Nepal faced significant challenges in Transportation, saw active Political Discourse, and experienced notable Economic Developments on Monday, shaping the nation’s current landscape.
Transportation Disruptions
Transportation networks were heavily disrupted as the Narayangadh-Butwal section of the East-West Highway was blocked following the collapse of the Girubari Bridge in Choromara, Nawalpur. Additionally, the BP Highway faced closures due to flooding in Roshi Khola, Kavre, where rising waters washed away parts of the road. These disruptions coincided with Heavy Rainfall affecting regions like Gulmi, Syangja, and Kavrepalanchok, complicating travel and logistics.
Political Developments
Politically, the CPN Maoist Center announced plans for a Lokmarg-focused campaign, with Chairman Pushpa Kamal Dahal ‘Prachanda’ rallying support for a Socialist Republic. Former Prime Minister Jhala Nath Khanal of CPN Unified Socialist emphasized the need for a Socialist Framework to tackle Nepal’s Political, Social, and Economic challenges. Meanwhile, UML discussions centered on Province-Level Policy and Budget Preparations. A local rally voiced strong opposition to the Kaligandaki Diversion plan, while Speaker Ghimire urged a thorough analysis of the nation’s state. Law Minister Ajay Kumar Chaurasia stressed the importance of Good Governance and combating Misinformation from Monarchy supporters.
Economic Updates
In economic news, the Nepal Stock Exchange (NEPSE) adjusted Neco Insurance’s share price to NPR 690.56 after a 7% Bonus Share announcement, down from Sunday’s closing price of NPR 738.90. The Stock Market showed resilience, with a weekly turnover of NPR 556.6 billion, driven by a strong surge on Wednesday despite declines on three trading days. Market fluctuations were partly attributed to Political Uncertainties, including delays in appointing a new Central Bank Governor. The Securities Board of Nepal (SEBON) discussed licensing a new Stock Exchange but reached no final decision.
In the automotive industry, CG Motors and Geely Auto Group introduced the ‘EVolve to RIDDARA Xchange‘ offer for the Riddara RD6 EV Pickup, allowing customers to trade in old vehicles with a 20% down payment. This comes as Nepal’s Electric Vehicle imports rose 25.5% in the first nine months of the fiscal year, though reduced Bank Financing (from 90% to 60%) and potential global Cost Increases may slow future EV Sales by up to 50%, according to dealers.
International and Cultural News
Internationally, a French Climber tragically died on Kanchenjunga due to respiratory issues at 8,000 meters. Regionally, Indian Prime Minister Narendra Modi accused Pakistan of harboring Terrorism, advocating for its elimination, while the Indian Stock Market marked six consecutive days of gains. Nepal is also gearing up for the Sagarmatha Sambad (Mt Everest Dialogue), set for May 16-18 in Kathmandu. The Indian Premier League (IPL) is slated to resume matches on Saturday.
Culturally, the Sawa Lakh Rot Mahotsav kicked off at Gorkha’s Gorakhnath Temple, drawing crowds. In entertainment, actor Wilson Bikram Rai was named Brand Ambassador for digital service provider Tokma.
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