Thursday, November 10, 2016

2017 Sri Lanka Budget Proposals Speech via Live Blogging

Sri Lanka Budget Proposals Speech via Live Blogging
Sri Lanka's Finance Minister Ravi Karunanayake will present the second reading of the Appropriation Bill for year 2017 (Budget Speech) in parliament Today (November 10) afternoon at 2:00 p.m.

"Lanka University News" ready to bring Live Web Blogging session for the 2016 Budget Speech from 2pm.

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ජාතික අයවැය - 2017

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05:09 PM Parliament adjourned till tomorrow 9 a.m. 
05:08 PM Finance Minister ends budget reading.
05:08 PM Our government will not leave this economic war to the next generation or the government.
05:05 PM I request the 100 largest companies in the country to partner with the government for certain projects, the interest would be incurred by the government.
05:04 PM Online transactions will have a tax.
05:04 PM All importers must be registered with Customs previously, exports you can get a shipment out of the country within 24 hours.
05:03 PM Suggest to remove 100 items from CESS with immediate effect.
05:02 PM We propose tax incentive on exporting vehicles which are more than 5 years old.
04:58 PM Propose to reduce the maximum retail price of Green gram by Rs. 15 per Kg, Dhal by Rs. 10 per Kg, Potatoes by Rs. 5 per Kg, Sprats by Rs. 5 per Kg, White Sugar by Rs. 2 per Kg, Kerosene by Rs. 5 per litre, LP Gas by Rs. 25 per 12.5 Kg domestic cylinder. VAT will not be applicable on LP Gas. We also propose to maintain the price of a 400 g locally produced milk power at Rs. 295 and 425 g locally produced Canned fish at Rs. 125.
04:56 PM Tolls on the expressways will be reduced by Rs. 50, between 9 pm to 5 am every day.
04:55 PM Rs. 500 million for Laksathosa, Rs. 10,000 for each Laksathosa.
04:52 PM Rs. 3,000 million to restore small reservoirs, Rs. 1,000 million to develop rural based sanitary facilities.
04:50 PM Establishment of a disaster management center in Pelmadulla.
04:50 PM Encouraging solar energy for households with an electricity bill of more than Rs. 2,000.
04:49 PM Rs. 1,750 million allocated for court construction and renovation, Rs. 100 million to commercial courts in the countr.
04:48 PM We invite the legal community led by the CJ to suggest changes in the legal sector.
04:47 PM The Inland Revenue Department is to adopt REMIS.
04:46 PM We propose to allocate Rs. 1,500 million to construct 1,000 Seva Piyasa's.
04:45 PM Propose that the General Treasury undertakes a cadre review to optimize the service delivery.
04:42 PM Committee to complaint about delivery of public services.
04:41 PM Rs. 150 million for the Human Performance Laboratory.
04:41 PM Rs. 150 million to develop Sugathadasa Stadium.
04:38 PM We propose to allocate Rs. 25 million to establish a Pandit Amaradeva training center.
04:38 PM We also propose to provide Rs. 2,500 as a scholarship for novice monks each month and we propose to allocate Rs. 50 million for this.
04:37 PM We propose to allocate Rs. 25 million to rehabilitate religious places.
04:36 PM We also request the Ceylon Tobacco Company to give Rs. 500 million Presidential Secretariat.
04:35 PM We propose to allocate Rs. 150 million to the police in the fight against drugs.
04:35 PM Propose to allocate Rs. 4,000 for youth Vocational training centers.
04:32 PM We should change to a contributory pension scheme and we propose to allocate Rs. 1,000 million for it as the current scheme is time bomb waiting to explode.
04:31 PM We propose to extend the Agrahara scheme as a life time.
04:30 PM We propose to allocate Rs. 3,500 million for war heroes.
04:29 PM We propose to name Samurdhi scheme as Jana Isuru.
04:27 PM We hope to remove provide loans facilities to foreigner and remove conditions for the ownership for ground floor condominiums.
04:26 PM Measures would be taken to transfer the ownership of houses to those who have lived in government housing schemes for more than 10 years and we have allocated Rs. 2,000 million for it.
04:25 PM We propose to allocate Rs. 5,000 million for housing development in the North and Eastern Provinces.
04:24 PM We propose to provide housing units middle and low income earners next year. We hope to provide 100,000 housing units each worth Rs. 5 units to middle income earners and 250 million units worth Rs. 1 million to low income earners.
04:24 PM We hope to Create of a real estate investment trust.
04:20 PM Propose to setting up of an agency to assist falling companies and propose an allocation of Rs. 10 million for this.
04:18 PM Propose to introduce amendments to debt recovery system.
04:18 PM Propose to introduce new schemes to cover pyramid schemes.
