Budget 2024 increases avenues to enhance income – Minister

On Nov 14, 2023

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Trade, Commerce and Food Safety Minister Naleen Fernando said in Parliament yesterday (14) that many alternative proposals to increase income have been presented in this year’s Budget.

The Minister also said that President Ranil Wickremesinghe presented a Budget that creates the future of the country by giving fresh hope to a collapsed economy and a bankrupt country, with a new vision.

The Minister said this at the debate on the first day of the Second Reading of the Budget.

The Minister further said that the Opposition alleges that last year’s Budget proposals were not implemented. Despite such accusations, the Opposition does not present the facts in detail.

The money given to each field will be announced in the future. It has been proposed to set up an agency for the implementation of Budget proposals.

The drafts have been prepared and forwarded to the Cabinet Subcommittee and submitted to the Attorney General. The year 2022 was a very bad year. The economic growth rate remained negative. But by this year, we can turn that negative value into a positive economy at the end of this quarter.

This year’s Budget focused on strengthening the small and medium businessmen. There are 65% of small and medium businessmen in Sri Lanka.

They do not have facilities for export. That is why a special loan scheme has been introduced for them. Those who need loans are identified and loans are given to such people.

We have developed a system to involve small-scale businessmen when large-scale businessmen export. An industrial development program has been introduced at the provincial level.

This year’s Budget has given special attention to food safety. Money has been earmarked for the technical development of agriculture and to increase the fishing industry. Efforts have been made to increase milk production. Accordingly, a Budget that people can hope for has been presented this time.

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