Business

Ranil recalls how India overtook Sri Lanka in economic reforms journey while latter was hesitant at policy wheel

Published

2 years ago

2024/12/30

Sahan Weerasooriya

Former president Ranil Wickremesinghe delivers the Atal Bihari Vajpayee Memorial Lecture in India recently

By Sanath Nanayakkare

During the Atal Bihari Vajpayee Memorial Lecture delivered by former president Ranil Wickremesinghe in India recently, he recalled that his first visit to India was as a young boy of 18 years to Chennai to sit for the London GCE A-level Examination — as was the practice in Sri Lanka at the time.

Referring to multiple interactions with Indian leaders over the decades which started in his role as an assistant to former president J.R. Jayawardene, he said,” When you have been in politics as long as I have, you end up knowing everyone – at some point or the other.”

The following are a few excerpts from his speech.

“I have also been an eyewitness to the pivotal and sweeping economic metamorphosis of India from the late 1990s onwards.”

“As you may recall, Sri Lanka was a forerunner in instituting an open economy in South Asia – as far back as in 1977. By 1989, as Minister of Industries, I had brought in the 2nd Generation Economic Reforms in the country, which included Sri Lanka’s Strategy for Industrialization. Not long after, in 1991, India’s first Generation of Economic Reforms were introduced by Prime Minister Narasimha Rao, whom I had known from the early 1980s, since he was my counterpart in India when I was the Minister of Education.”

“Dr. Manmohan Singh’s first budget speech as Finance Minister in Narasimha Rao’s government changed the course of Indian history. Without him, there would not have been any economic reforms in India, and without those reforms, there would not have been a modern India.”

“Indo-Sri Lank economic cooperation moves never kicked off as envisioned due to protests by certain political parties and trade unions in Sri Lanka.”

“However, the calamity of Covid-19 and the consequential economic crisis in Sri Lanka showed India at its best. At the most crucial moment when Sri Lanka declared bankruptcy and had only a few hundred million dollars in reserves, India valiantly stepped up to help us.

“The Sri Lankan people could not have survived without the 4 billion US dollars of financing received from India through various credit lines. It was India’s Neighborhood First Policy – in practice – that benefited Sri Lanka. India was followed by Bangladesh with a loan of US$200 million.”

“Furthermore, India, as a Co-Chair of the Official Creditors Committee, gave us valuable help. All this vindicated my stand on closer economic cooperation with India, including improving connectivity in key sectors. By then, it was clear to most in Sri Lanka that recovery from bankruptcy and fast growth could be achieved only through closer economic collaboration with India. In July 2023, PM Modi and I announced the “Promoting connectivity, catalyzing prosperity: India-Sri Lanka Partnership Vision.”

“The strategy in these statements is to enhance Sri Lanka’s economic development by coupling our economic recovery to India’s sustained and swift economic growth and technological advancement. It is expected that by 2040, India would be the third-largest economic power in the world. By then, Tamil Nadu’s GDP would have reached US$1 trillion. This is the powerhouse to which Sri Lanka has to connect as a nation. All this will establish larger markets for Sri Lankan exports and create two new economic sectors which are expected to be fast-growing. Establishing grid interconnectivity — thereby enabling Sri Lanka’s potential for surplus renewable energy to engage in trading with India and Bangladesh.”

“In the context of maritime and air connectivity – in addition to India as a global economic power, Indonesia will also be among the top 10 in time to come with Bangladesh following closely behind if all goes well.”

“This will lead to an explosion of trade in the Bay of Bengal area. As noted before, if Sri Lanka positions itself as a regional logistic hub, we can become a beneficiary of these developments in the region.”

Thus, the two governments must finalize the outstanding issues of the strategy within a short time frame and agree on the modalities to implement these proposals. Today, it is only fitting that we witnessed the conclusion of the talks on economic cooperation on Vajpayeeji’s birth century.

During his speech, Wickremesinghe said that Atal Bihari Vajpayeeji had an instinctive understanding of the nation-building exercise and the need to maintain the unity of India’s diverse peoples.

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Business

PM ‘Rings the Bell’ at CSE to champion financial literacy and investor education

Published

16 hours ago

2026/10/7

Sahan Weerasooriya

P.M. Dr.Harini Amarasuriya

As part of World Investor Week (WIW) 2026, the Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE) joined stock exchanges around the world in ringing the market opening bell for financial literacy on 5 October 2026, under the patronage of Dr. Harini Amarasuriya, Prime Minister of the Democratic Socialist Republic of Sri Lanka.

World Investor Week is an annual global campaign led by the International Organization of Securities Commissions (IOSCO) to raise awareness of the importance of investor education and investor protection. The “Ring the Bell for Financial Literacy” initiative, pioneered by the World Federation of Exchanges (WFE), brings together stock exchanges and other stakeholders worldwide to promote greater financial literacy and encourage individuals to make informed financial decisions.

The ceremony also marked the 40th anniversary of the CSE and the joint launch by the SEC and the CSE of the Stock Market Game, an online stock market simulation based on the ATrad trading system.

The Stock Market Game enables participants to gain practical experience of how the stock market works, make investment decisions and construct portfolios of listed shares without using real money. The platform is accessible through the websites of the SEC and CSE and is expected to serve as an important practical tool for promoting financial education. It is envisaged that the Stock Market Game will also be used to conduct simulation competitions among universities and the 100 Capital Market Clubs established in schools across the country.

