Thursday Nov 28, 2024
Thursday Nov 28, 2024
Friday, 6 March 2020 00:30 - - {{hitsCtrl.values.hits}}
President Gotabaya Rajapaksa yesterday expressed confidence that the economy will rebound this year, despite external shocks such as the novel coronavirus COVID-19, since the Government has provided a range of supports for the private sector, such as tax cuts and debt relief, along with security and stability.
“I am confident the economy will grow better this year. We have energised the economy with our policies and incentives,” Rajapaksa told a luncheon meeting of editors.
He justified the tax cuts at the expense of loss of State revenue as well as debt relief via moratorium by banks, saying if the Government didn’t do so, many businesses would have collapsed, causing unemployment.
He said the Government has identified tourism, agriculture and agribusiness and IT industry as priority sectors for support, as they hold greater potential to generate socio-economic growth.
Referring to a meeting with the IT industry on Wednesday, the President said the industry is confident of boosting foreign exchange earnings to $ 3 billion in the medium term from $ 1 billion last year, provided the right policy support is available along with more skilled youth.
“I told the IT companies to invest and create more jobs. We discussed various ideas how the Government can help and what the private sector can do. We are living in the Knowledge Century and we need technology to modernise our economy, and make it efficient whilst creating jobs and income,” Rajapaksa pointed out.
Focusing on the retail and wholesale trade as well as private middlemen engaged in agriculture trade, President urged them to be pursue fair profit, instead of resorting to profiteering at the expense of consumers and farmers. “In an open economy we are not averse to businesses making profit, but it must be fair profit and not profiteering. Businesses must think of people’s prosperity as well as that of the country and not merely self-interest,” the President emphasised.
He also said that the Government has restored security and stability in the country and there will be further progress. “We are also in parallel countering the challenge of drugs, and recently the biggest ever haul worth Rs. 6 billion was successfully nabbed in high seas via a well-planned operation,” he added.
