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| Sunday, 19 September 2004 |
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Budget promise : Boost to new ventures By Jayantha Sri Nissanka The maiden budget of the UPFA government to be presented in Parliament in early November will be development oriented providing more incentives to local industrialists to embark on new ventures and enhance on existing ventures, Deputy Finance Minister, Ranjith Siyambalapitiya told the 'Sunday Observer" yesterday. In order to achieve this goal, a new institution will be set up to assist mainly Small and Medium scale industrialists financially. This institution will be set up with the help of local and foreign funds. Though many financial schemes were introduced by various Budgets to assist industrialists through various banks in the past, the targeted goals had not been achieved. That was the reason for establishing a separate institution to assist local industries, he pointed out. Therefore, the new institution will provide financial assistance for local industrialists at low interest rates. A Government institution like the Export Development Board will assist them to market their products. In addition, the Budget aims to bridge the gap in development between the rural and urban segments, the deputy minister emphasised. He also said that subsidies which are given at present will not be scrapped but Samurdhi beneficiaries will be assisted to engage themselves productively rather than being dependent on subsidies forever. Deputy Minister Siyambalapitiya noted that a pay hike would be announced for state employees when the maiden budget is presented. Another striking feature in the Budget will be the allocation of funds for Capital investment, which had been neglected by various governments in the past due to financial constraints. This had affected the speedy development of the country in the long run, he added. The Budget also lays special emphasis on agricultural and human resources development in the country as it can greatly help the rural masses. The Government expects a boom in the agricultural sector in coming years once the 1000 tanks renovation program is completed. A road development program has also been designed to support the speedy development in rural areas, the Deputy Minister added. The Budget will also come out with special measures to tackle the increasing cost of living and increase incomes of people. |
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