, Author at Big Daddy Data

Sri Lanka’s Digital Economy Strategy Aims for $3 Billion by 2024

Sri Lanka plans to grow its digital economy to $3 billion by 2024. This goal represents 4.37% of the country’s GDP. The government is expanding tech exports, e-commerce, and IT-BPM services to reach this target.

Strategic investments in digital infrastructure and IT skills are vital. These investments aim to create a thriving environment for startups and digital businesses.

Sri Lanka's Digital Economy Strategy Aims for $3 Billion by 2024

The ICT Agency of Sri Lanka leads efforts to create a digitally inclusive nation. They focus on digital policy and cyber laws. The agency’s digital government transformation aims to boost efficiency and connectivity of state entities.

The National Data and Identity Interoperability Platform (NDIIP) enhances information sharing among government organizations. Two state-of-the-art Techno Parks are being built to attract foreign investment and create jobs.

Sri Lanka plans to increase its ICT/BPM workforce from 125,000 to 300,000 by 2024. Over 60% of Sri Lankans own mobile phones, with half being smartphones. This provides a strong base for digital services and e-commerce growth.

Key Takeaways

Sri Lanka aims to grow its digital economy to $3 billion by 2024, representing 4.37% of GDP
The government is investing in digital infrastructure and IT skills development to support tech exports, e-commerce, and IT-BPM services
The ICT Agency is working to establish a digitally inclusive Sri Lanka through digital policy, cyber laws, and digital government transformation
Two state-of-the-art Techno Parks are under construction to attract Foreign Direct Investment and create job opportunities
Sri Lanka aims to increase its ICT/BPM workforce from 125,000 in 2018 to 300,000 by 2024

Sri Lanka’s Vision for a Digital Economy by 2030

Sri Lanka aims to create a thriving digital economy by 2030. The Sri Lanka Vision 2030 focuses on using digital tech for innovation and global competitiveness. It ensures a human-centered approach to digital change.

Sri Lanka digital transformation roadmap

The strategy prioritizes equal chances for all citizens in the digital economy. It promotes new tech and solutions for societal issues. The plan also aligns digital growth with environmental goals.

Core Principles Guiding Sri Lanka’s Digital Transformation

Inclusivity and equal opportunities for all
Innovation in technologies, business models, and digital solutions
Sustainability and alignment with environmental goals
Global outlook and competitiveness
Human-centric approach prioritizing citizen needs
Rights-based framework protecting privacy and digital rights

Critical Enablers for Achieving Digital Economy Goals

Sri Lanka has identified key factors to reach its digital goals. These include creating laws that boost innovation and protect consumer rights. Secure digital IDs are vital for trusted online transactions.

Clear data rules will ensure responsible data use. These enablers aim to foster a thriving digital economy for all.

Enabler	Description
Legal and Regulatory Framework	Establish laws and regulations that promote innovation and protect digital rights
Digital Identity Systems	Implement secure and trusted digital identity solutions for online transactions and services
Data Governance	Develop transparent frameworks for responsible data collection, sharing, and use

Team efforts, public input, and private investments will drive digital change. These factors will help create a vibrant digital economy. The goal is to benefit all parts of society.

Key Strategic Areas for Action in Sri Lanka’s Digital Economy Strategy

Sri Lanka aims to boost its digital economy to $3 billion by 2024. The strategy focuses on six key areas for growth and transformation. These include enhancing digital infrastructure, developing skills, and improving e-government services.

The plan also strengthens cybersecurity, expands digital financial services, and supports MSMEs’ digitalization. These areas are crucial for driving Sri Lanka’s digital progress.

Infrastructure, Connectivity, and Access Initiatives

Sri Lanka prioritizes improving digital connectivity and access. The government plans to invest in next-generation networks and high-speed broadband. These efforts aim to maintain digital leadership and bridge the digital divide.

Initiatives are underway to expand broadband coverage, especially in rural areas. This ensures everyone can access digital services equally.

Skills Development, Digital Literacy, and Job Creation

Building a digitally skilled workforce is vital for innovation and growth. Sri Lanka focuses on developing IT skills and promoting digital literacy. The country also aims to create job opportunities in the digital sector.

Targeted training programs address the need for advanced AI engineering skills. Partnerships with educational institutions help develop strategic expertise. Visit Sri Lanka’s Tourism Industry Sees Resurgence Ahead of for more insights on economic growth.

