National Planning Commission endorses 15th periodic plan

Kathmandu, March 2

A full meeting of the National Planning Commission (NPC) chaired by the commission’s Chairman Prime Minister KP Sharma Oli today endorsed the 15th five-year plan that has ambitious development and growth targets.

As per NPC, the 15th periodic plan of the government has been passed based on the approach paper of the periodic plan that was unveiled in March last year. “Implementation of development plans envisioned in the periodic plan will contribute to boost Nepal’s production base and generation of employment. The periodic plan will prove crucial to materialise the ‘Happy Nepali, Prosperous Nepal’ slogan,” PM Oli said.

At the meeting, the prime minister also directed NPC and related government agencies to focus on implementation of provisions included in the periodic plan.

The periodic plan includes 22 ongoing national pride projects, 18 new transformative projects and 177 high priority projects.

The 15th 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. Similarly, it has set the target to raise the annual per capita income (PCI) of people to $1,595 from the existing $1,047 within the next five years. In the next 25 years, the government has set a target to raise PCI to $12,100.

The periodic plan envisions that 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 15th five-year plan also states that the contribution of the services sector in the gross domestic product (GDP) can reach 57.6 per cent by fiscal 2023-24. Similarly, 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.