Categories: Economy

Nepal’s imports soar amid ongoing pandemic

<p>
<strong>Amid rising economic challenges owing to the ongoing Covid 19 pandemic, Nepal’s import bill touched the 1 trillion rupee mark in the first half of the current financial year—an year on year increase of 51.1 per cent.</strong></p>
<p>
The Sher Bahadur Deuba administration, which took charge only in July last year, is already looking at ways to curb imports of non essential items.</p>
<p>
This is the second time after 2017-18 that Kathmandu’s imports touched this level.</p>
<p>
“The amount that Nepal spent to buy foreign goods in six months is one-fourth of the country’s annual value of goods and services produced in the country of gross domestic product (GDP) or equal to earnings that Nepali migrant workers sent home last year,” <a href="https://kathmandupost.com/national/2022/01/24/country-s-imports-hit-rs1-trillion-mark-in-the-first-half-of-the-fiscal-year">the Kathmandu Post</a> said.</p>
<p>
<strong>Also read: <a href="https://www.indianarrative.com/economy-news/india-nepal-sign-pact-on-energy-trading-142752.html">India, Nepal sign pact on energy trading</a></strong></p>
<p>
In 2017-18, Nepal’s imports had surged due to the reconstruction exercise after it was hit by a deadly earthquake that left over 8,900 people dead and many more injured.</p>
<p>
The need for Nepal to increase its food imports has also risen. Food imports into the country have been rising even before the outbreak of the pandemic.</p>
<p>
According to ResearchGate the steady increase in food imports “signals not only the growing dependency trends but also raises serious questions about the future of the agricultural sector in the country-a potential threat to national security and sovereignty.”</p>
<p>
Reports suggest that Himalayan country imports of key agricultural products between 2015 to 2020 jumped 65 per cent.  </p>

IN Bureau

Recent Posts

Share of gold in RBI’s forex kitty doubled since 2021

Central banks world over are increasingly accumulating safe-haven gold in their foreign exchange reserves kitty,…

12 hours ago

EAM Jaishankar meets Slovenia’s State Secretary Marko Stucin, discusses “multilateral partnership”

External Affairs Minister S Jaishankar on Tuesday welcomed Slovenia's State Secretary Marko Stucin in New…

12 hours ago

India’s human development continues to make progress, ranks 130 out of 193 countries

India continues its steady rise on the Human Development Index (HDI), ranking 130 out of…

13 hours ago

PM Modi calls Australian PM Albanese; Both agree to advance strategic partnership

Prime Minister Narendra Modi spoke with his Australian counterpart, Anthony Albanese on Tuesday. The two…

15 hours ago

Spike in spy calls amid India-Pak tensions seeking critical info Jaisalmer SP urges public vigilance

By Ravi Jalhotra As tensions simmer between India and Pakistan, security agencies have observed a…

15 hours ago

Rupee likely to remain in Rs 85-87 range against USD in 2025, US Fed may hold rates steady in next two policy cycles: SBI Report

The Indian rupee is expected to remain stable in the range of Rs 85-87 against…

16 hours ago