Open source 2.0: It’s business now

A friend of mine works for a company that sells imported equipment, inter alia. Once his boss had what he thought a bright idea – import self-help home repair equipment kits for Sri Lankan households.

COVID-19 pandemic, women and women in workforce

The current global outbreak of COVID-19 that has already disrupted the lives of the people would further entrench the existing gender inequalities in many ways. In most contexts, women and girls are disproportionately impacted due to their relatively disadvantaged situation, distinct social obligations and responsibilities.

JAAF continues to guide apparel sector in trying times

Consequent to the second wave of COVID-19 infections, apparel companies have been working to the guidelines issued by the Environment, Occupational Health and Food Safety Directorate under the Health Ministry, which set out in detail the steps to be taken to ensure that factories are made as safe as possible.

Central Bank’s easy money policy less helpful for economic revival

The Central Bank, at its recent monthly monetary review meeting, decided to continue its accommodative monetary policy stance to boost economic growth while recognising the absence of demand-driven inflationary pressures. Accordingly, the Central Bank will maintain its Standing Deposit Facility Rate (SDFR) and Standing Lending Facility Rate (SLFR) at their current levels of 4.50 percent and 5.50 percent, respectively.

COVID-19 crisis and innovation: Why intellectual property rights matter

Way back in 1945, renowned author Kumarathunga Munidasa wrote in ‘Virith Vekiya’: “A nation that does not invent and produce new things will not thrive.” The visionary Munidasa clearly understood the importance of innovation for economic and social progress.

Do not kill the goose: There is no such thing called ‘golden eggs’

At last, the rubber price is improving; the event we have long waited for but we do not know for how long it will last. The growers had to undergo a long frustrating period with rubber, as far as the price is concerned and therefore, it is not unreasonable or wrong to get the full benefit of the prevailing high price.

A normal budget for abnormal times

The 2021 Budget Speech delivered recently in Parliament by Sri Lanka’s Prime Minister cum Finance Minister outlines a development strategy, couched in the rubric ‘Vistas of Prosperity and Splendour’, for elevating a COVID-19 shattered economy. In many respects, the speech is heroic as it attempts to chart a course for making Sri Lanka a self-reliant, prosperous nation in the midst of a global pandemic.

Budget 2021 re-endorses ICTA vision

Multiple proposals of ‘Vision 2024 for ICTA: A digitally transformed Sri Lanka’ were echoed in the Budget 2021 proposals, the maiden of the present government, it was observed.

Budget 2021 likely to worsen macroeconomic instability amidst COVID-19 pandemic

Budget Speech 2021 was presented at a time when the country is being severely hit by the COVID-19 pandemic. GDP growth is projected to be down to negative 2 percent this year. Despite this economic setback, the government envisages to maintain an inclusive GDP growth rate of 6 percent per annum over the medium-term while containing inflation to around 5 percent, according to its macroeconomic programme, ‘Vistas of Prosperity and Splendour’.

Banking and NBFI governance in the new economy beyond crisis

The banking sector has successfully navigated the immediate pressures of the COVID-19 crisis. As thoughts turn to a new world beyond the immediate crisis, a strong financial sector will be needed for a strong recovery.

Facilitating night work for women in Sri Lanka

Increasing female labour force participation has been a challenge for the country. These challenges are even greater for night-work and shift-work (hence referred to as non-standard work).

Urban solutions: Building pandemic resilience in Sri Lanka’s cities

Sri Lanka is experiencing a second wave of the COVID-19 pandemic and cities and urban centres have become the hotspots of vulnerability. With their relatively favourable economic conditions and extensive transport networks, cities attract migrants from rural areas, frequently resulting in overcrowding and greater vulnerability to external shocks such as COVID-19.

Highlights of Budget 2021 and impact on export sector

The Export Development Board (EDB) is pleased to see an export-focused budget, which will support strong export growth, led by investment, value addition and maximising our Sri Lankan natural resources. This is a pivotal change in Sri Lanka’s growth strategy, which will be led by the exporters.

Impact of Budget 2021 to IT/BPM Industry

BUDGET SPEECH 2021

Prime Minister and Finance Minister Mahinda Rajapaksa presented the following Budget for 2021 in Parliament yesterday, considered as the 75th budget report of the country.

