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A youth of Gaur, Rautahat was shot dead by a group of unidentified persons at Ramgadhuwa Bazaar in Bihar of India on Tuesday.

The deceased has been identified as Dilip Singh (40) of Gaur Municipality-9.

Police have suspected that the unidentified persons opened fire at Singh, who had been working as an accountant at Shivashakti Rice and Flour Mill in Ramgadhuwa Bazaar for the past few years, with an intention to rob the money.

Singh was returning from Muzaffarpur, India after collecting money when the unidentified group shot him near the mill.

Singh, who received a bullet in his chest, died on the spot, Gaur Municipality-9 Chairman Arjun Singh said.

It has been learnt that the gang also robbed INR 2.9 million off Singh.

Police said that they have recovered a Bolero jeep (BR 29 G 7851) from the incident site.

Further investigation into the incident is underway, Indian police said.

DSP Damodar KC of the District Police Office, Rautahat confirmed the incident.

The body has been handed over to the family members following due process, police said.

Eighteen Nepali nationals, who were rescued from war-torn Israel, have arrived in India.

The 18 Nepalis arrived in the southern neighbor through the ‘Operation Ajay’ campaign of the Indian government.

Nepali Ambassador India Dr Shankar Prasad Sharma welcomes the rescued Nepalis at the Delhi Airport. He said that transportation has been arranged for them to go to Nepal.

Taking to social media, he said, “families are excited as they return home during Dashain.”

Earlier, the Nepal government had evacuated 253 Nepali students from Israel after the armed attack by the Palestinian militant group Hamas on the war-hit West Asian country. They were airlifted by a Nepal Airlines plane.

Ten Nepali students were killed and four others sustained injuries in the attacks by Hamas. One is still unaccounted for.

The Foreign Ministry said that they are searching for missing Bipin Joshi.

The three injured are in the protection of the Tel Aviv-based Nepali Embassy.

The Foreign Ministry said that preparations are being made to repatriate the bodies of Nepali students killed in Israel.

A person died when a motorbike and EV microbus collided with each other at Sundarbasti in Dhulilkhel among the BP Highway on Wednesday.

The electric vehicle (Pradesh 03-001 Ja 0298) heading towards Manthali from Kathmandu collided head-on with the two-wheeler (Ba 64 Pa 1772) at around 6:30 am today.

Ramila Budhathoki (20) of Manthali Municipality-12, who was traveling in the microbus, was critically injured in the incident.

DSP Raj Kumar Shrestha of the District Police Office, Kavre said that Budhathoki  breathed her last during the course of treatment at the Dhulikhel Hospital at around 7:30 am.

He said that Pushpa Tamang of Manthali Municipality-1, Tanka Prasad Dahal of Likhu Tamakoshi Rural Municipality-6, Gyanu Dhungel of Manthali Municipality-2, Rikit Dhungel of Manthali Municipality-1, Anil Ale Magar of Likhu Tamakoshi Rural Municipality-6 and Urmila Ghimire of Sunkoshi Rural Municipality-3, Sindhuli were also injured in the incident. They were traveling in the electric bus.

DSP Shrestha said that bike rider Ram Kumar Rai (40) of Thakthum Rural Municipality-3, Ilam and his wife Prabisa Sunuwar (39) sustained injuries on their back and left legs. They are being treated at the Dhulikhel Hospital.

Police said that they have taken bus driver Birendra Thapa (41) of Panauti Municipality-5, Kavre for investigation.

Nepal’s economy is grappling with the bitter reality of a recession, even if it hasn’t been officially acknowledged by the government. Despite rosy forecasts from global financial heavyweights like the World Bank, International Monetary Fund and Asian Development Bank, the nation’s economy is reeling under a multitude of challenges.

A relentless surge in inflation is delivering a harsh blow to the commoner. Experts say that Nepal’s economy seems trapped in a downward spiral of high inflation and sluggish growth. Pushpa Kamal Dahal’s government is facing intense pressure from opposition parties and various stakeholders to take immediate action to revive the faltering economy.

A report published by Nepal Rastra Bank reveals that consumer price inflation reached a worrisome 8.19 percent in mid-Sept 2023, up from 7.52 percent in the previous month. According to the World Bank, consumer prices are scaling new heights in the current fiscal year.

