<strong>PM calls for need to study factors impeding private sector growth</strong>

PM calls for need to study factors impeding private sector growth

Responding to the National Assembly Member of Parliament (MP) from Khar-Yurung constituency, Tshering Chhoden, the Prime Minister (PM) Dr Lotay Tshering said that if the private sector is not doing well it is important to study  why the private sector has not developed over the years, apart from looking into new policies to develop the private sector.

The MP said that in the 13th economic plan, the government has estimated the gross domestic product (GDP) to grow upto USD 2.5bn by 2029 and by 2034 to grow by USD 10bn, and similarly, employment rate to 97.5% by 2027.

The MP asked the PM to inform the house on its plans and strategies to revive private sector as it plays a vital role economic growth.    

 “One such example of the policy includes the new act in the tourism sector where obviously some will be happy and some will not be happy but we have to look through the policy that will be helpful in the long run,” the PM said. 

For instance, the PM said that it is important to know that the pandemic has also hampered the whole world and that the Russian-Ukraine war has made it more difficult to revive the economy rather creating inflation.

In addition, the PM shared that with developed countries opening their doors to outsider, many people started to migrate due to better opportunities and that the government doesn’t have the right to stop Bhutanese from going abroad. “Having looked at all those challenges, it is important that we all will have to look this situation together and help revive the private sector,” the PM said, adding that, one should not expect to reap the outcome very soon, but that we will have to see through the benefits in the future and work hand in hand to revive the private sector.

Sherab Dorji from Thimphu