Varun Beverages felicitated for highest contribution to SSF
Varun Beverages Nepal Pvt. Ltd. has been honoured with a Certificate of Appreciation from Prime Minister K.P. Sharma Oli on the occasion of the seventh Social Security Fund (SSF) Day, 2081. This recognition was awarded for the company’s outstanding contribution to the Social Security Fund in the industrial production sector for Fiscal Year 2023-24. Vishal Singh Thakur, Country Head of Varun Beverages Nepal, received the felicitation during a recent ceremony in Kathmandu.
Expressing gratitude, the company reiterated its commitment to Environmental, Social, and Governance (ESG) principles and its dedication to fostering a positive impact within the industry. This recognition highlights Varun Beverages Nepal’s commitment to corporate social responsibility and its ongoing support for the country’s social security initiatives.
TBC Career Fest 2024: A resounding success in connecting talent with opportunity
The British College concluded its landmark TBC Career Fest 2024 in collaboration with Growth Sellers Pvt. Ltd. This two-day event, held on November 25-26, brought together over 75 leading national and multinational companies and thousands of job seekers for recruitment, networking and professional development.
The organisers have reported outstanding results, facilitating 1,700 interviews, attracting 1,140 new student applications, and drawing participants from 74 colleges. According to Mahendra Raj Kandel, Managing Director of TBC, “It continues to set a benchmark as Nepal’s premier platform for career development and talent retention.” In his welcome address at the inaugural session, Kandel emphasised the importance of such forums in addressing the supply and demand dynamics of the job market.
During the inaugural session, a keynote speech was delivered by Dr. Patrick McCrudden, Deputy Principal of The British College. Dr. McCrudden emphasised the importance of retaining talent within Nepal and embracing artificial intelligence (AI) in the workforce.
The day featured engaging industry sessions, including a talk by Shyam Krishnan, Head of HR at Asian Paints Nepal, who shared insights into the impact of technology on employment trends. Additionally, Nishant Dhakal, Director of IME Group, provided practical career growth advice. Live recruitment activities were a key highlight, with numerous candidates participating in interviews and advancing to subsequent hiring stages, setting the tone for a productive and impactful event.
Further, the second day of the event continued the momentum with impactful interactive sessions such as ‘Bridging the Gap: Enhancing Job Accessibility and Opportunities in Nepal’, presented by Prashamsa Subedee, HR Manager at Plan International Nepal. The day also featured a panel discussion titled ‘The Future of Work in Nepal: How AI is Reshaping Employment Trends’, moderated by Rachhika Karanjit, Chief Operating Officer of Growth Sellers, and featuring Suman Pokharel, Deputy CEO of Global IME Bank; Prashant Pokharel, Country Manager of Cloud Factory; Ajit Shah, CEO of Lotus Holdings; and Dr. Patrick McCrudden, Deputy Principal of The British College.
Dr. McCrudden further reinforced the role of technology in shaping the job market. “AI is not replacing jobs; it is empowering those who embrace it. TBC Career Fest 2024 is open to all college students, and we are proud to help them prepare for the future. This event is a testament to our commitment to retaining Nepal’s brightest minds by creating pathways for growth within the country,” Dr. McCrudden remarked.
Representatives from various organisations have praised The British College Career Fest, stating that the initiative exceeded expectations by providing access to a diverse pool of skilled and motivated candidates. “This initiative sets a new benchmark for recruitment events in Nepal,” according to Suman Pokharel, Deputy CEO of Global IME Bank.
Moreover, attendees shared positive feedback, with one participant remarking, “The workshops and interviews have been invaluable in shaping my career prospects. This event has opened doors I didn’t know existed.”
The British College has stated that the event is a bold step in fostering local opportunities, addressing employment challenges, and empowering Nepal’s workforce for the future.
IBN approves investments worth Rs 141 billion
The Board of Investment Board Nepal has approved investments worth Rs. 141 billion for three semi-reservoir projects: Jagadulla Semi-Reservoir Project (Rs. 23.59 billion), Budhigandaki Hydroelectric Project (Rs. 70 billion), and Chainpur Seti Hydroelectric Project (Rs. 47.54 billion). The Board meeting, chaired by Prime Minister KP Sharma Oli, also decided to extend the survey licence for Samrat Cement Project and change the company’s share structure.
