NEW DELHI: In order to further strengthen economic relations, India and Nepal are working on three key areas — trade facilitation, deepening energy cooperation and cross-border connectivity, Anurag Srivastava, Joint Secretary (North), Ministry of External Affairs, said.
Addressing the India-Nepal Partnership Summit 2022, organised jointly by the embassy of Nepal in India, India-Nepal Centre (INC) and PHD Chamber of Commerce and Industry (PHDCCI), Srivastava said India and Nepal are keen to further deepen their economic engagement. “India is Nepal’s largest trade partner and the largest source of FDI, besides majorly providing transit for third-country trade of Nepal,” he said.
“Nepal becomes the fourth country to use the RuPay card after the UAE, Bhutan and Singapore and more ways are being explored to further support financial connectivity. Also, it is vital to note the progress with projects like railways (Jayanagar-Bardibas), Terai roads, Integrated Check Posts (ICPs), post-earthquake reconstructions,” said Srivastava.
Addressing the summit, K V Rajan, chairman, India-Nepal Centre, PHDCCI and India’s former ambassador to Nepal, said, “Civilisational links and geographical links are the key elements which can help to energise and reinvent the bilateral relations between India and Nepal.”
“Tourism is the mainstay of Nepal’s economy and religious tourism is one of the key contributors to the Nepalese tourism industry. The relationship between the two countries is very strong, but this is the time when we have to think about accommodating the aspirations with changing times and further strengthen it. Our relationship should be nurtured,” said Shankar Prasad Sharma, Nepal’s ambassador to India.
In April 2022, Nepal’s Prime Minister Sher Bahadur Deuba visited India which generated various opportunities for both countries and built mutual interests including for infrastructure development and economic partnership, trade, health and power, said Ram Prasad Subedi, Deputy Chief of Mission, Embassy of Nepal in India.
“For post-pandemic economic rebounding in both countries, a positive environment that is created with the Prime Minister’s visits from both sides in recent times will be utmost crucial,” Subedi said.
“Nepal has already begun exporting 177 MW of energy to India via the power exchange market. The tourism sector of India plays a significant role in the economic multiplier and becomes critical since India has to grow at rapid rates and create employment opportunities for its fellow citizens,” he added.
“Nepal is facing the challenges with financial liquidity and balance of payment, SBI (through NSBL) is doing its best to support the industry to overcome them. On the other hand, it is also true that SBI’s most profitable business outside India is in Nepal and that broadly reflects the bright possibilities Nepal’s market offers,” Anukool Bhatnagar, Chief General Manager and head-Nepal desk, SBI.
“SBI is deeply committed to backward-forward linkages, smooth financial transactions, banking safety, financial inclusion and sustainable development goals. With the Arun-III power project and many others, SBI has been contributing to Nepal’s development and India-Nepal relations at large,” he added. (ANI)