What is included in Sri Lanka’s 2023 budget

The 2023 budget was presented to the parliament this afternoon by Sri Lankan Prime Minister Ranil Wickramasinghe.

Estimated government expenditure in this year’s budget is 7,885 billion rupees. It is an increase of 29.2% compared to last year, and in the budget presented for the year 2022, the government expenditure estimate was shown as 6,100 billion rupees.

Below are the budget proposals.

  1. Urgent steps to develop cinnamon industry
  2. More than $3 billion in foreign direct investment annually over the next 10 years
  3. $3 billion annual growth from new exports from 2022 – 2032
  4. Promotion of sports like water skiing
  5. A new economic base should be prepared to match the new trends of the world
  6. Full focus on caring for poor and vulnerable groups
  7. An institution to study the history of Sri Lanka
  8. Steps to establish a revenue authority
  9. Encouraging private entrepreneurs and creating a policy environment that provides the necessary facilities to create new entrepreneurs and make their work more effective
  10. A competitive economy based on exports
  11. A special focus of the New Economy Program on an environment-friendly green economy and digital economy
  12. 100 million rupees will be allocated for the development of freshwater aquaculture industry
  13. Insurance coverage for private sector employees who lose their jobs subject to 3 months
  14. From March 01, 2024, it will be mandatory to make all government payments electronically
  15. Steps to exempt certain taxes after review
  16. Proposed to increase passport fees and visa fees
  17. Cess is proposed to be phased out over three years
  18. The necessary legal amendments and new bills for economic transformation will soon be tabled in Parliament
  19. Expected to achieve a high economic growth of 7%-8% through a social market economic system
  20. Measures to increase international trade to 100% as a proportion of gross domestic product
  21. A proposal to provide substantial relief to government employees and pensioners by the end of 2023
  22. Option for Armed Forces members to retire after 18 years of service
  23. Look into the possibility of setting up a gem trading center
  24. The concessions given in the interim budget to the people receiving government allowances will be extended for another 4 months
  25. It is proposed to explore the possibility of production of cannabis for export
  26. 100 million rupees will be allocated to establish an international university for climate change
  27. 100 million rupees is will be allocated to establish an excise laboratory facility to test the quality of alcohol products
  28. A new loan scheme to encourage young women entrepreneurs
  29. Establishment of a Presidential Commission on Taxation
  30. A Presidential Commission is proposed to review all aspects of the public service and make recommendations including necessary reforms
  31. 200 million rupees will be allocated to build a new faculty of medicine for Uva Wellassa University.
  32. Establishment of Quality Assurance Board for University Degrees
  33. 60 million rupees will be allocated to start postgraduate study institutes in Peradeniya, Ruhuna and Jaffna
  34. 200 million rupees will be allocated to launch sanitation programs in rural schools
  35. 1,000 schools will be allocated to provide internet facilities
  36. A committee consisting of experts in the field will be appointed for further development of digital technology
  37. More than 1000 acres of new economic zones will be created in West, North West, Hambantota and Trincomalee
  38. 300 million rupees will be allocated to attract foreign investors based on tax concessions
  39. For a modernization of agriculture, it is proposed to grow export crops on long-term lease basis of unused land
  40. 200 million rupees will be allocated to create a good business environment to the Ministry of Investment Promotion



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