Provincial Achievements Boost Nepal Economy

In another attestation to Nepal’s rapid development at the provincial-level, Nepal’s Province 3 and Province 5 have made some remarkable progress for Nepal’s economy.

According to Nepal Rastra Bank’s (NRB) recent study titled Economic Activity in Federal Structure, Province 3 contributed to about 31.6 percent of Nepal’s GDP followed by Province 1 at 17.5 percent and  Province 2 at 16.2 percent.

Province 3 also aced the chart in terms of per capita income. According to NRB’s report, Province 3 residents per capita income stands at USD 1,534 followed by Province 4 at USD 1,021 and Province 2 at USD 799.

Interestingly, Province 5 topped the table in terms of ‘access to banking’ with only 3 out of the 109 local units not having access to banking services. Followed by 23 local bodies in Province 7 and 20 in Province 6.

Province 5 has also made significant contribution to the country’s agriculture sector, industrial output and service sector with contributions of 16.9, 10.4 and 11.7 percent, respectively.

The study’s findings were revealed at program in Nepal’s Butwal on September 30, 2018.

Province 2– Avenue for Business & Trade
Creating room for additional growth, Province 2 opened avenues for business & trade when Chief Minister Lal Babu Raut said that the government is committed to creating an ‘investment-friendly’ environment.

“The government is ready to provide investment security to promote business and trade in the province,” he said in a ceremony organized at the Dhanusha Chamber of Commerce & Industry on September 29, 2018.

Province 7 Named ‘Sudurpashchim’
In another interesting update, Province 7 was named Sudurpashchim at a meeting of the Provincial assembly on September 29, 2018. Simultaneously, Godawari was chosen as its provincial capital.

Conclusion:
With so many achievements at the grass-root level, Nepal is bound to make progress at the international level. It is noteworthy that this progress is happening at a much faster rate and with mutual co-operation from the government, people and key stakeholders.