‘Double-digit growth is achievable’

Economists are hopeful that double-digit economic growth can be achieved if it is backed by sufficient investment.Speaking on the concluding day of the three-day Economic Summit, organised by Confederation of Nepalese Industries (CNI) here today, Finance Minister Dr Baburam Bhattarai said “economic miracle” of notching up a double-digit growth is possible.
“The target can be achieved if there are investments in key sectors like agriculture, water resources and tourism that can generate more employment. We are nearing the end of political revolution. The national debate on economy is a timely one,” he said.
He however, blamed the erstwhile planners and policy makers for poor economic growth. Dr Bhattarai felt that agricultural reforms hold the key to economic growth.
He reaffirmed that the Maoists will give priority to public-private partnership.“Tourism is another sector where we can do a lot. Lumbini can be developed as an international tourist destination equipped with international airport and luxurious hotels. Education and health are the other priority sectors since they can boost productivity. Massive investment in infrastructure is needed, besides harnessing water resources,” he said.
Former finance minister Dr Prakash Chandra Lohani said domestic consumption should be the top priority for hydropower generation since the country has been plagued by power crisis.“If we have surplus electricity, we can subsidise it for irrigation,” he said. Jagdish Agrawal tabled a paper on ‘Double-digit growth: A national strategy’ on this occasion. Agrawal said subsidised electricity can boost agricultural productivity.
“Irrigation is government’s responsibility. While, the private sector can provide raw materials, technology, loan facilities and ready markets,” he argued.
Dr Pitambar Sharma, newly-appointed vice-chairman of the National Planning Commission (NPC), felt that the body needs an overhaul. He wants the NPC to be structured on the lines of a national think tank.