Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel said the target of 8 per cent economic growth rate set by the government for the current fiscal year cannot be attained.
He made this statement while delivering a speech on the matter relating to the half yearly report of budget for the fiscal year, 2022/23 in today's meeting of the House of Representatives.
"An assessment of the existing trend of the economy shows that the target of eight per cent economic growth rate cannot be achieved," he said.
The Finance Minister stated that although it is positive that it has been estimated the production of paddy is likely to increase this year and the gradual improvement in the tourism sector, we have not been able to run the production oriented industries in full capacity, causing a slowdown in the economic growth rate.
Similarly, the deemed inflation ceiling set for the current fiscal year has overshot. "The target was to contain the inflation to 7 per cent in the current fiscal year. However, the year-on-year inflation based on the CPI has reached 7.26 per cent," he added.