COVID-19: Wake-up call for Sri Lanka’s tea industry

Sri Lanka is identified as one of the most vulnerable middle-income countries to the economic fallout from the COVID-19 pandemic.

ICT development in Sri Lanka – All governments facilitated

The present global pandemic has accelerated the actions of more people using computers and telecommunication-linked facilities for purposes of commercial and domestic communication.

Tobacco economics: How reduced consumption benefits household and national economy

On average, a tobacco-user household spends nearly Rs.2000 per month on tobacco, constituting 4 percent of the household budget. Spending on tobacco can drive out other critical expenditures, including basic needs. This crowd-out effect would be greatest for poor families, affecting not only the smoker but the rest of the family as well. Smoking, therefore, is not only unhealthy but costly.

New international economic order under COVID-19 – Whither Sri Lanka

This concept termed ‘new international economic order’ is not a new one – it’s a 50-year-old concept to promote the interests of developing countries vis-à-vis developed countries in early 70s. This is relevant now because the international economic order, like an organism, continues to evolve especially in the context of the current pandemic situation.

What can we learn from the int’l context?

Amidst the severe disruptions triggered by the COVID-19 pandemic, it is important for economies to formulate and implement effective policies to mitigate the negative impacts induced by the crisis. As noted by the International Monetary Fund (IMF), the pandemic has intensified the need for fiscal policy action at an unprecedented level.

Get down now to the business of development

Now that the executive and legislature have all that they asked for it is time to get down to the most critical aspect of business – meaningful action!

Small savings will trigger unexpected benefits

Savings itself is an education. A person who has practised saving will develop many virtues, such as patience, thrift, financial discipline, order, planning, self-control, etc. without much effort. Spending less or being thrifty is not a mere concept. It is a habit to be developed by each person. It helps to gain financial security at individual level while contributing to the development of one’s country.

Pandemic recovery in urban settings: Planning for the unplanned

Urbanisation has intensified many of the most pressing global challengesover the last few decades. Today, responding to the COVID-19 pandemic has become top priority for the vast majority of towns and cities across the world, which account for over 95 percent of total reported COVID-19 cases according to the UN-Habitat COVID-19 Response Plan.

Banning cattle slaughter: Dilemma of ethics and reality

The Prime Minister’s proposal to ban cattle slaughter has been apparently endorsed by the government MPs. Have they considered in depth its consequences on animal and milk production? Moreover, the self-deceptive and ridiculous rule of banning selling of meat but not fish on Poya days only portrays the wisdom of our legislators! Perhaps they believe that fish are mere edible, inanimate, floating objects!

Envisioning next era of smart plantations

In recent times, a great deal of ink has been spilled over the sport of identifying problems in Sri Lanka’s plantations sector, assigning blame. This is an approach that does little to solve the real underlying challenges that have held our industry and our nation back for far too long.

Three ways Sri Lanka can deal with COVID-19-induced poverty

Global poverty is expected to increase for the first time in over 20 years, due to the COVID-19 pandemic. Up to 115 million people worldwide will fall into extreme poverty this year.

A long, uneven and uncertain ascent

The COVID-19 pandemic continues to spread with over one million lives tragically lost so far. Living with the novel coronavirus has been a challenge like no other but the world is adapting.

Are licensed finance companies the missing link in Sri Lanka’s financial inclusion quest?

Financial Inclusion is essential for continuous and sustainable economic development, according to IFC. This is no exception for Sri Lanka despite showing strong numbers in bank penetration.

‘DFCC One Loan’ encompasses all financial requirements

DFCC Bank is renowned as a national icon, with a legacy of over 65 years of contributing to the nation. With DFCC it is not just about banking but it believe in partnerships and it is most heartening to note that these relationships have lasted throughout generations. In the aftermath of the global crisis DFCC Bank has forged ahead with financial solutions enabling customers to overcome challengers thereby contributing to the Economic revival of

Reviving Sri Lanka’s economy beyond COVID-19

The Sri Lankan economy is likely to face a contraction in 2020, as a direct result of the COVID-19 pandemic but there is potential for this to be followed by a sharp V-shaped economic recovery.