Nepal aims for 7.1% economic growth in new 5-year development plan

KATHMANDU: The government has announced a comprehensive 16th development plan spanning fiscal years 2024/25 to 2028/29, comprising 40 ambitious goals aimed at fostering prosperity nationwide.

Scheduled to kick off this mid-July, the plan targets a robust economic growth rate of 7.1% by 2028/29, with aspirations of achieving a GDP of 2381 and a per capita income of $2413.

With an average growth rate of 6.6% projected over the five-year period, the plan was meticulously crafted and presented to the National Development Council. It encompasses 10 objectives each dedicated to governance and social justice, alongside 20 goals geared towards enhancing prosperity across various sectors of the economy.

The objectives outlined in the plan include measures to strengthen governance structures, promote transparency, and uphold the rule of law. Additionally, a focus on social justice initiatives aims to address disparities, improve access to essential services such as education and healthcare, and empower marginalized communities.

Moreover, the plan places significant emphasis on driving economic growth and prosperity through strategic interventions. Key focus areas include infrastructure development, promotion of sustainable agriculture, investment in renewable energy, and fostering a conducive business environment to attract both domestic and foreign investment.

By presenting a comprehensive roadmap for development, the government aims to steer the nation towards a trajectory of sustained growth and prosperity. With a clear vision and concerted efforts, the 16th development plan seeks to lay the groundwork for a more inclusive and resilient economy, benefiting all segments of society.