The central bank has decided to postpone the phaseout of currency notes with the former king's portrait today until another month.
"Due to a small technical problem, it has to back track the decision to withdraw currency notes with the portrait of former king for the time bring," said a higher official at the central bank.
Someone complained at the Commission for Investigation of Abuse of Authority (CIAA) pointing out the technical error of the central bank prompting the anti graft constitution body to jump into the action.
The central bank has, however, realised its technical fault and promised to correct it soon.
"The decision to phase out or demonitise any currency notes should be published in the government Gazette," said secretary at the CIAA Bhagwati Kafle. "Only after the publication of such notice in the government Gazette, the central bank can phase out or even demonitise bank notes of any denomination," he said, adding that the central bank has, however, taken the decision on the basis of another notice that was to replace 'Shree Panch ko Sarkar' to 'Nepal Sarkar' in the bank notes -- published in the Gazette.
According to the Nepal Rastra Bank Act, the central bank board has to recommend the government for phase out of any currency notes and the government decision has to be published in the government Gazette.
The cabinet on June 12, 2010 had decided to phase out the currency notes with former king's portrait with that of Mt Everest to reflect the change in the country that has turned into republic. The cut off date was fixed for March 14.
The central bank has worked out the Clean Note Policy according to the decision and designated the banks' branches to replace the currency notes with the former king's portrait.
Though some quarters suspect the political pressure on the central bank's back tracking of the decision and postponing it, the CIAA denied it.
There is a speculation that some of the political forces are hoarding the cash and are shying to replace them fearing the exposure.
The bankers belive that the horading has created the current cash crunch in the banking channel.
However, the central bank officials denied any such possibilites. They informed that Rs 10.16 billion worth currency notes with various denomination that have former king's portrait is in circulation in the market.
The currency notes with the Mt Everest began to appear after 2006 when the country was declared republic. Though, the central bank is only withdrawing the currency notes with the former king's portrait and not demonitising them, the general people thronged the designated branches of various banks yesterday fearing demonitising of their currency notes.
Wednesday, March 16, 2011
Revenue mobilisation 'still' below target
After a sluggish growth of revenue mobilisation in the earlier months of the current fiscal year, the eighth month (Falgun) has witnessed a 16.5 per cent gowth -- compared to the same month in the last fiscal year -- in revenue mobilisation to Rs 123.03 billion.
In the same month last fiscal year, the ministry had recorded Rs 105.58 billion revenue."The eighth month's revenue mobilisation growth is the highest one in the current fiscal year," said revenue secretary Krishnahari Baskota.
The budget for the current fiscal year has targetted to collect Rs 116.64 billion in revenue. "To meet the target the revenue growth should be above 20 per cent," he said, adding that the revenue mobilisation in the post-budget months has increased, though it still needs to be boosted.
"The four months delay in the regular budget has hit the revenue growth," he accepted, adding that the seventh month has recorded a revenue growth of 14.2 per cent to Rs 107.67 billion.
As usual, the VAT contributes Rs 40.21 billion, the largest chunk of the revenue followed by customs that contributed Rs 23.43 billion and Income tax that contributed Rs 22.70 billion, wheras excise contributed Rs 17.29 billion, and registration, vehicles tax and non-tax collectively contributed Rs 19.40 billion by the end of eighth month (mid-February to mid-March).
"The revenue mobilisation is slowing on upward trend," Baskota said, adding that the recent action against the VAT evaders has also helped in the increase in the revenue mobilisation.
Revenue mobilisation
First month-- Rs 13.16 billion
Second month -- Rs 25.07 billion
Third month -- Rs 37.54 billion
Fourth month -- Rs 51.25 billion
Fifth month -- Rs 65.10 billion
Sixth month -- Rs 91.33 billion
Seventh month -- Rs 107.67 billion
Eighth month -- Rs 123.03 billion
In the same month last fiscal year, the ministry had recorded Rs 105.58 billion revenue."The eighth month's revenue mobilisation growth is the highest one in the current fiscal year," said revenue secretary Krishnahari Baskota.
