Localised Budget to reach economic targets

By Sanjeevi Jayasuriya

The holistic view taken to address the entire spectrum of the economy is the highlight of the Budget, a business community leader said.

“This is an advanced Budget created with the joint effort of the public and private sectors. The consultation process began from the inception and the proposals made by the Chambers, business organisations and SMEs have been taken into consideration. Dialogue with the people by the Ministry of Economic Development enabled a development-centric Budget that will sustain the growth momentum,” Exporters Association Past President and leading businessman Sarath de Silva told Sunday Observer Business.

While looking into every aspect of the economy, the Budget has focused mainly on improving productivity by creating an enabling environment through policy intervention. The backdrop is set to take the country to the next level, he said.

The tax structure remains unchanged while incentives have been given to identified areas including agriculture. Special attention has been paid to food security, health infrastructure and import substitution to reduce the budget deficit and outflow of foreign exchange.

“Having understood the need for a consolidated agricultural sector, the Budget has placed emphasis on local value addition utilising local resources.

The new market finding is to minimise dependency on the USA and Europe, and exploring African markets has been encouraged.

The Budget has also looked into measures of preserving the environment while encouraging alternative energy sources,” he said.Emphasis on technology, research and development will have immense benefit in the long run, while facilities to develop fisheries, animal husbandry and milk production will boost food security.

These are positive factors and the priority given for import substitution is important. This is a localised Budget for development to reach the export and per capita income targets within the time frame, de Silva said.