E-Government Services and Digital Governance

Sri Lanka aims to enhance e-government services and digital governance. The government plans to digitize public services, improve efficiency, and increase transparency. A robust AI governance structure is being established.

This structure focuses on safety, transparency, and ethical guidelines. It ensures responsible AI development and deployment.

Cybersecurity, Data Protection, and Privacy Measures

Strengthening cybersecurity and ensuring data protection are crucial for Sri Lanka’s digital strategy. The government is investing in cybersecurity infrastructure and implementing data protection regulations. Promoting awareness about online safety is also a priority.

Building trust in digital systems is essential. It encourages adoption and fosters a secure digital environment.

Expansion of Digital Financial Services

Sri Lanka aims to expand digital financial services. The goal is to increase access to digital payments, mobile banking, and other financial technologies. This promotes financial inclusion and reduces reliance on cash transactions.

Initiatives encourage MSMEs to adopt digital financial services. This supports their growth and competitiveness in the market.

Sector-Specific Digitalization and Support for MSMEs

Sri Lanka’s strategy recognizes the importance of sector-specific digitalization. It supports MSMEs in their digital transformation journey. The government provides incentives for MSMEs to adopt digital technologies.

Initiatives promote the startup ecosystem and foster innovation. This encourages entrepreneurship in the digital space. These efforts drive economic growth and create new job opportunities.

Challenges and Opportunities in Implementing Sri Lanka’s Digital Economy Strategy

Sri Lanka aims to build a $15 billion digital economy by 2030. The government plans to spend Rs. 3 billion on digital efforts in 2024. This is 1.4% of total expenditures.

Key challenges include ensuring fair access and implementing regulatory reforms. Attracting investments is also crucial. However, the strategy offers chances for public-private partnerships.

These partnerships can help bridge the digital divide and improve infrastructure. They can also develop digital skills among workers.

Sri Lanka could become a regional digital hub. Its location, growing digital infrastructure, and skilled workforce are attractive to international companies.

Budget Allocation	Amount (Rs.)	Purpose
National Single Window	200 million	Facilitating trade-related regulatory documentation
Vocational Education and Training	450 million	Training through Provincial Councils
Job-Seeking Graduates Program	750 million	Training program for job-seeking graduates

The strategy can lead to inclusive economic growth. It promotes digital literacy and supports small businesses. This creates new jobs and empowers marginalized communities to join the digital economy.

Conclusion

Sri Lanka’s Digital Economy Strategy outlines a bold plan for the country’s digital future. It aims to boost economic growth and global competitiveness. The strategy sets clear goals for 2024, including $3 billion in annual foreign exchange revenue.

The plan also targets building a workforce of 300,000 ICT professionals. This includes 150,000 skilled individuals ready for the digital economy. These goals show Sri Lanka’s commitment to progress despite recent global ranking challenges.

Sri Lanka plans to set up five regional tech and education hubs. It aims to help tech companies and startups grow. The country also wants 75% of its citizens to be digitally literate.

The strategy focuses on key areas guided by core principles. It aims to use digital tech for inclusive and sustainable growth. Success will boost the economy and improve lives in the digital age.

Sri Lanka Passes Bill Allowing Government to Remove Posts

Sri Lanka’s parliament has passed the controversial Online Safety Bill. It gives the government broad powers to regulate online content and social media platforms. The bill allows a commission to order the removal of “prohibited statements” and pursue legal action against publishers.

The legislation passed with 108 votes in favor and 62 against. It comes as Sri Lanka tries to recover from a severe economic crisis. Last year, protests demanding reform led to the ousting of top leaders.

Sri Lanka Passes Bill Allowing Government to Remove Online Posts

Those found guilty of publishing prohibited content face hefty fines and up to five years in prison. International organizations worry these restrictions could weaken governance and increase corruption. Tech giants warn the bill could harm Sri Lanka’s digital economy.

The bill’s passage raises fears about Sri Lanka sliding towards authoritarian rule. UN experts caution it could suppress dissenting voices. Concerns persist about the bill’s impact on freedom of expression and press freedom.

This comes as Sri Lanka prepares for presidential elections later this year. The new law could affect Sri Lanka’s evolving digital landscape. Many worry about its long-term effects on democracy and free speech.

Key Takeaways

Sri Lanka’s parliament passes the Online Safety Bill, allowing government control over online content and social media.
The bill empowers a commission to order the removal of “prohibited statements” and take legal action against publishers.
Critics warn the bill could stifle dissent, undermine the digital economy, and lead to authoritarian rule.
Sri Lanka is still recovering from a severe economic crisis and political upheaval in 2022.
Concerns persist about the bill’s impact on freedom of expression and press freedom as Sri Lanka prepares for presidential elections.

