Business
India is no ‘big brother’ to Sri Lanka, H.C. Santosh Jha says in myth-busting speech
by Sanath Nanayakkare
India is referred to as a ‘big brother’ state for the South Asian region as it is the largest and most powerful country in South Asia.
However, the Indian High Commissioner to Sri Lanka Santosh Jha delivering a speech in Colombo on April 21, busted this myth adequately.
Speaking at the official launch of the “Ramayana Trail – The Sacred Mission” Project organised by the Supreme Global Holdings Group at Hotel Taj Samudra, Colombo, the Indian High Commissioner said that ‘Ramayana Trail’ reaffirms his oft-repeated assertion that the two countries are civilisational twins sharing the same antiquity.
“From this it follows that we are not after all big or small sisters or brothers but one of the same age and antiquity with neither being small or big vis-a-vis each other,” he said, addressing the audience that comprised a delegation from India led by Swami Govind Dev Giriji.
Speaking further, the Indian HC said,” Your presence here confirms that the deep connection between the people of two countries goes back several centuries into antiquity. A time when people and ideas were moving across seamlessly and without the modern impositions that sometimes constrain and restrict easy travel and connections between our peoples. We were reminded of this connect recently by President Ranil Wickremesinghe who mentioned at the launch of the Universal Payments Interface or the UPI in Sri Lanka, which will allow Indian tourists to make payments in Indian rupees in Sri Lanka, there is evidence of the use of each other’s coins or ancient currencies in both India and Sri Lanka deep into our antiquity.”
“We all know today that the Ramayana trail stretches from India to Sri Lanka. That this is so was not so well known to many in our two countries even a decade or so ago despite references to this in our ancient epics such as Ramayana and Mahabharata. I myself discovered this first hand when I came to Sri Lanka in 2007 and worked at the Indian High Commission for three years.
‘’I had the pleasure of visiting these places in Sri Lanka multiple times during that period.”
“So far, in my present tenure too I have visited some of these places and more are part of my plans in the near future. I am, therefore, glad that today the idea of Ramayana trail has caught up the imagination of the people on both sides of the Palk Strait.”
“Promoting tourism is an important objective of both our countries. For Sri Lanka, in particular, it has been an important source of economic activity and promotion of Ramayana trail holds a significant promise.”
“I must also recall that our leaders have pledged to promote the Buddhist circuit and the Ramayana trail in both our countries in the Vision Document that was issued when our leaders – President Ranil Wickremesinghe and Prime Minister Narendra Modi – had their summit meeting in New Delhi in July 2023. I must add that this is the vision of our leaders that guides our actions today in all areas.”
“India already contributes more than 1/5th of the tourist arrivals into Sri Lanka. India is also the largest source of tourist traffic to Sri Lanka. Unlike others, Indian tourists also visit both Buddhist and Hindu places of worship. They are also attracted to historical sites existing across Sri Lanka. In that sense, they are more diversified in their choice of sites and places they visit in Sri Lanka. The economic value of attracting Indian tourists into Sri Lanka, therefore, is greater as the benefits of their travels go to a larger cross section of people dependent on tourism business and to those who are located in all the provinces in Sri Lanka.”
“In other words, Indian tourism has a larger regional spread in Sri Lanka and so its benefits too are similarly more dispersed and distributed. This is unlike other tourists, who are mostly interested in adventure and beach tourism and therefore their business benefits have more limited spread and distribution.”
“Our effort to establish the land bridge, on which we have begun our joint work, promises to further provide fillip to our ongoing efforts to promote tourism between our two countries. No doubt that it will be a game changer. It will, of course, bring many benefits to communities along the alignment of this connectivity but more specifically, it will make Ramayana and Buddhism tourism easier and more alluring to people on both sides. I must also add that the Ramayana trail also confirms the deep people-to-people connect and shared civilisational antiquity of India and Sri Lanka.”
“Our relationship is special and unique in this respect. For us, we have to cooperate as that is the only option. We must stand hand-in-hand with each other in good as well as difficult times. We cannot rest with just coming to assist one another episodically but must remain engaged at all times in all spheres.”
“Our commitment to one another has to be the greatest as there is no other relationship that is more vital, critical and natural as the one we have with each other. In fact, in modern political and economic systems, too, we are similar. We are democratic, open polities and societies and open market economies.”
