Nepal | August 05, 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:

Former king Juan Carlos decides to leave Spain amid corruption allegations

Prosecutors looking into bribe allegations Pressure had been building on royals to take action Former king remains "at the disposal" of prosecutors The 82-year-old helped guide Spain back to democracy MADRID: Spain's former king Juan Carlos has decided to leave his country, a drama Read More...

Ruling party co-chairs stick to their guns

Oli to remain PM till general election, co-chair till General Convention: NCP leader Gokul Baskota Kathmandu, August 3 Co-chairs of the ruling Nepal Communist Party (NCP) Pushpa Kamal Dahal and KP Sharma Oli held talks today in an attempt to break the current impasse in the party, but failed to Read More...

Airlines seek permission to resume flights

Airline companies have to resubmit their proposal for slots if flight operations are halted for more than 60 days Kathmandu, August 3 The government's decision to resume domestic and international flights from August 17 has prompted airline companies to start submitting their proposals to the Ci Read More...

Dhading bans sand mining during monsoon

Dhading, August 3 In view of increasing deaths related to river mining, the authority in Dhading decided to impose a complete ban on sand mining from rivers in the district during the monsoon season. There is already a rule that bans mining of river products using heavy equipment during the ra Read More...

File photo of Melamchi Water Supply Project tunnel.

‘Technical error caused Melamchi tunnel accident’

Kathmandu, August 3 A committee formed to investigate Melamchi tunnel incident has concluded that one of the sluice gates on the tunnel of the Melamchi Water Supply Project had broken due to a technical error. A project engineer and a driver had died due to the flood resulting from the breakag Read More...

reproductive health, Minister of State for Health and Population, Padma Kumari Aryal

Work responsibly, Minister Aryal directs employees

Kathmandu, August 3 Minister of Land Management, Cooperatives and Poverty Alleviation Padma Kumari Aryal has directed government employees to work responsibly as the ministry has the responsibility of protecting the property of over 30 million people of the country. She said this at the annual Read More...

PM visits under-construction museum at his private residence

Bhaktapur, August 3 Prime Minister and Co-chair of the ruling Nepal Communist Party (NCP) KP Sharma Oli today visited his private residence at Balkot and met with people from different walks of life. This is the third time the prime minister has visited his private residence after being electe Read More...

‘Harsher punishment against acid attackers’

Kathmandu, August 3 Women and Social Welfare Committee of the House of Representatives has directed the home ministry to make some amendments to the legal arrangement and punishment related to incidents of acid attack, pointing out the need of timely revision. After the discussion held on ‘a Read More...