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Economy

Sugarcane being exported to India from Mahakali

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BHIMDUTTANAGAR- Sugarcane farmers of Mahakali Municipality in Kanchanpur have started getting relatively better price of their products in the Indian market than in the local market.

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“Farmers of Dodhara Chandani sell sugarcane in India as its selling price is relatively higher in Indian market”, said Puran Bahadur Chadaro, a local sugarcane entrepreneur.

Sugarcane is being sold out in Indian market at Indian Currency 400 (RS 640) per kg while it is only Rs 400 in Nepali market.

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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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