Kathmandu, October 16 : The Dashain and Tihar festivals alone account for as many as 20 percent of the total national consumption. It is so because a large chunk of Nepali people tend to focus more on consuming things to celebrate the festivals.
According to the Economic Survey- 2019/20, the total consumption in the country is estimated to stand at Rs 3.85 trillion in the current fiscal year. This suggests that there should be the consumption of around Rs 619 billion only in this festive season. However, it seems that the same is not going to be the case.
“There has been a mismatch between the demand and supply this time due to the COVID-19 pandemic. So, the consumption rate in the Dashain festival may go down by 50 percent i.e around Rs 300 billion ,” Economist Keshab Acharya was quoted as saying by the Annapurna Post Daily.
“For the last six/seven months, the entire national economy has bedeviled by the pandemic and subsequent loackdowns/prohibitions. And, this is also badly denting the purchasing capacity of general consumers across the country,” Acharya stated, adding,” Such being the case, they are not in as sound financial position this festive season as they were in the past.”