“Our socio-economic profile as a low middle income country also entails that we can offer each other the benefits of our respective successful experiences, which no other society, economy or polity can do, especially those which are not governed by these democratic norms.”
Fund says discussions will continue on policies and parameters needed to complete the Seventh Review
By Sanath Nanayakkare
Sri Lanka’s latest talks with the International Monetary Fund (IMF) have concluded without a staff-level agreement on the policies and parameters required to complete the Seventh Review of its Extended Fund Facility (EFF), leaving further discussions ahead as the government prepares its next Budget.
An IMF team led by Mission Chief Evan Papageorgiou visited Sri Lanka from September 10 to 23 for discussions on the Seventh Review and the 2026 Article IV Consultation.
The Fund said the discussions with Sri Lankan authorities had been productive, but would continue in the near term towards reaching agreement on the parameters and policies needed to complete the Seventh Review.
The outcome therefore represents a delay in reaching the formal staff-level milestone rather than a breakdown in negotiations.
The latest mission comes as Sri Lanka moves from economic stabilisation towards longer-term structural transformation, while continuing to face external shocks and domestic fiscal pressures.
The IMF said economic activity expanded by 4.2 percent in the second quarter of 2026, marking the 11th consecutive quarter of growth. At the same time, the Fund cautioned that downside risks remained, particularly amid an uncertain external environment.
Gross official reserves had risen to US$6.9 billion by the end of August, while the banking sector remained well capitalised and profitable, providing some buffers against external pressures.
A major focus of the IMF’s latest assessment was Sri Lanka’s revenue position.
The Fund said developing and implementing a strong medium-term revenue strategy would be critical to sustaining revenue mobilisation and strengthening fiscal resilience.
It stressed the need to broaden the tax base, rationalise tax exemptions and incentives, and strengthen revenue administration and compliance.
The IMF also emphasised the importance of maintaining cost-recovery energy pricing and improving the efficiency and fairness of the tax system in order to reduce fiscal vulnerabilities.
These issues assume particular significance as the government prepares its next Budget, with the authorities seeking to balance revenue mobilisation and fiscal consolidation against the need to sustain economic recovery.
The Fund’s latest position does not indicate that negotiations have broken down. Rather, the IMF has said that discussions will continue towards reaching agreement on the remaining policies and parameters required to conclude the Seventh Review.
The latest talks follow the combined Fifth and Sixth Reviews, for which IMF staff and Sri Lankan authorities reached a staff-level agreement in April, subject to completion of the remaining requirements before consideration by the IMF Executive Board.
For Sri Lanka, the immediate challenge is therefore to preserve the gains made in macroeconomic stabilisation while addressing the remaining issues under the IMF programme and preparing a Budget capable of supporting longer-term fiscal and economic resilience.
With further discussions expected in the near term, the Seventh Review remains a work in progress as Sri Lanka enters another critical stage of its economic reform programme.
Notably, the IMF has yet to publicly specify the outstanding issues that remain to be resolved.
Business
UK digital expertise and Sri Lankan business leaders unite to explore growth through technology
British High Commissioner Andrew Patrick hosted UK digital product consultancy Apadmi at Westminster House, his official residence in Colombo, for an invite-only forum bringing together senior business leaders from across Sri Lanka’s retail, banking, telecommunications, hospitality and public sectors.
The event, “Turning Digital Assets into Growth Engines”, marked Apadmi’s first official event in Sri Lanka since establishing its Colombo office in 2025, and was delivered in partnership with the British High Commission as part of ongoing efforts to strengthen UK and Sri Lanka commercial and technology ties.
Guests were welcomed by High Commissioner Andrew Patrick, followed by a keynote from Niresh Muthuratnanandan, Head of Omni Commerce, Digital & Loyalty at Keells Supermarkets, who spoke about the launch of the Keells Nexus app and the modernisation of a loyalty programme serving 2.9 million members.
A panel discussion followed, hosted by Mark Collin, Chief Growth Officer at Apadmi, and featuring Malik Induruwana, Chief Information Officer at HSBC Sri Lanka & Maldives; Jiffry Zulfer, Founder and CEO of PickMe; Uthpala Pinnaduwahewa of Hatton National Bank; and Marcus Hadfield, Chief Strategy Officer at Apadmi.
