Current 16th Periodic Plan of Nepal (2024/25 A.D- 2028/29 A.D) (2081/82 B.S - 2085/86 B.S)

Background

Nepal has a history of planned development starting from 1956, which includes the implementation of ten five-year plans and three three-year plans. The current plan, the Sixteenth Five-Year Plan (2081/82 - 2085/86), continues to address persistent issues such as poverty, economic disparity, and social exclusion. The overarching goal of this plan is to propel Nepal towards economic development, good governance, social justice, and prosperity, ultimately aiming for Nepal's graduation from a least developed country to a developing country.

Vision and Objectives of current 16th periodic plan of Nepal

The vision of the Sixteenth Plan is encapsulated in the slogan: "Good Governance, Social Justice, and Prosperity." The primary objective is to establish good governance across political, administrative, and judicial sectors. This involves eliminating structural barriers to development and ensuring social justice through structural transformation.

Strategies and Policies of current 16th periodic plan of Nepal

To achieve its vision and objectives, the plan outlines several strategies and policies:

1. Economic Base Strengthening: Focus on reinforcing the primary and secondary sectors while ensuring the stability of the service sector.
2. Financial System Development: Develop an accountable financial system, expand the scope of revenue, and stabilize external sectors.
3. Resource Utilization: Efficiently utilize financial resources, boost production, and create employment opportunities.
4. Supply Systems: Ensure reliable, timely, quality, and cost-effective supply systems to enhance production and productivity.
5. Human Resource Development: Produce and mobilize skilled and efficient workforce as per market demand, leveraging demographic dividends.
6. Economic Growth Targets: Aim for an economic growth rate of 7.3%, increase per capita income to $2351, reduce absolute poverty to 12%, and lower consumer inflation to 5% by the end of the plan period.
7. Human Development Index (HDI): Increase HDI from 0.601 to 0.650 and reduce the economic and environmental risk index from 29.7 to 24.

Quantitative Targets of current 16th periodic plan of Nepal

Source: NPC (Sixteenth Plan (2081/82 - 2085/86))

The Sixteenth Plan sets ambitious targets across various indicators, including:

• Economic Growth: Increase the annual average economic growth rate from 3.5% to 7.3%.
• Per Capita GDP: Raise from $1456 to $2351.
• Poverty Reduction: Reduce the population below the poverty line from 20.3% to 12%.
• Human Development Index: Improve from 0.601 to 0.650.
• Electricity Access: Ensure 100% population access to electricity, with per capita consumption increasing from 380 KW/hr to 700 KW/hr.
• Internet Access: Increase the population with internet access from 69.2% to 90%.
• Agricultural Productivity: Enhance productivity of major agricultural crops from 3.3 metric tons per hectare to 3.7 metric tons per hectare.
• Gini Coefficient: Improve from 0.24 to 0.22, indicating reduced income inequality.
• Gender Development Index: Increase from 0.885 to 0.967.

Long-Term Vision and Strategies of current 16th periodic plan of Nepal

The long-term vision "Prosperous Nepal, Happy Nepali" aims to establish a prosperous, independent, and socialism-oriented economy with happy, healthy, and educated citizens enjoying equality of opportunities and high standards of living. The main national objectives and goals are prosperity and happiness, supported by accessible infrastructure, high and sustainable production, equitable national income, a healthy and balanced environment, and comprehensive democracy.

To achieve these goals, the following long-term strategies have been identified:

Priority Areas of current 16th periodic plan of Nepal

To implement the long-term vision, priority areas include:

• High-quality transport systems and communication infrastructure.
• Quality human capital and entrepreneurial culture.
• Growth in hydroelectricity production and green economy promotion.
• Expansion of quality tourism services.
• Systematic urbanization and housing development.
• Strengthening provincial and local economies.

In conclusion, the Sixteenth Plan of Nepal aims to foster significant economic and social transformation through strategic policies, ambitious targets, and a commitment to good governance and social justice. With a clear vision and well-defined objectives, Nepal is set on a path towards sustainable development and prosperity.

Current 16th periodic plan of Nepal in Nepali