Budget 2014 presented in Parliament - 2nd reading on the Appropriation Bill commences today

Posted on Friday, November 22, 2013 and filed under breakingnews , news . You can follow any responses to this entry through the RSS 2.0 . You can leave a response or trackback to this entry from your site

The 68th budget of independent Sri Lanka and the 9th budget of the Alliance Government was presented in Parliament by President Mahinda Rajapaksa on Thursday, November 21st.

President Rajapaksa delivering the budget speech said “This Budget is also presented soon after hosting the 23rd and the first ever Commonwealth Heads of Government Meeting held in South Asia. It is also the first ever global event that was held in our country since the Non-Aligned Conference held in 1976. We ought to be proud that we were able to restore the prestige of our motherland by being able to mobilize 53countries and giving them an opportunity to see for themselves the turnaround we have made.”

“ The conference also gave ample opportunities to the leaders who attended to witness the economic progress we have made and the stable democracy that prevails, which will convince them that the fabricated viewpoints being aired by those who are campaigning against us are grossly wrong”, the President highlighted. He further said that the rare opportunity we secured by hosting this summit to promote investment opportunities for our country aiming both the vast external markets in the Commonwealth countries as well as the connected global markets, is our main economic benefit from this summit.

By hosting this summit 20 years after it was last held in an Asian country, Sri Lanka while bringing pride to the whole of Asia was also able to attract global attention to our economy as one of the leading economies in emerging Asia, the President noted. He also added that this will also pave way to increase investments and create employment opportunities and that the successful conclusion of this summit with the transfer of leadership of the Commonwealth to our nation is a clear reflection of international recognition of the Government’s foreign policy.

Despite the predictions of dooms and glooms about the economy, the poverty level has steadily declined to 6.4 percent in 2013 from 15.2 percent in 2006, the President emphasized.

The economic growth of 6.4 per cent registered last year amidst adjustments made due to global instabilities and high oil prices and further challenges due to the severe drought that was experienced, has increased to 7.8 percent in the third quarter of this year, he noted.

President Rajapaksa pointed out that there is confidence that the economic growth will exceed 7 percent this year and move towards 7.5-8 percent during the medium term of 2014-16 maintaining a growth in the real economy well in excess of the expected 5-6 percent inflation.

Winding the speech President Rajapaksa invited all to work together towards social and economic development, while consolidating national unity. The President said, “I believe that the crossroad we have reached is a unique opportunity for us to take a leap towards fulfilling the aspirations of our people. That is why we cannot afford to let go this opportunity we have got to create a strong future for our future generations.”

The second reading on the Appropriation Bill will commence today (22) and will continue until November 29. The second reading vote will be taken at 6.00 p.m. on November 29.

The committee stage debate will begin on November 30 and continue until December 20 ( for 16 days). The third reading vote will be taken on December 20.

Some of the Salient features of the Budget

* Expects to reduce budget deficit to 3.8%

* Rs. 1,200 Cost of Living allowance for state sector employees

* Nation building tax of 2% will be extended to banks and financial institutions.

* Foreigners can obtain land in Sri Lanka only on lease agreements from 2014 while an initial tax of 15% of the value will be levied

* Women entrepreneurs up to the age of 68 years will receive interest free loans up to Rs.250,000

* License scheme for transportation of furniture will be abolished in order to promote the locally manufactured furniture

* Uniform allowances for the hospital staff will be increased to Rs.1,500

* Academic Allowances for university lecturers will be increased by 5%

* Taxes on vehicles, liquor and cigarettes up

* Farmers over 63 years will be paid a pension of not less than Rs 1,250

* 1,000 bridges to be built in remote villagers. Rs. 4,500 million to be allocated for Gama Neguma and other village level development

* 20,000 milk cows to be imported to the country to enhance milk manufacturing

* Tax to increase on imported fish

* A water purification unit in North Central Province (NCP) to stop Kidney diseases Rs. 900 million to be spent to build

* Chemotherapy units to be established in hospitals in Galle, Jaffna and in other main districts.

* Hambantota to be promoted as ICT hub in South Asia.

Source:www.news.lk

0 Responses for “ Budget 2014 presented in Parliament - 2nd reading on the Appropriation Bill commences today ”

Leave a Reply