The Ministry of Labour and Human Resources (MoLHR) plans to bring youth unemployment down to five percent by the end 2015. The commitment was made at the signing of the performance agreement between the Prime Minister and the ministry.
Lyonchhen Tshering Tobgay said the purpose of the agreement is not to make one ministry compete against another but to make each ministry compete against each target.
The youth unemployment rate increased to 9.6 percent this year from 7.3 percent in 2013. Similarly, unemployment rate of female youth increased from 7.2 percent to 9.9 percent.
The ministry says they are fully committed to achieve the target.
Under the performance agreement, the ministry will also improve the working environment in the private sector by providing social protection. The ministry will also work towards making technical and vocational education and training courses more relevant to the needs of labor market.
Meanwhile, the Ministry of Economic Affairs also signed the performance agreement with the Prime Minister.
Under the acceleration of hydropower development, works on Punatshangchhu-I will be completed by 77 percent and 62 percent of Punatsangchhu-II by 2015.
Similarly, 55 percent of works on Mangdechhu will be completed by 2015, while the Dagachhu will be commissioned.
To enhance economic expansion and diversification, the ministry will also develop 40 percent of Motanga Industrial Estate and 10 percent each for Jigmeling, Bondeyma and Dhamdum.
Others include, increasing the export volume from Nu.17.6 billion to Nu.20.2 billion in next fiscal year.
