Economy of Nepal

Economic development in Nepal has been complicated and affected by the constant change in political scenarios which has ranged from monarchy to being ruled by the Communist party in 2019. An isolated, agrarian society until the mid-20th century, Nepal entered the modern era in 1951 without schools, hospitals, roads, telecommunications, electric power, industry, or civil service. The country has, however, made progress toward sustainable economic growth since the 1950s and opened the country to economic liberalization leading to economic growth and improvement in living standards than compared to the past. The biggest challenges faced by the country in achieving higher economic development are the frequent changes in political leadership as well as corruption.

Nepal has used a series of five-year plans in an attempt to make progress in economic development. It completed its ninth economic development plan in 2002; its currency has been made convertible, and 17 state enterprises have been privatised. Foreign aid to Nepal accounts for more than half of the development budget. Government priorities over the years have been the development of transportation and communication facilities, agriculture, and industry. Since 1975, improved government administration and rural development efforts have been emphasised.

Agriculture remains Nepal's principal economic activity, employing about 65% of the population and providing 31.7% of GDP. Only about 20% of the total area is cultivable; another 40.7% is forested (i.e., covered by shrubs, pastureland and forest); most of the rest is mountainous. Fruits and vegetables (apples, pears, tomatoes, various salads, peach, nectarine, potatoes), as well as rice and wheat are the main food crops. The lowland Terai region produces an agricultural surplus, part of which supplies the food-deficient hill areas.

GDP is heavily dependent on remittances (9.1%) of foreign workers. Subsequently, economic development in social services and infrastructure in Nepal has not made dramatic progress. A countrywide primary education system is under development, and Tribhuvan University has several campuses. Although eradication efforts continue, malaria had been controlled in the fertile but previously uninhabitable Terai region in the south. Kathmandu is linked to India and nearby hill regions by road and an expanding highway network. The capital was almost out of fuel and transport of supplies caused by a crippling general strike in southern Nepal on 17 February 2008.[6]

Major towns are connected to the capital by telephone and domestic air services. The export-oriented carpet and garment industries have grown rapidly in recent years and together now account for approximately 70% of merchandise exports.

The Cost of Living Index in Nepal is comparatively lower than many countries but not the least. The quality of life has declined to much less desirous value in recent years.[7] Nepal was ranked 54th worst of 81 ranked countries (those with GHI > 5.0) on the Global Hunger Index in 2011, between Cambodia and Togo. Nepal's current score of 19.5 is better than in 2010 (20.0) and much improved than its score of 27.5 in 1990.[8]

Economy of Nepal
Kathmandu
(Kathmandu,Financial Center of Nepal)
Currency1 Nepalese rupee (NPR) = 100 paisa
16 July - 15 July
Trade organizations
WTO and SAFTA
Statistics
GDP$27.278 Billion (Nominal 2018 est.) $84.365 Billion (PPP 2018 est.) [1]
GDP growth
6.5% (2018) [2]
GDP per capita
Nominal: $918.9 (2018 est.) PPP:$2842.18 (2018 est.)
GDP by sector
agriculture (65%), industry (14%), services (21%) (2017 est.)
3.8% (April 2017.)
Population below poverty line
21.6% (2017/2018)
Main industries
Tourism, garment, food and beverages, metal manufactures, herbs.
110th (2018)[3]
External
Exports$300 Million (2018) f.o.b.; note - does not include unrecorded border trade with India (2018)
Export goods
carpets, clothing, leather goods, jute goods, grain, herbs, tea, coffee, steel, Cement, Business Processing Outsourcing, Software, Information Technology, Furniture, Cardamoms, Cloths etc
Main export partners
 India 61.2%
 United States 9.4% (2015)[4]
Imports$ 5.37 Billion f.o.b. (2018)
Import goods
Petroleum Products, Gold, Machinery.
Main import partners
 India 61.4%
 China 15.4% (2015)[5]
Public finances
Revenues$ 6 billion (FY 2013)
Expenses$ 7 billion (FY 2013)
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

Foreign investments and taxation

Huge numbers of Small Foreign Investments come to Nepal via the Non Resident Nepali, who are investing in shopping malls, plazas, real estate, tourism, etc. Nepal has a huge capacity for hydroelectricity. Accordingly, a large number of foreign companies are in line, but political instability has stopped the process at the same time as it's growing on its own. Nepal has entered into agreements for avoidance of double taxation (all in credit method) with 10 countries (PSRD) since 2000. Similarly, it has Investment protection agreements with 5 countries (PSRD) since 1983. In 2014, Nepal restricted the Foreign aid by setting a minimum limit for foreign grants, soft and commercial loans from its development partners.[9]

Imports and exports

Nepal treemap
A proportional representation of Nepal's exports.