The ceremony also featured the commemorative issuance of a stamp and First Day Cover to mark the 40th anniversary of the CSE. Issued in collaboration with the Department of Posts and the Philatelic Bureau of Sri Lanka, the commemorative stamp and First Day Cover were presented to Prime Minister Dr. Harini Amarasuriya, by the SEC Chairman Snr. Prof. D.B.P.H. Dissabandara and Ray Abeywardena, Director CSE and Chairman of Central Depository Systems (CDS).

Welcoming the gathering, Rajeeva Bandaranaike, Chief Executive Officer of the CSE, highlighted the importance of obtaining reliable information when making investment decisions.

“We operate in a digital world where a vast amount of information and data is disseminated through social media. While some of this information is factual, some may be inaccurate or misleading. When investing in the stock market, it is essential to make informed and prudent investment decisions. Therefore, investors should obtain information and data from reliable and responsible sources and persons before making investment decisions.”

Addressing the gathering, SEC Chairman Snr. Prof. D.B.P.H. Dissabandara emphasised that the SEC’s role extends beyond regulation to facilitating the further development of the capital market.

“The SEC needs to determine how best to introduce the stock market to Generation Alpha, Generation Beta and generations beyond. When it comes to investors, we need to build confidence in the market, because people will invest only when they have confidence in the market.’’

Business

Rs. 5 million worth of prizes to be given at 8th edition of CSE Masterminds Quiz Competition

Published

16 hours ago

2026/10/7

Sahan Weerasooriya

The Colombo Stock Exchange (CSE) has announced that the eighth edition of the CSE Masterminds Quiz will be held on 9th October 2026, from 3.00 p.m. onwards, at the Main Ballroom, Shangri-La Colombo.

Recognised as Sri Lanka’s premier capital market quiz competition, CSE Masterminds brings together teams from the public and private sectors. Participants will be tested across international business, global markets, current affairs, the Sri Lankan economy and business, the Sri Lankan stock market, and sports and entertainment, before a concluding rapid-fire round.

This year the winning team can win up to Rs. 2,000,000, the runners-up up to Rs. 1,000,000, and the second runners-up Rs. 750,000. Sector awards will also be presented to the highest-performing team from each participating sector. Guest participants will also be able to compete in rounds of Audience questions, and will have the opportunity to participate a raffle draw for three free return tickets provided by Fits Aviation (Pvt) Ltd.

The evening will also include an exclusive after-party with live music provided by the band ‘Doctor’ featuring guest performer Umara Sinhawansa, fine food and beverages, providing an opportunity for networking and celebration. Every participant will receive a premium goodie bag made possible by the support of the event’s sponsorship partners. Collectively, the event will feature over Rs. 5 million worth of prizes, rewards, and giveaways, encompassing championship prizes, sector awards, audience engagement prizes, raffle draw offerings, and goodie bags.

Sponsorship partners include:

Platinum Sponsors: Hatton National Bank PLC and Bartleet Religare Stockbrokers (Pvt) Ltd.

Gold Sponsors: Ex-Pack Corrugated Cartons PLC, Asha Securities Ltd., and Lanka Securities (Pvt) Ltd.

Silver Sponsors: Barista Coffee Lanka (Pvt) Ltd., Capital Trust Holdings (Pvt) Ltd., LOLC Holdings PLC, Arpico Ataraxia Asset Management (Pvt) Ltd., IronOne Technologies (Pvt) Ltd., and LankaPay (Pvt) Ltd.

Co-Sponsors: Access Engineering PLC, Bank of Ceylon, Commercial Bank of Ceylon PLC, CryptoGen (Pvt) Ltd., Deloitte Lanka (Private) Limited, Dialog Finance PLC, Efutures (Pvt) Ltd., People’s Leasing & Finance PLC, Senfin Asset Management (Pvt) Ltd., and Softlogic Stockbrokers (Pvt) Ltd.

Business

NCCSL to conduct practical workshop on food labelling and advertising regulations in Sri Lanka

Published

16 hours ago

2026/10/7

Sahan Weerasooriya

The National Chamber of Commerce of Sri Lanka (NCCSL) is organizing a one-day practical workshop on “Food Labelling & Advertising Regulations in Sri Lanka” on Thursday, 8th October 2026 from 9.00 a.m. to 4.30 p.m. at the National Chamber of Commerce, Colombo 10. The workshop has been organised to provide a practical understanding of the latest regulatory requirements governing the food products labelling and advertising of food products in Sri Lanka, with particular attention to regulatory developments applicable in 2026, compliance requirements, and the potential legal and financial implications of non-compliance.

As food products increasingly compete not only with quality and price but also on packaging, labelling and promotional claims, businesses must ensure the information they communicate to consumers is accurate, transparent and consistent with applicable regulatory requirements. Understanding these requirements is therefore essential for businesses seeking to protect their brands, maintain consumer confidence, and minimize regulatory and legal risks.

The practical workshop will go beyond an overview of regulations and focus on how businesses can apply regulatory requirements in their day-to-day operations. Participants will be guided through key areas of food regulatory compliance, including the national food regulatory framework, recent food labelling regulations and key changes, mandatory approvals and prohibitions relating to food labelling, and the litigation process associated with regulatory violations. The programme will also cover several areas of growing importance to the food industry, including the EU EMPCO Directive, food colour coding regulations, regulations relating to food trans-fatty acids and the importance of compliance in the use of food additives. Practical exercises will further enable participants to apply their knowledge to real-world compliance situations and strengthen their ability to identify potential regulatory concerns.

For further information and registration, please contact the National Chamber of Commerce of Sri Lanka on 011 4741788 – Nethmi or Udula – 071 403 4775.