With ambitious growth rate projection, NPC endorses 15th periodic plan

 With 18 more added gamechanger projects worth Rs 190 billion, a full meeting of the National Planning Commission (NPC) – chaired by the commission’s chair Prime Minister KP Sharma Oli – today endorsed the 15th five-year periodic plan.

According ti the planning commission, the 15th periodic plan has been passed based on its approach paper that was unveiled in March last year. “Implementation of development plans envisioned in the periodic plan will contribute to boost Nepal’s production base and generation of employment,” PM Oli said chairing the meeting. “The periodic plan will prove crucial to materialise the ‘Happy Nepali, Prosperous Nepal’ slogan,” he claimed, directing the planning commission and government agencies to focus on implementation of provisions included in the periodic plan.

With ambitious development and growth targets, the periodic plan includes 22 ongoing national pride projects, some 18 new transformative projects and 177 high priority projects, though none of the ongoing national pride projects have satisfactory performance. 

Though, it seems impossible due to coronavirus pandemic, the 15th periodic plan has set a target to achieve a minimum average economic growth of 9.4 per cent per annum in the next five years. Though the draft of the 15th periodic plan has set a target to achieve a minimum average economic growth up to 10.1 per cent per annum in the next five years.

Likewise, it has set the target to raise the annual per capita income to $1,585 from the existing $1,047 within the next five years. Earlier, in the 14th five-year plan, the commission had expected the per capita income of $ 1,047 by the end of periodic plan. In the next 25 years, the government has set a target to raise per capita income to $12,100.

Likewise, the periodic plan also envisions agriculture sector growth of 5.6 per cent per annum in the next five years, while the industrial sector growth is estimated at 17.1 per cent per annum. “The services sector is expected to witness 9.9 per cent growth per annum in between fiscal years 2019-20 and 2023-24,” it reads, adding that the contribution of the services sector in the gross domestic product (GDP) can reach 57.6 per cent by fiscal 2023-24. “Likewise, the contribution of the agriculture sector and industrial sector in the national GDP can reach 22.1 per cent and 20.3 per cent, respectively.”

Likewise, the current poverty rate at present stands at 18.70 per cent and the 15ht five year plan has set a target to reduce the poverty rate to 9 per cent, whereas the literacy rate will be increased to 99 per cent from current around 70 per cent, the 15th periodic plan reads.

During the meeting, the government has also claimed that it is close to achieve the goals set in the 14th periodic plan. The meeting also discussed on developing human resources, create employment opportunities, decrease poverty rate, accelerate development in various works of infrastructure and focus on essential things like health, education, environment, food and social security.

Due to spread of global coronavirus cases across the globe, there is a doubt that the commission is able to complete all the targets on time. Bu the planning commission vice chair Pushpa Raj Kandel is more optimistic that the targets can be achieved on time with the support from all stakeholders.