04:18 PM Propose to establish Consumer Financial Protection Authority (CFPA).
04:17 PM We propose to allocate CPC and LIOC use the opportunities available in the Trincomalee.
04:15 PM Rs. 600 million to develop the Trincomalee water scheme.
04:15 PM We hope to introduce pre paid card for the railway sector.
04:14 PM Electric cars and school vans are to be regulated.
04:14 PM We have allocated Rs. 150 million as loans to purchase 32 seats vans for school vans.
04:12 PM Propose to introduce electrics cars. We hope to allocate Rs. 200 million. 
04:11 PM Railways and SLTB will be self financed by 2018. They will use assets that have been left idle.
04:10 PM We have been able to reduce the cost on expressways by almost 22 percent.
04:09 PM Rs. 1,000 million for the MICE industry.
04:08 PM Government will provide a common platform for online tourism.
04:07 PM Hotels of more than 10 years will be assisted for refurbishment, Rs. 500 million allocated.
04:07 PM Feasibility studies on extending the Southern Expressway to Badulla.
04:06 PM Customs levies on all materials needed for prototypes will be removed.
04:06 PM Rs. 150 million to develop pharmaceutical labs.
04:05 PM Rs. 250 million to the Sri Lanka Institute of Nano Technolofgy.
04:05 PM Allocated Rs. 1,306 million for science and technology sector.
04:04 PM liberalize NCC cargo
04:00 PM Free port anchorage of 12 hours.
03:59 PM Mobitel will be made to go public listing.
03:58 PM SriLankan and Mihin air which has been allocating colossal losses are now being commercialised.
03:56 PM Rs. 50 million for the Department of Commerce.
03:55 PM We will establish 15 export villages.
03:55 PM Encourage the private sector to invest in the expressway corridors, we propose to allocate Rs. 1,000 million for this.
03:54 PM We will commence operations of Exim Bank. Rs. 10,000 million allocated as the initial contribution for it.
03:51 PM Propose to allocate Rs. 500 million to the IRD to UDA. We would allocate Rs. 7,500 million from the Finance Ministry to the Megapolis Ministry with immediate effect.
03:47 PM Special incentive for investments of more than Rs. 100- 500 million.
03:47 PM We propose to grant a Rs. 200 million capital allowances North and Rs. 100 million Uva and Eastern Provinces for businesses over USD 30 million.
03:40 PM We propose to allocate Rs. 750 million for loan scheme for SMEs.
03:37 PM Streamline EPF and the Central Pension Fund.
03:34 PM Those who are affected by a loan of Rs. 500,000 and come under the radar of the Credit Information Bureau (CRIB) will be allowed to begin businesses.
03:32 PM We propose to allocate Rs. 150 million to register businesses.
03:31 PM We hope to reduce the five processes from eight to allow business friendly environment in the country 
03:31 PM All pharmacies should be registered with the government and those who do not adhere to this will be fined
03:30 PM Proposal to allocate Rs.1,000 million to establish specialised pediatric centers in Karapitiya, Jaffna and Ampara Base hospitals.
03:29 PM Formulate a mechanism to visit schools to diagnose Non- Communicable Diseases. We propose to allocate Rs. 50 million and any more funds that are needed
03:28 PM Rs. 200 million to upgrade the nursing training center
03:27 PM Rs. 25,000 million to allocate for the Health sector.
03:27 PM We propose to allocate Rs. 750 million for CKD patients
03:25 PM Rs. 250 million allocated for the e- learning center at the Kelaniya University.
03:24 PM Rs. 300 million allocated as a payment to private sector to train students
03:24 PM Proposal to introduce scholarships to students who wish to attend vocational centers. We propose to allocate Rs. 300 million. 
03:22 PM We propose to allocate Rs. 10 million to fight against ragging, etc. We also propose to hand each student a sheet stating the funds spent on their education by the state.
03:22 PM We proposed to provide multiple entry visas to international students
03:21 PM We propose to allow students a loan of Rs. 800,000 for students who can not afford university education but are able to attend other  UGC recognised institutions
03:19 PM We propose to establish private higher education institutions and establish an institute to maintain the standard of these institutions.
03:17 PM 175, 000 Advanced Level students and 28, 000 A/L teachers to receive tablet computers.
03:17 PM Rs. 100 million allocated for sports in universities.
03:16 PM We propose to establish a scholarship for top students in universities such as Havard and MIT.
03:15 PM Rs. 500 million allocated to construct a 10 story building at the Karapitiya Hospital.
03:14 PM We hope to admit 50,000 to local universities by 2020.
