Submit your Article

The Nepal Stock Exchange (NEPSE) gained 25.88 points to close at 2,665.81 points on Tuesday.

Similarly, the sensitive index surged by 4.47 points to close at 480. 71 points.

A total of 10,962,281-unit shares of 314 companies were traded for Rs 4. 17 billion.

Meanwhile, Rawa Energy Development Limited (RAWA) was the top gainer today, with its price surging by 8. 86 percent. Likewise, Wean Nepal Laghubitta Bittiya Sanstha Limited (WNLB) was the top loser as its price fell by 4.75 percent.

At the end of the day, total market capitalization stood at Rs 4. 23 trillion.

Residents of Jhanjhe village in Gurans Rural Municipality-8, Dailekh, have been engaged in commercial vegetable farming, which sustains their annual income and daily livelihood. However, the farmers complain that they have yet to receive any services or facilities from the government. Despite exporting vegetables worth Rs 6m annually, including potatoes, cauliflower, cabbage, tomatoes, chilies, and beans, they have not received improved seeds, training, or tools from NGOs either.

“Potato seeds have remained the same for 15 years,” said Tarakeshar Wali, a local farmer. “If the government had supported us, we could have increased production even more.”

Farmers have formed groups within the village and have requested grants, advanced seeds, and other resources from various agencies. However, they report receiving no subsidies or assistance so far. “We’ve heard the government provides subsidies to farmers, but we've received nothing,” said local farmer Man Kumari Khadka. “Neither advanced seeds nor medicine, and no one has trained us.”

The lack of government support for vegetable cultivation has frustrated the farmers. They believe that subsidies, advanced seeds, fertilizers, medicines, training, and agricultural tools could significantly boost their productivity. Farmers also criticize the local government and ward officials for failing to provide agricultural technology or tools and urge the construction of storage facilities to preserve potato seeds.

Transportation challenges

Farmers face significant challenges in transporting their produce to market due to the lack of road access. They are forced to carry their vegetables, which leads to losses as produce spoils before reaching buyers. Local farmer Krishna Khatri shared, “This year, I sold 20 quintals of potatoes and produced 15 quintals of bananas and cauliflower. However, we struggle to sell vegetables since we have to carry them to the market.”

Khatri added that vegetables rot because of the lack of roads, and multiple requests for road improvements have gone unanswered. “We’ve submitted four requests to the ward office, but no attention has been paid,” he said. Similarly, local farmer Pavitra Khadka expressed frustration, asking, “Where is the government for the farmers? We have grown vegetables with our own efforts, but we haven’t received any subsidies or assistance. No one has heard our concerns.”

Exporting Rs 6m worth of vegetables

Despite the lack of government support, the farmers continue to export vegetables worth Rs 6m annually. Potatoes alone account for Rs 2m of this, while cauliflower brings in Rs 1.5m. Tomatoes, chilies, and cucumbers generate Rs 500,000.

“This year, we exported 400 quintals of potatoes, and cabbage and cauliflower were sold in similar amounts,” said local farmer Gagan Bahadur Khatri. “If we had road access, our production could increase further. The village earns Rs 6m annually from vegetable sales, and with government support—such as roads, advanced seeds, fertilizers, marketing, training, and agricultural tools—we could increase both production and income.”

The farmers export their vegetables to markets in Surkhet and Dailekh, and with better infrastructure and support, they believe they could expand their farming efforts even further.

From January to early October 2024, a total of 105,698 foreign tourists visited Mustang district. Among these, 90,081 were from SAARC countries, while 15,617 were from other countries, according to the Annapurna Conservation Area Project (ACAP) Checkpost in Jomsom.

During this period, 82.66 percent of the foreign tourists were from SAARC countries, and 17.33 percent were from other countries. The highest number of foreign tourists arrived in Mustang in May, with 29,762 visitors, while the lowest was in January, with 2,126 tourists.

According to ACAP, very few foreign tourists entered Mustang from late September to the first week of October compared to last year. Pramod Raj Regmi, head of the ACAP office in Jomsom, noted that the decline in tourists was due to incessant rains, floods, landslides, and river erosion in various parts of the country, which blocked roadways. Additionally, out of the total tourists who visited Mustang, 8,397 entered from Besisahar in Lamjung to Manang along the Round Annapurna Cycle Path. Regmi added that 7.94 percent of the total number of tourists who entered Mustang did so via the Annapurna Trail.

Of the tourists who visited the Annapurna Trail via Manang, 97.07 percent were from other countries, while 2.92 percent were from SAARC countries. The highest number of foreign tourists entered Mustang in May, with 1,818, and the lowest in January, with 186. From January to December 2023, a total of 121,352 foreign tourists visited Mustang district, comprising 98,253 from SAARC countries and 23,099 from other countries. Additionally, 10,424 people entered Mustang via Manang, and 1,547 foreign tourists visited Upper Mustang.

In 2023, 76.49 percent of visitors were from SAARC countries, and 23.51 percent were from other countries. According to Regmi, most tourists entering Mustang were Indian, as many Indian pilgrims are interested in visiting the famous religious site Muktinath.

Banks have seen a healthy growth in margin loan disbursements after the central bank removed lending limits for institutional investors.

According to the Nepal Rastra Bank (NRB), margin loans have gone up by 12.5 percent, or nearly Rs 8.79bn, over the first two months of the fiscal year 2024-25. With this, the margin lending portfolio of commercial banks reached Rs 79.14bn in mid-September, compared to Rs 70.34bn in mid-July.

Nepal SBI Bank saw its margin lending portfolio increase by a whopping 115.6 percent to Rs 434.6m in mid-September, compared to Rs 201.5m in mid-July. Margin loans of Machhapuchchhre Bank Ltd logged a growth of 81.61 percent to Rs 848.2m, followed by Nepal Investment Mega Bank, which saw a 57.54 percent growth in its margin loans to Rs 2.92bn.

Data show the margin lending portfolio of Kumari Bank Ltd expanded by 50.85 percent to Rs 6.6bn, while NMB Bank recorded a 49.2 percent growth to Rs 1.46bn.

Four commercial banks saw single-digit growth in margin loan disbursements, with Everest Bank seeing the lowest growth of 0.83 percent during the two-month period. Citizens Bank, Sanima Bank, and Nepal Bank expanded their margin lending portfolios by 9.74 percent, 9.2 percent, and 7.64 percent, respectively.

The growth in margin loan disbursements coincided with a bull run in the stock market. The benchmark Nepal Stock Exchange (Nepse) index, which was at 2,095.25 points in mid-July, closed at 2,637.79 points on Sept 15. The benchmark index peaked at 3,000.81 points on August 15 with total turnover of Rs 29.3bn.

Six commercial banks saw their margin lending portfolios shrink during the period. NIC Asia Bank experienced the highest decline of 18.97 percent, with its portfolio falling to Rs 3.21bn. Himalayan Bank's portfolio declined by 8.85 percent to Rs 1.83bn, while Nabil Bank saw a 7.87 percent reduction to Rs 10.52bn.

Rastriya Banijya Bank, Prabhu Bank and Agricultural Development Bank saw their margin lending portfolios shrink by 4.19 percent, 2.81 percent and 0.61 percent, respectively.

Falling interest rates have also contributed to the growth in margin lending. Interest rates on margin loans have dropped to single digits for the first time in three years. The average interest rate on margin loans in the second month of the current fiscal year (mid-Aug to mid-Sept) was 9.9 percent, down from its peak of 14.58 percent.

Interest rates have been falling consistently since the beginning of the fiscal year 2023-24.