FIFTEENTH 5-YEAR PLAN High Expectations

The government releases the fifteenth 5-year plan with ambitious goals

April 21, 2019, 12:40 p.m. Published in Magazine Issue: VOL 12 No.17, April 19-May 2 2019 (Baisakh.06, 2076) Online Register Number: DOI 584/074-75

With a high and ambitious goal, National Planning Commission has released the 15th 5-year plan to make Nepal a middle-income country by 2030, qualifying for going beyond the LDC status.

Pushpa Raj Kandel, vice chairman of National Planning Commission (NPC) said this during the first meeting of the National Development Council (NDC) held after the country adopted the federal system of governance.

"The country’s per capita income in current fiscal year will increase by seven per cent to $1,074, which stood at $1,004 in the previous year. Kandel further said that at the end of fiscal 2042-2043, per capita income will reach $12,100," said Kandel.

Speaking at the meeting, Finance Minister Yubaraj Khatiwada, said political and social stability can guide the government’s long-term vision to achieve the targeted goal. “We need to improve the implementation capacity that will directly affect per capita income and sustainable development.”

"The government will achieve the targeted goal by accelerating development works of major indicators like rail, roadways, tourism, agriculture and electricity, among others. In the current fiscal year we were primarily occupied with formulating and amending the necessary laws. From the coming fiscal the government will increase budget expenditure with coordination of provincial and local level governments,” he added.

The government is close to achieving the goals set in current 14th periodic plan. Earlier, NPC had set a target to achieve a minimum average economic growth of 9.4 per cent per annum in the next five years.

However, the economy can grow up to 10.1 per cent per annum in the next five years based on different scenarios, as per the draft of the 15th periodic plan.

Similarly, the draft of the periodic plan envisions that the country’s agriculture sector can witness an average growth of 5.6 per cent per annum in the next five years while the industrial sector can witness average growth of 17.1 per cent per annum. Likewise, the services sector is expected to witness 9.9 per cent growth per annum in between fiscal years 2019-20 and 2023-24.

Moreover, the government has plans to reduce the unemployment rate by three percentage points, which at present stands at 11.4 per cent. Likewise, it has planned to reduce the multidimensional poverty index by five percentage points, which at present stands at 28.6 per cent.

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VOL 12 No.19, May 17 –06 June, 2019 (Jestha 03, 2076) Online Register Number: DOI 584/074-75

VOL 12 No.18, May 3 -16,2019 (Baisakh.20, 2076) Online Register Number: DOI 584/074-75

VOL 12 No.17, April 19-May 2 2019 (Baisakh.06, 2076) Online Register Number: DOI 584/074-75

VOL 12 No.16,March 29-April 18, 2019 (Chaitra. 15, 2075) Online Register Number: DOI 584/074-75