Looking forward to increase GDP growth rate of 2.05%
T he GDP growth rate in 2013 which was one of the lowest of all ever since last two years was drastic change in the GDP of Bhutan. Lyonpo Norbu Wangchuk said that 2011-2013 there has been a very troubled time for our economy as in 2013 was the beginning of the 11th Five Year Plan.
Since the government had six months to turn the economic situation of our country. Minister said, the government had Nu 6 billion to pay off immediately but fortunately seeing the confidence of the Royal Government of Bhutan, Government of India supported Nu 5 billion to Bhutan. However, they have finalized the 11th FYP now, he said.
The government has been giving every possi- ble initiatives to be taken since their one year in the government. And now in the second and third year they have already finished implementing the plans for the 11th FYP.
He said, the Gewogs, Dzongkhags and the agencies are now getting the budgets and there are lot of activities taking place as per the 11th FYP. Business opportunity and Information Centre (BOIC) is also on operation where 1.5 billion has been injected, the BOIC has approved 967 projects which will be done within 4 to 5 months. This is going to be major impact on rural economy, he added.
Economy minister also shared that there had been Nu 2 billion liquidity injection with which now financial institution are now going to raise the capital adequacyratio and are ready to provide loans. Currently, Dagachhu Hydroelectric project has been commissioned, Dungsum Cement Corporation Limited is now under operation, the hydro power projects are stabilized, Kholongchhu Hydroelectric project will be done and there is also lots of Foreign Direct investment (FDI) proposals incoming. He said, they have approved 16 FDI proposals so far.
He also said that there is going to be a major impetus to the direction of the economy and sectorial thrust they are trying to provide. This is their Economic Development Plan (EDP) scheme. He told the media that many domestic companies have been registered and EDP is now working on their objectives to be get started.
The government is confident that they would improve the economic condi- tion of the country. There are four industrial states, Jigmeling, Mothanga and others which are the first in the list, they are going to start from July 2015. They will be allocating the plots and simultaneously asking the businesses to execute their plans.
Prime Minister said, whatever happens in India will not affect Bhutan politically but with economically. As always Government of India has always being generous to Bhutan for any budgetary problems. The development in Indian economy particularly the budget presentation is most valuable for Bhutan’s economy.
India has always being generous to support Bhutan and the people in our nation in terms of efforts and in development of hydro power since ages so instead of thanking them we should work hard and present good result in terms of their generosity, he said.
He also said In terms of initiative if India’s economy goes well there will be growing middle class and growing consumption so we should be able to provide them whether it is electricity or any kind of products or services, we would have the opportunities and the governments priority for economy.
2013s GDP growth of 2.05 percent was one of the lowest GDP growth ever since record of 1980. Surprisingly there was also a time the GDP growth was in negative in 1991 and in 1993 there was 2 percent growth rate. The ministry and the government are working hard to have improved GDP rate from now, Lyonpo Norbu Wngchuk added.
MoEA minister, Norbu Wangchuk is confident in betterment of economy growth of Bhutan. “We are looking at the betterment of 2.05% GDP growth rate”, he says.