Prime Minister’s policy statement renews social market economy hopes

6 November 2015 03:29 am - 0 - {{hitsCtrl.values.hits}}

A A A

Prime Minister Ranil Wickremesinghe yesterday spelt out a detailed policy framework—which he termed “3rd Generation Economic Reforms,” following the economic reforms brought in by late Presidents JR Jaywardena in 1970s and Ranasinghe Premedasa in late 1980s— to revive the country’s economy.
The policies spelt out by Wickremesinghe aptly complemented with the German-styled social market economy the new government has been advocating for some time.

For example, Wickremesinghe said the purpose of the retrospective Super Gains Tax was served and the government would discontinue it.

He also said the government will review the businesses which were acquired by the previous regime under a draconian Expropriation Act.

Wicremsinghe’s proposal to set up a Competition Tribunal for dealing with monopolies will help to ensure a fair market place for private sector businesses to carry out their operations.

Meanwhile, Wickremesinghe’s proposal to ensure land ownership to rural and estate sectors, the middle class and government employees will help to strengthen the welfare aspects of the social economy.
Creating a competitive economy appeared to be in the core of Wickremesinghe’s policy statement as he proposed to do away with unnecessary tax holidays given to businesses, improve the country’s Doing Business ranking and create a number of new bodies to curb corruption, the archenemy of a competitive economy.
Wickremesinghe’s suggestion to set up a State Holding Corporation Limited for financially bleeding state-owned enterprises similar to that of Singapore’s Temasek will also make the market place more competitive and a less burden to the tax paying public.

The government’s decision to divest certain non-strategic investments such as holdings in hospital companies and hotels also through the stock market signal the lesser role the government wants to play in private enterprises, a key ingredient in developing a vibrant social market economy.

It is commendable the attention and focus Wickremesinghe had paid in his policy statement to overhauling the country’s pension system, identifying demographic changes in the Lankan population.

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Comments - 0

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Prime Minister’s policy statement renews social market economy hopes

Comments - 0

Add comment

RECOMMENDED

‘Spike in blast fishing’ poses renewed threats to Sri Lanka’s marine ecosystems

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Most Viewed in News

Two racing drivers arrested over Fox Hill tragedy

Racing event tragedy leaves seven dead including eight-year-old child

Complaint lodged over Piumi Hansamali's possession of Gota’s Range Rover

Former MP Palitha Thewarapperuma dies from electrocution

Gota fires back at Cardinal, rebuts allegations

Sri Lankan among NASA’s new crew for next simulated Mars journey

MIRROR CRICKET

Is Chamari Athapaththu Sri Lanka’s greatest cricketer ever?

Athapaththu back atop ICC Women’s ODI Batting Rankings

Chamari Athapaththu sets big goal for T20 World Cup

How does CSK get best out of Pathirana?

TODAY'S HEADLINES

Foreign powers intensify surveillance on Presidential elections as strategic interests take centre stage

New uterine loop for monkey birth control

Sajith avoids reception hosted for Iranian President

Do not be afraid to use weapons, Minister Alles tells police

SLAS appoints independent committee for investigation

Pakistan lose key players for last two T20Is against New Zealand

Sri Lanka secures third spot in South Asian Kurash Championship 2024

Athapaththu back atop ICC Women’s ODI Batting Rankings