N.Lohathayalan.

Indian Prime Minister Narendra Modi has prioritized pursuing a “neighbourhood first” policy with Sri Lanka being at the forefront of this approach. PM Modi has throughout his nine-year tenure as Prime Minister, set an exemplary standard for others to emulate. His transformative endeavours have propelled India from its modest beginnings towards prosperity.

India’s economy has during PM Modi’s tenure, experienced substantial growth, surpassing the 3.5 trillion US dollar mark from its initial 1 trillion dollars in 2014. This progress serves as tangible evidence for Sri Lanka, India’s prominent neighbour, that India is undoubtedly the path to follow in various aspects.

India last week reaffirmed its commitment to the people of Sri Lanka to enable them to use the USD 1 billion Indian credit facility for the procurement of medicine, food and other essentials for one more year. External Affairs Minister (EAM) S Jaishankar recently underscored the importance of India’s “Neighbourhood First” Policy and highlighted the significant financial support of USD 4 billion provided by India to Sri Lanka last year.

The EAM said that India was the first nation to extend assistance to Sri Lanka for debt restructuring and played a crucial role in securing financing assurances from the IMF.  PM Modi has shown remarkable resilience in dealing with various domestic and international crises. Rooted in his humble beginnings, he has applied his personal philosophy to drive India’s transformative journey.

A recent example of his distinct approach was witnessed during the inauguration of the new Parliament, where he chose to walk alone towards the building, halting his motorcade, bodyguards and bureaucrats some 200 meters away. Another testament to his commitment to equality is the appointment of Droupadi Murmu, a member of the tribal community, as the President of India. This decision reflects his dedication to providing equal opportunities to deserving individuals, regardless of their background.

India has provided assistance to Sri Lanka. This includes substantial financial aid and India’s personal guarantee in obtaining the IMF bailout of USD 2.9 billion in support of the country’s economic stability. Senior BJP leader Vijay Jolly asserted “Prime Minister Modi has proved that after completion of nine years in power, he still commands the majority admiration of all Indians in the Republic of India.

He added, “Modi as the Prime Minister has emerged as a global leader and widely accepted by Western leaders and nations alike and has made India politically, militarily and diplomatically vibrant”. He stressed further that their leader has provided Sri Lanka fiscal breather during its serious financial crisis and India stood as an all-weather friend of Sri Lanka. On India’s support of housing in Sri Lanka, Indian High Commissioner to Sri Lanka, Gopal Baglay, highlighted the significant funding for the Indian Housing Projects (IHP). He emphasized the expeditious completion of Phase-3 of the IHP, which aims to construct 4,000 houses through grant assistance from the Government of India (GOI) in the plantation areas of Sri Lanka. These houses are being built across seven districts in the Central, Uva, and Southern Provinces.

1. President Ranil Wickremesinghe visits India on a 2-day official tour: due to meet Indian President Smt. Droupadi Murmu: also will meet PM Narendra Modi & other dignitaries to enhance bilateral relations & explore mutual interests.
2. LKR breaks the Rs.330 per USD barrier and ends at Rs.330.29: down a massive Rs.33.06 or 11.1% from 297.23 per USD on 1st June 2023: T-Bill interest rates escalate in the last 2 weeks: 3-month T-Bills up from 17.79% to 19.99%: 6-month T-Bills up from 15.93% to 17.77%: 12-months T-Bills up from 13.86% to 14.35%.
3. Govt pays a massive Interest for both domestic and foreign debt which is equivalent to Revenue during the first 4 months of this year: Revenue in the first 4 months of 2023 was Rs.821 bn, whereas the Interest expenditure was Rs.818 bn for the same period: Central Bank’s policy measures on 8th April 2022 led to the almost tripling of local interest rates.
4. Second reading of the Central Bank of Sri Lanka Bill passed in Parliament with 66 voting for and 24 against: third reading passed without a vote.
5. Acting Minister of Investment Promotion, Dilum Amunugama says the total of Foreign Direct Investments in Sri Lanka in 2022 was USD 1.75 bn: FDIs for Q1 of 2023 amounted to USD 211 mn.
6. The ASPI of the Colombo Stock Exchange closes at 11,027 points after gaining 99 points (0.91%); S&P SL20 index also gains 21 points (0.65%) to close at 3,205: turnover Rs.4.17 bn.
7. SJB Leader Sajith Premadasa claims that Cesarean surgeries at the Kalutara Teaching Hospital have been halted due to the lack of an anaesthetic drug:
   questions whether the reason for the lack of this medicine was due to a lack of money or the inefficiency of the Govt.
8. Merrill J Fernando, the visionary founder of Dilmah Tea, the world renowned SL tea brand, passes away at the age of 93.
9. SriLanka Telecom Chairman Rohan Fernando says the Board of Directors of SLT has removed him from the post of Chairman.
10. Pakistan beats Sri Lanka by 4 wickets in the first Cricket Test at Galle: lead the series 1-0: Sri Lanka – 312 & 279: Pakistan – 461 & 133/6.