The budget for the current fiscal year has targetted to collect Rs 116.64 billion in revenue. "To meet the target the revenue growth should be above 20 per cent," he said, adding that the revenue mobilisation in the post-budget months has increased, though it still needs to be boosted.
"The four months delay in the regular budget has hit the revenue growth," he accepted, adding that the seventh month has recorded a revenue growth of 14.2 per cent to Rs 107.67 billion.
As usual, the VAT contributes Rs 40.21 billion, the largest chunk of the revenue followed by customs that contributed Rs 23.43 billion and Income tax that contributed Rs 22.70 billion, wheras excise contributed Rs 17.29 billion, and registration, vehicles tax and non-tax collectively contributed Rs 19.40 billion by the end of eighth month (mid-February to mid-March).
"The revenue mobilisation is slowing on upward trend," Baskota said, adding that the recent action against the VAT evaders has also helped in the increase in the revenue mobilisation.
Revenue mobilisation
First month-- Rs 13.16 billion
Second month -- Rs 25.07 billion
Third month -- Rs 37.54 billion
Fourth month -- Rs 51.25 billion
Fifth month -- Rs 65.10 billion
Sixth month -- Rs 91.33 billion
Seventh month -- Rs 107.67 billion
Eighth month -- Rs 123.03 billion
Food security situation stable
In February, the overall food security situation is reported to be stable across the country.
"Most of the Eastern, Central, and Western Hill and Mountain regions as well as the whole Terai are generally food-secure," according to a report.
"The seasonal improvement in the food security is mainly attributed to the good harvest of summer crops in 2010, following a normal winter crop production in April-May 2010," it said.
According to the preliminary estimates of the Ministry of Agriculture and Cooperatives, the 2010 summer crop production has increased by 11 per cent and 11.5 per cent for paddy and maize, respectively compared to last year, while millet production has increased by one per cent.
Poor or moderately impaired summer crop production was reported in parts of Saptari, Siraha, Mahottari, Dhanusha, Dailekh, Mugu, Dadeldhura, Bajura and Doti districts where localised disasters like dry spell, flood, and hailstorm have affected the crops.
"In part of the eastern Terai, namely Saptari and Siraha districts, significant proportions of paddy field remained fallow due to dry spell and lack of irrigation facilities," the report said, adding that District Food Security Networks (DFSNs) in the Eastern and the Far Western regions have identified a total of 33 VDCs in two districts -- Saptari and Baitadi -- that are highly food insecure.
The Mid and Far Western Hill and Mountain districts, which faces a chronic food insecurity, have reported low to moderate levels of food insecurity. The season appears to be one of the best seasons among the past years since the Food Security Phase Classification was first introduced in mid-2006, the food security report added.
Despite the late start of monsoon, the rain remained active from July till September 2010, providing a good irrigation to the crops. "Poor or moderately impaired summer crop production was reported in parts of Saptari, Siraha, Mahottari, Dhanusha, Dailekh, Mugu, Dadeldhura, Bajura and Doti districts where localised disasters like dry spell, flood, and hailstorm have affected the crops.
In part of the eastern Tarai, namely Saptari and Siraha districts, significant proportions of paddy field -- more than 50 per cent and 30 per cent respectively -- remained fallow due to dry spell and lack of irrigation facilities.
Eastern Hill and Mountain districts -- Taplejung, Terhathum, Sankhuwasabha, Panchthar and Bhojpur -- have benefited from cardamom production and sales, the report said, adding that the production has increased by 30 per cent in Taplejung pulling the selling price by more than five times compared to last year.
In the Karnali region, the population continued to earn good income from the sale of Yarchagumba (medicinal herb), apples, and walnuts. Opening of Tibetan border during the month of August helped people in the border areas to restock the food.
"Most of the Eastern, Central, and Western Hill and Mountain regions as well as the whole Terai are generally food-secure," according to a report.
"The seasonal improvement in the food security is mainly attributed to the good harvest of summer crops in 2010, following a normal winter crop production in April-May 2010," it said.
