India releases money for ESP

Finally, the Economic Stimulus Plan is set to get implemented. India has released Rs 1b of the committed Rs 5b.

The pet project of the PDP is aimed at easing the currency shortage and stimulate economic activities that have remained stagnant since last year. It also targets helping credit lending by the the financial sectors.

The Indian Ambassador to Bhutan, V.P Haran, handed over a cheque worth Rs. 1 billion to the Prime Minister, Tshering Tobgay.

A press release from the Gross National Happiness Commission says as sustainable credit flows constitute the lifeline of an economy, the ESP is extremely important to enhance the economic livelihoods and living standards, particularly of low income groups, and thereby contribute to the achievement of “prosperity for all”.

Of the total commitment of Rs. 5 billion, Nu.4 billion will be injected into the financial sector and Nu.1 billion will be used for special support scheme.

The ESP is outside India’s commitment to financial support of Rs 45b for 11th five year plan.