Most importantly, the Board meeting held on November 28 decided to conclude the financial closure of Upper Tamakoshi Hydroelectric Project. Additionally, the share structure of GMR Upper Karnali Hydropower Ltd. (GUKHL) and Karnali Transmission Company Private Ltd. was revised to incorporate Satluj Jal Vidyut Nigam (SJVN) and IREDA (Indian Renewable Energy Development Agency) through a joint venture agreement.
IBN and GUKHL signed a Project Development Agreement (PDA) in 2014. However, GUKHL’s inability to achieve financial closure led to the inclusion of SJVN and IREDA as additional partners. Previously, GUKHL and Nepal Electricity Authority (NEA) were intended to execute the project. NEA has been allocated 27% of GUKHL’s free equity.
Government onboards private sector in High-Level Economic Reform Commission
The government has onboarded private sector representatives to the High-Level Economic Reform Commission. The commission, chaired by former Finance Secretary Rameshore Prasad Khanal, comprises four members: Dr. Prakash Kumar Shrestha, a member of National Planning Commission (NPC); Prof. Dr. Ram Prasad Gyawali, Head of Department of Economics at Tribhuvan University; Dr. Biswas Gauchan, Executive Director of Institute for Integrated Development Studies (IIDS); and Dr. Kalpana Khanal, Senior Researcher at the Policy Research Institute (PRI).
The private sector umbrella bodies of the country have long been urging the government to form a commission to provide recommendations for structural economic reforms. However, the government’s initial exclusion of private sector representatives in the commission’s formation drew criticism.
In response, the government, through a Cabinet decision on November 21, onboarded the presidents of the private sector umbrella bodies as members of the commission. These members include Chandra Prasad Dhakal, President of Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Rajesh Kumar Agrawal, President of Confederation of Nepalese Industries (CNI), and Kamalesh Kumar Agrawal, President of Nepal Chamber of Commerce (NCC).
Welcoming the new members to the commission, Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel urged them to provide constructive recommendations that could contribute to significant economic growth.
Q1 review of Monetary Policy keeps monetary and regulatory provisions unchanged
Nepal Rastra Bank (NRB) recently unveiled the first-quarter review of the Monetary Policy 2024/25 without making any changes to the existing monetary and regulatory provisions. This decision, contrary to market expectations of further flexibility, has left market players disappointed.
NRB has maintained the provisions announced in the original Monetary Policy 2024/25. Following the review, Governor Maha Prasad Adhikari stated that no amendments to the existing provisions are necessary, as the current Monetary Policy is functioning effectively. He emphasised that expecting the monetary policy to solve every economic issue is unrealistic. The governor cautioned that unnecessary changes to the policy could disrupt the market, unless the entire economic ecosystem functions optimally.
Governor Adhikari urged business people to seize the opportunity to invest, as banks are currently liquid and interest rates are at historical lows. “The price of cement has dropped by nearly half compared to post-2015 Gorkha earthquake levels. However, the construction sector has been in decline for the past year and a half,” Adhikari stated. “We must identify the pressing issues hindering economic growth, and the government should address them promptly.”
Adhikari also emphasised the need to revitalise the real sector of the economy to stimulate broader economic growth. “When businesses prioritise cost-cutting over expansion, the government must take serious steps to identify and implement effective solutions,” he added.
Baksi honoured as Asia’s Best Marketing Leader
Basant Baksi, Head of Sales and Digital Marketing, Branding, and Corporate Affairs at Mahalaxmi Bikas Bank Limited, has been honoured with the prestigious Best Marketing Leaders from Asia 2024 award, conferred by Trade Flock, a leading business magazine in India.
This recognition acknowledges Baksi’s outstanding achievements in marketing, exemplary leadership, and significant contributions to the banking industry. In her felicitation letter, Anamika Sahu, Mentor, Advisor, and Consulting Editor-in-Chief of Trade Flock Magazine, commended Baksi’s innovative strategies and visionary approach, which have set a new standard of excellence across South Asia.
