Showing posts with label NEPAL TO BOOST ECONOMY. Show all posts
Showing posts with label NEPAL TO BOOST ECONOMY. Show all posts

Sunday, 13 August 2017

Nepal revives railways to boost economy as China, India vie for influence

Nepal Rastra Bank (Source: en.wikipedia.org)

The railway to India was a lifeline for the small southern frontier town of Janakpur, used to import everything from sweets to clothes and cosmetics and fuelling a vibrant border economy.

But it fell into disrepair after years of neglect and since 2014 the train has sat stationary, its rusting carcass now a playground for local children, while Janakpur's markets are empty.

"When the train was running, we would have a lot of business. I was easily providing (for) my family," said Shyam Sah, whose small family-run cosmetics shop has suffered an 80 percent drop in profits since the railway closed.

Now it is being rebuilt with Indian backing, one of three new rail lines -- one funded by China in the north and a third by Nepal itself -- that the country hopes will help boost international trade.

Nepal remains largely isolated from the global economy, dependent on aid and remittances.
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