•      Mon May 20 2024

Estimated cost of executing 16th Plan determined at approx Rs 11.1 trillion

Discussion on 16th periodic plan in Singhdurbar.

Kathmandu, May 15:  The estimated cost of implementing the 16th Plan is approximately Rs 11.1 trillion, the National Planning Commission (NPC) said today.

NPC Vice Chairman Dr Min Bahadur Shrestha, informing the media about the Plan and cost estimate approved by the Council of Ministers meeting on Tuesday, said that there will be no problem in the investment required for implementation.

Similarly, NPC Spokesman Yamlal Bhoosal said that the cost required for implementing the objectives adopted by the 16th Plan is more than Rs 11.1 trillion and the partnership with the private sector would be enhanced for ensuring this cost.

According to him, one of the strategies of the Sixteenth Plan is to increase production, productivity and competitiveness by identifying, addressing and solving the structural obstacles seen in all areas and dimensions of development.

He said, “The goal is to implement a sustainable development plan by strengthening the inter-relationship and functional capacity between the government, private, cooperative and non-governmental sectors and development partners as well as of all three levels of government – federal, provincial and local.”

The NPC spokesman also said that necessary activities will be carried out according to the goal of gender mainstreaming, use of modern technology, environmental protection and disaster risk reduction in all areas and dimensions of development, and that of implementation of policy making and development programmes based on studies, research and facts.

The areas of structural transformation include strengthening macroeconomic bases and enhancing economic growth, increasing production, productivity and competitiveness. Likewise, the others sectors for attaining structural transformation are productive employment, decent labor and sustainable social protection, building healthy, educated and skilled human capital, quality physical infrastructure development and intensive inter-agencies commitment.

According to the statistics shared on the occasion, the target is to attain 2,351 US dollars per capita income by the fiscal year 2085-86 BS.

Similarly, the implementation goals include: planned, sustainable and resilient urbanization and settlement development, gender equality, social justice and inclusive and equitable society building, regional and local economy strengthening and balanced development, poverty and inequality reduction.

Other areas of designated as implementation goals are the effective financial management and capital expenditure capacity building, governance reform and promotion of good governance, biological diversity, climate change and green economy, upgrading from least developed to developing country status and implementation of sustainable development goals.

16th plan sets economic growth rate target of 7.3 per cent

The economic growth rate of the country is projected to reach 7.3 per cent in next five years.

A target has been set to make economic growth rate 7.3 per cent under the goal of the 16th Plan made public by National Planning Commission here today.

Making presentation on the 16th Plan, Commission Spokesperson Yamlal Bhoosal said a target has been set to increase economic growth rate to 7.3 per cent till 2085/86 from 3.9 per cent.

Similarly, the 16th Plan has set a target of increasing per capita income to 2,351 US dollar.  As per the goals of the 16th Plan, a target has been set to reduce the population below the poverty line to 12 per cent from 20.3 per cent, as well as consumer inflation rate to five per cent from 7.7 per cent.

Likewise, the plan includes increasing human development index to 0.65 per cent from 0.601 per cent as well as human property index to 78 per cent from 76.3 per cent. The 16th plan has expected to lower down economic and environmental risk index to 24 from 29.7 as well as increase life expectancy to 73 years from 71.3.

A target has been set to increase literacy rate to 85 per cent from 76.2 per cent.  Around Rs 11.1 trillion investment has been estimated for the implementation of the 16th plan.