Nepal's merchandise trade balance has improved somewhat since 2000 with the growth of the carpet and garment industries. In the fiscal year 2000-2001, exports posted a greater increase (14%) than imports (4.5%), helping bring the trade deficit down by 4% from the previous year to $749 million. Recently, the European Union has become the largest buyer of ready-made garments; fruits and vegetables (mostly apples, pears, tomatoes, various salads, peach, nectarine, potatoes, rice) from Nepal. Exports to the EU accounted for 46.13 percent of the country’s garment exports.[10]

The annual monsoon rain, or lack of it, strongly influences economic growth. From 1996 to 1999, real GDP growth averaged less than 4%. The growth rate recovered in 1999, rising to 6% before slipping slightly in 2001 to 5.5%.

Strong export performance, including earnings from tourism, and external aid have helped improve the overall balance of payments and increase international reserves. Nepal receives substantial amounts of external assistance from the United Kingdom,[11][12][13] the United States, Japan, Germany, and the Scandinavian countries.

Several multilateral organisations such as the World Bank, the Asian Development Bank, and the UN Development Programme also provide assistance. In June 1998, Nepal submitted its memorandum on a foreign trade regime to the World Trade Organization and in May 2000 began direct negotiations on its accession.

Resources

Tourists trekking in Annapurna region
Tourists trekking in Annapurna region in western Nepal. Tourism plays a vital role in Nepal's economy.

Progress has been made in exploiting Nepal's natural resources, tourism and hydroelectricity. With eight of the world's 10 highest mountain peaks, including Mount Everest at 8,848 m. In the early 1990s, one large public sector project and a number of private projects were planned; some have been completed. The most significant private sector financed hydroelectric projects currently in operation are the Khimti Khola (60 MW) and the Bhote Koshi Project (36 MW).The project is still undergoing and has dependency on China, India and Japan to take the further steps.

Nepal has 83,000 MW of theoretical and 42,133 MW of technically/financially viable hydroelectric potential, however the total installed capacity, at present, is mere 730.47 MW.[14]

The environmental impact of Nepal's hydroelectric Own calendar (Bikram Sambat) New year in mid- April projects has been limited by the fact that most are "run-of-the-river" with only one storage project undertaken to date. The largest hydroelectric plant under consideration is the West Seti (750 MW) storage project dedicated to exports to be built by the private sector. Negotiations with India for a power purchase agreement have been underway for several years, but agreement on pricing and financing remains a problem. Currently demand for electricity is increasing at 8-10% a year whereas Nepal's option to have agreement with India will make this fulfilment against demand.

Population pressure on natural resources is increasing. Over-population is already straining the "carrying capacity" of the middle hill areas, particularly the Kathmandu Valley, resulting in the depletion of forest cover for crops, fuel, and fodder and contributing to erosion and flooding. Although steep mountain terrain makes exploitation difficult, mineral surveys have found small deposits of limestone, magnesite, zinc, copper, iron, mica, lead, and cobalt.

The development of hydroelectric power projects also cause some tension with local indigenous groups, recently empowered by Nepal's ratification of ILO Convention 169.[15]

Macro-economic trend

This is a chart of trend of gross domestic product of Nepal at market prices estimated by the International Monetary Fund and EconStats with figures in millions of Nepali Rupees.

Year Gross domestic product
1960 3,870
1965 5,602
1970 8,768
1975 16,571
1980 23,350
1985 46,586
1990 103,415
1995 219,174
2000 379,488

The following table shows the main economic indicators in 1980–2017.[16]

