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Bhutan has one of the highest living standards in South Asia. With a GDP per Capita (2014) of USD 2,661, it is among the highest in South Asia. It boasts a high literacy rate (2012) of 63%, life expectancy of 67.4 years with 90% health coverage and pristine environment. Bhutan has enjoyed economic prosperity with an intact culture, harmonious society and unprecedented peace. Much of the credit goes to His Majesty Jigme Singye Wangchuck (r.1972-2006) the Fourth Druk Gyalpo. In this, he followed the earlier works of his father. Over three decades, the Third King led the transformation from a traditional rural economy into a modern one and then handed the leadership of that development over to others. After accession to the throne and until his abdication, strengthening the security and protection of the sovereignty of Bhutan was uppermost in the King's mind. However, in relation to planned economic development, Bhutan had a late start. It was only in 1961 that Bhutan started its first planned socio-economic development programmes. But in a relatively short time, Bhutan has already made Middle Income Country status. This is a significant achievement and much of this is due to the careful processes incorporated into the five year plans (FYPs). In this chapter we focus first on a few important precursors to the modernisation period. We then move on to the development of Bhutan during the period of the first six FYPs (1971-2001) and His Majesty's role in it. This is followed by a consideration of the major achievements of these times and their present outcomes. |
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