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Economy

Public transport fares hiked by 10 per cent

Gorkha Post

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KATHMANDU — The government has hiked public transport fares by ten per cent effective from Sunday citing the recent increase in fuel prices.

The Ministry of Physical Infrastructure and Transport took a decision to this effect following a discussion between government officials and transport entrepreneurs held at the ministry on Saturday.

The meeting held at the Ministry of Physical Infrastructure and Transport with federation representatives decided to hike fares, according to Department of Transport Management (DoTM) Spokesperson Gokarna Prasad Upadhyaya.

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With this, the annual Dashain pre-bookings, which had been stuck in a loop of fall-outs between the government and the protesting Federation of Nepalese National Transport Entrepreneurs Association, made headway from Saturday evening.

The meeting also decided to form a committee to review and report on systematic fare adjustment for public transport within two months.

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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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