June 1, 2020 | Investopaper
The Gandaki state government’s first five-year plan with the goal of double-digit economic growth within five years was finalized on Sunday. Similar to a developed nation, tourism, agriculture, energy, industry, physical infrastructure, manpower development and good governance have been included in the main carrier of state prosperity for the overall development of the state with the vision of a high-income prosperous state.
The plan has set short term, medium term and long term targets. It is projected to increase the economic growth rate from 6.8 percent in the current fiscal year to 10.2 (short term) by 2080/81, 10.5 (medium term) by 2087 and 11 percent by 2100 (long term). Similarly, in the current fiscal year, the per capita income is 1043 US dollars, which is expected to rise to $1956 in the short term, $3721 in the medium term and 15,729 dollars in the long term.
Similarly, the contribution of industry sector will be increased from 14.2 percent in the current fiscal year to 22.40, 30 and 52.9 percent and the contribution of service sector from current 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.
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 lakh live births. The under-five mortality rate per thousand live births is expected to reduce from 22 to 15 in the long run, increasing the literacy rate from 55.6 to 95, 98 and 99.5 percent, and decreasing the unemployment rate from 9 percent to 4, 2 and 1, respectively.
At present, there are 937 km of blacktop highways in the state. The target is to increase it to 3,450 km by FY 2080/81, 6,950 km in FY 2087 and 12,937 km in FY 2100. It has 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 from 0.59 to 0.65, 0.70 and 0.78 respectively.
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. Likewise, the investment of 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 has been projected.