Gandaki Province Projected Double Digit Economic Growth in Five Year
The Gandaki Province government's first five-year plan with a target of double-digit economic growth within five years was finalized on Sunday. As a developed nation, tourism, agriculture, energy, industry, physical infrastructure, manpower development, and good governance have been included in the main drivers of the prosperity of the province.
The plan has set short term, medium term 2087, and long term 2100 from 076/77 to 080/81. It is projected to increase the economic growth rate from 6.8 percent in the current fiscal year to 10.2 (short term) by 080/81, 10.5 (medium-term) by 087, and 11 percent by 2100 (long term). Similarly, in the current fiscal year, the per capita income is 1043 US dollars, 1956 in the short term, 3721 in the medium term, and 15 thousand 729 dollars in the long term. GDP will increase from Rs 288 billion in the current fiscal year to Rs 468 billion in the short-term, Rs 857 billion in the medium-term, and Rs 3,539 billion in the long-term.
Similarly, the contribution of industry sector will be increased from 14.2 percent in the current fiscal year to 22.4, 30 and 52.9 percent and the contribution of service sector from 57.6 percent will be reduced to 53.9 percent in the short term, 53 percent in the medium term and 38.6 percent in the long term. Giridhari Sharma Poudel, the vice-chairman of the province policy and planning commission, said.
Similarly, the current life expectancy will be increased from 71.7 years to 77, 80, and 82 years, while the maternal mortality rate will be reduced from 239 per lakh live births to 99, 70, and 15 per million live births. The under-five mortality rate per thousand live births has been reduced from 22 to 15 in the long run, increasing the literacy rate from 55.6 to 95, 98 and 99.5 percent, and the unemployment rate from 9 percent to 4, 2, and 1, respectively. The plan is to increase it from 39.9 percent to 55, 65, and 75 percent. At present, there is 937 km of blacktop highways in the province. The target is to increase it to 3,450 km by FY 080/81, 6,950 km in FY 087, and 12,937 km in FY 2100.
It is planned to provide access to electricity and basic drinking water to all households, reduce absolute poverty from 14.91 percent to 7.42 and zero, and increase the Human Development Index to 0.590.65, 0.70, and 0.78.
It is estimated that a total fixed capital of Rs. 1,012.24 billion will be required to achieve 10.2 percent economic growth during the plan period. It is estimated to invest Rs 360.83 billion from the public sector, Rs 587.92 billion from the private sector, Rs 44.8 billion from the cooperative sector, and Rs 19.41 billion from the community sector. Of these, 31.13 percent were in energy, 20.41 percent in physical infrastructure, 10.30 percent in human resources, 8.54 percent in agriculture and forestry, 7.90 percent in tourism, 4.05 percent in industry, 2.31 percent in good governance and mining, financial intermediation, trade, It is projected to invest 15.36 percent in community and social work.
The commission is confident that the province, the federal, and the local government will implement the plan. Vice President Poudel said that tourism, energy, agriculture, industry, infrastructure, human resources, good governance and inter-related long-term prosperity and happiness, the 10 national goals, indicators of sustainable development goals, and points of agricultural development strategy have been coordinated. Coronavirus impact management plan has also been included in the province.
Announcing the plan book, Gandaki Province Chief Minister Prithvi Subba Gurung on Sunday said that planning was important but implementation was more challenging.