Sri Lanka’s Controversial Online Safety Bill

Sri Lanka’s Online Safety Bill has sparked controversy due to its potential impact on digital rights and free speech. The bill aims to regulate internet content and remove posts deemed “prohibited statements.”

It was published on September 18, 2023, and tabled in Parliament on October 3, 2023. The bill proposes a government-appointed commission to oversee online content regulation.

Key Provisions of the Bill

The bill proposes a five-member Online Safety Commission appointed by Sri Lanka’s Executive President. This commission would have the power to remove content and block access to accounts.

The bill sets harsh penalties for online posts, including up to 20 years imprisonment. This has raised concerns about the severity of punishments for online activities.

Online Safety Bill protests in Sri Lanka

The proposed legislation outlines various offenses with punishments including imprisonment and fines. These are detailed in the table below:

Offense	Punishment
Sharing prohibited statements	Up to 5 years imprisonment and/or fine
Failure to comply with commission orders	Up to 2 years imprisonment and/or fine
Repeated violations	Up to 20 years imprisonment and/or fine

Opposition and Criticism from Media and Civil Rights Groups

Media, internet, and civil rights groups strongly oppose the Online Safety Bill. They argue it would undermine freedoms and create a chilling effect on free speech.

From October 3rd to 17th, 2023, 45 petitions challenged the bill’s constitutionality. This highlights widespread concern over its impact on digital rights and self-censorship.

The Asia Internet Coalition, representing major tech companies, warns the bill could harm Sri Lanka’s digital economy. It may also deter foreign direct investment.

Journalists fear the bill could severely impact their work. This could lead to self-censorship and the closure of news websites.

Despite the Supreme Court’s 2023 verdict, many fundamental flaws remain unaddressed. These include provisions for an opaque regulatory body without independent oversight.

The bill could worsen Sri Lanka’s economic crisis. It may have far-reaching effects on platform accountability and internet regulation in the country.

Sri Lanka Passes Bill Allowing Government to Remove Online Posts

Sri Lanka’s parliament passed the controversial Online Safety bill with a majority vote. Opposition parties, media groups, and civil rights activists raised concerns. The bill aims to tackle online fraud, cyber harassment, and data theft.

Critics fear it could limit free speech and press freedom. The government claims it will protect user privacy and national security.

Government’s Justification for the Bill

Public Security Minister Tiran Alles introduced the bill to fight rising online crimes. In 2022, over 8,000 complaints about online offenses were filed with Sri Lankan police.

These included sexual abuse, financial scams, and cyber harassment. Alles stated the bill wasn’t meant to harass media or political opponents.

Concerns over Freedom of Expression and Press Freedom

Rights groups worry about the bill’s impact on internet freedom. They fear it could suppress anti-government protests. US Ambassador Julie Chung urged transparency to protect people’s voices.

The International Federation of Journalists criticized the proposed commission. They say it’s controlled by the President, opposing true press freedom. This contradicts the need for a self-regulating media system.

Key Statistics	Details
Online Safety Bill Vote	Passed with 108 votes in favor, 62 against in the 225-member parliament
Online Crime Complaints (2022)	More than 8,000 complaints filed, including sexual abuse, financial scams, cyber harassment, and data theft
Sri Lanka’s Debt Crisis	Declared bankruptcy in 2022 with over $83 billion in debt, more than half owed to foreign creditors
IMF Bailout Package	Agreed to a $2.9 billion bailout package for Sri Lanka
Upcoming Presidential Election	Scheduled to be held later this year

Conclusion

Sri Lanka’s Online Safety Bill has sparked debate about freedom of expression. Critics worry it gives authorities too much power to censor content. The government says it’s needed to fight online crimes.

The bill’s restrictions may discourage tech giants from investing in Sri Lanka. This could slow economic growth and technological progress. Many question the government’s ability to judge truth from falsehood.

The bill is a hot topic as Sri Lanka nears its presidential election. Public discontent is already high due to new taxes and rising energy costs. Religious diversity may be at risk if certain voices are suppressed.

Sri Lanka must carefully weigh the bill’s consequences. A balanced approach is needed to protect citizens’ rights and support the digital economy. The country should aim for transparency, accountability, and free expression.

