Nepal | November 30, 2020

Govt envisions rapid economic growth

• Policies and programmes

Sujan Dhungana
Share Now:

Prime Minister KP Sharma Oli handing over the government’s policies and programmes to President Bidya Devi Bhandari in the federal Parliament, in Kathmandu, on Friday, May 3, 2019. Photo: Skanda Gautam/THT

Kathmandu, May 3

The government today presented its policies and programmes for the upcoming fiscal at the Parliament with an aim to foster rapid development in the new fiscal and make 2019-20 the year of ‘fastest development growth’ in the country’s history.

Unveiled by President Bidhya Devi Bhandari in the joint session of the House of Representatives and the National Assembly, the policies and programmes for the next fiscal emphasise on rigorous monitoring, capital formation, project development and execution and investment facilitation in a bid to sustain recent economic growth. The government targets double-digit economic growth within the next four years.

Based on the policies and programmes unveiled today, the government will formulate the budget for the next fiscal.

“The year 2018-19 has successfully laid the foundation for the country to achieve higher economic growth in the coming years. The government will give high priority to timely completion of projects, especially national pride projects, and ensure that development activities accelerate in coming years in close coordination with the private sector,” Bhandari said.

She said appropriate mechanisms would be put in place to ensure that projects were completed on time and the government would take legal action against those contractors failing to complete projects within the designated timeframe.

The government has set a target to complete the construction of Melamchi Water Supply and Gautam Buddha International Airport within 2019-20. It plans to complete the construction of Pokhara International Airport by 2021 and begin the construction of Nijgadh International Airport as early as possible.

The government has also announced to complete construction of projects such as Mid-Hill Highway, Fast Track and Postal Highway within the next four years. Construction of East-West Electric Railway will start within the next fiscal.

The government also plans to complete the construction of Upper Tamakoshi Hydropower Project within the next fiscal and connect 456 megawatts of electricity to the national grid. The government also announced that construction of the Motihari-Amlekhgunj oil pipeline would be completed within the next fiscal.

Regarding big projects, the government will adopt policies to raise necessary capital for the project from the public itself.

Along with accelerating development works and enhancing the economy, the policies and programmes also envision to address structural bottlenecks of the economy, boost industrial production and productivity, generate employment opportunities and enhance export competitiveness to move towards a higher growth trajectory. The government will discourage import of luxury goods and products that are injurious to health and promote entrepreneurship.

The government has also announced to officially start ‘one-stop service’ facility for investors from May 15 to facilitate both domestic and foreign investors.

Acknowledging that poor industrial infrastructure and volatile interest rate are major bottlenecks while doing business, the government stated that necessary steps would be taken to make banking interest rates competitive and priority would be given to development of industrial infrastructure so that the cost of production in the manufacturing sector could be reduced.

The government announced to prioritise cement as one of the major exportable goods and focus on branding and promoting Nepali goods and services in the international market.

The government also announced to begin construction of industrial zones in all seven provinces in the next fiscal and establish industrial villages across all local levels within four years. To foster export-oriented industries, the government has said it will establish new Special Economic Zones and Cross-country Economic Zones.

By making the Prime Minister Employment Programme more effective, the government plans to create an additional five lakh jobs within the next fiscal.

The policies and programmes have also committed to achieve Sustainable Development Goals and make Nepal a middle-income country by 2030.

To ensure that every Nepali has a bank account, the government stated that it would intensify the ‘Let’s Open Bank Account’ campaign to ensure that all financial transactions were made through the banking channel.

With effective implementation of the Social Security Programme, the government also announced to raise the amount of social security allowances for elderly people. The government also hinted that salaries of civil servants would be raised in the next fiscal.

A version of this article appears in print on May 04, 2019 of The Himalayan Times.

Follow The Himalayan Times on Twitter and Facebook

Recommended Stories:

More from The Himalayan Times:

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...

25 more fatalities registered today; Covid-19 death-toll advances to 1,479

KATHMANDU: Twenty-five more fatalities were reported in the last 24 hours with which Nepal’s Covid-19 death-tally has now advanced to 1,479. Meanwhile, 1,255 fresh coronavirus cases as reported today took the nationwide coronavirus case count to 231,978. Over 1.4 million deaths from the dis Read More...

Kathmandu Valley records 548 new cases on Sunday

KATHMANDU: The three districts of Kathmandu Valley reported a total of 548 new cases of coronavirus infection on Sunday. Of the new cases, 244 are females and 304 are males. As many as 422 cases were recorded in Kathmandu district while Lalitpur and Bhaktapur reported 61 and 65 cases respectiv Read More...

Chinese Defence Minister calls on PM Oli

KATHMANDU: Chinese Defence Minister Wei Fenghe has called on Prime Minister KP Sharma Oli at the latter's official residence in Baluwatar. The State Councilor and Defence Minister of China arrived here this morning on a one day official visit. Fenghe had asserted that his short visit to Ne Read More...

Bayern made to sweat for 3-1 win at Stuttgart

STUTTGART: Kingsley Coman scored one goal and set up another as Bayern Munich came from a goal down to beat VfB Stuttgart 3-1 on Saturday and stay top of the Bundesliga. It was the seventh consecutive game that Bayern, who face Atletico Madrid in the Champions League next week, conceded a goa Read More...

Liverpool held, City on fire and Everton lose again

LONDON: Liverpool were held to a 1-1 draw at Brighton after conceding a VAR-inspired stoppage-time penalty while Riyad Mahrez scored a hat-trick in Manchester City's 5-0 crushing of Burnley in the Premier League on Saturday. Carlo Ancelotti's Everton suffered their fourth defeat in five games aft Read More...

Worldwide coronavirus cases cross 62.06 million, death toll at 1,450,479

LONDON: More than 62.06 million people have been reported to be infected by the novel coronavirus globally and 1,450,479​ have died, according to a Reuters tally. Infections have been reported in more than 210 countries and territories since the first cases were identified in China in December Read More...

Warner injured, Smith shines as Australia seal series

SYDNEY: Steve Smith was at his imperious best as he scored a second successive 62-ball century to drive Australia to a 51-run victory over India at the Sydney Cricket Ground on Sunday, sealing the one-day series 2-0 with a match to spare. The clash, almost a carbon copy of Australia's 66-run wi Read More...