Economic Development Policy, 2016 (Bhutan)

The Economic Development Policy of Bhutan envisions a green and self-reliant economy sustained by a knowledge-based society guided by the philosophy of gross national happiness. It aims to provide strategic direction to ensure that economy takes the center stage of development initiatives. The Policy recognizes that unless the constraints to business growth are systematically addressed, the capacity of the private sector as the engine of growth cannot be enhanced. In this context, the Policy aims at creating an enabling environment for investment. The Policy provides the basis for government intervention to enhance productivity of the economy as a whole. It utilizes several strategies which include promoting the five jewels (hydropower, agriculture, cottage and small industries, tourism and mining); diversifying the economic base with minimal ecological footprint; harnessing and adding value to natural resources in a sustainable manner; increasing and diversifying exports; and reducing dependency on fossil fuel, among others.