According to the preliminary estimates of the Ministry of Agriculture and Cooperatives, the 2010 summer crop production has increased by 11 per cent and 11.5 per cent for paddy and maize, respectively compared to last year, while millet production has increased by one per cent.
Poor or moderately impaired summer crop production was reported in parts of Saptari, Siraha, Mahottari, Dhanusha, Dailekh, Mugu, Dadeldhura, Bajura and Doti districts where localised disasters like dry spell, flood, and hailstorm have affected the crops.
"In part of the eastern Terai, namely Saptari and Siraha districts, significant proportions of paddy field remained fallow due to dry spell and lack of irrigation facilities," the report said, adding that District Food Security Networks (DFSNs) in the Eastern and the Far Western regions have identified a total of 33 VDCs in two districts -- Saptari and Baitadi -- that are highly food insecure.
The Mid and Far Western Hill and Mountain districts, which faces a chronic food insecurity, have reported low to moderate levels of food insecurity. The season appears to be one of the best seasons among the past years since the Food Security Phase Classification was first introduced in mid-2006, the food security report added.
Despite the late start of monsoon, the rain remained active from July till September 2010, providing a good irrigation to the crops. "Poor or moderately impaired summer crop production was reported in parts of Saptari, Siraha, Mahottari, Dhanusha, Dailekh, Mugu, Dadeldhura, Bajura and Doti districts where localised disasters like dry spell, flood, and hailstorm have affected the crops.
In part of the eastern Tarai, namely Saptari and Siraha districts, significant proportions of paddy field -- more than 50 per cent and 30 per cent respectively -- remained fallow due to dry spell and lack of irrigation facilities.
Eastern Hill and Mountain districts -- Taplejung, Terhathum, Sankhuwasabha, Panchthar and Bhojpur -- have benefited from cardamom production and sales, the report said, adding that the production has increased by 30 per cent in Taplejung pulling the selling price by more than five times compared to last year.
In the Karnali region, the population continued to earn good income from the sale of Yarchagumba (medicinal herb), apples, and walnuts. Opening of Tibetan border during the month of August helped people in the border areas to restock the food.
Tuesday, March 15, 2011
Attracting more FDI key to economic development: DPM
Deputy prime Minister and finance minister Bharat Mohan Adhikari said that Nepal needs to attract foreign direct investment (FDI) in the hydropower, infrastructure and mines sectors.
"Nepal needs to attract more FDI from other countries including from India,” he said, inaugurating the 16th annual general meeting (AGM) of Nepal India Chamber of Commerce and Industry (NICCI) here in the valley today.
“The current security related issues are temporary because of the transition period the country is passing through,” he said, adding that Nepal should think of increasing its exports and take advantage from the rising economic powers like China and India. “India’s help is crucial in solving the power crisis and boost for the economic development,” he added.
“India has contributed a lot to the development of Nepal,” said Indian ambassador to Nepal Rakesh Sood. “Around 45 per cent of FDI in Nepal is from India, he said, adding that the Indian investments in Nepal have generated some 30,000 jobs directly and the double the number indirectly to the Nepalis.
However, he complained of the discouraging investment environment in Nepal for the Indian investors currently. “The current issues have discouraged the new investments from India,” he said, also urging Nepal to check on diversion of third country goods to India and Intellectual Property Rights violation of the popular Indian brands.
Sood opined that the NICCI can play a key role in boosting Indian investors confidence and further strengthen the bilateral economic and trade ties.
On one hand trade ties with India is increasing and the other the trade deficit is also increasing that has doubled to Rs 317 billion between 2008 and 2010.
"Nepal has to think on how to bridge the trade deficit gap,"
Federation of Nepalese Chambers of Commerce and Industry (FNCCI) president Kush Kumar Joshi, said, adding that Nepal could not take advantage of the Nepal-India Trade Treaty -- due to its own internal reasons -- that could help reduce the trade deficit.
