Nov 04, 2017

2018 budget: Paving the way for national economic innovation Featured

The 2018 budget which includes grants and equipment for agriculture and innovation of industries and services, incentives for new inventions and many other proposals that would pave the way for national economic development, will be presented to parliament by Finance Minister Mangala Samaraweera on November 09.  

As the 21st Finance Minister Samaraweera would present the country’s 72nd budget targeting a three year development plan (2018-2020) for the development of 40 key areas.

According to a high ranking Finance Ministry official, this budget aims at encouraging new innovations and promoting new employment opportunities, encourage higher earning potential while targeting key areas of development and welfare.

The government plans on collaborating with the private sector to expedite projects, thereby improving the country’s economic infrastructure facilities.

Maximum benefits to farmers and industrialists:

Maximum assistance will be accorded to livestock development linked with agriculture, fisheries, agriculture, irrigation and water management, education, health and skills development and new inventions, through this budget.

With the aim of creating an entrepreneurial generation, funds, knowledge, technology and new methods of conquering the international markets will also be introduced while special emphasis will be placed on improving productivity and efficiency. In addition the tourism, science and technology sectors will also be developed.

Further, the government aims at bringing the GDP budget deficit to 4.6% and reducing the state debts, improve national savings and domestic investments while taking measures to improve export revenue.