India agrees to consider Rs 1,500 crore economic stimulus to Bhutan | Foreign Affairs Defence Security News

The areas covered under the bilateral cooperation include development partnerships, energy, trade and investment, connectivity and trade infrastructure, technology, people-to-people relations, as well as other regional issues of mutual interest, the joint press release from New Delhi and Thimphu said.

The Royal Government informed the Government of India about the activities proposed to be carried out under the Economic Stimulus Programme (ESP). The Indian side agreed to positively consider frontloading the entire amount of Nu 15 billion i.e. Rs 1,500 crore from ESP in the first one and a half years, subject to the progress in implementation of the proposals, the press release said.

Misri, who was on a two-day official visit at the invitation of his counterpart Aum Pema Choden, was granted an audience with Jigme Khesar Namgyel Wangchuck, the King of Bhutan, on Friday. He also called on Dasho Tshering Tobgay, the Prime Minister, and D.N. Dhungyel, the Minister of Foreign Affairs and Foreign Trade.

On Saturday, Misri and Choden co-chaired the third India-Bhutan Development Cooperation Talks, also known as the ‘Plan Talks’ of the 13th Five-Year Plan, which focus on development cooperation and mutual interests.

Foreign Minister @VikramMisri and Foreign Minister Aum Pema Choden jointly chaired the third development cooperation talks of the 13th Five Year Plan, the Indian Embassy in Thimphu said on X.

An evaluation was made of the implementation modalities and cooperation in various areas of the Development Partnership over the period of 13 FYPs.

Both sides expressed satisfaction over the large number of development projects for Bhutan and India implemented under the 12th Five Year Plan. The two Foreign Ministers virtually inaugurated 19 schools in Bhutan, which were built during the 12th Five Year Plan period.

The Bhutanese side presented the proposals for Project Tied Assistance (PTA) and the first tranche of the PTA projects to be implemented during the 13th Five Year Plan period, the press release said.

A total of 61 projects worth Nu 49.58 billion (Rs 4,958 crore) were approved by both sides. These projects cover sectors such as connectivity, infrastructure, energy, skill development, education, healthcare and cultural heritage.

Both sides also approved projects in the areas of capacity building, industrial parks, sports, youth exchanges, digital economy, e-mobility and space technology. These projects were approved by both sides, in line with the vision of the King of Bhutan and the priorities of the government and people of Bhutan, the press release said.

Earlier, during Prime Minister Narendra Modi’s state visit to Bhutan in March this year, he had announced the Indian government’s development assistance worth Nu 100 billion, or Rs 10,000 crore, for Bhutan’s 13th Five Year Plan period.

The Government of Bhutan expressed its appreciation for the invaluable support that the Government of India continues to provide to the socio-economic development of Bhutan, the press release said.

During the plan discussions, both sides discussed various aspects of assistance and implementation modalities for development projects supported by the Indian government,” it added.