Sunday, March 3, 2019

15th five-year plan targets 9.4pc annual growth

The government is preparing to unveil a five-year periodic plan – after a gap of 12 years – targeting 9.4 per cent economic growth per annum.
"However, the economy can grow up to 10.1 per cent per annum in the next five years based on different scenarios, according to the preliminary draft of the concept paper of the 15th five-year plan. "The country can achieve economic growth of between 9.4 per cent and 10.1 per cent every year in between fiscal years 2019-20 and 2023-24."
The draft also envisions agriculture sector average growth at 5.6 per cent per annum in the next five years while the industrial sector is targeted to grow by average 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," the draft 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. "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.
The preliminary draft of the concept paper of five-year plan (fiscal year 2019- 20 to 2023-24) with the country’s development vision and growth target is prepared by the National Planning Commission (NPC).
The government had last introduced a five-year periodic plan in 2001, which lasted till 2006. From 2006-07 – after the peace accord between the government and then Maoists – the government had introduced only three-year interim periodic plans on four occasions.
The 15th five-year periodic plan – with a slogan of ‘Generating Prosperity and Happiness' – has also targeted $12,500 per capita income  the end of next 25 years. It also envisions Nepal to be a developed country in next two-and-half decade.

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