CSI flagship and import substitution

The first formal presentation for the Cottage Scale Industries (CSI) flagship plan was held at the Prime Minister’s Office (PMO) on 28 November, in the presence of the Prime Minister, representatives from the Ministry of Economic Affairs (MoEA), Gross National Happiness Commission (GNHC) and the media.

The presentation highlighted the background of the project, its status update, achievement and issues and decisions sought.

The budget for the flagship plan for start-ups and CSI for the 12th FYP was Nu 1200 million (mn). Out of which the approved budget for the fiscal year 2019-2020 was Nu 235.394 mn. So far, Nu 7.383 mn has been utilized. The presentation also highlighted a total of 35 success indicators (SIs), of which 3 have been achieved, 32 are on track and none at risk, as reported.

The implementing partners for the project are the Ministry of Labour and Human Resources (MoLHR), DAMC, BAFRA, APIC, DoT and BSB.

Prior attention was based on import substitutions and effective implementation and support for the start-up centers.

Lyonchhen added that the start-up centers should have systematic impact on the outcomes as under the flagship program there are more avenues to capitalize on, in terms of financial injection and shorter bureaucratic routes consisting of minimum communication circle.

He also addressed the number of people trained as entrepreneurs should practically take up entrepreneurship, and advised respective departments to follow up with them as well as getting views on the hiccups of successful entrepreneurs to get a clearer and immersive picture to address such issues.

Further on, the Prime Minister also talked about monitoring the failing businesses and how such areas can be rectified for prevention.

The need for tangible outcome was another area of discussion on which the Lyonchhoen briefed that if necessary, the components of the CSI policy can be amended in order to curb a mass effect for businesses down the line.

He regarded for start-ups centers to operate with level-wise referral system and the need for specialized governance. DCSI will look into plan formulation along with relevant partners for the flagship plan looks to have a flexible tendering system.

“In terms of any mismanagement in quotation system, the concerned department, division or units will be accountable for it,” the Lyonchhen clarified.

He also added that the quotation system shall be liberalized, but at the same time, the negatives should be avoided.

The focal area being the growth of local products and business, the Prime Minister said that if substitute products are ready and have feasible trajectory, there can be policies to nurture and support, for instance, import restrictions or taxation revisions.

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