The discussion centred on the commercial opportunity created by Sri Lanka’s rapid mobile adoption. According to [source], mobile data usage in the country reached 1.03 million terabytes in Q2 2026, a 31% increase year on year, against 29.4 million mobile subscriptions. With 71% of devices now smartphones or tablets, speakers discussed how Sri Lankan businesses could convert growing digital engagement into customer loyalty, new revenue and operational efficiency.
British High Commissioner Andrew Patrick said:
“It was a pleasure to welcome Apadmi and such a strong group of business leaders to Westminster House for this event. The UK and Sri Lanka have a longstanding partnership, and digital innovation is an increasingly important part of that relationship. Apadmi’s decision to establish a base in Colombo reflects the confidence that UK companies have in Sri Lanka’s digital economy, and I look forward to seeing this partnership continue to grow to the benefit of both our countries.”
Mark Collin, Chief Growth Officer at Apadmi, said:
“Being hosted by the British High Commission was a real privilege, and a fitting way to mark the next stage of our commitment to Sri Lanka. To bring leaders from Keells, HSBC, PickMe and Hatton National Bank into the same room says a great deal about the ambition here. We opened our Colombo office because we believe Sri Lanka is at a genuine turning point; the talent is exceptional, and we are proud to be building here for the long term.”
Malwatte Valley Plantations PLC Director / CEO, Shanaka Samaradiwakara was appointed as Chairman of the Planters’ Association of Ceylon (PAC), while Kahawatte Plantations PLC Director / CEO Binesh Pananwala, was appointed as Deputy Chairman at the Association’s 172nd Annual General Meeting (AGM) on 19 September at the Cinnamon Grand.
The event was graced by Central Bank of Sri Lanka Governor, Dr. Nandalal Weerasinghe and Sri Lanka Tea Board Chairman, Raj Obeyesekere as Chief Guest and Guest of Honour respectively.
In his inaugural address, Samaradiwakara outlined a five-point vision for the plantation sector, focusing on value addition, research and development, land-use and productivity, irrigation and long-term security of tenure. He emphasised that the future of commercial agriculture in Sri Lanka would hinge on how effectively all industry stakeholders could work together, while maintaining clear understanding of the ground realities faced by producers.
Value-added tea accounted for more than 50% of total tea export volumes in 2025. Samaradiwakara noted Regional Plantation Companies (RPCs) have accounted for the majority of that volume through continuous investments, including most recently in matcha, green tea and artisanal teas.
In that context, he sought the support of the Sri Lanka Tea Board and the export sector to protect this emerging high value segment, given that significant quantities of green tea and other high-value teas remain unsold at auction while similar products continue to enter the country. “We respectfully request the authorities to review this matter and introduce appropriate measures to support domestic production and value addition,” he stated.
On research and development, he observed that commercially viable alternatives to several essential crop protection products remain limited. Accordingly, he called on the Tea, Rubber and Coconut Research Institutes to lead the development of practical, scientifically proven alternatives, while stressing that disease threatening the rubber industry requires immediate attention. “We cannot afford to repeat the experience of the coffee industry, where coffee blight devastated the sector,” he added.
Turning to issues around land-use policies and productivity, he noted that RPCs have diversified for over two decades in response to changing rainfall patterns, introducing crops such as oil palm, pepper and avocado. He warned that these investments are increasingly threatened by unsupportive policy, agricultural theft and crop damage by wild animals, costing companies millions of rupees each month in security. “It is imperative that these investments are protected through strong enforcement, appropriate regulatory reforms, and effective measures to address both agricultural theft and crop damage,” he noted. On irrigation, he appealed to the Government to relax archaic restrictions on groundwater use and simplify approvals for drilling tube wells in order to enhance climate resilience.
Addressing security of tenure, he highlighted that replanting often takes more than a decade to generate meaningful revenue, and that uncertainty over lease extensions is making it harder for RPCs to attract foreign direct investment and long-term financing. “If we are to attract fresh capital, accelerate replanting, modernise our plantations and improve productivity, security and certainty of tenure are mandatory,” he added.
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