
The 16th Five-Year Periodic Plan (2081/82-2085/86) of Nepal’s National Planning Commission has been submitted to the Council of Ministers for final approval with the goal of making major advancements in social welfare, economic growth, and good governance.
Boosting Growth and Living Standards
By the end of five years, the plan hopes to achieve 7.3% annual economic growth and US$2,413 per capita income, a considerable improvement over the present forecasts of 3.9% growth and US$1,456 per capita income.
The plan also calls for a decrease in poverty, with a goal of 20.3% for absolute poverty. It also seeks to raise the Human Development Index (HDI) to 0.650 and reduce consumer inflation to 5%.
Investing in People and Infrastructure
The 16th Five-Year Plan focuses on human capital investments, aiming to increase life expectancy to 73 years, improve healthcare access for 90% of families, boost literacy to 85%, and reduce unemployment to a mere 5%.
The plan is centered on infrastructure development, with the goal of increasing hydropower output from 3,100 MW to 11,769 MW. It also aims to provide increased financial services to 85% of families and nearly universal internet access for 90% of households.
Strengthening Governance and Sustainability
The strategy focuses on improving the rule of law, global competitiveness, and corruption reduction awareness index in order to enhance good governance. It also specifies measures to accomplish these objectives.
Prioritizing sustainability, the strategy lowers the risk index and uses green practices to strike a balance between environmental preservation and economic growth.
Transformational Programs and Strategies
The Nepal Planning Commission (NPC) has adopted a transformational strategy, utilizing sectoral strategies and clear interventions to achieve its ambitious goals across various sectors.
- Strengthening macroeconomic fundamentals and achieving rapid economic growth
- Enhancing production, productivity, and competitiveness
- Creating decent jobs and promoting productive employment
- Educating, skilling, and developing a healthy human capital
- Building quality infrastructure and an integrated transportation system
- Fostering modern, sustainable, and systematic urbanization and settlements
- Empowering and mobilizing society for social inclusion
Fiscal Management and Resource Mobilization
The plan includes fiscal management techniques, increased capital investment capacity, improved revenue-to-GDP ratios, improved federal spending-to-GDP ratios, control over sovereign loans, and a decrease in the trade deficit.
Job Creation and Social Security
With an annual goal of 1.2 million new jobs, the 16th Five-Year Plan prioritizes job creation. It also intends to increase social security coverage to 2 million people and hike the minimum salary to Rs 25,000 per month.
Conclusion
Nepal’s 16th Five-Year Plan aims for economic growth, social justice, and good governance to create a prosperous and equitable society for all Nepalis. Success depends on effective implementation, resource mobilization, and continued commitment from the government and stakeholders.
To learn more about the 16th Five-Year Periodic Plan, visit the National Planning Commission website: Source
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