Kathmandu, April 4

The meeting of the National Development Council (NDC) chaired by Prime Minister KP Sharma Oli, today endorsed the draft of the approach paper of the 15th five-year plan (fiscal years 2019- 20 to 2023-24) with a number of ambitious growth and development targets.

The draft of the approach paper of the 15th periodic plan was prepared by the National Planning Commission (NPC) and presented at the two-day NDC meeting where participants including chief ministers, secretaries and other high-level dignitaries held discussions on various targets set in the periodic plan and provided their comments.

Endorsement of the draft of the approach paper of the 15th five-year plan means that NPC will now present the approach paper at the full meeting of NPC incorporating the suggestions from stakeholders.

Once the draft of the approach paper gets NPC’s nod, it will be presented at the Cabinet meeting for approval and be implemented from the beginning of fiscal year 2019-20.

Among others, the approach paper of the fiveyear periodic plan has set a target to achieve a minimum average economic growth of 9.4 per cent per annum in the next five years, though it states that the economy can grow up to 10.1 per cent per annum in the next five years based on different scenarios.

Similarly, approach paper states the country’s agriculture sector can witness an average growth of 5.6 per cent per annum in the next five years while the industrial sector can witness average growth of 17.1 per cent per annum. Likewise, the services sector is expected to witness 9.9 per cent growth per annum in between fiscal years 2019-20 and 2023-24.

The draft approach paper of the 15th five-year plan also states 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.

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.

“This periodic plan is being introduced with a special purpose to transform the country through all means. The government will introduce policies and programmes based on the vision set by the 15th five-year plan,” he said.

Citing that the execution of the 15th five-year plan requires huge resources, Oli also urged all layers of governments and government agencies to maintain austerity in expenditure and control unnecessary expenditure on unproductive works.

Similarly, Finance Minister Yubaraj Khatiwada urged NPC to finalise the approach 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.

On the occasion, Pushpa Raj Kandel, vice-chairman of NPC, said the commission will finalise the draft of approach paper by incorporating stakeholders’ suggestions and present it at NPC’s full meeting as soon as possible.