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Economy

Hailstones cause heavy damage to Syangja orange

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WALING— The hailstones coupled with rain occurred in Syangja has destroyed orange worth Rs 20 million in different areas of the district, according to the details collected from the Prime Minister Agriculture Modernization Project, Project Implementation Unit (Orange Super Zone).

The hailstones occurred in wards 10, 11, 13 and 14 of Putalibazaar Municipality and Bhirkot Municipality-1 destroyed around 509 metric tonnes of oranges in the district.

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Senior Agricultural Officer Madan Kumar Shrestha said that the hailstones occurred on October 7 in different areas of Putalibazaar Municipality and other regions in the district caused severe damages to the orange productions this year. He added that the farmers in Putalibazaar-10 were the worst hit from the hailstones.

Mukti Adhikari, a farmer of Rangkhola in Putalibazaar-10, said that around 80 per cent of his orange production yielded in 1,000 orange trees is damaged from the hailstone.

“I sold some 29 metric tonnes of orange last year and the output was expected some 40 to 45 metric tonnes this year. But, the hailstones caused around Rs 3 million of damages to the oranges in the time of harvesting,” he lamented.

 

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Economy

Business community demands slash in interest rate

Pratigya Waiju

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BIRATNAGAR— The industrialists and traders in Biratnagar have asked the government to immediately reduce the high interest rate charged by the bank and financial institutions (BFIs) from the borrowers.

They argued that the interest rate should be around seven percent for the production-based industries and up to nine percent for the trading firms.

At a programme jointly organised by Industry Association Morang and Trade Association Morang on Thursday, the business leaders drew attention of the government to that end adding that job creation for the labour force of 500,000 was not likely only from the industry and trade sectors.

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Stressing the need for slashing the interest rate, they also argued the central bank should realise the reality that no bank was running out of loss. The industrialists and businesspersons said that industries and business should flourish to reduce the trade deficit, strengthen the economy and create more job opportunities.

Industrialists Bhim Ghimire, Pawan Kumar Sharda, Sushen Pyakurel, Moti Dugad and others said that bank’s interest rate should be low to increase the domestic investment and lure the foreign investment.

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