In a significant move, the Education Ministry has announced a one-time exemption for school candidates applying for the G.C.E. Advanced Level 2023 Examination. For this year only, students will be required to have a minimum attendance percentage of 40% to be eligible to sit for the examination.

The decision comes as a relief for students facing challenges with school attendance, ensuring that they will not miss the opportunity to participate in the prestigious Advanced Level Examination. Previously, the minimum attendance requirement stood at 80%, but the lack of a proper mechanism to assess students’ attendance prompted the revision.

The Education Ministry has already issued necessary instructions to principals, urging them to take this opportunity to support and facilitate their students’ participation in the examination.

While the minimum attendance percentage has been reduced to 40% for 2023, the Education Ministry hints that this figure may be subject to change in the future. Plans are underway to review and potentially increase the attendance requirement from the following year, aiming to strike a balance between academic excellence and equitable opportunities for all students.

In a momentous decision, the Central Bank of Sri Lanka Bill was successfully passed with crucial amendments during a parliamentary session yesterday (20). The Bill secured an impressive majority, with 66 votes in favor and only 24 votes against it. Notably, a significant number of Sri Lanka Podujana Peramuna MPs voted in favor of the Bill, solidifying their support.

During the lively debate on the Bill, members from various political parties, including Samagi Jana Balawegaya, National Jana Balawegaya, and Sukanda Janata Sabha, stood firm in their opposition to the proposed changes, making their voices heard.

The Bill’s significance lies in its provisions to grant the Central Bank of Sri Lanka greater independence, aiming to elevate the institution’s autonomy and effectiveness in managing the country’s monetary policies. Over twenty Members of Parliament, both from the ruling party and the Opposition, passionately spoke during the debate, reflecting the bill’s crucial role in shaping the nation’s financial landscape.

This pivotal decision marks a turning point in Sri Lanka’s financial governance, as the Central Bank moves towards becoming a more robust and autonomous institution, empowered to drive the country’s economic growth and stability.

On July 20th, State Minister of Finance, Ranjith Siyambalapitiya, revealed plans to ease import restrictions on 328 additional items. The move comes as the government aims to bolster economic growth and meet consumer demands by allowing a wider array of goods into the country.

The gazette notification detailing the relaxation of import restrictions is set to be released today, providing businesses and importers with clarity on the new measures.

This development follows the recent relaxation of restrictions on 300 items, including electronic equipment, sanitaryware, and food items, which took effect from June 09. However, it’s worth noting that import restrictions on vehicles are expected to remain in place due to prevailing economic conditions, as stated by Siyambalapitiya last month.

Sri Lanka Customs has expressed concerns about reaching revenue targets, especially with the ongoing limitations on vehicle imports. The Sectoral Oversight Committee (SOC) on National Economic & Physical Plans has been engaged in discussions to address this issue and ensure the nation’s economic stability amidst the evolving trade landscape.

Several spells of showers will occur in Western, Sabaragamuwa and North-Western provinces and in Kandy, Nuwara-Eliya, Galle and Matara districts.

Mainly fair weather will prevail elsewhere over the Island.

