Nepal's 16th Five-Year Development Plan Unveiled ➤

Nepal’s 16th Five-Year Development Plan Unveiled

Government Aims for 7.3% Economic Growth by 2085/86 Fiscal Year with Ambitious Targets

In a recent announcement, the government of Nepal has unveiled its 16th Five-Year Development Plan, outlining ambitious goals for economic growth and social development. The plan, revealed during a press conference at Singha Durbar, aims to propel the country’s economy forward, targeting a substantial increase in GDP and significant improvements in key indicators.

The National Planning Commission, in its statement, emphasized the government’s commitment to accelerating economic growth from the current rate of 3.9% to an impressive 7.3%. This growth trajectory, if achieved, promises to position Nepal as a thriving economy in the region.

One of the primary objectives of the development plan is to enhance the Per Capita Income (PCI) of the citizens. Currently standing at $1,456, the government aims to elevate it to $2,351 over the next five years. This increase reflects the administration’s dedication to improving the standard of living and purchasing power of Nepali citizens.

In addition to economic targets, the government has set forth ambitious goals in various social and infrastructural sectors. These include achieving an 85% literacy rate, maintaining a 5% unemployment rate, and ensuring universal access to electricity and the internet. Such initiatives underscore the government’s holistic approach towards fostering inclusive growth and development across the nation.

The unveiling of the 16th Five-Year Development Plan marks a significant milestone in Nepal’s journey towards prosperity and progress. With targeted strategies and concerted efforts, the government aims to overcome existing challenges and unlock the full potential of the country’s economy and its people.