Year 1980 1985 1990 1995 2000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
GDP in $
(PPP)
6.02 Bln. 9.86 Bln. 14.39 Bln. 20.90 Bln. 28.75 Bln. 38.45 Bln. 40.97 Bln. 43.49 Bln. 47.05 Bln. 49.56 Bln. 52.58 Bln. 55.50 Bln. 59.23 Bln. 62.67 Bln. 67.62 Bln. 70.62 Bln. 71.82 Bln. 78.59 Bln.
GDP per capita
in $ (PPP)
404 590 767 977 1,211 1,500 1,579 1,659 1,777 1,853 1,946 2,031 2,142 2,239 2,387 2,464 2,477 2,679
GDP growth
(real)
−2.3 % 6.1 % 14.4 % 3.5 % 6.1 % 3.5 % 3.4 % 3.4 % 6.1 % 4.5 % 4.8 % 3.4 % 4.8 % 4.1 % 6.0 % 3.3 % 0.4 % 7.5 %
Inflation
(in Percent)
9.8 % 4.1 % 8.9 % 7.7 % 3.4 % 4.5 % 8.0 % 6.2 % 6.7 % 12.6 % 9.6 % 9.6 % 8.3 % 9.9 % 9.0 % 7.2 % 9.9 % 4.5 %
Gov. debt
(Pct. of GDP)
... ... ... ... 58 % 51 % 49 % 43 % 42 % 39 % 34 % 32 % 34 % 32 % 28 % 25 % 27 % 27 %

Statistics

GDP: purchasing power parity - $8.94 trillion (2018 est.)[17]

GDP - real growth rate: 21.77% (2017)

GDP - per capita: purchasing power parity (current international $) - $2700 (2017 est.) GDP - composition by sector:
agriculture: 17%
industry: 13.5%
services: 60.5% (2017 est.)
tourism: 9%

Population below poverty line: 21.6% (2017/2018)[18]


Household income or consumption by percentage share:
lowest 10%: 3.2%
highest 10%: 29.8% (1995–96)

Inflation rate (consumer prices): 4.5% (2017)

Labour force: 4 million (2016 est.) [Citation needed.]

Labor force - by occupation: agriculture 19%, services 69%, industry 12% (2014 est.)

Unemployment rate: 3.2% (2017 est.)

Budget:
revenues: $5.954 billion
expenditures: $5.974 billion, including capital expenditures of $NA (2017 est.)

Industries: tourism, carpet, textile; small rice, jute, sugar, and oilseed mills; cigarette; cement and brick production

Industrial production growth rate: 10.9% (2017 est.):

Electricity - production: 41,083 GWh (2017)

Electricity - production by source:
fossil fuel: 7.5%
hydro: 91.5%
nuclear: 0.3%
other: 0.7% (2001)

Available energy:6257.73 GWh (2017) NEA HYDRO:2290.78 GWh (2014) NEA THERMAL:9.56 GWh (2014) purchase(total):2331.17 GWh (2014) India(purchase):2175.04 GWh (2017) Nepal(IPP):1258.94 GWh (2014)

Electricity - consumption: 4,776.53 GWh (2017)

Electricity - exports: 856 GWh (2001) Electricity - imports: 12 GWh (2001)

Oil - production: 0 barrels per day (0 m3/d) (2001 est.)

Oil - consumption: 1,600 barrels per day (250 m3/d) 2001

Agriculture - products: Fruits and vegetables (mostly: Apples, Pears, Tomatoes, various salads, peach, nectarine, potatoes, rice), maize, wheat, sugarcane, root crops; milk, domestic buffalo meat

Exports: $1.34 billion f.o.b., but does not include unrecorded border trade with India (2017 est.)

Exports - commodities: carpets, clothing, leather goods, jute goods, grain

Exports - partners: India 56.6%, US 11.5%, Turkey 4% (2016 est.)

Imports: $1.03 billion f.o.b. (2017 est.)

Imports - commodities: gold, machinery and equipment, petroleum products, electrical goods, medicine

Imports - partners: India 70.1%, China 10.3%, UAE 2.6%, Singapore 2.1%, Saudi Arabia 1.2%. (2016 est.)

Debt - external: $5.948 billion (2017 est.)

Economic aid - recipient: $424 million (FY 00/01)

