The Economic Stimulus Programme, worth Nu 15bn, will be implemented within two years. The Economic Stimulus Programme Secretariat presented this at the coordination meeting with the local government on the 13th Five-Year-Plan yesterday. The programme intends to accelerate economic development, generate employment opportunities, and increase the country’s foreign reserves.
The Economic Stimulus Programme or ESP aims to enhance domestic production by 30 per cent in selected industries, reduce the youth unemployment rate by 7 per cent, decrease the trade deficit by 5 per cent in selected sectors, and attain a foreign currency reserve of USD 2.5 billion in the next five years.
According to the report presented by the ESP Secretariat, Nu 2bn is allocated for agriculture and livestock development, and Nu 1bn each for promoting tourism industry, Cottage and Small Industry development, credit allocation, and One Gewog One Product initiative.
Additionally, Nu 2bn is allocated for business revival, Nu 900 M for start-ups for entrepreneurs, Nu 730 M for the creative industry, Nu 2bn for the DeSuung Skilling Programme, Nu 1.7bn for employment, education and training for youth, Nu 1.5bn ngultrum for construction, and Nu 100 M for ESP Secretariat.
According to the ESP Secretariat, of the Nu 2.5bn released by the government of India for the ESP in May, Nu 1bn has been allocated for youth skilling, training and entrepreneurship programmes, and close to Nu 400 M has been allocated for priority crops and livestock products.
Further, Nu 500 M has been allocated for the livestock and agriculture price guarantee scheme. These programmes under the ESP will benefit over 70,000 farmers.
Kinzang Lhadon
