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Economic Survey for FY 2015 (2072) in Parliament
Economic Survey for FY 2015 (2072) in Parliament
KTM Metro Reporter
Kathmandu, May 26: The government submitted the Economic Survey for the fiscal year 2015 (2072) at the Legislature-Parliament on May 26, 2016 for the information of the lawmakers before the budget speech on May 27, 2016: the deadline set by the new constitution.
Thanks to Indian Prime Minister Narendra Modi blockading Nepal in support of the Madheshi leaders that had been protesting against the new constitution for about five months, Nepal has hardly achieve any economic growth in the running fiscal year. Madheshi leaders could take credit for the lowest possible economic growth, and for making so many troubles to the compatriots with the active assistance of the neighbor.
The economic survey has indicated that Nepal has the estimated GDP growth stands at 0.77% against the targeted growth of more than six percent. According to the State-run newspaper ‘gorkhapatra’ of May 27, 2016, per capita income has been NPR 79,370 ($793.70 at the exchange rate of one dollar equal to NPR 100; the daily rate is slightly higher. The dollar rate of per capita varies depending on the changes in the exchange rate.). The remittances means the money sent home by the Nepalese working in different countries has been 32.1 % of the GDP.
Thanks to the border blockade enforced by the Madheshi leaders with the support of Indian Prime Minister Modi, the estimated revenue has been only NPR 231 billion against the target of NPR Rs 475 billion during the last eight months of the current fiscal year.
The development activities have come to the complete halt first by the long-anticipated quakes then by the shutdown of the border entry points by a cadre of Madheshi leaders that have completely stopped the Nepal-bound supplies at the Nepal-India border.
The share of the agriculture in the GDP has been 31.6% while the non-agricultural sector has increased to 68.4%, the economic survey stated. The growth of the agriculture is estimated at 1.3% while that of the non-agricultural sector at 0.6% in the current fiscal year again mainly thanks to our neighbor and Madheshi leaders.
The development expenditure has been one-third of the total estimated in the current fiscal year because neither the previous government led by late Sushil Koirala nor the current government of KP Oli has taken any strong initiative to provide the quake victims with the grants or loans for reconstruction of their houses and rebuilding their life. Quakes gave a unique opportunity to the government for using it as the strong economic stimulus but neither Koirala nor Oli did take that great opportunity.