Strong winds about (40-50) kmph can be expected at times in western slopes of the central hills, Northern, North-Central and North-Western provinces, and in Monaragala, Hambantota and Trincomalee districts.

By: Staff Writer

Colombo (LNW):Sri Lanka is taking steps for economic revival in the backdrop of the first tranche of the bailout package from the International Monetary Fund (IMF) and this would open up opportunities for Indian corporate sector to expand IT sector.

One of the measures the Lanka will pursue is restructuring of its State-owned enterprises. As part of its economic recovery and fiscal consolidation plan, the Sri Lankan government has shown interest in divestment in the airlines, hotels and hospital sectors among other sectors including IT.

IT giant HCL Technologies Ltd is to offer more employment opportunities for Sri Lankans following talks held between the Governor of the Eastern Province, Senthil Thondaman and the company in India.

Thondaman had talks with the Indian IT giant HCL during his recent visit to India to explore opportunities to collaborate in the IT sector.

“During the visit, Governor M Senthil Thondaman met with senior executives of HCL Ltd. in New Delhi.

The discussions focused on opening up a gateway to a 5000-seat facility for Sri Lankan IT talents. The Governor’s proposal received an overwhelming positive response from HCL, reinforcing their commitment to expanding their operations in Sri Lanka,” Thondaman’s office said.

HCL Ltd., a renowned global IT services provider, expressed great interest in investing in Sri Lanka and tapping into its pool of talented IT professionals. The company recognizes the immense potential of the Sri Lankan workforce and the country’s strategic location in the region.

“As a result of the productive discussions, HCL Ltd. is expected to sign an agreement with the Board of Investment (BOI) on the approval of the Chairman Dinesh Weerakody who has also played a supportive role in Sri Lanka to establish this state-of-the-art facility.

This landmark initiative undertaken by Governor M Senthil Thondaman will generate employment opportunities for 5000 IT engineers across Sri Lanka, making it the largest investment in the IT sector in the country’s history,” Thondaman’s office added.

The facility will serve as a hub for HCL’s operations in Sri Lanka, providing a conducive environment for innovation, collaboration, and skills development.

It will leverage the expertise of local IT professionals and enable them to work on cutting-edge projects for both local and international clients.

Thondaman expressed his enthusiasm for this transformative collaboration, stating, “This partnership with HCL Ltd. will pave the way for significant growth in the IT sector and create a multitude of employment opportunities for our talented IT professionals.

We are delighted to have HCL’s support in our mission to position Sri Lanka as a leading IT hub in the region.”

The initiative aligns with the Government’s vision of attracting foreign direct investment and promoting the digital transformation of Sri Lanka’s economy.

It will contribute to the country’s economic growth and reinforce its reputation as an attractive destination for IT and technology-related investments.

By: Staff Writer

Colombo (LNW): Postmen pedaling bicycles for hours to deliver letters–even in remote villages, will become a a thing of the past following the Ministry of Posts decision to provide three wheelers for their mail delivery services as the proposal to introduce Motorcycles for mailmen under state assistance failed to materialized.

The familiar ring of the push-cycle bell will be thinned down and the toot of the tuk tuk at the door step for mail delivery can be heard very soon with the implementation of the ministry proposal.

The postman in Sri Lanka will deliver letters by tuk tuk and not the traditional bicycles in the near future, as part of the modernization of the postal service.

During the modernization of postal service, 1000 three wheelers will be deployed all over the country replacing the traditional bicycles that were used in field for a long time.

Some 1,000 three-wheelers will be deployed country-wide under the modernization of the postal service, replacing the traditional bicycles used in the field for a long time, State Minister of Mass Media Shantha Bandara said today.

He said an official uniform would also be provided to postmen with the ultimate goal of creating a strong postal service in the country.

He said the modernization of the postal service is planned to be carried out as a joint public-private sector partnership at a cost of Rs.10 billion and that the Postal Department will not be privatized at any cost.

It is expected to convert the Postal Department into a profit-making institution within the next two years, through the digitization of the Department, the Minister pointed out.

