Connect with us
Saturday,31-October-2026
Breaking News

Business

World Bank cuts Nepal growth forecast as floods disrupt economy

Published

on

Kathmandu, Oct 6: The devastating August floods in Nepal are expected to have a material negative impact on the country’s economic prospects in the short term, the World Bank said on Tuesday as it lowered its economic growth projection for the Himalayan nation.

The global development lender said Nepal’s economic growth is projected to slow to 3.7 per cent in the current fiscal year 2026-27, which began in mid-July, from the 4.2 per cent projected in April, reflecting disruptions to industry and services.

In its report titled Nepal Development Update: Building Back Differently for the Future, released on Tuesday, the World Bank said the August 2026 floods are expected to affect Nepal’s economy through four primary transmission channels: energy, transportation, trade and tourism.

“Agriculture and banking and insurance are also channels through which the economy would be affected, but with relatively lower potential impact,” it said.

According to the bank’s report, energy, particularly hydropower, is the most critical transmission channel. The floods affected 12 hydropower projects, including seven operational projects with a combined capacity of 256.1 MW and five projects under construction with a combined capacity of 395.02 MW, as well as a 25 MW solar facility.

“Damage to transmission infrastructure disrupted an additional 149.6 MW, bringing total affected generation and transmission capacity to approximately 430.7 MW, equivalent to 10.6 per cent of Nepal’s FY26 installed hydropower and solar capacity,” the bank said.

Transportation and trade are other key transmission channels, given the concentration of Nepal’s international and domestic trade along a limited number of corridors, according to the World Bank.

As many as 1,455 people have been confirmed dead and 5,285 remain missing to date following the disaster, which destroyed communities and infrastructure along the Bhotekoshi and Trishuli river corridors, according to the National Disaster Risk Reduction and Management Authority.

According to the Rapid Disaster Needs Assessment (RDNA) report prepared by a joint technical team of the National Planning Commission and the National Disaster Risk Reduction and Management Authority, the recent floods are estimated to have caused physical damage worth 274.48 billion Nepali rupees (about 1.93 billion US dollars), while overall losses and damages have reached 408.28 billion rupees (about 2.87 billion US dollars).

The preliminary assessment suggests that more than 723 billion rupees will be required for the reconstruction and recovery of affected infrastructure and assets. The Nepali government is now working on a Post-Disaster Needs Assessment involving a more extensive assessment of the damage.

The World Bank said industry is expected to be the main drag on growth, reflecting extensive damage to hydropower, solar energy, electricity transmission and transport infrastructure, which will constrain electricity generation and production and disrupt the movement of goods.

“For instance, it took nearly a year to fully restore generation at the 111 MW Rasuwagadhi Hydropower Project, which was severely damaged by the July 8, 2025, Bhotekoshi (Lhende River) flood,” it said.

The same project has once again been badly affected by the August floods.

“This illustrates the potential for flood-related damage to disrupt electricity supply and impose substantial reconstruction costs,” the global development lender said.

“Hydropower construction in areas not directly affected by the flood is expected to continue, although projects could face higher insurance premiums, financing reassessments, and cost overruns,” it added.

“Services are expected to be affected through disruptions to trade, transport, tourism, and financial activity, while agricultural losses are expected to have limited effects on aggregate output but significant impacts on livelihoods in affected areas,” the bank said in the report.

Tourism is expected to face a potentially prolonged impact, reflecting both physical disruptions and heightened perceptions of travel risks, according to the report.

It said more than 200 hotels and restaurants were damaged across the affected districts, while access to major trekking and pilgrimage destinations—including Langtang, Gosaikunda and the Kailash Mansarovar corridor—has been disrupted.

However, economic activity is expected to gradually recover in fiscal year 2027-28 as reconstruction activity begins to gain momentum and damaged infrastructure and productive capacity are progressively restored, the bank said.

Business

Tesla rolls out Halloween Mode for ‘Model Y’ in India

Published

on

Tesla India on Friday said it launched a new software update for Model Y and Model Y L vehicles that adds a range of Halloween-themed features, highlighting the company’s over-the-air (OTA) software update capabilities.

According to the Elon Musk-backed firm, the update allows Tesla vehicles to receive new features and improvements remotely without requiring a visit to a service centre.

Halloween Mode includes a ghost-themed vehicle avatar, Halloween sound effects, special lighting sequences, seasonal vehicle wraps and a themed lock sound, it said.

The update also introduces a ‘Trick or Treat Mode’ which activates sound and lighting effects when visitors approach the vehicle.

Other features include a photobooth function and a voice messaging feature that allows users to speak through the Tesla app and have the vehicle relay messages, the company said.

Tesla said customers can experience the new features at its Experience Centres across India.

The company currently operates those centres in Noida, Delhi, Gurugram, Chennai, Hyderabad, Bengaluru and Mumbai and has approved collision centres in Pune and Ahmedabad.

Earlier in October, Tesla CEO Elon Musk showcased a new version of the Roadster sports car with a prototype briefly lifting off the ground during a demonstration at a SpaceX facility in Texas.

A post on X shared by Musk showed the vehicle navigating an elevated curved track before becoming airborne for a short distance and landing safely, drawing comparisons to a flying car.

The showcase highlighted a specialised propulsion system that combines the electric vehicle platform with high-pressure air tanks and thruster technology.

