Greater onus on private sector to make Budget 2011 a success - PB

(By Uditha Jayasinghe andCassie Mascarenhas)

WITH the right policies and incentives in place, Treasury Secretary Dr. P.B. Jayasundera yesterday placed the onus of making the 2011 Budget a success on the private sector, saying the Government would continue to improve on the enabling environment.

“I would say the success of the Budget depends 70% on private sector and the balance on the Government,” Dr. Jayasundera told a packed post-Budget 2011 seminar organised by Daily FT in partnership with the Colombo University MBA Alumni Association.

“Governments are governments everywhere in the world,” he insisted, adding that complicated processes of the government need to be revamped in other countries as well. “The duty of the Government is to build a business-enabling environment, which has been done; so now the rest is up to you.”   

The Treasury Secretary was upbeat about the prospects presented by the Budget, but insisted that the Government had done its part and the majority of the responsibility lay with the private sector.

Delivering the keynote address, Dr. Jayasundera spoke eloquently about the opportunities for the private sector, but insisted that the business community must face the challenge ahead. Calling on them to be worthy of the Budget, he insisted that if they do not “get a move on and invest within the next three months, then a foreigner will take that chance”.

He also stressed that the banks should build up the facilities for long-term lending and drive the growth process forward.Brandix Lanka CEO Ashroff Omar, whilst commending the Government for a progressive Budget, emphasised that implementation of the good policies was key whilst he also raised the issue of whether the private sector would rush to seize the opportunity unfolded via the Budget.