Further, Minister Shantha Bandara said by the end of 2023, the loss to the Postal Department will be reduced by Rs.4000 million.

The Postal Service’s income in 2022 was Rs. 7,000 million while the expenditure was Rs.14,000 million.

It is planned to resolve the gap between income and expenditure by 2024. In 2025, our goal is to create a Postal Department that no longer depends on the Treasury,” State Minister Bandara said.

Currently, Rs. 4,000 million, Rs. 668 million and Rs. 200 million has been earned annually by the sale of stamps, postage of stamps and Cash On Delivery (COD) service respectively. Also, in the future, it is planned to increase the revenue by popularizing the COD method,” he added

He said that a new Postal Act will be presented to Parliament this year to expedite the modernization process of the Postal Department.

By: Staff Writer

Colombo (LNW): The grand finale of Mrs. India Inc, Season 4 will be held at the iconic Nelum Pokuna in Colombo, a world-class venue known for hosting magnificent events in Sri Lanka today July 20.

The contestants will have the privilege of staying at the luxurious Cinnamon Grand Colombo, one of the finest hospitality destinations of Sri Lanka, ensuring their utmost comfort and convenience throughout the event.

Mrs. India Inc, the esteemed beauty pageant celebrating the essence of womanhood, is all set to unveil its highly anticipated Season 4.

This year promises to be a truly remarkable and international affair, as the grand finale will take place in Sri Lanka. It will also be the first time in the history of Mrs. India Inc, that the prestigious event will be held on an international stage.

With an impressive participation of 75 contestants from various parts of India and across the globe, Season 4 of Mrs. India Inc, took place from 13 and 14 July, offering a captivating schedule filled with exhilarating events and experiences

The Gala night of the beauty pageant Mrs. India INC was held on Tuesday 18 in Colombo. The event’s glamour was elevated by Former Indian Cricketer and Film Star, S. Sreesanth.

Mrs. India Inc, the most glamorous beauty pageant for married women in India is hosting their 4th season right here in Sri Lanka.

Among the exciting and adventurous events organized for the contestants, a Gala Party was held in Colombo yesterday. Indian Former Cricketer and Actor, S. Sreesanth along with other influencers participated for this event.

The families of the contestants also participated in this event.Pageant Subtitles of Mrs. India INC were given away to the contestants during this event.

Legends 966 and TV1 are the proud media partners for Mrs. India Inc Season 4. So stay tuned for more updates on Mrs.India INC

Throughout the week, the contestants had the privilege of exploring the picturesque beauty of Sri Lanka, immersing themselves in the vibrant local culture, and creating cherished memories.

Prior to the main event, Sri Lankans has the opportunity of meeting with the elegant finalists at a Gala Party which will be held on Monday 17 July 2023, at the Waterside Marquee, Cinnamon Lakeside Colombo.

Mrs. India Inc, Season 4 promises to be a spectacular celebration of beauty, talent, and diversity, bringing together participants from around the world. This prestigious event will undoubtedly leave an indelible mark on the global pageant landscape.

The European Commission has put forward a significant suggestion to extend the Generalised Scheme of Preferences Plus (GSP+) scheme for an additional four years. This proposal comes amidst the ongoing negotiations for the European Union’s new GSP+ arrangement.

In a recent tweet, the European Union delegation in Sri Lanka revealed that the European Commission’s proposal aims to extend the current scheme until December 31, 2027. The objective is to ensure that countries like Sri Lanka maintain preferential access to EU markets during the interim period.

For Sri Lanka, this extension proposal means continuity, as the country will continue to enjoy the same access to the European Union’s market and the same obligations to comply with 27 international conventions. These conventions play a crucial role in fostering not only a swift economic recovery but also an equitable, just, and environmentally sustainable one.

The current GSP+ scheme, which is set to expire on December 31, 2023, has been instrumental in supporting Sri Lanka’s trade with the EU. As one of the country’s major trading partners, the EU received approximately EUR 3.2 billion worth of Sri Lankan exports in 2022. The proposed extension offers hope for continued trade benefits and economic growth for Sri Lanka, providing stability and opportunities in an uncertain global landscape.