nursery Association Vice-president, Laxmi Maharjan, shared their expectation for transactions to exceed Rs 7m over the five-day event. Entry fees are Rs 100 for the public and Rs 50 for students and seniors. The opening day drew crowds of flower enthusiasts and visitors.

To foster competition and improve skills among entrepreneurs, the fair honored the best in seven categories with certificates, cash prizes, and shields.

Gold price has set a new record in the domestic market today.

According to the Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 168, 500 per tola. It was traded at Rs 167, 000 per tola on Monday.

Likewise, the silver is being traded at Rs 2, 105 per tola.

The Nepal Stock Exchange (NEPSE) gained 37.41 points to close at 2,645.36 points on Monday.

Similarly, the sensitive index surged by 3.14 points to close at 472. 95 points.

A total of 10,418,926-unit shares of 307 companies were traded for Rs 5. 34 billion.

Meanwhile, Janaki Finance Company Limited (JFL) and Dolti Power Company Limited (DOLTI) were the top gainers today, with its price surging by 10. 00 percent.

Likewise, Peoples Hydropower Company Limited (PHCL) was the top loser as its price fell by 6.02 percent.

At the end of the day, total market capitalization stood at Rs 4. 20 trillion.

The Bagmati provincial government has collected only 10 percent of its estimated annual revenue in the first quarter. Revenue collection has been impacted by weak internal sources, limited cash collection, and shortfalls in grants received from the federal government.

Shri Krishna Acharya, spokesperson for the Ministry of Economic Affairs and Planning, stated that the government collected Rs 6.86bn in revenue in the first three months of the current fiscal year (July to October). The provincial government has set a revenue target of Rs 64.5bn for this fiscal year, of which only 12.95 percent has been collected.

From internal revenue sources, the provincial government collected Rs 898.4m, achieving 19.8 percent of its Rs 4.53bn target.

Major opposition parties criticize the government, alleging that it is overly focused on revenue collection while falling short of its development goals. Prem Bahadur Pulami, a provincial assembly member from the CPN (Maoist Center), remarked, “This is the path to failure for this government. No part of the government seems to be functioning effectively.”

The provincial government expects a subsidy of Rs 15.5bn from the federal government, of which it received Rs 2.06bn (13.23 percent) in the first quarter. However, no additional federal funds have been received so far. Revenue data indicates a lack of focus on enhancing internal revenue growth. 

“There is a recurring issue with provincial governments failing to utilize allocated budgets and mobilize resources. Bagmati, being the province with the central capital, should set an example,” stated Pralhad Lamichhane, former member of the Provincial Policy and Planning Commission of Bagmati Province. He emphasized the need for the provincial government to prioritize resource identification, mobilization, and expenditure, as there are adequate financial resources within the province.

For the current fiscal year, the provincial government expects to generate Rs 27.38bn from taxes and Rs 6.51bn from other revenue sources.