03:11 PM Rs. 2,700 million for health insurance.
03:11 PM Proposal to increase payment to differently abled children from Rs. 50 to Rs. 150 million, therefore we propose to allocate Rs. 175 million.
03:10 PM We propose to introduce regulation for private education institutes.
03:09 PM Subahakar scholarship scheme for gifted students (Rs30 million allocated to pay students a Rs. 2,500 per month)
03:09 PM Rs. 250 million to develop plantation schools in Kegalle and Badulla.
03:06 PM We also propose to allocate Rs. 5,000 million for sanitary facilities
03:06 PM Rs.21,000 million allocated to develop secondary and primary schools and additional Rs. 5,000 million to develop infrastructure. 
03:02 PM Proposal to allocate Rs. 90,000 million for the education sector, which is an additional Rs. 17,840 million.
03:02 PM Rs. 200 million to develop the irrigation sector in Polonnaruwa, Hambantota.
03:01 PM Kumbukkan Oya and Tharapuram Wewa renovations Rs. 600 million.
03:00 PM We propose to develop 50 agro meteorological stations.
02:58 PM Moragahkanda and Uma Oya projects we hope to complete soon, we propose to allocate Rs. 60,045 million.
02:56 PM Retailers should keep prices of a whole chicken at less than Rs. 420. Rs. 100 million to develop the local poultry sector.
02:56 PM Rs. 350 million allocated for investors to develop 20,000 acres of land.
02:52 PM Rs. 300 million allocated to establish 100 fresh water villages.
02:51 PM Rs. 1,200 for the development of fishing communities.
02:51 PM Proposal to construct a storage facility at the Dikowita fihseries harbour.
02:50 PM Proposal Rs. 500 million to establish fish farms in Hambantota and Mannar.
02:48 PM Proposal to import 15,000 cows at a cost of Rs. 400 million and give atleast 10 cows to a  farmer subjected to them employeeing atleast 2 Samurdhi beneficiaries
02:46 PM Proposal to charge Rs 5,000 on one metric ton of sugar cane.
02:44 PM Rs.74 million to Coconut Research Institute (CRI) and Cococnut Develpment Board.  
02:44 PM Rs. 50 million to the rubber institute
02:42 PM Removal of several fee for exporting tea.
02:41 PM Plantaion companies can only have 5,000 acres and we will ensure that there is no loss of employment.
02:40 PM Proposal to reduce taxes on machinery brought in to the country for farming. We hope to provide farmers with large scale farmers with land.  
02:38 PM The government will introduce a value added production system for selected fruits with a new loan schem introduced for the purpose. 
02:36 PM The income of those in the Agricultural sector is half of the income of the others in the country. We hope to support the farmers in the country. We promote the outgrow model among farmers. We hope to release land that is not being used for agriculturl purposes. We also hope to introduce the mixed cultivation system in the sector.
02:32 PM We will deliver the promises that we made on January 2015.
02:30 PM The governemnt has a heavy burden for pensions, therefore we are looking at alternative pension schemes.
02:29 PM We would like to say that we consulted the rural sector for the budget and used several proposals that were put forward.
02:29 PM Broaden the technical and vocational sectors.
02:27 PM We will move forward with the Paris climate change convention.
02:25 PM We hope to introduce Key Performance Indictors in the public sector.
02:25 PM We hope to make a more people friendly public service.
02:24 PM Land, health and education sectors will be a main focus.
02:22 PM We will focus on improving and developing the investment environment and facilities in the country.
02:22 PM Sri Lanka considering joining with the Trans-Pacific Partnership (TPP) and other trade agreements.
02:21 PM We will take measures to control inflation.
02:21 PM Labuour laws need to be amended. 
02:19 PM The government will focus on protecting the fisheries sector and aquatic resources.
02:17 PM President arrives in parliament.
02:16 PM The government will make a better environment for the economy as the Export is 1.5 percent of the GDP which is not conducive.
02:16 PM The government will reestablish several areas in the economy to change the negative impact of the economy inherited by the previous government.
02:13 PM The government will focus on developing the economy next year.
02:13 PM The President has named 2017 as the year to eradicate poverty.
02:11 PM We will be part of the one belt one road initiative of China and become a part of the international trade
02:10 PM The government will take measuers to create friendly business in the country.
02:04 PM Finance Minister Ravi Karunanayake begins budget speech
02:03 PM Finance Minister Ravi Karunanayake enters parliament
02:01 PM Speaker enters the parliament chamber

