Government Updates Trade Deficit Reduction Plan
Summary
The government has updated the National Action Plan aiming to reduce the trade deficit by boosting exports to 20 percent of GDP, promoting domestic production, and enhancing infrastructure and economic diplomacy.
Key Points
- The government updated the National Action Plan for Trade Deficit Reduction, targeting export growth to 20% of GDP within 5 years.
- The plan emphasizes increasing domestic production and consumption through initiatives like 'Make in Nepal' and 'Made in Nepal'.
- Policies promote energy transition, including customs concessions for electric vehicles and electric industry use.
- Inter-ministerial coordination is mandated, with progress overseen by committees chaired by the Prime Minister.
