Budget geared for rapid economic development

by Thulasi MUTTULINGAM

Sri Lanka currently has the lowest possible inflation and interest rates in the country, said Chairman of the Sri Lanka Foundation Institute (SLFI) Dr. Ranjith Bandara. He said we have the most conducive environment for business and are on target to achieve a per capita income of US $4,000 by 2014.

At a lecture held at the SLFI on the 2011 Budget on Thursday, he also said that the economy should grow at a rate of eight percent for Sri Lanka to achieve the US $4,000 per capita income target during the last quarter an 8.1 percent growth was achieved.

According to Dr. Bandara the Budget was primarily focused on developing an efficient and productive economy and feedback from professionals in the management, business and financial sectors have been very positive and appreciative.

He pointed out that the Budget has offered steps to reduce taxation complications and enable a business and investment-oriented economy, as well as promote Sri Lanka as a high end tourism destination."The overall outlook of the Budget 2011 suggests that the main aim of the Government is to achieve rapid economic development through import substitution and export expansion," Dr. Bandara said.