India handed over Nu 526.8 million to the Royal Government yesterday, according to a press release issued by the Gross National Happiness Commission (GNHC).
The Indian embassy’s deputy chief of mission, Esha Srivastava handed over cheques amounting to Nu 526.82 million (Nu 101.82 million for Government of India (GoI) Project Tied Assistance projects and Nu 425 million for the Programme Grant) to GNHC secretary Thinley Namgyal on March 8.
The money will be used to fund development of infrastructure and teaching at the College of Natural Resources and College of Language and Cultural Studies in Taktse. It will also be used as an installment of the Programme Grant for the period October-December 2016.
The GoI has committed Nu 45 billion in the 11th Five Year Plan to the Royal Government.
The detailed break-up of the commitment is: Nu 28 billion for Project Tied Assistance (PTA), Nu 8.5 billion for Programme Grant, and Nu 8.5 billion for Small Development Projects (SDP). As of now, GoI has released Nu 16.7 billion for GoI PTA projects, Nu 5.9 billion for Programme Grant and Nu 5.8 billion for SDP to the Royal Government.
In total, GoI has released Nu 28.4 billion to the Royal Government which is 63.1 percent of the total GoI commitment for the 11th Five Year Plan Period.