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. |