This was stated by the Minister recently participating at the opening of the Venora Lanka Power Panels (Pvt.) Ltd. Factory at the  Biyagama Export Processing Zone.

The State income that was at 19-pct has come down to 12%.  This decrease in revenue increases the budget deficit.  There are only 3 departments  which contributes to bridge the budget deficit. i.e. Inland Revenue Department, Excise Department and The Customs.  During the year 2015, the Custom’s revenue has increased from 650 billion rupees to 714 billion rupees and the Excise revenue too has increased.  Today, the main solutions to bridge the budget deficit would be to encourage the production sector as well as the export market, the Minister said.

The global economy is also facing a crisis  and therefore economic reforms are urgently needed for the country to overcome its impacts, the Minister emphasised.

He added that all stakeholders in both the state and the private sectors should integrate to ensure the growth in the country’s exports.  He also stressed the need for the state sector to improve its efficiency and productivity in tune with the latest world trends.

The Minister referring to the Venora Lanka group of companies said that by catering to the local as well as the export market the group contributes immensely to the economy of the country.

The Chairman Venora Lanka Ltd. Sagara Gunawardene and BOI Chairman Upul Jayasuriya were present.