President’s ‘National Economic Council’ in deep slumber – banks & industries jeopardized

December 24, 2017 by

It is revealed that the biscuit industry, leather production and the shoe industry in the country, as well as naval services and state banks, have been exposed to severe uncertainties due to government’s budget proposals of speeding up liberalizing of the economy.

It is interesting to note that the situation has arisen despite the President established a ‘National Economic Council’ to control the extremely harmful economic decision being taken by Prime Minister Ranil Wickremesinghe’s ‘Cabinet Committee on Economic Management’.

Allowing Indian industries to invade Sri Lanka’s biscuit market when already local products are available to fulfill the need of the country has jeopardized the local biscuit industry.

Also, in spite of local shoe industry being capable of providing the demand of the local market, the government is allowing Indian shoes makers to invade the local market.

Meanwhile, allowing shares of state banks to be sold in the Colombo share market severely threatens the government losing the ownership of the state banks. However, the National Economic Council’ appointed by the President has not taken any action regarding these moves.