Nepal | November 30, 2020

7pc growth expected in current fiscal

• ECONOMIC SURVEY

Himalayan News Service
Share Now:

Kathmandu, May 27

The government has predicted an economic growth rate of seven per cent in the current fiscal year 2018-19.

As per an economic survey report of the past eight months of the current fiscal presented by the government today, inflation rate on average during this period will remain at 4.2 per cent.

The report unveiled by Finance Minister Yubaraj Khatiwada stated that most economic, social and physical infrastructure development indicators in the current fiscal were satisfying. On the occasion, the minister went on to say that notable improvement was witnessed in the financial sector in the ongoing fiscal.

Minister Khatiwada also claimed that the country recorded an increase in per capita income, gross domestic product and saving capacity this year. He mentioned that the level of poverty too has significantly dropped in the country.

He further added that the legal and policy reforms that have been made to attract domestic and external investment would ease the growth process.

The nation’s economy is heading towards high growth due to the improvement in investment atmosphere in the wake of political stability in the country, regular power supply and a rise in development efforts at the local level, Khatiwada stated.

He also mentioned that expansion of economic activities has resulted in the increase in per capita income.

As per the report, people’s saving capacity has also increased with the rise in gross domestic product and the internal saving rate exceeded 20 per cent of GDP for the first time in many decades and it has significantly contributed to the building of national capital.

Minister Khatiwada stated that the policy-level and legal reforms made for attracting domestic and foreign investment have gradually paved the way for sustainable and high economic growth. “However, trade deficit is predicted to remain high due to expansion in import of industrial and capital goods and a limited export size.”

Till mid-March, the total government expenditure increased by 2.2 per cent compared to the corresponding period of last fiscal year and reached Rs 541 billion.

Similarly, Rs 500 billion revenue was deposited in the Federal Reserve Fund, which was 21.7 per cent more than of the previous year.

Similarly, commitments for additional Rs 107 billion foreign assistance, including grants, have been received.

Meanwhile, total public debt during the period stood at Rs 978 billion, including foreign loans.


A version of this article appears in print on May 28, 2019 of The Himalayan Times.


Follow The Himalayan Times on Twitter and Facebook

Recommended Stories:

More from The Himalayan Times:

Record-setting week at Nepse

KATHMANDU, NOVEMBER 28 The country’s sole secondary market witnessed a number of records broken in the trading week between November 22 and 26, with the Nepal Stock Exchange (Nepse) index surging by 6.47 per cent or 115.13 points week-on-week to scale to a new peak. Opening at 1,778.12 p Read More...

Cold store being built

DHARAN, NOVEMBER 28 Construction of a cold store in Sunsari’s Barahachhetra Municipality has reached the final stage, signalling an end to the plight of having to take local products elsewhere for storage. Sunsari’s Barahachhetra has developed wards in the plains and prioritised livestock Read More...

gold prices

Precious metals slump by over 3pc

KATHMANDU, NOVEMBER 28 Gold and silver prices took a beating in the trading week between November 22 and 27, weighed down by resilient economic data, positive vaccine results and the start of the US presidential transition process. According to the rate list of Federation of Nepal Gold and Sil Read More...

Nabil Bank logo

Nabil Bank, Daraz launch Sarathi

KATHMANDU: Nepal’s leading commercial bank, Nabil Bank and leading online marketplace, Daraz, have jointly launched the Sarathi Programme. Under this strategic partnership, small and medium enterprises (SME) selling via Daraz online shopping marketplace will be able to obtain a wide range of cr Read More...

Dance of the Narsimha: Kartik Naach in Pictures

KATHMANDU, NOVEMBER 29 A masked artist dressed as Narsimha, the half-man and half-lion incarnation of Lord Vishnu, the god protector, performs Hiranyakashipu Vadh during the Kartik Pyakhan/ Kartik Naach at midnight on Saturday. Kartik Naach is a legendary dance of the Newars that began in the Read More...

Floodlit cricket series starts in Dhangadhi

DHANGADHI: The first day/night or floodlit cricket series of the country has started in Dhangadhi of Kailali district from Saturday. The cricket series organised by Shikhar Youth Club, Dhangadhi is being played at the cricket ground in Dhangadhi Sub-Metropolitan City-13. According to Annat Bo Read More...

Iran's supreme leader vows revenge over slain scientist

  TEHRAN: Iran's supreme leader on Saturday demanded the “definitive punishment” of those behind the killing of a scientist who led Tehran's disbanded military nuclear program, as the Islamic Republic blamed Israel for a slaying that has raised fears of reignited tensions across the Midd Read More...

National Covid-19 tally reaches 231,978 on Sunday with 1255 fresh infections

KATHMANDU: The countrywide Covid-19 tally reached 231,978 as 1255 additional infections emerged on Sunday. The capital hosts the highest amount of active cases which, on an average, reports half of the daily reported live infections. Likewise, 1404 people who were earlier infected with the vir Read More...