Currency: 1 Nepali rupee (NPR) = 100 paisa

Fiscal year: 16 July - 15 July

References

  1. ^ http://www.imf.org/external/pubs/ft/weo/2018/01/weodata/weorept.aspx?pr.x=70&pr.y=12&sy=2018&ey=2018&scsm=1&ssd=1&sort=country&ds=.&br=1&c=558&s=NGDPD%2CPPPGDP%2CNGDPDPC%2CPPPPC&grp=0&a=
  2. ^ "World Bank forecasts for Nepal, June 2018 (p. 153)" (PDF). World Bank. Retrieved 6 September 2018.
  3. ^ "Ease of Doing Business in Nepal". Doingbusiness.org. Retrieved 27 January 2017.
  4. ^ "Export Partners of Nepal". CIA World Factbook. 2015. Retrieved 26 July 2016.
  5. ^ "Import Partners of Nepal". CIA World Factbook. 2015. Retrieved 26 July 2016.
  6. ^ Kathmandu nearly out of fuel, Nepal says. CNN. 17 February 2008. Retrieved 2008-04-13.
  7. ^ Cost of Living Index in Nepal - Statistics & Graphs of Nepalese Citizen's Economic Power. Retrieved 10 January 2014.
  8. ^ IFPRI/ Concern/ Welthungerhilfe: 2011 Global Hunger Index The challenge of hunger: Taming price spikes and excessive food price volatility. Bonn, Washington D. C., Dublin. October 2011.
  9. ^ "Nepal puts a minimum amount limit on foreign aid and loans". IANS. news.biharprabha.com. Retrieved 3 July 2014.
  10. ^ "EU as Nepal's largest exporter". ktm2day. Retrieved 11 October 2011.
  11. ^ "UK should cut aid to Nepal if "endemic" corruption persists: report". Reuters. 27 March 2015. Retrieved 16 May 2015.
  12. ^ "DFID's bilateral programme in Nepal". The International Development Committee of the House of Commons. 27 March 2015. Retrieved 17 May 2015.
  13. ^ "A Conversation with Departing Nepal Chief of the UK Aid Agency". United We Blog! for a Democratic Nepal. 15 June 2013. Retrieved 16 May 2015.
  14. ^ "Nepali Political parties criticize Indian Hydel Power proposal". IANS. news.biharprabha.com. Retrieved 20 July 2014.
  15. ^ Jones, Peris: When the lights go out. Hydroelectric power and indigenous rights in Nepal Archived 30 April 2011 at the Wayback Machine. NIBR International Blog 11.03.10
  16. ^ "Report for Selected Countries and Subjects". Retrieved 30 August 2018.
  17. ^ http://www.indexmundi.com/nepal/economy_profile.html
  18. ^ https://mof.gov.np/uploads/document/file/for%20web_Economic%20Survey%202075%20Full%20Final%20for%20WEB%20_20180914091500.pdf

 This article incorporates public domain material from the CIA World Factbook document "2003 edition".

External links

Asia Pacific Exchange and Co-operation Foundation

The Asia Pacific Exchange and Co-operation Foundation (APECF) is a Chinese-government-backed organisation, based in Hong Kong. It is controversially planning to invest US$3 billion in the small Nepalese town of Lumbini, birthplace of the Buddha, to create a 'Mecca' for Buddhists of all strands.In June 2011, it was reported in the Chinese media to have signed an agreement with the United Nations Industrial Development Organization for the project, which will help Lumbini "transcend religion, ideology and race" in its work to rejuvenate the culture and spirit of Buddhism, according to executive vice chairman Xiao Wunan.The investment is enormous, constituting almost ten percent of Nepal's gross domestic product. However, neither the Nepalese government nor the local authorities were consulted about the project, they say.

Central Development Region, Nepal

The Central Development Region (Nepali: मध्यमाञ्चल विकास क्षेत्र, Madhyamānchal Bikās Kshetra) was one of Nepal's five development regions. It was located in the east-central part of the country consisting the capital city Kathmandu, along with its headquarters at Hetauda.It comprised three zones:

Bagmati

Narayani

Janakpur

Coinage of Nepal

The earliest coin minted in today's territory of Nepal was in Shakya Mahajanapada along the India-Nepal border around 500 BCE. Shakya coins were an example of a coin invented in the Indian subcontinent and continued to be used in Nepal alongside India for over 1500 years.

Development regions of Nepal

Prior to the promulgation of a new constitution in 2015, Nepal was divided into five development regions (Nepali: विकास क्षेत्र), 14 administrative zones (Nepali: अञ्चल) and 75 districts (Nepali: जिल्ला). The 14 administrative zones were grouped into five development regions. Each district is headed by a Chief District Officer (CDO) responsible for maintaining law and order and coordinating the work of field agencies of the various government ministries.

The five development regions of Nepal were (from east to west):

King Birendra divided the entire Kingdom in 4 different regions in 2029 BS (1972).

These regions were as below::

Eastern Development Region,

Central Development Region,

Western Development Region,

Far-Western Development region.To fill the gap between different parts of the nation by balanced or proportionate development. Eight years later in 2037(1982), he further divided the nation adding one more separate development region naming it as mid-western development region taking two zones from Far Western Development region Seti and Mahakali.

Everest Bank

Everest Bank Limited is the Commercial Bank of Nepal. Which is joint venture of Punjab National Bank, India. Punjab National Bank holds 20% equity shares of Bank.

This is first Nepalese Bank which have Representative Office in India.

