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The Nepal Stock Exchange (NEPSE) index plunged by 39.40 points to close at 2,693.10 points on Sunday, the first trading day of the week.

Similarly, the sensitive index fell 4.99 points to reach 513.64 points.

A total of 7,122,299 units of shares of 230 companies were traded for Rs 4.08 billion.

Likewise, all sub-indices saw red in today’s market except for others.

Meanwhile, United IDI Mardi RB Hydropower Limited was the top gainer today with its price surging by 10 percent. Likewise, Narayan Development Bank Limited was the top loser with its price dropped by 4.74 percent.

The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has worried that the first half-year review of the monetary policy of the current fiscal year unveiled recently by Nepal Rastra Bank (NRB) could affect the economic activity that has grasped momentum, struggling with the COVID-19 pandemic. 

Although conducting a study on concessional loans in the productive sector would help assist in industrialisation, the FNCCI has stated that trade, business and investment would be affected as most of the recommendations of the private sector were not addressed. 

Releasing a viewpoint of FNCCI today, it said chances remain of crises remain high for businesspersons and financial institutions despite knowing the fact that deposits collection on the banks and financial institutions could not increase amid the interest rate in the deposit. 

The FNCCI has drawn the attention of the central bank towards adverse impacts on production, price hike, revenue collection and employment generation as the review was focused on imports reduction. RSS

PHD Chamber of Commerce and Industry (PHDCCI) started a new business outreach program series “SBI-PHDCCI Industry Roundtable Meet” in 2021 in association with the State Bank of India (SBI) as economic rebounding is the need of the hour to brave a new world in post-pandemic times.

The first two programs of the Series were organised at Ludhiana, Punjab and Baddi, Himachal Pradesh. “SBI-PHDCCI Industry Roundtable Meet” was organised at Hotel Noor Mahal, Karnal on 17th February 2022 to bring the important industry stakeholders and exporters of Haryana on a common idea/business platform and discuss some of the most crucial aspects concerning businesses and project finance in the state with focus on SMEs, large corporates and enhancing the export potential from the state.

“SBI-PHDCCI Industry Roundtable Meet” at Karnal was attended by the key policymakers from SBI and state’s industry to ideate the way forward for an ever closer cooperation between SBI and industry entities in Haryana to support the economic fundamentals and strengthen the business ecosystem. In the post pandemic times, it was one of the early interventions for supporting Haryana’s Small and Medium Enterprises (SMEs) and exporters. The deliberations of Meet are expected to help the state’s industry units to directly explore the financing and other banking services available with SBI in Haryana.

The chief guest and keynote speaker Anukool Bhatnagar, Chief General Manager, Chandigarh Local Headquarter and Head-Nepal Desk, SBI reflected on the macroeconomic trends in the light of pandemic and its adverse impacts on the industry, especially on SMEs and exports. 

He said that SBI is open for meeting the financing requirements of Haryana’s industries of all sizes (SMEs and large corporates), and assured the industry participants attending the Meet about SBI’s unwavering support for their businesses and Haryana’s development at large. 

To overcome the challenges of demand slump and rising cost of business, he suggested the industry to adapt to the new normal and brave it through their entrepreneurial zeal. 

He assured that SBI’s inherent strength will be serving the causes of the Indian industry and like its glorious past, the bank’s present is illustrious in the service of the nation. He shared that through its Chandigarh Local Headquarters, SBI is catering the banking needs of all segments of the customers and the bank is consistently on the progressive path both financially and through its outreach initiatives. 

Besides initiating various new initiatives in SBI’s Chandigarh circle to support all sizes of businesses, the SBI Nepal Desk is a new institutional initiative to serve the interests of people and businesses in both countries.   

In their presentations, C S Sharma, General Manager (NW-II), Chandigarh Local Headquarter, SBI; O P Choudhary, Deputy General Manager (SMES), Chandigarh Local Headquarter, SBI and Sanjay Kumar, Deputy General Manager, Panchkula, SBI highlighted the favourable offerings from SBI for SMEs, exporters and farmers in the state of Haryana. Bhushan Goel, Convener, Haryana Agriculture Committee, PHDCCI and Ravi Beri, Managing Director, Beri Udyog Ltd were among the other speakers. 

The Session was moderated by Atul K Thakur, Joint Secretary, State Development Council & Nodal Coordinator, India-Nepal Centre, PHDCCI.

PHDCCI, the National Apex Chamber established in 1905, has been relentlessly working for the socio-economic development of Indian States’ with an axiom, “Strong States Make Strong Nation.” 

Under the aegis of its State Development Council (SDC) and Haryana State Chapter, the Chamber essentially carries forward the mission of “Empowering Haryana” to strengthen India’s federal structure of governance and economy.

The global pandemic Coronavirus or Covid-19 is being termed as a ‘one in hundred years’ crisis, which has already adversely impacted lives and livelihoods in unprecedented manners. Trade has been stopped, borders locked down and the people were being forced to either stay home or reach their respective homes. Some of the biggest changes that were never expected have taken place. As the crisis has global nature, India is severely impacted as well.

The world is self-assured to see a sort of re-set, it is the time for the government and industry to reckon the urgency of figuring out their immediate priorities, including on supporting the SMEs, the backbone of the Indian economy. A change in approach is much needed at this point of time, before the fundamentals of the world order go in reset mode, there should be determination to revive the SMEs financing to support the much needed demand factor of the economy. This is the time for proactive collective action to come out of the trying time with a blueprint for revival of the economy. At the idea front, these were some of the key takeaways from the “SBI-PHDCCI Industry Roundtable Meet” at Karnal.

Paras Mani Jirel grew up tinkering with electronic devices. When he was still a boy, he used to take them apart to inspect inside. The intricate world of the circuit board fascinated him– its many interconnected lines, tiny solder bumps, diodes, registers and transistors.

“With time and a lot of mistakes, I figured out the science behind how those devices operated,” says Jirel, who today builds and sells his own guitar amplifiers.

The story of Jirel Electronics started back in 2014. Jirel was in his teens and, like many other boys of his age, he wanted to be a guitarist. But he could not afford a guitar amp. So he decided to build one for himself.      

“I was used to experimenting with electronics for years, so I decided to build my own guitar amp from scratch,” says Jirel.

After building an amp using locally available components, Jirel thought he could make a business out of it. His first handmade amp became the prototype for his future products.

“I wanted to build affordable guitar amps with good sound quality,” says Jirel.    

He started exploring the market to learn about the availability and pricing of components required to make guitar amps.

Jirel began selling his homemade guitar amps in 2017. As business grew, he rented a workspace from where the company is currently operating. Besides amps, Jirel Electronics these days also makes guitar effect pedals, speakers and bluetooth speakers.

The market for locally made guitar amps or any other musical instruments for that matter is still small. This, Jirel says, is because most consumers are still attracted to imported products. 

Nepal imported US$907.89 million worth of electrical and electronic equipment during 2019, according to the United Nations COMTRADE database on international trade.

If Nepal were to manufacture basic electronic components, a company like Jirel’s could make and sell products at much cheaper rates. Moreover, the country could have more companies manufacturing various electronic goods. 

When Jirel started his business, his intent was to build, promote and sell locally made products.

“I managed to turn my passion into a full-time job,” he says. With some government support for local brands and products, the country could have more success stories like Jirel’s.