News from US recently swirling, Iran launches missile attack, war is over New Update.The restriction was aimed at taming Malaysia whose Prime Minister Mahathir Mohamad had recently criticised the Indian government’s actions in the Kashmir region & its new citizenship law.
This restriction also affects Nepal which had exported refined palm oil worth Rs 8.36 billion to India in the first 4 months of this fiscal making it the country’s largest export item.“Indian customs office today prevented Nepali traders from exporting the product to India citing directive from higher authorities” said Nabaraj Dhakal joint secretary & spokes person for the Ministry of Industry Commerce & Supplies.If the restriction continues Nepal’s trade deficit, which has already reached an alarming level will widen further hitting current account & balance of payments.
Nepal’s trade deficit stood at Rs 414.02 billion in the first 4 months of this fiscal according to Nepal Rastra Bank.
This pushed the current account to a negative of Rs 37.3 billion in the aforementioned period.
A widening current account deficit causes the foreign exchange reserves to shrink leaving a net importing country like Nepal with fewer foreign currencies to finance imports.“We have already discussed this matter with Indian officials over phone.
They are positive about exempting Nepal.According to statistics around 1,000 Nepali migrant workers declared healthy by medical test report in Nepal have suffered death in destination countries each year.
97% of such deaths have occurred in the Gulf region.
Cardiac arrest is found to be the most common cause of death.In other cases the deaths are either said to be normal or the cause is unidentified.
In majority of case post mortem is not carried out citing natural causes.