News
India-funded projects: financial allocations increased up to 50%
overall partnership portfolio around USD 5 bn
The Indian High Commission in Colombo announced yesterday (01) that the Government of India (GOI) has increased the financial allocation for various grant projects being implemented in Sri Lanka.
The IHC spokesperson said: “Financial allocation has been increased by up to 50% in respect of nine ongoing projects which are being executed under the India-Sri Lanka High Impact Community Development Project (HICDP) framework. The overall financial commitment for these nine projects currently stands at close to SLR 3 billion, after the increase. These projects cut across sectors, ranging from education and health to agriculture, among others.
GOI has completed more than 60 grant projects, under the HICDP framework, covering all 25 Districts of Sri Lanka. In addition, 20 other projects are under different stages of implementation. The HICDP framework was signed, between the two countries, in 2005, and, subsequently, renewed thrice, for a period of five years, each time. It may be recalled that GOI also doubled the ceilings for individual projects, as well as the overall financial capital outlay under the framework, in January 2023.
GOI’s overall development cooperation partnership portfolio, in Sri Lanka, is around USD 5 billion, of which USD 600 million is grant. Demand-driven and people-centric projects carried out by GOI span across areas such as infrastructure development, housing, livelihood assistance, etc. The 1990 Emergency Ambulance Service, Railway Track rehabilitation, Integrated Water Plants, Indian Housing Project and Jaffna Cultural Centre are among the landmark undertakings.”
Approval of the Cabinet of Ministers has been granted at their meeting held on 19.05.2025 in order to introduce amendments to the Inland Revenue Act No. 24 of 2017 including the proposed tax revisions to enhance the tax structure paving way for state financial integrity based on revenue.
Accordingly, the revised draft bill has been prepared by the legal draftsman and clearance of the Attorney General has been received.
Therefore, the Cabinet of Ministers has granted approval for
the resolution furnished by the President in his capacity as the Minister of Finance, Policy Planning and Economic Development to publish the aforementioned draft bill in the government gazette notification and subsequently, forward the same to the Parliament for its concurrence.
The National Mineral Policy was prepared for the first time in the year 1999, and the aforementioned policy has been amended in 2023 to cover matters such as preparing an updated data system related to mineral resources, adding value to the export of minerals, encouraging mineral-related industrialists, extracting mineral resources and managing the environment sustainably, and resolving the issues related to the ownership of the land arising in extracting mineral resources.
The revised National Mineral Policy has been reupdated in line with the manifesto “A Sustainable Resource Utilization – Generation of the Highest Benefit” under the policy statement of the current government” A Thriving Nation – A Beautiful Life.”
Accordingly, the Cabinet of Ministers has approved the resolution presented by the Minister of Industries and
Entrepreneurship to implement the so-formulated “National Mineral Policy—2026.”
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