KATHMANDU, May 27: Madhesh Province has the lowest per capita income of US $932 per annum which stands at only around two-third of the national average of USD 1,496 per head.
According to a report launched by the National Statistics Office (NSO), the per capita income of Madhesh Province is expected to grow by 3.21 percent to USD 932 per annum by the end of the fiscal year 2024/25. Until the last fiscal year, the figure stood at USD 903 for the province.
The NSO report shows that the gross domestic product (at current price) of Madhesh Province will reach Rs 803.97 billion this year, with a growth rate of 6.83 percent over the period. The province’s GDP stood at Rs 752.50 billion last year.
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The contribution of the province in the country’s GDP is projected to remain at 13.16 percent. It is witnessing the largest growth of 36.73 percent in agriculture, forest and fisheries sectors, while the growth will remain at the lowest of 0.15 percent in mines and extraction related businesses.
A number of researches conducted in the past show that Madhesh Province faces development setbacks due to multiple factors which include high level of corruption and weak governance, poor budget utilization, limited financial inclusion, and a number of social and cultural barriers.
Meanwhile, GDP per capita of Bagmati Province is projected to reach USD 2,601 per annum, almost 74 percent more than the national average. In its preliminary study report, the NSO has expected the figure for Gandaki Province to remain at USD 1,619. The GDP per capita for Koshi Province will reach at USD 1,401, Lumbini Province at USD 1,202, Sudurpashchim at USD 1,153 and Karnali Province at USD 1,089 per annum.
Likewise, the GDP of Gandaki Province is expected to grow by the highest of 5.51 percent in the current fiscal year. In the review period, Bagmati Province is projected to achieve growth of 5.18 percent, Karnali Province 4.74 percent, Koshi Province 3.34 percent and Sudurpashchim Province of 3.32 percent.
The NSO has estimated that the overall growth of Nepali economy will stand at 4.61 percent. The country’s GDP will reach Rs 6.107 trillion at current price, out of which the contribution of Bagmati Province will stand at 36.52 percent, the highest of all.