Five-Year Plans of Nepal

Five-Year Plans of Nepal generally strove to increase output and employment; develop the infrastructure; attain economic stability; promote industry, commerce, and international trade; establish administrative and public service institutions to support economic development; and also introduce labor-intensive production techniques to alleviate underemployment. The social goals of the plans were improving health and education as well as encouraging equitable income distribution. Although each plan had different development priorities, the allocation of resources did not always reflect these priorities. The first four plans concentrated on infrastructure—to make it possible to facilitate the movement of goods and services—and to increase the size of the market. Each of the five-year plans depended heavily on foreign assistance in the forms of grants and loans. Objectives of the three year(2009–11) are as follows:

a.The number of gynaecologists will be increased.

b.Gynaecologists will be made available in the district hospitals.

c.Health programme will be initiated for senior citizens and urban areas.

D.Immunization and nutritional programme will be developed to promote the child health.

Foreign aid to Nepal

Nepal relies heavily on foreign aid, and donors coordinate development aid policy through the Nepal Development Forum, whose members include donor countries, international financial institutions (such as the World Bank), and inter-governmental organizations (such as the United Nations). The United Kingdom is Nepal’s largest bilateral aid donor, and the World Bank and Asian Development Bank are the largest multilateral donors. Donors have been reported as losing confidence in Nepal as a result of political interference and corruption in poverty relief efforts as well as the country’s apparently poor capacity to utilize aid. According to World Bank figures, official development assistance increased from US$8.2 million in 1960 to US$369 million in 2003 and then fell to US$177 million in 2004. According to Nepal’s Ministry of Finance, total foreign aid committed in fiscal year (FY) 2003 was US$555 million, with 63.3 percent in grants and 36.7 percent in loans. In FY2004, total foreign aid committed was US$320 million, of which 37.7 percent was grants and 62.3 percent, loans. In June 2004, active World Bank credits totaled US$302 million, with the greatest portions allocated to the financial sector (US$91.5 million)and to energy and mining (US$75.6 million). By the end of 2012, the outstanding World Bank IDA loan totaled $ 1.48 billion.

Indian numbering system

The Indian numbering system is used in the Indian subcontinent (Bangladesh, India, Nepal, Maldives, Pakistan and Sri Lanka) and in Burma. The terms lakh (100,000 or 1,00,000 in Indian notation) and crore (10,000,000 or 1,00,00,000) are used in Indian English to express large numbers. For example, in India 150,000 rupees is called 1.5 lakh rupees, written ₹1,50,000; while 30,000,000 (thirty million) rupees is called 3 crore rupees, written ₹3,00,00,000 with commas at the thousand, lakh, and crore levels; and 1,000,000,000 (one billion) rupees is called 100 crore rupees or one arab अरब, written ₹1,00,00,00,000. There are also words for numbers larger than 1 crore, but these are not commonly used and unfamiliar to most speakers. In common parlance, the thousand, lakh, crore terminology repeats for larger numbers: thus 1,000,000,000,000 (one trillion) becomes 1 lakh crore, written as 10,00,00,00,00,000.

The Indian number-word system corresponds to the western system for the zeroth through fourth powers of ten: one, ten, one hundred, one thousand, ten thousand. For higher powers, the names no longer correspond. In the Indian system, the next powers of ten are called one lakh, ten lakh, one crore, ten crore, one hundred crore, and so on: there are the single words lakh = 105 and crore = 107. In the Western system, the next powers of ten are called one hundred thousand, one million, ten million, one hundred million, one billion, and so on: there are the single words million = 106, billion = 109, trillion = 1012, etc.

The written numbers differ only in the placement of commas, which group the digits into powers of one hundred in the Indian system (except for the first thousand), and into powers of one thousand in the Western system. The Indian and English systems both use the decimal point and the comma digit-separator, while some other countries using the Western number-word system use the decimal comma, and space or point to separate digits in powers of one thousand.

International rankings of Nepal

These are the international rankings of Nepal

List of regions of Nepal by Human Development Index

This is a list of former development regions of Nepal (until 2015) by Human Development Index as of 2018 with data for the year 2017.

National Planning Commission of Nepal

National Planning Commission (NPC) of Nepal is advisory body for formulating development plans and policies of the country under the directives of the National Development Council of the government of Nepal. It is the apex advisory body of the Government of Nepal for formulating a national vision, periodic plans and policies for development. It is headed by the Right Honorable Prime Minister. The NPC assesses resource needs, identifies sources of funding, and allocates budget for socio-economic development. It serves as a central agency for monitoring and evaluating development plans, policies and programs. The NPC also serves as an intellectual hub for the exchange of new development ideas and proposals from scholars, private sector, civil society, and development partners.

