Sri Lanka implements a five year Plan for Economic Growth and Social Welfare
By: Staff Writer
September 17, Colombo (LNW): As Sri Lanka approaches its 2024 presidential election, scheduled in six days, the focus is on the nation’s future under the leadership of its next president. Political analysts expect significant shifts and defections among political parties ahead of the election. With just five days left before the election, a strategic five-year plan for Sri Lanka’s economic and social development has been revealed.
The plan aims to address critical national issues such as reducing the cost of living, stimulating job creation, cutting taxes, and fostering economic growth. Two key social welfare programs, Aswesuma and Urumaya, have been highlighted as integral to supporting financially vulnerable populations. The government seeks to ensure that these programs enable the country’s progress to benefit all Sri Lankans, with particular focus on the most disadvantaged groups.
Central to the plan is the goal of lowering the cost of living. This will be achieved by eliminating taxes on essential items and boosting local production to make basic goods more affordable for families. By focusing on self-reliance, the plan hopes to reduce dependence on imports, whose prices are susceptible to fluctuations in global markets. However, strategic imports will still be necessary to stabilize prices and prevent shortages.
Tax reforms form another key component of the strategy. Significant tax relief is proposed, particularly aimed at reducing indirect taxes, which often disproportionately affect ordinary citizens. This move is expected to increase disposable income and boost economic activity. A clear timeline for implementing these tax cuts has been established, with indirect tax reductions and tax-free incentives for professionals set to roll out over the next two years.
Job creation is also a major focus, with the government planning to attract new industries and businesses to Sri Lanka. Small businesses and startups, seen as key drivers of growth, will receive significant support. Skill development and training initiatives are planned to ensure that Sri Lankans are prepared for the new opportunities in the job market, enhancing their earning potential.
Alongside these economic measures, the plan emphasizes the importance of healthcare, education, and skill development. These sectors are seen as vital in creating a healthy and educated workforce, which will be crucial for the country’s long-term prosperity.
The expansion of welfare initiatives like Urumaya and Aswesuma aims to reduce poverty and inequality, contributing to a more equitable society. These programs are expected to broaden their reach, providing greater financial assistance to those most in need.
In summary, Sri Lanka’s five-year plan lays out a vision for economic growth and social welfare, aiming to create a stable and inclusive future for the country. Through tax reforms, local production, job creation, and strategic social programs, the plan strives to uplift the nation while ensuring that progress benefits all citizens.
