While the private
sector should be the engine of growth for the economy to propel, it is important to increase state sector productivity which is crucial for higher economic growth and understanding the dire need to improve
efficiency, productivity of state servants, the Government recently
introduced a flexible working hour mechanism for state sector employees in the Battaramulla area.
Columns News - EconoMeter
While the private
Tax is often considered one of those evil words that scare people. When I hear the word tax, I used to recall how much hate the Sheriff of Nottingham in Robin Hood inspired for collecting tax from the people and making them miserable. However, as I grew up, I was made to understand that tax is an essential part of everyone's life for the simple reason that it is the major source of government revenue which provides for public amenities.
During a session at the Sri Lanka Economic Conference concluded recently, several interesting comments were made about China's One Belt One Road (OBOR) initiative, which has been the major topic in international economic circles.
Among many other topics discussed in the recently approved New Trade Policy (NTP), substantial emphasis was given to the concepts of Global Product Sharing (GPS) and Global Value Chains (GVC) which seem to be the trends of globalization. NTP refers to the GPS as the division across countries of 'tasks' within the State production cycle, and notes that this has spread across many countries.
Last week, the Cabinet approved the New Trade Policy submitted by Minister of Development Strategies and International Trade, Malik Samarawickrema. The proposal stated that the Policy was prepared with the objective of expanding the export base and investment field.
Amongst many other statements made during the Sri Lanka Economic Summit held last week, one important statement made by Institute of Policy Studies (IPS) Deputy Director Dr. Dushni Weerakoon captured my attention. Statement claimed that Sri Lanka's trade policy should be a mix of bilateral and unilateral trade reforms, there is considerable space to focus on unilateral trade reforms within Free Trade Agreement (FTA) negotiations and Sri Lanka has been neglecting that.
Last week, The International Monetary Fund (IMF) raised concerns regarding Sri Lanka's high debt burden and stressed the importance of revenue based consolidation to meet gross financing needs. In a statement issued by the IMF upon the completion of the second review of the Extended Fund Facility (EFF) provided to Sri Lanka, it was noted that timely progress in structural reforms, including tax administration and energy pricing, will strengthen the platform for durable consolidation.
Last week, during a media briefing about export promotion of Sri Lanka, State Minister of International Trade Sujeewa Senasinghe said that the government is expecting to increase export revenue to USD 18 billion by 2020. He himself during the media briefing admitted that the government cannot be too ambitious about export targets, but with the regaining of GSP Plus, the export revenue will go up.
By Umesh Moramudali
Last week, the Ministry of Science, Technology and Research in a media statement said that steps will be taken to strengthen Science, Technology, Engineering and Mathematics (STEM) in schools. The statement went on to say that training will be provided to teachers by local and international scientists about Nano technology, artificial intelligence, airspace, biotechnology and other emerging branches of science.
- UN damns Lanka 14,000 minors in childcare centres Calls for urgent reforms
- Russia restricts Lanka tea over beetle scare Top-level delegation off to Moscow
- Call to criminalize marital rape Justice Ministry seeks Cabinet approval
- Jumbo killings Armed protection unit to be set up Fines, jail terms to be increased
- Crossovers loom prior to polls
- SC issues notice on Elections Chief
- Jilted SLFP shuns JO forever
- CEB TU threatens strike Gives 18th as ultimatum
- Gnanasara Thera’s request for foreign travel denied
- Chinese envoy says OBOR will take Sino-Lanka ties to new level
- Police Chief in pre-poll warning Errant officers will be dealt with strictly
- Court extends Stay Order on Gota case
- Sriyani as State Minister of PCs and LG JO crossover pledged support for MS
- Rains to prevail Landslide warning to Galle, Kalutara to be reviewed
- BJP lauds ‘Ram Setu’ findings Hits out at critics
- Two held for impersonation at exam centre
- Female Genital Mutilation Advice sought from medical experts
- Hambantota Port to China India raises security concerns
- Indian Air Force Chief at passing out parade
- Statement from the Embassy of the State of Palestine
- LG Governance first to collapse in N&E
- Asgiriya Secy criticizes Govt
- Namal’s Hello Corp case on 13 December
- Attanayake’s foreign travel request Court to consider on 4 Dec
- Drugs & alcohol abuse in NE Religious reps to address issue
- Interesting battle at Havelock Park
- Thurstan win inaugural golf tourney
- History making Pulisic US men’s footballer of the year
- Knicks down Nets despite early exit for Porzingis
- 34th Mercantile Individual Tournament 2017 McLarens shuttlers Overall Champions
- Retired Hewitt takes tilt at Aussie Open doubles
- Lamborghini World Final 2017 Malagamuwa finishes third
- Committee clears Thilaka as SL coach
- Basnayake uncontested president at SLCF
- Premier League Club Cricket Primosh scores second ton
- Astron wins again at SLIM NASCO 2017
- NDB brings Santa to the doorstep
- Com Bank opens branch No. 259 in Yatiyantota
- Amãna Takaful relocates Matale Branch
- Lotus Tyres rewards sales agents
- DFCC Bank sponsors 2017 Inter-School Golf Tournament
- Huawei announces Christmas promotion
- Elephant House recognized by Interbrand
- Singer (Sri Lanka) partners with Pan Asia Bank
- Disney deal suggests the Tax bill may mean little for the economy
- Christmas cheer is in the air!
- So, this is Christmas!
- A Time of Gifts Winding up
- Landmine deaths soar in 2016 With record number of child victims monitors
- Unravelling Nietzsche’s ‘death of God’ mystery
- Press freedom in Sri Lanka
- Canada’s pivot to China hits a snag
- Brexit: The UK’s four options
- When the heart calls out, on a starry night
- On eve of climate summit Macron reminds Trump of ‘responsibility to history’
- FGM/FGC Victims speak out
- Marapana as compromise Prime Minister
- Wigneswaran sowing seeds of communalism
- SLFP supports devolution of power – Lasantha Alagiyawanna
- If Bond scammers are not prosecuted…President will lose his credibility –Bandula Gunawardena
- All information security issues are not cyber crimes
- We want a change in Muslim representation– Hasen Ali
- Blessed are the peacemakers
- Disinformation campaigns and public mistrust
- Alleged human rights violations Lord Naseby defends Sri Lanka
- Millennials and Marriages
- Abu Dhabi to acquire ‘Salvator Mundi’
- MacOs High Sierra security fix
- Are Lemurs Going Extinct?
- An Echo of Womanhood
- Neecha Dosha of planets and how it is cancelled Neechabhanga Rajayoga
- Vastu defects and bathrooms
- Are you endowed with Pancha Maha PurushaYoga?
- God Aiyanayake: Guardian Deity of Jungle and Village
- Good thoughts eliminate bad planetary influence
- The Disaster Artist: The (un)making of a movie
- Our children and our cinema
- INTERPRETING ASIAN CINEMA: CHALLENGES AHEAD
- How Sanskrit journalism is slowly hogging headlines
- ice manufacturing in South Asia
- CMSC’s season finale concert
- Kite Surfing Lanka Kalpitiya An experience of a lifetime
- Ella and mini Adam’s Peak
- A cave of history -Ravana Cave
- Silvia Senanayake Dazzles at Mrs. Asia International
- Let’s Taco Colombo
- THE WRITER’S KITCHENNETTE MULLED WINE
- Hunger gnaws at Rohingya Children in camps
- Defeating IS Russia has ‘accomplished’ task
- Saudi Princess Ameera Aidan fights sex exploitation
- Hacking into the gate
- Review: A Bad Moms Christmas Relatable holiday humour
- A must watch superhero film!