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This budget was the most consultative, comprehensive and constructive budget, to build and harness the potential of the SME’s and true Sri Lankan nationals. It covers a wide spectrum of food production, self sufficiency and the participation of all sectors in the rural economy of Sri Lanka.
As exporters, the depreciation of the Rupee by 3% has given is a very appreciative step.
The concentration of aiding & abetting development of agriculture and, the fact that the President left room for the introduction of higher yielding seed and planting material to increase productivity of raw material, which will enhance productivity from Rice to all food crops. The plantation crops too will benefit, especially the small & medium producers, because of the increased re-plantation subsidy. This will reduce our dependence of tea being imported.
Even in the case of low yielding, undeveloped varieties of fruits & vegetables, the importation in collaboration of research institutes abroad and, under the inspection of the Sri Lankan experts, the mother stock of the planting material is a must and, we see in this budget, room to work with these aims and ,the same extents of Mahaweli bank or the recently liberated North and East lands, if cultivated with the use of proper technology, with a stress on organic and where possible avoidance or use minimum balanced chemical usage, we would be the leading rice exporting country in no time.
After all, the aim of the budget is to be self sufficient, independent and achieving the target of exports thereby the rice, coconut, rubber, tea and all sectors of Agricultural raw materials have being covered.
A new aspect is the fact that the President mentioned the production of raw materials for the garment industry in Sri Lanka can be fulfilled with the genetically modified cotton (non consumable), can mean that we would again become a cotton based garment manufacturing country, where the local added value can go beyond imaginations and, even we could be equal to a place like Tiripur which today caters to the hotel & hospital industry, providing all towels and bed linen. The genetically modified cotton of India yields 15 times the traditional cotton variety. This will make our country a self fed and self clothed nation.
H.E. the President stressed the fact that in this budget, we spent more than US$ 1500 Million to import items of Spice base such as chilies and other food items and, the newly liberated land can be immediately put to use and, we can become the Guntur of Andhra Pradesh from whom we have being importing Red Chilies for the past 100 of years. This will reduce the trade imbalance and the effects (if any) of CEPA. After all managing bilateral agreements to our advantage is what efficiency means.
During the tea break, Minister deleted Siripala De deleted expressed his willingness to help those who need lease land for actual and active productivity.
The allocation of Rs 5,521 Million to renovate 12 new irrigation development projects is another very positive factor which will help bring new lands in to cultivation, where all three crops of rice plus round the year production will be possible.
The railway and transport services, if improved the same way, as our road system, for which Rs. 3,170 Million allocated would mean that our public as well as goods transport will improve. The 7 domestic airports, in addition to the 2 international airports, in Nuwara Eliya, Batticaloa, Trinco, Higurakgoda, Sigiriya, Anuradhapura and Iranamaduawa will not only boost tourism but also internal delicate fruit transportation.
The underutilized and neglected plantation lands if allocated to the Sri Lankan entrepreneurs, as proposed by the budget, can solve most of the raw material production base required in a agricultural economy like Sri Lanka
A special university for skills education which will enhance the quality and practicality of our out coming youth and their willingness to work in any field is also very positive. The SME entrepreneurs and students oriented towards Research and Technology now has access to the university, almost free to do the research which otherwise would have costed and, the reduction of taxation thereon is also a very positive factor.
The Government banks were requested to lend to the SME entrepreneurs and, the Exchange Control to approve Commercial banks to borrow from abroad, this also enables the local entrepreneurs to acquire more working capital. The priority was also given for export development and this budget should be used intelligently.
After half an hour of the deliverance of the budget, this preview, hence on the whole, we feel the consultation of almost ½ years with all sectors of the society and all levels of entrepreneurs, exporters and businessmen has resulted in a very comprehensive, consultative and constructive budget.
Definitely all Chambers of this country has being consulted and they too have very willingly contributed their thoughts. Now the members of these Chambers should read between the lines and make the best of this budget.
The biggest bouquet of appreciation should be given to the Secretary to the Treasury and all the sectors of the Ministry of Economic Development for having produced a budget that is business friendly.
If there are any hiccups or hurdles, this should be cleared with consultation and further discussions prior to the budget being adopted. I am sure; post budget consultation is also possible.
