16th Plan sets economic growth rate target of 7.3%

KATHMANDU: The country's economic growth rate is projected to reach 7.3% in the next five years.

National Planning Commission (NPC) unveiled the 16th Plan on Wednesday, setting a target to increase the economic growth rate to 7.3% by 2029/30, up from the current 3.9%.

NPC Joint Secretary and Spokesperson Yamlal Bhoosal, during the presentation of the 16th Plan, also highlighted the goal of increasing per capita income to $2,351. According to the objectives of the 16th Plan, there are targets to reduce the population below the poverty line to 12% from 20.3%, and to decrease the consumer inflation rate to 5% from 7.7%.

The plan also includes increasing the human development index to 0.65 from 0.601 and the human property index to 78% from 76.3%. The 16th Plan aims to reduce the economic and environmental risk index to 24 from 29.7 and to increase life expectancy to 73 years from 71.3. A target has been set to increase the literacy rate to 85% from 76.2%. An investment of around Rs 11.1 trillion has been estimated for the implementation of the 16th plan.

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