Wednesday, April 3, 2019

Per capita income to reach $1,400 in five years

The government has projected that Nepal’s per capita income to reach $1,400 by the end of the 15th periodic plan in fiscal year 2023-24.
During the first meeting of the National Development Council (NDC), here today vice chair of National Planning Commission (NPC) Dr Pushpa Raj Kandel said that Nepal's per capital income will increase by $400 in next five years. "The country’s per capita income will increase by seven per cent or $70 to $1,074 in the current fiscal year from $1,004," he said, adding that by the end of fiscal year 2042-43, Nepalis per capita income will reach $12,100.
Speaking at the meeting, finance minister Dr Yubaraj Khatiwada, said that 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," he said, adding that the government will achieve the targeted goal by accelerating development works of major indicators like rail, roadways, tourism, agriculture and electricity. "The government is however occupied with formulating and amending the necessary laws in the current fiscal year."
Claiming that the government is close to achieving the goals set in current 14th periodic plan the finance minister also said that the next fiscal year will see increment in expenditure with coordination of provincial and local level governments.
Likewise, the government has planned to reduce the unemployment rate by three percentage points from current 11.4 per cent in the next five years. Nepal has also planned to graduate from least developed country (LDC) status to the developing country status by 2022 and to a middle income country by 2030.
Progress in development indicators of the country’s 14th development plan have been more satisfactory compared to those in the past plan periods, according to a report of National Planning Commission.
In the first two years of the three-year plan (fiscal year 2016-17 to fiscal year 2018-19), indicators in agriculture, social development, poverty reduction, access to drinking water, and average economic growth have posted fair progress, it reported, adding that the figures of physical infrastructure is however still bleak. "The review has also stated that the successful election of three tiers of government and formation of a stable government at the center have laid a ground for stability and confidence among investors to invest."
The finance minister, who had portrayed a bad shape of the country’s economy issuing a white paper last year after assuming office, has now portrayed the overall economic indicators to be in the positive direction.
"The average economic growth in the last two fiscal years has been 6.64 per cent, against the target of 6.6 percent," the report added. "“The achievements are the closest to the target after the 8th development plan."
Figure of Human Development Index (HDI), which was targeted at 0.57 has already been achieved, and the index was 0.574 by the end of fiscal year 2017-18. "Likewise, target of life expectancy in the plan period was 72 years, which has reached 70 years at the end of fiscal year 2017-18 and population having access to safe drinking water has already reached 94.9 per cent against the target of 90 per cent."

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