|
 |
 |
 |
| Monday, 20 September 2004 |
 |
|
 |
Editorial | |
| News Business Features Security Politics World Letters Sports Obituaries
| Please forward your comments to the Editor, Daily News. Email : [email protected] Snail mail : Daily News, 35, D.R. Wijewardene Mawatha, Colombo, Sri Lanka. Telephone : 94 11 2429429 / 94 11 2421181 Fax : 94 11 2429210 Towards economic self-sufficiency While the present cacophony of noises from opposition circles on the rising cost of living should not be expected, on account of the way local politics is structured, it is encouraging to note that the UPFA Government has not lost sight of the need to provide for Lanka's economic self-sufficiency, to the extent possible. For instance, plans by the Government to establish an institution for the financial sustenance of small and medium-scale industries, is a step in the right direction. This initiative is expected to be incorporated in the Government's upcoming, maiden budget proposals. Overall, apparently, there would be a marked emphasis on the resuscitation of the local industrial sector. This is evident in some observations made over the weekend by Deputy Finance Minister Ranjith Siyambalapitiya on the emerging budget proposals. It is our conviction that governments of the recent past have taken what may be called a line of least resistance on the question of economic autonomy and self-sufficiency. It is as if economic globalization has been permitted to run its course in this country in the belief that all that it brings are blessings and bonanzas. Fortunately, globalization today stands exposed in all its stifling weaknesses and pitfalls. No doubt economics need to be liberalised and be freed of the throttling shackles of the so-called closed economy, but this does not mean that developing countries in particular could consider globalization a Mantra of success. The economic globalization paradigm needs to be adopted with a degree of critical detachment by governments and also selectively with indigenous industries and agriculture being encouraged. The cost of living is soaring to be sure, but this is attributable to the fact the country has been rendered a slave to global market forces by the UNF government whose motto seems to have been: "globalize or perish". An independent, local economic base needs to be revived and we are glad the Government is rising to the challenge. In order to foster an economic base of this nature, the local people need to be provided the correct incentives to engage in small and medium-scale enterprises which would lay the foundation for self-sustaining, independent economic growth. Financial resources figure as a crucial input to this growth process. The Government is obliged to facilitate the provision of financial sustenance to the small and medium scale sector and it is encouraging to note that this urgent requirement is being provided for in the next budget proposals. Governments have, thus far, been identified with a "hand outs" culture which does little to encourage local entrepreneurship, particularly the UNF. Fortunately, concrete moves are now being made to prove that the UNF supposition is wrong. |
|
News | Business | Features
| Editorial | Security
Produced by Lake House |
