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Laudable 'yes' to balanced economy

The points made by President Mahinda Rajapakse at a special briefing to India's business community, adequately establishes the balanced nature of the economic policy which would be pursued by his administration in the days ahead.

As could be seen, Lanka would be open to foreign direct investment and the development of external trade while fostering a stable indigenous economic base which would be responsive to the essential needs of the local people.

From what could be gathered, Sri Lanka would be following a pragmatic economic policy from now on. Trying to label such an economic dispensation as 'open' or 'closed' would be a falsification of the reality.

It would be neither of these things but be practically-oriented, adapting itself to the principal needs of the people and combining elements from both an outward-looking as well as inward-looking economic strategy.

The bottom line, so to speak, will be equity and the satisfaction of the people's needs. There would be no dogmatic adherence to this or that approach to development but a combination of strategies to meet the people's main requirements.

This accounted for President Rajapakse's request to the Indian business community to explore the possibilities of investing in Sri Lanka. This is because the Government would be endeavouring to foster an investment-friendly economic climate in the country. It should not have come as a surprise, therefore, that the role of the BoI came to be highlighted.

However, what is equally gratifying is the President's focus on 'agriculture, livestock, fisheries and plantations' as being among 'the thrust areas' of Lanka's development strategy.

It need hardly be said that these sectors are peopled by the so-called small man in the local social scene. Growth in these sectors would accrue to the benefit of the low income groups which comprise nearly 50 per cent of our population.

Besides, it is commendable that the President is also espousing the cause of the small and medium-scale entrepreneurs, for, they too have been among the disadvantaged in our society and require State assistance to keep afloat in the twirling economic currents of today.

Here, therefore, we have the essentials of a balanced economy. While Sri Lanka has to remain investor-friendly and forge closer economic ties with neighbours such as India, it is beyond dispute that we need to build and sustain a strong indigenous economic base.

For, it is in the latter that the majority of Lankans live and have their being. Efforts to develop the rural sector would bring economic equity and justice to the majority of our people and this is the reason why 'Mahinda Chinthana' should be valued as a blueprint for national recovery.

Such sentiments gain in importance in view of the fact that "growth with equity" has largely eluded us since 1948. If our memory serves, President Rajapakse is the first local Head of State and Government to admit that low income earners comprise nearly 50 per cent of our population. Generally, such "bleeding statistics" have been deftly glossed over by our ruling circles.

However, if we are to forge ahead on the development path, the reality of poverty has to be acknowledged and we are happy that the President is prepared to face the reality squarely.

We urge the State to proceed along this path of balanced growth. Let us not have skewed "development", where only a microscopic minority of the population enjoys the fruits of growth.

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