Business

A roadmap to doubling GDP and reaching $12,000 Per Capita Income by 2030

Published

2 years ago

2024/09/10

By. Lalin I De Silva

Sri Lanka’s economic crisis, exemplified by a stagnant GDP of $80 billion and recent bankruptcy, demands urgent and effective reforms. With the upcoming presidential election featuring 38 candidates, none have outlined specific plans to double the GDP to $160 billion and achieve a per capita income of $12,000 by 2030. This article highlights the importance of these goals and provides a clear, actionable roadmap for achieving them. Essential strategies include harnessing digital technologies, investing in infrastructure, promoting key industries, and enhancing fiscal and job creation policies.

GDP per capita is a vital metric for assessing economic performance and well-being. It measures the average economic output per person and is crucial for both national and international comparisons. To improve living standards and ensure sustainable growth, increasing GDP per capita is imperative. This article provides a clear path for presidential candidates to address and achieve these economic objectives.

Benefits and Strategies for Increasing GDP Per Capita

Standard of Living Improvement

Benefit: Higher GDP per capita means improved living standards.

Action: Increase investment in education, healthcare, and infrastructure to boost economic productivity.

Economic Growth Tracking

Benefit: Measures whether economic growth translates into individual benefits.

Action: Implement policies that encourage innovation and support entrepreneurship to enhance productivity.

Global Comparisons

Benefit: Allows Sri Lanka to benchmark against other nations.

Action: Improve global competitiveness through trade agreements and technological advancements.

Addressing Income Inequality

Benefit: Provides a starting point for improving income distribution.

Action: Implement progressive taxation and expand social safety nets.

Development Goals

Benefit: Sets benchmarks for poverty reduction and growth.

Action: Focus on human capital development and inclusive economic policies.

Efficient Resource Allocation

Benefit: Ensures effective public spending.

Action: Reduce corruption and enhance efficiency in public expenditure.

Enhanced Social Programs

Benefit: Tailors social welfare to improve living standards.

Action: Expand access to essential services and support economic participation.

Education and Healthcare Investment

Benefit: Supports long-term economic growth.

Action: Prioritize these sectors in national budgets for sustainable development.

Infrastructure Development

Benefit: Supports economic activities and job creation.

Action: Invest in high-quality infrastructure projects.

Fiscal and Monetary Policies

Benefit: Ensures economic stability and efficient public spending.

Action: Reform tax systems and manage inflation effectively.

Sri Lanka’s economic stagnation requires immediate and focused action. Doubling the GDP to $160 billion and achieving a per capita income of $12,000 by 2030 is an ambitious but attainable goal. By prioritizing digital transformation, infrastructure development, and key industry promotion, the country can set a course for sustainable economic growth and stability.

Action Plan

Digital Transformation: Invest in technology and digital infrastructure to boost productivity and global competitiveness.

Infrastructure Development: Focus on critical infrastructure projects to support economic activities and create jobs.

Industry Promotion: Target high-growth sectors such as technology, healthcare, and green energy.

Fiscal Responsibility: Implement reforms to improve tax collection, reduce corruption, and manage public finances effectively.

Job Creation and Skills Development: Invest in education and vocational training to equip the workforce for emerging industries.

Regional Investment: Address disparities by targeting investments in underdeveloped areas.

Foreign Investment Attraction: Foster a favorable business environment to attract and retain foreign investors.

Innovation Support: Promote research and development to drive technological advancements and economic diversification.

Social Programs Enhancement: Improve and expand social welfare programs to support vulnerable populations.

Suggested References

International Monetary Fund (IMF) – Reports on economic growth and policy recommendations.

World Bank – Data and analysis on GDP per capita and economic development.

OECD – Research on education, innovation, and economic policy.

Sri Lankan Ministry of Finance – National economic plans and strategies.

Harvard Business Review – Articles on digital transformation and infrastructure investment.

Economic Development Board of Sri Lanka – Insights on key industries and investment opportunities.

By adopting these strategies, Sri Lanka can achieve its economic goals, improve living standards, and secure a prosperous future for all its citizens.

Lalin I De Silva, former Senior Planter, Agricultural Advisor / Consultant, Secretary General of Ceylon Planters Society, Editor of Ceylon Planters Society Bulletin and freelance journalist.

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Business

Rs 160 million + diesel discrepancy at Lakvijaya power plant prompts probe

Published

14 hours ago

2026/09/30

Sahan Weerasooriya

The Lakvijaya power plant in Norochcholai.

By Ifham Nizam

A Rs.160 million-plus diesel discrepancy at the Lakvijaya power plant in Norochcholai has triggered an internal investigation, raising questions over the handling of public funds and the controls governing fuel purchased for electricity generation.

The discrepancy surfaced during an internal audit of diesel supplied to the plant from the Kolonnawa and Sapugaskanda fuel terminals, according to senior officials familiar with the inquiry.

The audit has identified five transactions—two in December 2025 and three in January 2026—in which diesel recorded as delivered to the plant allegedly could not be fully accounted for in its physical stocks.

The investigation is now examining whether these were isolated discrepancies or part of a longer-running practice.