Joshi also urged to open custom points and expedite refund of excise duty as stated in the treaty. Similarly, Nepal Chambers of Commerce (NCC) president Surendra Bir Malakar also requested to simplify the cross border trade. "Revised trade treaty between the two South Asian neighbours has addressed many issues," he said, adding that both the countries should encourage formal trade.
Welcoming the guests, NICCI president Arun Kumar Chaudhary said that Nepal could not harness the hydropower despite the regular power outage that could derail the development in the long run. "More than trade deficit, Nepal is suffering from Balance of Payment (BoP) deficit," he said, adding, there will be more issues once the trade increases. "The NICCI is playing the role of facilitator in the issues," he added.
NICCI has been established in 1994 to promote or make arrangements for promoting contacts and co-operation among industrialists, businessmen and other professional groups of Nepal and India, and work as a non-profit-making organisation.
Change of guard
KATHMANDU: NICCI on Tuesday elected its new team led by Sanjiv Keshava, general manager of Surya Nepal. He was executive committee member in the last committee led by Arun Kumar Chaudhary.
"Nepal needs to attract more FDI from other countries including from India,” he said, inaugurating the 16th annual general meeting (AGM) of Nepal India Chamber of Commerce and Industry (NICCI) here in the valley today.
“The current security related issues are temporary because of the transition period the country is passing through,” he said, adding that Nepal should think of increasing its exports and take advantage from the rising economic powers like China and India. “India’s help is crucial in solving the power crisis and boost for the economic development,” he added.
“India has contributed a lot to the development of Nepal,” said Indian ambassador to Nepal Rakesh Sood. “Around 45 per cent of FDI in Nepal is from India, he said, adding that the Indian investments in Nepal have generated some 30,000 jobs directly and the double the number indirectly to the Nepalis.
However, he complained of the discouraging investment environment in Nepal for the Indian investors currently. “The current issues have discouraged the new investments from India,” he said, also urging Nepal to check on diversion of third country goods to India and Intellectual Property Rights violation of the popular Indian brands.
Sood opined that the NICCI can play a key role in boosting Indian investors confidence and further strengthen the bilateral economic and trade ties.
On one hand trade ties with India is increasing and the other the trade deficit is also increasing that has doubled to Rs 317 billion between 2008 and 2010.
"Nepal has to think on how to bridge the trade deficit gap,"
Federation of Nepalese Chambers of Commerce and Industry (FNCCI) president Kush Kumar Joshi, said, adding that Nepal could not take advantage of the Nepal-India Trade Treaty -- due to its own internal reasons -- that could help reduce the trade deficit.
Joshi also urged to open custom points and expedite refund of excise duty as stated in the treaty. Similarly, Nepal Chambers of Commerce (NCC) president Surendra Bir Malakar also requested to simplify the cross border trade. "Revised trade treaty between the two South Asian neighbours has addressed many issues," he said, adding that both the countries should encourage formal trade.
Welcoming the guests, NICCI president Arun Kumar Chaudhary said that Nepal could not harness the hydropower despite the regular power outage that could derail the development in the long run. "More than trade deficit, Nepal is suffering from Balance of Payment (BoP) deficit," he said, adding, there will be more issues once the trade increases. "The NICCI is playing the role of facilitator in the issues," he added.
NICCI has been established in 1994 to promote or make arrangements for promoting contacts and co-operation among industrialists, businessmen and other professional groups of Nepal and India, and work as a non-profit-making organisation.
Change of guard
KATHMANDU: NICCI on Tuesday elected its new team led by Sanjiv Keshava, general manager of Surya Nepal. He was executive committee member in the last committee led by Arun Kumar Chaudhary.
Monday, March 14, 2011
Bankers concern about proposed BAFIA amendment
Amendment back tracks the liberal economic policy
Nepal Bankers Association (NBA) has termed the proposed amendment of Banks and Financial Institutions Act (BAFIA) as a regressive step as it has not only tried to back track liberal economic policy but also curtail the central bank and private sector's roles.
