KATHMANDU: Finance Minister Swarnim Wagle has unveiled a roadmap targeting 7 percent economic growth, identifying four key sectors to drive the country’s economic transformation.
The plan was outlined in a 76-point ‘Current Economic Situation Report’ made public by the Ministry of Finance Nepal on Monday.
Appointed on March 27, Wagle presented the report within a month of assuming office, offering a comprehensive assessment of the economy along with a forward-looking strategy.
The minister has set a long-term goal of building a $100 billion economy and raising per capita income to $3,000. He said effective implementation of the proposed measures could help Nepal graduate to a respectable middle-income country within the next five to seven years.
Four pillars of economic transformation
The government has identified four key sectors as the foundation for economic reform:
Energy: The plan aims to generate 15,000 megawatts of electricity within the next five years. It also prioritises timely completion of national pride projects and attracting private sector investment.
Agriculture: The strategy focuses on modernising and commercialising agriculture while linking it with industry and tourism to create productive employment opportunities.
Tourism: The government plans to improve infrastructure and services to boost tourist arrivals and ensure that benefits reach the grassroots level.
Information technology: Expansion of IT and artificial intelligence is expected to support the development of a digital economy, increasing productivity, employment and exports.
The government expressed confidence that effective execution in these four areas would significantly improve the economy and enhance the living standards of citizens.
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