State monetary policies and fiscal discipline should be active without being a burden on the public and should also avoid heaping economic burdens on them, said President Maithripala Sirisena while addressing the inaugural session of the Sri Lanka Economic Forum 2016 today (02 August), organized by the Ceylon Chambers of Commerce.

The President further added, “There has been a long felt necessity for strict discipline within the state administration. There has been a grave deterioration in the state’s fiscal administration and discipline in the past. The government and the public have to bear a heavy burden of 900,000 million of borrowings.

“We cannot be satisfied with the contributions that the small and medium scale industry has made to the country during the last two decades. It has remained at 08 to 10 per cent. The contribution of this sector should be at least 20 per cent.

“A group of gem dealers told me that they posses huge investments that could be invested here. The wanted the government’s cooperation for this. They are prepared to invest in local industries. The requested for tax concessions to do so.

“More is being taken every day from the income tax payers. What we need to do is get from those who do not pay taxes rather than troubling those who pay.”

This two-day Economic Forum is being held in Colombo where heads of business institutions from the state as well as private sectors would speak. Finance Minister Ravi Karunanayake and Central Bank Governor Indrajit Coomaraswamy attended today session.