“It is a policy reversal," said vice-president of Nepal Bankers Association Rajan Singh Bhandari. "It has also tried to encroach the territory of the central bank," he said, adding that the proposed amendment will clip the regulatory wings of the central bank and discourage the private sector investment.
"With such draconian proposal, no new investment will come," said former NBA president and CEO of Kumari Bank Radhesh Pant. "The overall economy will suffer due to such Act," he said, adding that the proposed reduction in the single promoter share could lead to a crash in the secondary market due to over supply.
"The promoters have to off load their shares flooding the secondary market that could bring the share prices to the lowest level," said Sudhir Babu Khatri, president and CEO of DCBL Bank.
The proposed amendment is going to create lots of confusions, according to the bankers. The cap on CEO's salary — the much controversial issue lately — CEO and director's roles and repsosibilities, hike in deprived sector lending and venture capital are some of the issues the bankers showed serious concern over.
"The Act should not categorically mention percentage and fix ceilings as it would create practical hurdles in the future," suggested CEO of Lumbini Bank Shovan Dev Pant. "The Act should be forward looking," he said, adding that the proposed amendment has, but, back tracked the liberal economic policy adopted by the country some two decades ago.
"It has also included the clauses that could be addressed by Nepal Rastra Bank's directives and Act," Bhandari said," The NRB Act and proposed amendment will contradict each other.
The proposed amendment has also discouraged the industrialists to open banks and financial institutions to avoid conflict of interest, which is principally correct. However, Bhandari asked, “If not the entrepreneurs, who has the money to be the promoters?"
The CA members have suggested amendments after discussions in Parliamentary sub committee but it seem to be guided through their political affiliation rather than economic sense, according to the bankers.
Nepal Bankers Association (NBA) has termed the proposed amendment of Banks and Financial Institutions Act (BAFIA) as a regressive step as it has not only tried to back track liberal economic policy but also curtail the central bank and private sector's roles.
“It is a policy reversal," said vice-president of Nepal Bankers Association Rajan Singh Bhandari. "It has also tried to encroach the territory of the central bank," he said, adding that the proposed amendment will clip the regulatory wings of the central bank and discourage the private sector investment.
"With such draconian proposal, no new investment will come," said former NBA president and CEO of Kumari Bank Radhesh Pant. "The overall economy will suffer due to such Act," he said, adding that the proposed reduction in the single promoter share could lead to a crash in the secondary market due to over supply.
"The promoters have to off load their shares flooding the secondary market that could bring the share prices to the lowest level," said Sudhir Babu Khatri, president and CEO of DCBL Bank.
The proposed amendment is going to create lots of confusions, according to the bankers. The cap on CEO's salary — the much controversial issue lately — CEO and director's roles and repsosibilities, hike in deprived sector lending and venture capital are some of the issues the bankers showed serious concern over.
"The Act should not categorically mention percentage and fix ceilings as it would create practical hurdles in the future," suggested CEO of Lumbini Bank Shovan Dev Pant. "The Act should be forward looking," he said, adding that the proposed amendment has, but, back tracked the liberal economic policy adopted by the country some two decades ago.
"It has also included the clauses that could be addressed by Nepal Rastra Bank's directives and Act," Bhandari said," The NRB Act and proposed amendment will contradict each other.
The proposed amendment has also discouraged the industrialists to open banks and financial institutions to avoid conflict of interest, which is principally correct. However, Bhandari asked, “If not the entrepreneurs, who has the money to be the promoters?"
The CA members have suggested amendments after discussions in Parliamentary sub committee but it seem to be guided through their political affiliation rather than economic sense, according to the bankers.
Sunday, March 13, 2011
NOC hikes petrol price by 10 per cent
The state-oil Monopoly has, finally, hiked the price of petrol by 10 per cent to Rs 9 to reduce its losses.
"The price of a litre of petraol has been hiked to Rs 97 per litre from Rs 88," said managing director of the Nepal Oil Corporation Digamber Jha.
The NOC has also hiked the duty-paid Air Turbine Fuel (ATF) to Rs 90 per litre from Rs 80 per litre for domestic airlines. "The international aviation fuel (bonded ATF) is increased by $130 to $1075 per 1,000 litres," he added.