Nepalese rupee

The Nepalese Rupee (Nepali: रूपैयाँ, symbol: रू, Rs.; code: NPR) is the official currency of the Federal Democratic Republic of Nepal. The Nepalese rupee is subdivided into 100 paisa. The issuance of the currency is controlled by the Nepal Rastra Bank, the central bank of Nepal. The Nepalese rupee was introduced in 1932, when it replaced the Nepalese mohar at the rate 2:1.

Prior to 1994, the Nepalese rupee (रू) was pegged to the Indian Rupee (₹) at the rate रू1.45 = ₹1, however since then it has been pegged at the rate रू1.60 = ₹1 currently.

Nepali tea

Nepali tea is a beverage made from the leaves of tea plants (Camellia sinensis) grown in Nepal. They are distinctive in appearance, aroma and taste, but are similar in many ways to tea produced in Darjeeling tea, perhaps because the eastern zones of Nepal have geography and topography similar to Darjeeling. Its relatively smaller production quantities mean that teas from Nepal are less well known than those from Darjeeling.Nepal's teas fall into two types of tea: Orthodox tea and Crush, tear, curl tea.

Paisa

The paisa (Hindi: पैसा,Gujarati: પૈસા, Marathi: पैसे, Nepali/Hindi: पैसा, Urdu: پیسہ‎), poisha (Bengali: পয়সা) or baisa (Omani: بيسة) is a monetary unit in several countries. The word is also a generalised idiom for money and wealth. In India, Nepal, and Pakistan, the paisa currently equals ​1⁄100 of a rupee. In Bangladesh, the poisha equals ​1⁄100 of a Bangladeshi taka. In Oman, the baisa equals ​1⁄1000 of an Omani rial.

Plant breeding in Nepal

Plant breeding in Nepal is the art and science of improving the heredity of plants for benefit of humanity in Nepal. The major crops of Nepal include rice, wheat, maize, oil seeds and grain legumes.

South Asian Free Trade Area

The South Asian Free Trade Area (SAFTA) is an agreement reached on January 6, 2004, at the 12th SAARC summit in Islamabad, Pakistan. It created a free trade area of 1.6 billion people in Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka (as of 2018, the combined population is 2.08 billion people, about 27% of the world's population of 7712897000 ). The seven foreign ministers of the region signed a framework agreement on SAFTA to reduce customs duties of all traded goods to zero by the year 2016. The SAFTA agreement came into force on January 1, 2006, and is operational following the ratification of the agreement by the seven governments. SAFTA requires the developing countries in South Asia (India, Pakistan and Sri Lanka) to bring their duties down to 20 percent in the first phase of the two-year period ending in 2007. In the final five-year phase ending 2012, the 20 percent duty will be reduced to zero in a series of annual cuts. The least developed nations in South Asia (Nepal, Bhutan, Bangladesh, Afghanistan and Maldives) have an additional three years to reduce tariffs to zero. India and Pakistan ratified the treaty in 2009, whereas Afghanistan as the 8th memberstate of the SAARC ratified the SAFTA protocol on 4 May 2011.

Sukaa

Sukaa or Suka (Nepali: सुका) is one of the denominations of the Nepalese Rupee. One suka is equal to 25 paisa and four sukas make a rupee. Also, two sukas make a mohor.

Sukaas as well as mohors used to circulate extensively in Nepal but these days they are rarely seen in markets.

Tourism in Nepal

Tourism is the largest industry in Nepal and its largest source of foreign exchange and revenue. Possessing eight of the ten highest mountains in the world, Nepal is a hot spot destination for mountaineers, rock climbers and people seeking adventure. The Hindu and Buddhist heritage of Nepal and its cool weather are also strong attractions.

Western Development Region, Nepal

The Western Development Region (Nepali: पश्चिमाञ्चल विकास क्षेत्र, Pashchimānchal Bikās Kshetra) was one of Nepal's five development regions. It was located in the west-central part of the country, with its headquarters located in Pokhara. This Development Region was divided into three parts, from south to north in order of increasing altitude: Terai, Hilly and Himalayan. Mustang, Damodar, Peri, Thaple, Ganesh are among the major ranges of the Himalayas.It comprised three zones:

Dhawalagiri (or Dhaualagiri)

Gandaki

Lumbini

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