Private sector hails budget
The private sector said the 2010 Budget has focused on infrastructure
development which is highly beneficial to attract foreign investment and
accelerate economic growth.
|Sarath De Silva
Director, Financial Services Academy, Securities and Exchange
Commission of Sri Lanka and Senior Lecturer, University of Sri
Jayawardenepura, Dr. Dissa Bandara said the 2010 Budget is focused on
developing infrastructure, which is an essential component in driving
“Good infrastructure helps attract local and foreign investments
which is needed to achieve the economic targets envisaged in the
Budget”, he said.
Chairman, Shipping, Ports and Aviation Committee of the National
Chamber of Commerce, Sujeeva Samaraweera said infrastructure development
has been emphasised in the 2010 Budget which is vital to develop
aviation, shipping and logistics in the country.
“The program to develop the road network, ports and aviation and
railway should be expedited and funds for the projects should be
effectively used”, he said.
CEO/Secretary General, Chamber of Construction Industry, Dakshitha
Thalagodapitiya said the thrust of the 2010 Budget is on construction
and reconstruction activities.The completion of the Colombo-Katunayake
Highway, Outer Circles and the Southern Expressway will help improve
connectivity for effective transportation.
“Steps taken to do away with the operation of multiple taxes, promote
a simple and broadbased low tax regime and encourage more companies to
list in the Colombo Stock Exchange should be commended”, Thalagodapitiya
Chartered Accountant and Partner, Gajma and Company, N.R. Gajendran
said the eight percent economic growth rate to be achieved is good, but
there should be measures to curb government expenditure.
“More revenue generating sources should be sought to bridge the
budget deficit which is expected to be around eight percent of the GDP”,
he said. Secretary General, Joint Apparel Association Forum, Rohan
Masakorala said the government has addressed a fundamental issue of the
economy by proposing to curb the budget deficit by eight percent of the
Director General/CEO, Employers Federation of Sri Lanka, Ravi Peiris
said the Federation is happy that the Government has not intervened in
the revision of private sector wages which is dependant on the capacity
of the employer and the market forces.
“The private sector has a different wage mechanism and the Federation
is in the process of revising the minimum wages in industries”, he said.
President, National Chamber of Exporters (NCE) Sarath De Silva said
that it is an investment and industry friendly budget. It is different
compared to the conventional budgets presented in Parliament earlier.
This is the first step to reach the export goal of US$ 20 bln export
revenue, said de Silva. He said that NCE wanted a larger fertilizer
subsidy and he firmly believes that the subsidy given is not restricted
to paddy alone as cultivation of all crops need fertilizer. At present
the food bill of the country is big and these measures will reduce it
The country can’t afford a, wage increase at present so he welcomed
the Governments decision not to offer a wage increase.
Immediate Past President FCCISL and National Director UNIDO Nawaz
Rajabdeen said that expenditure and revenue targets are clearly laid
down which is welcome. He said that creating employment and regional
development are the solutions to increase the income of the people. The
government should support and finance entrepreneurs and start
private/public partnerships. Micro and small industries should commence
in the North and the East to generate employment.
Nothing substantial is manufactured at present. For example for
electrification of the North and the East, all items can be manufactured
in the region.