Eran says Govt. committed to balance industry and consumer interests

Friday, 5 October 2018 00:00 - - {{hitsCtrl.values.hits}}

Ahead of the 2019 Budget, State Finance Minister Eran Wickramaratne yesterday stressed that balancing industry interest with public and consumer welfare is a challenge that the Government is committed to get right, ushering greater socio-economic prosperity.

Pointing out that a country’s Budget is no different to a company’s Budget, where to give one has to take from the other, Wickramaratne said it is always about balancing priorities.

“The Government also has a continuous issue in balancing the priorities between manufacturers, producers and consumers — which is the largest base as well as the voter base,” Wickramaratne said at the Daily FT-Colombo University MBA Alumni Association pre-Budget Forum with women business and professional leaders.

He said that recommendations by women leaders were broad and went far beyond the Budget itself.

The State Minister suggested they submit the Budget proposals in writing with specific details while insisting they continue to take the macro issues up with relevant Ministries and agencies.

Wickramaratne expressed surprise at the lack of mention on the corruption in the system. “No one talked about corruption, which really surprised me. Sri Lanka has a systemic corruption problem and this is what happens when you try to do reforms and they get delayed.”

He said the next Presidential candidate’s mandate should include public sector reforms as the key factor.

Assuring that the Government is taking necessary legal reforms in terms of harassment and engagement of women in the economy, the State Finance Minster emphasised that all stakeholders should look at overall gender equality, beyond the Budget, for holistic and sustainable growth in the country.

The State Minister also acknowledged the need to invest in R&D, which has now turned into a major problem with Government underspending in the sector. “It worries me more now, with students studying in science streams declining at a rapid pace.”