Thursday, April 4, 2019

NDC finalise 15th five-year plan concept paper

With a target to achieve a minimum average economic growth of 9.4 per cent per annum in the next five years, the meeting of the National Development Council (NDC) – chaired by Prime Minister KP Sharma Oli – today endorsed the draft of the concept paper of the 15th five-year plan, starting from fiscal year 2019- 20 to fiscal year 2023-24.
The draft concept paper also reads that contribution of services sector in gross domestic product (GDP) can reach 57.6 per cent by fiscal 2023-24, while 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 draft concept paper also has an 'ambitious' targetof raising per capita income to $1,600 by the end of the five-year plan.
The periodic plan also targets to reduce absolute poverty rate to 13 per cent by the fiscal year 2023-24 from current 18.7 per cent and unemployment rate to six per cent from 11.4 per cent. The NPC said that 61 per cent of the total estimated investment should be borne by the private sector and cooper atives. The government will bear the rest of the expenditure, it reads, adding that the private sector needs to invest Rs 5.13 trillion, the government Rs 3.61 trillion and cooperatives Rs497 billion over the five-year plan period.
The government’s long-term plan aims at transforming Nepal into a developed nation by 2043, whereas Nepal hopes to graduate to a middle-income economy by 2030. It reads, adding that the government expects to increase the per capita income to $12,100 per annum, meaning a growth of 12-fold over the next two-and-a-half decades. "The contribution of the manufacturing sector is targeted to increase to 30 per cent to the Gross Domestic Product from the current 14.8 per cent."
Prepared by the National Planning Commission (NPC) and presented at the two-day NDC meeting, the draft of the concept paper of the 15th periodic plan – witnessed discussions among chief ministers, secretaries and other high-level dignitaries yesterday and today.
Endorsement of the draft of the concept paper of 15th five-year plan means that NPC will now present it at the full meeting of NPC incorporating the suggestions from the stakeholders.
Once the draft gets NPC’s nod, it will be presented at the Cabinet meeting for approval and will be implemented from the beginning of fiscal year 2019-20.
Addressing the NDC meeting, Prime Minister Oli said that the 15th five-year plan, unlike previous plans, is a special periodic plan that intends to transform the country’s economy and development.
Likewise, finance minister Dr Yuba Raj Khatiwada urged the NPC to finalise the concept paper and get the Cabinet’s nod as soon as possible so that the government can introduce necessary policies and programmes in the budget based on the vision set by the 15th five-year periodic plan. He also said that the government will rope in private sector to implement the periodic plan.
Following the two-day consultations and discussions over six thematic issues on the concept paper and long-term vision paper among 300 participants, the meeting decided to approve the draft of the approach paper after incorporating 'necessary' suggestions of the participants.

No comments: