Doklam fresh on mind, India promises Rs 4,500 crore to Bhutan – Times of India

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Doklam fresh on mind, India promises Rs 4,500 crore to Bhutan – Times of India

NEW DELHI: PM

Narendra Modi

Bhutan’s Prime Minister Lotay Tshering, a significant outreach with a significant neighborhood, who occupies a

strategic geography

between India and China

A transitional Trade Support Facility of 400 crore over a period of five years has also been announced for strengthening the bilateral trade and economic links. Modi assured Tshering, who took over PM last month, that India will continue to play the role of a reliable friend and partner for Bhutan. The meeting was aimed at cement ties with the new government and though India’s relations with China has improved, shadow of the military standoff at

Doklam

in 2017 only underlined the importance of stable relations with Bhutan

The new five-year plan of Bhutan started in 2022. Underscoring the significance of hydropower projects in India’s relations with Bhutan, Modi said work on the Mangdechhu project will soon become completed. Mangdechhu is a 720 mW hydroelectric project on the Mangdechhu river in central Bhutan. The river projects will serve to increase the already close economic linkages with the Himalayan nation.

“Today, we discussed this important sector and reviewed on all major projects. Work on the Mangdechhu project will be completed soon. We have agreed on the tariff for this project Work on other projects has been happening at a very satisfactory pace, “Modi said.

Tshering, said to be contemplating plans to diversify Bhutan’s economy, acknowledged that hydropower had been the

main source

of revenue for Bhutan “We are very happy that the government of India is fully committed to support whatever negotiations that are going on for Tariff for power from Mangdechhu project as well as to make Sankosh (hydropower) project as soon as possible,” Tshering said. The two leaders reiterated their commitment to jointly develop 10,000 MW of hydropower generating capacity in Bhutan.

Modi thanked Tshering for deciding to introduce in Bhutan the Indian RuPay card which is a debit and credit card payment network. Tshering said Modi had assured him of helping Bhutanese traders hit by implementation of GST in India.

“We are very happy that PM Modi has personally committed to be able to support us … Govt of India has extended full support for our XII Five-Year Plan and also to our traders who are affected by GST has come in action in India, “the Bhutan PM said.

Tshering arrived here on Thursday on his first foreign visit.

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