Private sector is the engine of growth: Survey

The latest monthly poll conducted by research firm Kantar TNS, for business magazine LMD, reveals that an overwhelming majority (90%) of the public affirm that the private sector is Sri Lanka’s engine of growth. 

Respondents support this claim by highlighting the private sector’s role in the country’s GDP, creation of employment opportunities and contribution to Government tax revenue. 

The islandwide survey finds that more than half (57%) of the sample population believe that the state recognises the role of business, noting how State agencies support the private sector by providing loan facilities and creating new investment zones. But 30% disagree with this notion while 13% sit on the fence. Meanwhile, 49% of those polled do not feel that businesses are offered fair concessions, whereas a third or so say otherwise.

At least six-in-10 respondents are of the view that the private sector is unduly burdened with taxes, while a similar number believe that businesses are affected by bureaucracy. 

Citizens point out that the Government can take measures such as reducing the tax burden, politicisation, bureaucracy and interest rates, whilst also offering more concessions and stabilising the rupee, to assist local businesses.

LMD’s publisher, Media Services, says the March edition of the pioneering business magazine has been released to leading supermarkets and bookstores in Colombo and the outstations. 

Its Cover Story features an exclusive interview with Dr. Razeen Sally, Associate Professor of the National University of Singapore, who presents a no-holds-barred account of the state of the nation and its present-day economy (for the full story, log onto www.LMD.lk).