ECONOMYNEXT – Sri Lanka’s Samagi Jana Balawegaya stood for a market based economy where the private sector generated wealth and the state intervened to help the vulnerable and also essential areas like national security which the state must provide, its leader said.
Though there were multiple ideologies that were promoted, what has worked practically worked were concepts like the social market economy, free market economics and humane capitalism (mar-nu-shee-ya dhan-war-da-yer).
“There is no other alternative,” SJB leader Sajith Premadasa told a party seminar on economic policy.
“Other alternative methods have failed and have become economic relics. We know that. Private enterprise has to be given the opportunity to general wealth and the national productive capacity.”
Within that broad framework the government had to be involved in some areas including, sovereignty, defence and also economic aspects where required.
“Though capitalism with a humane face is the best method of generating economic output, there can be imbalances in societies,” Premadasa said.
“The state has to intervene in those areas.”
They were limited by essential interventions that were required especially in education and healthcare. There were about 7 million people suffering in poverty based on the latest surveys, he said.
Sri Lanka’s poverty has risen sharply after the recent crisis. Even during the Yahapalana era also there was not much difference he said.
Premadasa said he believed in a result oriented, time targeting program. to reduce poverty.
People cannot be forever dependent on handouts.
“We have to move to an export-oriented economy, with manufacturing, technological developments, and services like tourism and business start-ups,” he said.
“It has to be a balanced development.”
Sri Lanka’s provinces had widely differing levels of development and output.
“Agriculture has to be modernized,” Premadasa said. “In countries like Holland major strides have been made. We have to achieve that success.”
Corruption has to be reduced.
Sri Lanka should be a country where everyone is treated equally. A ‘second class’ mindset was enormously damaging to a nation he said.
Human rights have to be improved constitutionally.
Sri Lanka should have balanced foreign relations with all countries, which will bring benefits to the country.
“People sometimes say we should be non-aligned,” Premadasa said. “I believe that is a negative view. We have to build positive relations which will add value to our nation.” (Colombo/Feb15/2025)
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