03:28 PM

Rs 100 million allocation to National Science Foundation for CKD research
03:27 PM
Rs 200 million to upgrade nurses training schools
03:26 PM
Rs 750 million allocation in 2017 to tackle chronic kidney disease

03:24 PM
Vocational training centre to encourage courses in lapidary, gemology, etc

Rs 300 million to be allocated for scholarships to students engaged in state run vocational training centres
03:22 PM

Student loan scheme of Rs 800,000 per student for higher education in the private sector
03:21 PM
Private sector higher education institutions with quality education would be encouraged with the necessary laws in place.

5 year multiple entry visas for international students to be provided with the aim of creating an education hub and also provide education tourism
03:17 PM

University seminars to be extended to 8 pm daily
03:15 PM
10 storey building at Ruhunu Medical faculty to double intake to 300 students

Scholarships for deserving studentds to Harvard/MIT universites in the US and NUS-Singapore
03:13 PM
Rs.200,000 insurance cover for all school children
03:12 PM
Savings accounts to be opened for school children as CSR projects by banks

University admissions to be increased to 50,000 (from a current 20,000) annually
03:10 PM
Differently abled children to be given improved facilities

Agrahara insurance scheme to be extended to teachers
03:09 PM

Rs. 250 million to upgrade plantation schools

Tabs and laptops to be provided at a cost of Rs 5,000 million for high school students
03:07 PM
New subjects: Fashion designing, hospitality and logistics to be included in the school curriculum
03:06 PM
Rs 2,100 million for school labs and other facilities
03:05 PM
Additional financial resources of Rs 18,740 million for education

Smart classrooms to be created at a cost of Rs 600 million
03:03 PM
Rs. 21,000 million allocated for infrastructure development for classroom development
03:02 PM
Education - 13 year education period inclusive of high school education is mandatory
03:00 PM
Lahugala, Panama to get drinking water projects thro' foreign aid at Rs 20 million
02:58 PM
50 agro-metereological centres to be set up
02:57 PM
Growing of pepper and other related crops to be encourage on coconut and rubber lands
02:56 PM
Horticulture - 2000 nurseries to given grants
02:55 PM
Whole chicken - current Rs 420 per kg price to continue
02:53 PM

Galle, Hambantota and Jaffna fisheries sectors to be improved
02:52 PM
Local milk production to be increased through state investment of Rs 200 million

15,000 cows to be imported
02:50 PM
100 %  capital allowance on sugar investments
Automated commodity exchange for tea, rubber and coconut

The Appropriation Bill outlining allocations to be made for each ministry for year 2017 was tabled in House for its First Reading on 20 October.
The government has estimated an allocation of Rs. 1.82 trillion (US$ 12.4 billion) for expenditure for next year, which is lower than the 2016 allocation of Rs. 1.95 trillion.
Minister Karunanayake said a development oriented budget with long term action plan to fulfill aspirations of all citizens will be presented to parliament. The theme of the budget this time is "Towards rapid development with benefits to all".
According to the Minister the next year's Budget 2017 has focused on strengthening the national economy of the country.
He said that priority has been given to the people's proposals in preparing Budget 2017 and, the needs and views of the people were taken into consideration in order to make them representatives in Budget 2017.
Among the wide range of groups whose views are included in the budget are farmers, fishermen, laborers, small, medium and big time entrepreneurs, self-employees, industrialists, investors, trade union representatives, civil organizations, political parties, professionals, university teachers, professors and religious leaders.
In addition, the Finance Ministry had received nearly 2500 proposals from the ordinary people living in different parts of the island to be considered for Budget 2017.
The Minister further said that close attention has been drawn to the proposals with a view to solve youth unemployment, new plans to reduce cost of living, plans to promote several sectors including investment, education, health and agriculture.
"The budget proposals this time is expected to take tangible initiative to end poverty in the country. It will also be the stepping stone for a Grand National operation to save the future generation from the prevailing colossal debt trap through its long term development agenda," he said.