The imports of agro products declined 32 percent in the first three months of the current fiscal year.
The data of the Ministry of Agriculture and Livestock Development (MoALD) shows that Nepal imported agro products worth Rs 69.13 billion in the review period, down from Rs 116 billion in the corresponding period of last fiscal year. The policy adopted by the government to discourage imports citing the depleting foreign currency reserves, drop in demand due to soaring prices and people’s attraction towards domestic production, among others, resulted in a notable drop in the imports figure, according to the MoALD.
Meanwhile, the MoALD has spent 23.61 percent of the budget worth Rs 13.20 billion allocated for the ministry in the first quarter this year. Of the annual budget of Rs 55.89 billion, the MoALD spent Rs 13.08 billion in regular expenditure, while it utilized only Rs 124.98 million in development projects so far.
During the review period, the MoALD disbursed subsidies of Rs 738.74 million to sugarcane farmers. The government had announced to provide farmers with a subsidy of Rs 70 per quintal.
