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island.lk 04 Aug, 2022 00:30 am

Is there an alternative? – The Island

Is there an alternative? – The Island

Further, during the period 2019 till august 2021, the private sector was benefited under low tax rates and low bank interest regime, where they borrowed rupee loans at 4-6 %, otherwise the exporters were compelled to go for $$ packing credit for financing export orders.In my view, our private sector is smarter than the government policy makers and some top officials in the financial/banking sector.It was the private sector who insisted that SL rupee should be floated not even a “managed float currency policy.Our policymakers together with the private sector, the government and Opposition politicians all must get together to find out what went wrong without ‘blame assigning game’.

Also, successive governments have not created conducive environment for private sector to do business and improve economic welfare of the people, otherwise, it is the private sector that is managing the economy; at least 70% of the economic activities are undertaken by the private sector.Our private sector is capable of driving the businesses as ‘engine of growth’ for national economic development.

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