Focus on long-term lending
Making Lanka an emerging economy:
The banks in Sri Lanka need to focus on long-term
lending in the future while becoming development banks to make Sri
Lanka an emerging economy in the world. Addressing the Post Budget
Seminar held yesterday Treasury Secretary Dr P B Jayasundara said
2011 budget has paid much attention to hyper incentive activities in
the country covering the productive youth workforce to a range of
diversified aspects in the society.
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Chambers welcome progressive budget
Several important taxations have been
liberalized as the Chamber had also suggested and has offered
incentives to investors and agricultural industry. “The Government
is targeting at reducing the inflation rate and we are confident
that the trade deficit could be covered up as it has been brought
down further. In this investment friendly environment, the private
sector and investors could expect more Foreign Direct Investment (FDI)
to flow,”
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Supermarket trade set to grow
The supermarket trade in Sri Lanka is expected
to grow 20 percent per annum in the years to come owing to
increasing purchasing power of the consumers. It is expected that
this growth would be apparent from the next year. Richard Pieris
Group Director and Chief Operating Officer (COO) Pravir Samarasinghe
said the retail market which consists of small boutiques will also
record about three to five percent growth per annum in keeping with
the Government’s objective to record seven to eight percent economic
growth in the country.
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Budget 2011
Budget benefits for all
Budget 2011 speech delivered by President Mahinda
Rajapaksa in his capacity as Finance and Planning Minister in
Parliament yesterday:
People have placed their confidence in us to
lead our beloved motherland to a brighter future. They want a decent
living, a clean environment and a better life for their children. I
remain firmly committed to give an uncompromising leadership to
fulfill their aspirations. It is with that commitment I rise here
today to present the 2011 Budget. I am also humbly proud as the
Finance and Planning Minister for being able to reduce poverty to
7.6 percent during last five years while taking our country forward
as an emerging economy in Asia.
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