Look­ing for­ward to in­crease GDP growth rate of 2.05%

Bhutan Times - - Home - Biku Gu­rung

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.

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