According to Tesla, the system can generate lift and improve vehicle dynamics through strategically placed thrusters that help control movement while off the ground.

The test prompted enthusiastic reactions from company executives, who described it as evidence that flying-car technology is moving closer to reality. Tesla, however, did not provide a timeline for commercial deployment.

Musk said the vehicle would remain practical for everyday use, although he acknowledged that road legality could depend on local regulations.

Continue Reading

Business

Maha CM directs development of state-of-the-art digital platforms for aggregator companies

Published

on

Maharashtra Chief Minister Devendra Fadnavis on Thursday directed the transport department to build a state-of-the-art digital platform to provide real-time information on aggregator companies’ vehicles, drivers, and working hours, aiming to make app-based passenger transport services in the state safer, more transparent, and well-organised.

He instructed that this platform should integrate Artificial Intelligence (AI)-based analytics to maintain effective control over vehicle operations, driver dispatch, parking management, and passenger services.

CM Fadnavis gave these instructions during a meeting concerning the Maharashtra Aggregator Rules-2026. The review covered the growing number of vehicles in the aggregator sector, the challenges faced by independent taxi drivers, passenger safety, and transparency in ride allocation on digital platforms. Transport Minister Pratap Sarnaik, Additional Chief Secretary (Transport) Sanjay Sethi, Transport Commissioner Rajesh Narvekar, and other transport department officials were present.

The Chief Minister directed that complete digital details must be available for every vehicle operated by aggregator companies. This includes registration, assigned parking locations, driver profile, driving license, police verification, and other required documents.

Additionally, the system must maintain real-time logs indicating which driver is operating which vehicle across various shifts throughout the day. In the event of an incident, a robust mechanism should ensure that details regarding the vehicle and driver are immediately accessible.

By leveraging artificial intelligence on this platform, the system will analyse vehicle operations, driver shifts, and other critical parameters. This will allow regulatory authorities to monitor compliance with rules and enable prompt action whenever necessary, he said.

CM Fadnavis highlighted the need to verify whether independent taxi drivers and large fleet management companies receive equal opportunities when rides are allocated on app-based transport platforms.

He noted that it is essential to audit the criteria and reasons based on which specific vehicles are assigned rides on digital platforms. He directed officials to utilise technology to detect any bias or unfair discrimination in ride allocation algorithms.

The Chief Minister stressed that while passengers must receive safe and reliable service, local drivers must also get equal employment opportunities.

To achieve this, priority must be given to effective enforcement of rules, transparent ride allocation, and technical oversight of aggregator operations.

In light of the expansion of the state’s aggregator sector and growing passenger needs, he directed the Transport Department to develop an efficient, technology-driven regulatory framework that balances the interests of independent taxi drivers, passenger safety, and overall traffic discipline.

Continue Reading

Business

Nifty, Sensex post early mild gains despite mixed global cues

Published

on

The Indian equity markets opened with mild gains early on Thursday despite mixed global cues and elevated crude prices.

As of 9.25 am, Sensex added 168 points, or 0.23 per cent, to reach 73,414 and Nifty gained 45 points, or 0.20 per cent, to reach 22,744.

Main broad-cap indices performed in line with the benchmark indices, as the Nifty Midcap 100 gained 0.25 per cent, and the Nifty Smallcap 100 added 0.13 per cent.

Sectoral indices on NSE traded mixed with gains led by Nifty IT, up 0.80 per cent and pharma, up 0.30 per cent. Nifty private bank and media were among top losers, down 0.18 per cent and 0.16 per cent, respectively.

The opening gain of benchmarks may remain selective unless the Nifty decisively crosses 22,800, as the Federal Reserve’s policy message, elevated crude and high US bond yields continue to restrict broader risk-taking, an analyst said.

Brent crude remains elevated near $114.50 a barrel amid persistent geopolitical uncertainty, keeping energy costs high and leaving oil-sensitive sectors exposed to sustained cost pressures.

The Federal Reserve kept its policy rate unchanged, but two members voted for an increase, and markets raised expectations of another hike in December. The US 10-year Treasury yield consequently moved to around 5.02 per cent, indicating that the policy pause has not materially loosened global financial conditions.

Unless yields stabilise below recent levels, dollar assets may continue competing with emerging markets for capital and limit the durability of foreign inflows into India, market participants said.

In the previous session, Nifty closed at 22,698, down 0.22 per cent, after a recovery was capped by profit booking. Immediate support is placed at 22,600–22,650, while resistance is seen at 22,850–22,900.

In the previous session, Bank Nifty closed at 54,267, up 0.54 per cent. Immediate support is placed at 53,800–54,000, while resistance is seen at 54,600–54,800.

In Asian markets, China’s Shanghai index declined 0.82 per cent, and Shenzhen dipped 2.48 per cent, Japan’s Nikkei added 0.28 per cent, and Hong Kong’s Hang Seng Index advanced 0.06 per cent. South Korea’s Kospi lost 2.72 per cent.

The US markets ended in green overnight as Nasdaq added 0.27 per cent, S&P 500 gained 0.28 per cent, and the Dow Jones inched up 0.19 per cent.

On October 28, foreign institutional investors (FIIs) net bought equities worth Rs 872 crore, while domestic institutional investors (DIIs) bought equities worth Rs 643 crore.

Continue Reading

Trending