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Wednesday Nov 06, 2024
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The Cabinet of Ministers approved to form an intellectual committee to meticulously shape the structure, legal framework and operational details of the proposed National Productivity Commission.
The Commission aims to amplify the productivity potential whilst ensuring that economic reforms yield sustainable benefits in the medium and long term across sectors.
“Despite widespread acknowledgement of the critical relevance of productivity, there is a lack of formal authority to deal with productivity-related issues. The formation of the National Productivity Commission will fill this deficit,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing yesterday.
He believes the proposed independent institution will be critical in creating policy rules based on research-backed evidence and addressing the intricate nature of productivity-related challenges.
The goal is to address the pressing need for a dedicated body to oversee and enhance productivity across various domains.
“With the economy in flux, the Government has recognised the importance of increasing productivity to ensure the efficacy and sustainability of continuing reforms. These measures meant to reduce the effects of the current economic issues, require sustained growth to optimise the benefits of the restructuring process,” he added.
The proposal to this effect submitted by President Ranil Wickremesinghe was approved by the Cabinet of Ministers on Monday.