One transaction under scrutiny relates to January 16, when records reportedly showed that 10 diesel bowsers had arrived at the plant. Investigators subsequently found indications that the fuel stock corresponded to only nine bowsers.

A storekeeper responsible for the relevant fuel operation has reportedly been temporarily removed from those duties pending the investigation.

A senior official said investigators were reviewing historical records amid indications that similar discrepancies may have occurred over a longer period. If established, the financial exposure could therefore exceed the Rs.160 million currently identified.

The investigation is comparing fuel-terminal dispatch records, tanker movements, plant-entry records, receiving documents and physical stocks to establish exactly how much fuel was dispatched, received and accounted for.

That audit trail will also be critical in determining who authorised, received and certified the disputed consignments, and whether established controls were followed.

Relevant documents were reportedly transferred from Norochcholai to the company’s Colombo head office on September 26 for further examination, with electricity-sector security personnel assisting in the transfer.

The internal audit has also reportedly uncovered expired chemical stocks worth several hundred thousand rupees in the plant’s stores. Investigators are examining whether further inventory-management irregularities occurred.

The matter was also reportedly taken to the Puttalam Police Special Crimes Investigation Unit on September 26.

When contacted by Puttalam-based journalist Hiran Priyankara Jayasinghe for The Island Financial Review, Lakvijaya Power Plant Manager Nalaka Kumara confirmed that an investigation was under way but declined to provide further details.

The financial issue is direct: if the plant paid for diesel it did not receive, public-sector funds were spent without the electricity sector receiving the corresponding fuel.

Business

Sri Lanka Food Processors Association holds 29th Annual General Meeting

Published

14 hours ago

2026/09/30

Sahan Weerasooriya

The Sri Lanka Food Processors Association (SLFPA) successfully convened its 29th Annual General Meeting (AGM) on September 23, 2026, at the Water’s Edge Hotel, Battaramulla. Bringing together key industry stakeholders and member organizations, the event served as a platform to review milestone achievements from the 2025/2026 term and outline strategic priorities for the nation’s food and beverage processing sector.

At the AGM, the new Executive Committee for 2027/2028 was appointed, comprising: Honorary President Aruna Senanayake C.W. Mackie PLC Imme. Past President Thusith Wijesinghe Trans Continental Packaging & Commodities (Pvt) Ltd.

President Elect Nadishan Guruge Meadlee Trading Co. (Pvt) Ltd.

1st Vice President Damitha Perera Forbes & Walkers Commodity Brockers (Pvt) Ltd.

2nd Vice President Rasika Seneviratne Diesel & Motor Engineering PLC 3rd Vice President Deepal De Alwis Neochem International (Pvt) Ltd.

Honorary Secretary Amila Weerasinghe Nestle Lanka Limited.

Asst. SecretaryDineth Alahakoon Country Style Foods (Pvt) Ltd.

Honorary Treasurer Sameera Jayathilaka Westmann Engineering Company (Pvt) Ltd.

Asst. Treasurer Niroshan Dalpethado C D De Fonseka & Sons (Pvt) Limited. In addition to the above office bearers, the following ten Executive Committee Members were appointed:

Sanjeewa De Silva Unilever Sri Lanka Limited Sheran De Alwis MA’S Tropical Food Processing (Pvt) Limited

Thusitha Ekanayake Anods Cocoa (Pvt) Ltd.

Vijitha Govinna Plenty Foods (Pvt) Limited Ms. Praharshi Wickramasekara International Commodity Exports (Pvt) Ltd.

Sanjeewa Niroshan SGS Lanka (Pvt) Ltd. Kushan Amarasinghe Finagle Lanka (Pvt) Ltd.

Rangajeewa Hettiarrachchi Fonterra Brands Lanka (Pvt) Ltd.

Harindra Abeyrathna Vision Technologies International (Pvt) Ltd. Thilina Weerasekara Ceylon Cold Stores PLC

The event was proudly supported by key industry partners, with SGS Lanka (Pvt) Ltd serving as the Platinum Sponsor. Unilever Sri Lanka Ltd. and Nestlé Lanka Ltd. joined as Gold Sponsors, Ceylon Agro Industries – Prima as the Silver Sponsor, while Lanka Exhibition & Conference Services (LECS) and Hero Nature Products (Pvt) Ltd., supported as Bronze Sponsors.

The proceedings concluded with a vote of thanks delivered by Hony. Secretary Deepal De Alwis, followed by cocktails and a fellowship networking session, providing an opportunity for members to connect and strengthen industry ties.

Business

Uber brings the ‘business class of back seats’ to Sri Lanka with Uber Black

Published

14 hours ago

2026/09/30

Sahan Weerasooriya

New premium ride option expands Uber’s portfolio from affordable Moto and Tuk rides to premium on-demand travel

Uber announced the launch of Uber Black in Sri Lanka, bringing its premium ride experience to the country for the first time. Designed as the “business class of back seats,” Uber Black combines premium vehicles and highly-rated drivers for riders looking for greater comfort, quality and a more elevated travel experience.

The launch comes as demand for premium products and experiences grows across Sri Lanka, with consumers seeking greater choice and quality in their everyday experiences. Uber Black brings this choice to on-demand mobility, whether for an airport journey, an important business meeting, a special occasion or simply when riders want to travel in greater comfort.