The numbers are unsettling. Food and beverage inflation has skyrocketed to 9.74 percent, while non-food and service inflation is at 6.99 percent. Economists are sounding the alarm, warning that inflation is poised to rise in the coming months, further increasing the cost of living.

Economist Dilli Raj Khanal says the rising inflation is a glaring example of failed monetary policy. He warns that inflation is likely to grow after the festivals if the government fails to see the problems through new and innovative ways, adding that fresh crises are on the horizon. 

The price index for spices has surged by an astonishing 45.46 percent, sugar and sugar products by 17.86 percent, and vegetables by 14.51 percent. Cereal grains and their products are up by 13.38 percent, milk products and eggs by 12.60 percent, and restaurant and hotel prices have climbed by 10.97 percent. The brunt of this rising inflation is felt most acutely by the people. 

In its recent report, the World Bank underscores the challenges of taming high inflation and the need for a careful balancing of policies to stimulate growth.

The decline in edible oil prices from Feb 2023 onwards, reflecting global price reductions, had an offsetting effect on prices. But the persistence of high inflation impedes policies to stimulate growth. Nepal’s vulnerability to external shocks implies a difficult trade-off between policies that boost growth and those that contain inflation.

The World Bank report also identifies key drivers of food price hikes, including supply side shocks such as India’s export restrictions on wheat and rice, along with domestic policy changes like the removal of VAT exemptions on basic food items. The report further highlights the importance of price support to producers of rice, milk and wheat.

To compound matters, factors like the lumpy skin disease and unpredictable monsoons are impacting agricultural output, while services and industry are being affected by higher-than-expected import prices and export bans from India.

In this tumultuous economic landscape, Nepal’s private sector has voiced its concern, claiming that international financial institutions are exerting undue pressure on Nepal Rastra Bank and the Ministry of Finance. Despite the various challenges the nation faces, Nepal’s external position has strengthened, thanks to prudent fiscal and monetary policies, thriving remittances, and a boost in tourism.

However, the number of Nepali workers taking approval for foreign employment decreased 28.3 percent to 74,466 in September.   

The Nepali remittance sector, according to the NRB report, saw a remarkable 22.1 percent increase to Rs 228.37bn compared to an increase of 19.8 percent in the same period of the previous year. However, the number of Nepali workers seeking approval for foreign employment has seen a significant 28.3 percent decline to 74,466 in September. The economic landscape is complex, with some positive signs like a 3.8 percent increase in gross foreign exchange reserves to Rs 1,598.9bn in mid-September compared to Rs 1,539.36bn in mid-July 2023.

While Finance Minister Prakash Sharan Mahat acknowledges some gradual improvements in the nation’s economic situation, it's evident that not all internal indicators suggest a smooth ride.

Reflecting the current state of affairs, the government’s total expenditure reached Rs 131.14bn in the first two months of the fiscal year 2023/24. Recurrent expenditure, capital expenditure and financial expenditure stood at Rs 87.66bn, Rs 8.16bn, and Rs 35.31bn, respectively, during the review period. Up till mid-Sept, the government’s total revenue collection, including funds transferred to provincial and local governments, reached Rs 141.08bn, with tax revenue accounting for Rs 127.96bn and non-tax revenue at Rs 13.12bn.

The total expenditure stood at Rs. 4.77bn and resource mobilization of provincial governments stood at Rs 21.16bn, respectively. The total resource mobilization of provincial governments include the grants and revenue transferred from government totaling Rs 15.15bn, and revenue and other receipts of provincial governments totaling Rs 6.01bn.

The provincial governments have also been active on the financial front, with total resource mobilization reaching Rs. 21.16bn. This figure includes grants and revenue transferred from the central government, amounting to Rs 15.15bn, as well as provincial governments’ own revenue and receipts, totaling Rs 6.01bn.

Economy at a glance

• Inflation at 8.19 percent
• Exports decrease by 7.8 percent
• Trade deficit decreases by 4.7 percent
• Remittances increase by 22.1 percent
• Balance of payment remains at a surplus of Rs 53.61bn
• Forex stood at Rs 159.90bn
• Government expenditure amounts to Rs 131.14bn
• Revenue collection Rs 141.08bn