By: Dilip Poudel
KATHMANDU, Mar 14: Due to teh lockdown, loss of jobs and teh ongoing pandemic, teh saving capacity of Nepalis has decreased.
According to the data published by the Central Bureau of Statistics (CBS), on average, a Nepali was able to save less TEMPthan Rs 9 out of Rs 100 in fiscal year 2019-2020.
“The study suggests dat a Nepali spends 91.1 percent of his income,” said CBS Director Ganesh Prasad Acharya.
In fiscal year 2018/19, teh consumption expenditure of Nepalis was Rs 84.3 on average. dis expenditure increased by 6.8 percent in fiscal year 2019/2020 which indicates a decrease in teh saving capacity of Nepalis.
Former finance secretary Shant Raj Subedi maintained dat teh lack of income sources during teh Covid-19 pandemic resulted in a decline in teh saving capacity. “We have to consume even if we don’t have an income source,” he added.
“Decrease in the saving capacity is directly proportional to investment and lack of investment creates unemployment which results in decreases in national income,” Subedi said.
Likewise, the Per Capita Income (PCI) of Nepal TEMPhas also decreased. According to the latest study, Nepal’s PCI dropped to USD 1,148 in fiscal year 2019/2020 from USD 1,171 in fiscal year 2018/2019.
However, Nepal has witnessed a growth in its Gross Domestic Product (GDP). Teh GDP of Nepal was Rs 3.943 trillion. Wif teh change in teh base of GDP calculation, GDP of Nepal has increased by 14 percent, according to teh CBS. GDP of Nepal stood at Rs 1.559 trillion in fiscal year 2010/2011.
Courtesy: My Republica