In his Coronation Address on June 2, 1974, Jigme Singye stressed the need "to attain self-reliance and preserve Bhutan’s sovereignty and independence." He also stressed that any development undertaking should be a genuine collaboration between the people and the government. During the 1970s, immediate aims for rural households unfolded in terms of intensive valley projects, cash crops cultivation, especially potatoes – irrigation, and resettlement. Enhancing the income and livelihood of the rural people were the main focus of the 3rd and 4th FYPs. Soon after he acceded to the throne, Jigme Singye launched the Trashigang and Tsirang Intensive Valley Development Projects in 1972. These projects were part of a larger vision of food self-sufficiency and income generation.
Just four million units of electricity were generated in 1974, compared to 3.357 billion units by the end of his reign in 2006. In 1985, just around 10,000 households had electricity, and the number reached over 65,000 meter-point units by 2006. The connectivity of Bhutan increased in his reign through air services, internet, and surface transport. Internet reached Bhutan in 1999. The spread of faxes, telephones, satellite TVs, computers, and the Internet brought Bhutan into a transnational or globalized world. The national income of the country, as measured by GDP, was Nu 2.4 billion in 1985. This increased to Nu 36.9 billion in 2006, which was a 15-fold increase in 21 years. Bhutan's per capita income reached US$1,500 in 2006 by the end of his reign. In purchasing power parity terms, Bhutan's per capita income in 2006 was nearly US$4,085.
The king introduced an unconventional tourism policy of "high-value, low-volume". Soon after the Coronation, in October 1974, the first group of 20 tourists entered the country through Phuntsholing, as there was no air service then. By 2006, the number of tourists, flown in by Druk Air and who paid royalty, reached 17,344.
One of the landmark developments, soon after his coronation, was the signing of the Chukha Hydropower Project in March 1974. Construction began in 1983 and the President of India, Ramaswamy Venkataraman and King Jigme Singye inaugurated the Chukha Hydropower Project on 21 October 1988, nearly 13 years after the first discussion on it took place, in 1974. Chukha improved the revenue situation and the financial capacity of the country. In the industrial sphere, an early landmark project planned soon after his coronation was the development of a complete master plan for the construction of the Penden Cement Factory. The actual construction started in 1979 and the company was in production by 1983. The Penden Cement Authority produced about half a million tonnes of cement every day, for instance in 2008. Manufacturing and mining spread, mostly in the southern towns.
Wangchuck emphasised a two-fold foreign policy for Bhutan: to deepen Bhutan's relations with India and to create new bonds of friendship with fellow members of the UN. To diversify the sources of funding, Bhutan cultivated close relationships with the UN, ever since the visit of a UN Under-Secretary General in 1974. Relationships with other nations widened rapidly after 1974. The Coronation of 1974 brought a large numbers of foreign delegates. Representatives of some 18 nations attended the Coronation. Notably, Chinese representative also attended. Bhutan had supported China's seat in the United Nations in 1971 soon after Bhutan became a member of the UN. In parallel to the increase in development assistance, the decade between 1980 and 1990 was a period of enhanced diplomacy for Bhutan. In this decade, under the guidance of Wangchuck, Bhutan established diplomatic relations with 17 out of the existing 53 countries, and became associated with 12 out of 20 organizations of the United Nations family.