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The economy of Nepal is a developing category and is largely dependent on agriculture and remittances. [6] Until the mid-20th century Nepal was an isolated pre-industrial society, which entered the modern era in 1951 without schools, hospitals, roads, telecommunications , electric power, industry, or civil service.
Five-Year Plans of Nepal generally strove to increase output and employment; develop the infrastructure; attain economic stability; promote industry, commerce, and international trade; establish administrative and public service institutions to support economic development; and also introduce labor-intensive production techniques to alleviate underemployment.
Terraced farming on the foothills of the Himalayas is a common sight in many of the villages in Nepal Nepalese women planting rice Cultivation in the Kathmandu Valley. In Nepal, the economy is dominated by agriculture. In the late 1980s, it was the livelihood for more than 90% of the population.
The trade deficit was gradually increasing in Nepal, which is the main reason for setting up the zones. [1] In the eighth five-year plan (1992–97), Nepal formulated policies to reduce the deficit by introduction of various policies that would directly or indirectly help to promote exports and establishment of industries.
National Planning Commission (NPC) of Nepal is advisory body for formulating development plans and policies of the country under the directives of the National Development Council of the government of Nepal. [1] [2] [3] It is the apex advisory body of the Government of Nepal for formulating a national vision, periodic plans and policies for ...
Of the seven provinces of Nepal, four are considered to have "medium human development" per the Human Development Index, namely Bagmati, Gandaki, Koshi Pradesh, and Lumbini. The other three, which are considered to have "low human development", are Sudurpashchim, Karnali, and Madhesh.
Development programs following the basic needs approach do not invest in economically productive activities that will help a society carry its own weight in the future, rather they focus on ensuring each household meets its basic needs even if economic growth must be sacrificed today. [5] These programs focus more on subsistence than fairness.
Japan is Nepal's largest bilateral aid donor, [1] [2] [3] and the World Bank and Asian Development Bank are the largest multilateral donors. Donors have been reported as losing confidence in Nepal as a result of political interference and corruption in poverty relief efforts as well as the country's apparently poor capacity to utilize aid.