"It has, however, not hiked the prices of cooking gas, diesel and kerosene prices," he said, adding that the NOC is compelled to hike the price of petrol as it has been incurring a huge loss after the price hike in the international market.
"After today's price adjustment, the NOC still will incur Rs 0.09 loss in a litre of petrol and Rs 14.27 in a litre of diesel," he said, adding that a litre of kerosene still incurs Rs 4.90 loss and a cylinder of cooking gas incurs Rs 254.84 loss.
However, the NOC makes Rs 15 per litre profit in the ATF.
After the upward price adjustment, the total loss of the state -oil monopoly has come down to Rs 1.14 billion from Rs 1.33 billion, Jha said, adding that the government has released Rs 600 million -- of the total loan amount of Rs 1.13 billion, it has promised.
Last year in 2010, the NOC had hiked the petroleum prices five times. On December 6, it had increased the per litre petrol price to Rs 88, diesel and kerosene price to Rs 68 and cooking gas Rs 1,325 per cylinder. Earlier, the NOC had hiked the price of cooking gas to Rs 1,250 on January 1, 2010 from Rs 1,125 per cylinder.
Despite enormous sources, electricity and renewal energy occupy only 1.80 per cent and 0.5 per cent in energy pie.
The country has imported Rs 53.25 billion worth petroleum products from India in the fiscal year 2009-10 that is 12.39 per cent higher than a fiscal ago.
Upward Price Adjustment
Date -- Petrol price revision
February 17, 2010 -- Rs 77.5
March 14, 2010 -- Rs 80
April 23, 2010 -- Rs 82
July 6, 2010 -- Rs 85
December 6, 2010 -- Rs 88
March 13, 2011 -- Rs 97
"The price of a litre of petraol has been hiked to Rs 97 per litre from Rs 88," said managing director of the Nepal Oil Corporation Digamber Jha.
The NOC has also hiked the duty-paid Air Turbine Fuel (ATF) to Rs 90 per litre from Rs 80 per litre for domestic airlines. "The international aviation fuel (bonded ATF) is increased by $130 to $1075 per 1,000 litres," he added.
"It has, however, not hiked the prices of cooking gas, diesel and kerosene prices," he said, adding that the NOC is compelled to hike the price of petrol as it has been incurring a huge loss after the price hike in the international market.
"After today's price adjustment, the NOC still will incur Rs 0.09 loss in a litre of petrol and Rs 14.27 in a litre of diesel," he said, adding that a litre of kerosene still incurs Rs 4.90 loss and a cylinder of cooking gas incurs Rs 254.84 loss.
However, the NOC makes Rs 15 per litre profit in the ATF.
After the upward price adjustment, the total loss of the state -oil monopoly has come down to Rs 1.14 billion from Rs 1.33 billion, Jha said, adding that the government has released Rs 600 million -- of the total loan amount of Rs 1.13 billion, it has promised.
Last year in 2010, the NOC had hiked the petroleum prices five times. On December 6, it had increased the per litre petrol price to Rs 88, diesel and kerosene price to Rs 68 and cooking gas Rs 1,325 per cylinder. Earlier, the NOC had hiked the price of cooking gas to Rs 1,250 on January 1, 2010 from Rs 1,125 per cylinder.
Despite enormous sources, electricity and renewal energy occupy only 1.80 per cent and 0.5 per cent in energy pie.
The country has imported Rs 53.25 billion worth petroleum products from India in the fiscal year 2009-10 that is 12.39 per cent higher than a fiscal ago.
Upward Price Adjustment
Date -- Petrol price revision
February 17, 2010 -- Rs 77.5
March 14, 2010 -- Rs 80
April 23, 2010 -- Rs 82
July 6, 2010 -- Rs 85
December 6, 2010 -- Rs 88
March 13, 2011 -- Rs 97
Thursday, March 10, 2011
Young Global Leaders honour to Tiwari
Ashutosh Tiwari, Country Representative of WaterAid in Kathmandu has received Young Global Leaders (YGLs) honours for 2011 presented by the World Economic Forum.
