Bhutan to initiate new industrial policy; New Delhi to provide assistance of Nu 34 billion for Bhutan in Tenth Five-year plan; Austria to provide Nu 31. 4 million to support good governance policies in Bhutan; Global financial meltdown negatively impact
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    • Reports noted that Bhutan was set to initiate its new industrial policy, directed at stimulating diversified and accelerated economic growth. Among areas of reform would be new labour norms and an emphasis on infrastructure development1.

    Meanwhile, the Austrian government agreed to provide 500,000 euros (Nu 31. 4 million) to support good governance policies in Bhutan. The aid would be channelised to cater to the needs of the tenth five year plan, which has a focus towards issue-specific areas like environment and poverty alleviation2. New Delhi’s assistance to Bhutan’s tenth plan has also been finalized at Nu 34 billion. Some of the activities that India would support in the plan include the building of a medical college, a rail link to Phuentsholing, the Dungsum cement project, and the Wangchuck-Nehru Scholarship, amongst others3.

    Reports also noted that the current global financial meltdown has impacted the Bhutanese steel industry negatively. Even though the steel industries were approaching the banks for loans, the current financial rules barred them from borrowing more than a maximum limit of 30 percent of the financial institutions’ equity4.

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