Economy
Kathmandu’s trade is an ancient profession that flourished along an offshoot of the Silk Road linking India and Tibet. From centuries past, Lhasa Newar merchants of Kathmandu have conducted trade across the Himalaya and contributed to spreading art styles and Buddhism across Central Asia. Other traditional occupations are farming, metal casting, woodcarving, painting, weaving and pottery. Kathmandu is famous for trading Nepalese Lokta paper, a paper made from Lokta (Daphne bhoula or Daphne papyracea) and Pashmina shawls which are very beautiful, light and warm and are used by women in Kathmandu valley to survive the cold winters.
Kathmandu is the most important industrial and commercial centre in Nepal, serving as the headquarters of most companies, banks, and organizations. The major economic hubs are the New Road, Durbar Marg, Ason, and Putalisadak.
The city's economic output is worth more than NRs. 170 billion per year. Kathmandu exports handicrafts, artworks, garments, carpets, pashmina, paper etc. and trade accounts for 21% of its finances. Manufacturing comes next in importance and accounts for 19% of the revenue that Kathmandu generates with garments and woolen carpets being the most notable manufacturers.
The top five countries importing Nepali handicrafts are the United States (Rs. 223 million), Germany (Rs. 87 million), Japan (Rs. 74 million), the UK (Rs. 69 million), and Canada (Rs. 51 million).
Other money making sectors in Kathmandu include agriculture (9%), education (6%), transport (6%), and hotels and restaurants (5%). Although some of Nepal's wealthiest citizens live in Kathmandu, much of the city is living in poverty with a per capita income of just US $400 (World Bank, 2008).
Read more about this topic: Kathmandu Metropolitan City
Famous quotes containing the word economy:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)