Tiwari, the only one from Nepal to receive this honour this year opined that the award has recognised his organisational capacity.
Nepal received this honour after three years. Aashmi Rana was honoured as a Young Global Leader from Nepal in 2008.
The World Economic Forum honours with Young Global Leaders (YGLs) every year in recognition and acknowledgment of up to 200 outstanding young leaders from around the world for their professional accomplishments, commitment to society and potential to contribute to shaping the future of the world.
For 2011, the Forum has selected 190 Young Global Leaders from 65 countries and all stakeholders of society -- business, civil society, social entrepreneurs, politics and government, arts and culture, and opinion and media.
The new class represents all regions from East Asia (50) to South Asia (18), Europe (42) and Middle East and North Africa (13), sub-Saharan Africa (14), North America (37) and Latin America (16). "This year’s selection has more gender parity than ever, with 44 per cent women," said the World Economic Forum.
"The challenges faced by the next generation of leaders are more daunting and intractable than ever and cannot be mastered with the current set of strategies, institutions, standards and attitudes," said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum.
"To address these challenges in a meaningful and sustainable way requires fresh thinking, multi stakeholder engagement and dynamic new ways of collaborating to develop innovative solutions that are truly global, I created the foremost platform for young leaders to engage in global affairs to shape a more positive, peaceful and prosperous society," he said, adding, "within the World Economic Forum community, the Young Global Leaders represent the voice for the future and the hopes of the next generation."
Drawn from a pool of almost 5,000 candidates, the Young Global Leaders 2011 were chosen by a selection committee, chaired by Queen Rania Al Abdullah of the Hashemite Kingdom of Jordan.
The Young Global Leaders 2011 reflect different kinds of leadership in different parts of the world and different parts of society.
The 2011 honourees will become part of the broader Forum of Young Global Leaders community that currently comprises 668 outstanding individuals. The YGLs convene at an annual summit which this year will be held in Dalian, People’s Republic of China, on September 12-16.
Tiwari, the only one from Nepal to receive this honour this year opined that the award has recognised his organisational capacity.
Nepal received this honour after three years. Aashmi Rana was honoured as a Young Global Leader from Nepal in 2008.
The World Economic Forum honours with Young Global Leaders (YGLs) every year in recognition and acknowledgment of up to 200 outstanding young leaders from around the world for their professional accomplishments, commitment to society and potential to contribute to shaping the future of the world.
For 2011, the Forum has selected 190 Young Global Leaders from 65 countries and all stakeholders of society -- business, civil society, social entrepreneurs, politics and government, arts and culture, and opinion and media.
The new class represents all regions from East Asia (50) to South Asia (18), Europe (42) and Middle East and North Africa (13), sub-Saharan Africa (14), North America (37) and Latin America (16). "This year’s selection has more gender parity than ever, with 44 per cent women," said the World Economic Forum.
"The challenges faced by the next generation of leaders are more daunting and intractable than ever and cannot be mastered with the current set of strategies, institutions, standards and attitudes," said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum.
"To address these challenges in a meaningful and sustainable way requires fresh thinking, multi stakeholder engagement and dynamic new ways of collaborating to develop innovative solutions that are truly global, I created the foremost platform for young leaders to engage in global affairs to shape a more positive, peaceful and prosperous society," he said, adding, "within the World Economic Forum community, the Young Global Leaders represent the voice for the future and the hopes of the next generation."
Drawn from a pool of almost 5,000 candidates, the Young Global Leaders 2011 were chosen by a selection committee, chaired by Queen Rania Al Abdullah of the Hashemite Kingdom of Jordan.
The Young Global Leaders 2011 reflect different kinds of leadership in different parts of the world and different parts of society.
The 2011 honourees will become part of the broader Forum of Young Global Leaders community that currently comprises 668 outstanding individuals. The YGLs convene at an annual summit which this year will be held in Dalian, People’s Republic of China, on September 12-16.
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