Karnali Province's Economic Growth Estimated at 2.94% in FY 2082/83: NRB Report

Karnali Province's economy is estimated to grow by 2.94% in the fiscal year 2082/83, according to the annual economic activity report published by Nepal Rastra Bank (NRB). The report estimates that agriculture will contribute 31.52% to the province's economy, followed by industry at 10.07% and services at 58.41%.

In the agriculture sector, the area covered by major food crops increased by 0.54% compared to the previous year, while overall agricultural production declined by 0.65%. However, the production of major food crops increased by 3.55%, with paddy production rising by 6.76%.

The industrial sector recorded an average capacity use of 30.98% among the industries surveyed. The traditional woollen blanket industry recorded the highest capacity use at 66.67%, while the processed milk industry had the lowest at 10.19%.

Meanwhile, the number of foreign tourists visiting Karnali Province declined by 27.68% during the review year. Loans to the service sector increased by 8.34%, with the sector accounting for 85.21% of total loans issued by banks and financial institutions in the province. The number of bank and financial institution branches reached 481 by the end of Ashadh 2083.

In infrastructure development, construction work on major projects, including the Pushpalal Highway, Karnali Corridor, Madan Bhandari Highway and Bheri-Babai Diversion Multipurpose Project, continued to make progress. Additionally, 30,490 people from Karnali Province obtained labour permits for foreign employment during the fiscal year.