Fifteenth Periodic Plan of Nepal

Background of the Fifteenth Periodic Plan of Nepal

The constitution of Nepal incorporates a hypothesis for a well-developed, self-sufficient, and socialism-oriented economy. The Fifteenth Plan introduced a long-term vision of rapid and balanced economic development, prosperity, good governance, and the people's happiness. The fifteenth Periodic Plan will be the first plan in the federal structure in which three levels of good inter-government financial management and the private, cooperative, and community sectors will work together to achieve the desired goal. This plan will lay the groundwork for the current generation to reap the benefits of prosperity, happiness, and a socialist-oriented economy.

During this plan period, the country's available resources will be used to achieve economic growth with productive job creation, justifiable distribution, and social conservation and security. The investment will focus on the expansion and dynamism of economic activities. The private, cooperative, and community sectors will be mobilized in a complementary manner. 

Investment from these sectors will be directed toward structural changes in the economy that will make it more production-oriented, employment-based, and self-sufficient by increasing productivity and promoting entrepreneurial skills. This plan will be implemented to achieve economic, social, environmental, and good governance goals at the federal, provincial, and local levels, as determined by the federal structure and based on cooperative, coexistence, and coordination principles.

Challenges and Opportunities of the Fifteenth Periodic Plan of Nepal

It is a significant challenge to achieve economic prosperity while ensuring equal justice and improving citizens' quality of life. Rapid economic growth through modern infrastructure and quality human capital formation is required. Ending multidimensional poverty and significantly reducing income inequality will require significant resources. Similarly, well-managed urbanization, the development of integrated and secure settlements, the development of local infrastructure, an increase in efficient and healthy energy consumption, and information technology advancement are all critical.

Similarly, the commercialization of agricultural and forest-based products, expansion of the industrial sector, and improvement in the quality of service sector are all difficult. The challenges of the fifteenth plan include making citizens healthy and educated; developing skilled human resources to increase productive employment opportunities to capitalize on demographic advantages; maintaining economic stability; and efficiently and effectively implementing fiscal federalism.

Because of active governments and the stability of institutions at the state, provincial, and local levels, the nation must move toward economic prosperity with social justice. The sense of competition among provinces and local levels can be viewed as an opportunity in and of itself. Similarly, there is a high likelihood of incorporating human capital formation into national development due to available demographic advantages. Similarly, other opportunities include;

• mobilizing the economy's sub-sectors,
• identifying the means or sectors of economic transformation, and
• creating a favorable environment where investment can concentrate.

The transformation of finance to the provincial and local levels increases capital expenditure and quality, improves the flow of public services, increases employment opportunities through local economic development, increases income and reduces poverty, and has the potential to increase national output. Similarly, there is the possibility of making multidimensional use of the diversity of nature, geography, biology, ecology, and socio-culture.

National Goal of the Fifteenth Periodic Plan of Nepal

The Fifteenth Plan will be the base plan to achieve the long-run vision of "Prosperous Nepal, Happy Nepali." The plan aims to lay the groundwork for the country's transformation into a socialist-oriented democratic nation with a prosperous economy, social justice, and a better way of life and raise the country into a group of high-income countries.

National Objectives of the Fifteenth Periodic Plan of Nepal

The national objectives of the Fifteenth Five-Year Plan are as follows:

1. To lay the groundwork for prosperity by building accessible, high-quality, and modern infrastructure and increasing productive and respectable employment through high, sustainable, and inclusive economic growth.
2. Maintaining high-quality health and education, a healthy and balanced environment, social justice, responsible public service for citizens, and making them aware of the normal lifestyle under the federal system.
3. To protect the nation's dignity, freedom, and sovereignty through socioeconomic transformation and developing a self-esteeming national economy.

National Strategies of the Fifteenth Periodic Plan of Nepal

The current fifteenth periodic plan of Nepal has put forward the following national strategies:

1. Rapid, sustainable, and job-creating economic growth.
2. Ensure that health care and education are accessible and of high quality.
3. Internal and international participation, as well as long-term urban development.
4. Boost output and productivity.
5. Provide complete, long-term, and productive social justice and protection.
6. Creation of a just society based on poverty alleviation and socioeconomic equality.
7. Natural resource conservation and mobilization, as well as entrepreneurship development, are all priorities.
8. Enhance public service, regional balance, and national unity.

Quantitative Targets of the Fifteenth Periodic Plan of Nepal

The quantitative targets of the Fifteenth Plan's key indicators of economic, social, and infrastructure development are listed in the table below:

S.N	Indicators	Current Situation	Targets (2080/81 BS)
1	Economic growth rate	6.8%	10.3%
2	GNP Per Capita	1047 US$	1595 US$
3	Population below the poverty line	18.7%	11%
4	Gini Coefficient	0.31	0.29
5	Life expectancy at Birth	69.7 Years	72 Years
6	Unemployment rate	11.4%	6%
7	Roadways	6979 KM	15,000 KM
8	Railways	42 KM	200 KM
9	Family with access to electricity	90.7%	99%
10	People with access to drinking water	88%	99%
11	Internet users	55.4%	80%
12	Hydroelectricity generation	1020 MW	5000 MW
13	Human Development Index	0.574	0.624
14	Happiness Index	4.7	5.1

Source: NPC, fifteenth Periodic Plan of Nepal (Draft)/ Approach Paper

Priority Areas of the Current 15th periodic plan of Nepal:

This Fifteenth Periodic Plan's priority areas are as follows:

(a) Hydroelectricity and alternative energy development.

(b) Increase the farming segment's profitability, expansion, and commercialization.

(c) Growth of tourism, industry, and business segments.

(d) Growth of the fundamental education and well-being, drinking water, and sanitation sectors.

(e) Encouragement of good administration.

(f) Construction of roads and other physical foundations.

(g) Environmental and natural resource protection.

Read the full version of the 15th periodic plan of Nepal.