Sarath De deleted
Chairman, International Foodstuff Company (Pvt) Ltd,
President, National Chamber of Exporters
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=39580
As exporters, the depreciation of the Rupee by 3% has given is a very appreciative step.
The concentration of aiding & abetting development of agriculture and, the fact that the President left room for the introduction of higher yielding seed and planting material to increase productivity of raw material, which will enhance productivity from Rice to all food crops. The plantation crops too will benefit, especially the small & medium producers, because of the increased re-plantation subsidy. This will reduce our dependence of tea being imported.
Even in the case of low yielding, undeveloped varieties of fruits & vegetables, the importation in collaboration of research institutes abroad and, under the inspection of the Sri Lankan experts, the mother stock of the planting material is a must and, we see in this budget, room to work with these aims and ,the same extents of Mahaweli bank or the recently liberated North and East lands, if cultivated with the use of proper technology, with a stress on organic and where possible avoidance or use minimum balanced chemical usage, we would be the leading rice exporting country in no time.
After all, the aim of the budget is to be self sufficient, independent and achieving the target of exports thereby the rice, coconut, rubber, tea and all sectors of Agricultural raw materials have being covered.
A new aspect is the fact that the President mentioned the production of raw materials for the garment industry in Sri Lanka can be fulfilled with the genetically modified cotton (non consumable), can mean that we would again become a cotton based garment manufacturing country, where the local added value can go beyond imaginations and, even we could be equal to a place like Tiripur which today caters to the hotel & hospital industry, providing all towels and bed linen. The genetically modified cotton of India yields 15 times the traditional cotton variety. This will make our country a self fed and self clothed nation.
H.E. the President stressed the fact that in this budget, we spent more than US$ 1500 Million to import items of Spice base such as chilies and other food items and, the newly liberated land can be immediately put to use and, we can become the Guntur of Andhra Pradesh from whom we have being importing Red Chilies for the past 100 of years. This will reduce the trade imbalance and the effects (if any) of CEPA. After all managing bilateral agreements to our advantage is what efficiency means.
During the tea break, Minister deleted Siripala De deleted expressed his willingness to help those who need lease land for actual and active productivity.
The allocation of Rs 5,521 Million to renovate 12 new irrigation development projects is another very positive factor which will help bring new lands in to cultivation, where all three crops of rice plus round the year production will be possible.
The railway and transport services, if improved the same way, as our road system, for which Rs. 3,170 Million allocated would mean that our public as well as goods transport will improve. The 7 domestic airports, in addition to the 2 international airports, in Nuwara Eliya, Batticaloa, Trinco, Higurakgoda, Sigiriya, Anuradhapura and Iranamaduawa will not only boost tourism but also internal delicate fruit transportation.
The underutilized and neglected plantation lands if allocated to the Sri Lankan entrepreneurs, as proposed by the budget, can solve most of the raw material production base required in a agricultural economy like Sri Lanka
A special university for skills education which will enhance the quality and practicality of our out coming youth and their willingness to work in any field is also very positive. The SME entrepreneurs and students oriented towards Research and Technology now has access to the university, almost free to do the research which otherwise would have costed and, the reduction of taxation thereon is also a very positive factor.
The Government banks were requested to lend to the SME entrepreneurs and, the Exchange Control to approve Commercial banks to borrow from abroad, this also enables the local entrepreneurs to acquire more working capital. The priority was also given for export development and this budget should be used intelligently.
After half an hour of the deliverance of the budget, this preview, hence on the whole, we feel the consultation of almost ½ years with all sectors of the society and all levels of entrepreneurs, exporters and businessmen has resulted in a very comprehensive, consultative and constructive budget.
Definitely all Chambers of this country has being consulted and they too have very willingly contributed their thoughts. Now the members of these Chambers should read between the lines and make the best of this budget.
The biggest bouquet of appreciation should be given to the Secretary to the Treasury and all the sectors of the Ministry of Economic Development for having produced a budget that is business friendly.
If there are any hiccups or hurdles, this should be cleared with consultation and further discussions prior to the budget being adopted. I am sure; post budget consultation is also possible.
Sarath De deleted
Chairman, International Foodstuff Company (Pvt) Ltd,
President, National Chamber of Exporters
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=39580
Last edited by rijayasooriya on Wed Nov 23, 2011 10:00 pm; edited 1 time in total (Reason for editing : title shortened.)
