By N.V. Sudarsan and R.V.-SrinivasanPublished July 05, 2018 14:18:47India is embarking on a multi-pronged approach to modernise its Bicol regional economy.
The first phase of the scheme is the Bicol Regions Development Fund, which is aimed at helping developing areas across the region to achieve their economic goals.
India has a total of over 300 districts and tribal areas in the country and the region is a significant economic engine for the Indian economy.
It accounts for about one fifth of India’s total economic output.
The region has been plagued by political tensions over centuries and has long been a battleground for political conflict.
It has been a hotspot for political violence, including armed conflict.
The Bicol Regional Development Fund will support the development of the region’s infrastructure, education, health and health services.
In 2018, India announced it would set up a Bicol Region Development Fund for the purpose of building economic and social development for the region.
The Fund will also provide a loan of Rs 50,000 crore for the creation of jobs in the region and in other areas of the country.
In October 2017, the first phase was launched with a goal of helping districts and tribals in the area.
The second phase is expected to be launched soon, with the fund being administered by the Indian Council of Agricultural Research (ICAR) and the Reserve Bank of India.
The first phase will help tribal communities, small and medium-sized enterprises, and rural households in the Bols region.
This will help in the provision of basic infrastructure, water, electricity, roads, sanitation and health facilities.
The second phase will be aimed at bringing the economic, social and cultural development of tribals and the Bol region to a greater extent.
This includes a plan for the establishment of an International Trade Development Center and an International Training Centre.
The third phase will provide financial assistance to communities, businesses and institutions, to ensure the smooth operation of the Bolis market.
This is expected in the next two years.