Sri Lanka Parliament Dissolved, November Elections Set

A significant development has taken place in Sri Lanka, as announced by OMP Sri Lanka. The Dissolution of Parliament was officially declared. This event occurred just after midnight on September 24th, when the legislative body was dissolved by President Anura Kumara Dissanayake. This is a monumental decision in the country’s history. It paves the way for a crucial election on November 14.

After winning the presidency in an election with high voter turnout, President Dissanayake is moving forward with his agenda. He aims to tackle corruption and economic challenges. The announcement of the Election, after dissolving the parliament, is a key moment. It signals major policy changes and efforts to meet the International Monetary Fund (IMF) bailout terms.

Key Takeaways:

President Anura Kumara Dissanayake used his power to disband the Parliament. This marks a vital step for Sri Lanka’s governance.
The upcoming general election on November 14 is a pivotal time for the country’s future.
President Dissanayake’s election victory showed huge public support, marking a significant change from the 2019 results.
The previous administration’s economic problems and high inflation highlighted the public’s desire for change.
Ensuring stability and prosperity are priorities, with plans for tough anti-corruption actions and expanding social welfare.
Investors are cautious about the financial sustainability regarding the new economic policies announced.
The position of the Janatha Vimukti Peramuna in the assembly poses a hurdle to achieving majority representation.

President Dissanayake Dissolves Parliament, Calls for November Elections

In a bold move, President Anura Kumara Dissanayake of Sri Lanka has dissolved Parliament. This action marks a significant change in the country’s political scene. Based on Article 70 of the Sri Lankan Constitution and the Parliamentary Elections Act, the President made this decision. Now, Sri Lanka is set for early Elections, sooner than originally planned.

The Exercise of Constitutional Powers by President Anura Kumara Dissanayake

President Dissanayake used his Constitutional powers wisely and legally. By invoking Article 70, he ended the current Parliament’s session. His party had only three seats out of 225. This important step is expected to lead to major changes in Sri Lanka’s government.

Setting the Stage: Article 70, the Constitution and the Parliamentary Elections Act

Sri Lanka’s laws clearly lay out how to dissolve Parliament and organize new elections. The President has this power thanks to Article 70. The Parliamentary Elections Act gives details on election procedures. These rules ensure a fair and democratic election process in Sri Lanka.

Expected Political Realignments and Candidature Announcements

After President Dissanayake’s announcement, many political leaders are getting ready for the elections on November 14. For example, Mahinda Rajapaksa is adjusting his strategy anticipating how voters will react. Harini Amarasuriya, the new Prime Minister, is focusing on issues like youth development, child protection, and gender equality. Her approach could majorly affect the upcoming elections.

President Dissanayake’s decision to dissolve Parliament is stirring up Sri Lanka’s politics. As the country moves towards these important Elections, all eyes are on how these changes will influence Sri Lanka’s future.

Impact of Parliamentary Dissolution on Political Landscape

Sri Lanka’s political scene is changing with the Parliament’s dissolution. President Anura Kumara Dissanayake made this bold move. It shows his dedication to solving longstanding governance problems.

These challenges grew due to economic crises and ongoing instability. This step into a new phase shows hope for better governance.

Timeline of Events Leading to the Dissolution of Parliament

The journey to change began with the National People’s Power alliance’s (NPP) election success. Their rise was helped by the Janatha Aragalaya protests. People were upset with the old system. This led to calling for general elections.

These elections hinted at a major shift in electoral politics. A new chapter for the nation seemed ready to start.

Reactions from Political Parties and Government Officials

The reactions to the Parliament’s dissolution were mixed. Some were worried, while others supported it. Political parties and officials have been vocal about it.

This shows a change in the direction of Sri Lanka’s politics. Everyone is getting ready for the upcoming elections with great interest.

Projections: Shifts in the Balance of Power and Governance

Experts are watching how this will change governance. President Dissanayake is seen as a unique leader. His approach might shift power balances.

This change could bring needed reforms. Especially if it addresses economic and social issues. High voter support for Dissanayake suggests people want this change.

There’s hope for a governance that tackles problems head-on. With Dissanayake’s leadership, Sri Lanka could move towards stability and sustainable growth. This is an exciting time for the country.

Sri Lanka's Shift to Organic Farming Leads to Significant Crop Declines

Sri Lanka’s Shift to Organic Farming Drops Crop Yields

Sri Lanka’s sudden switch to organic farming in 2021 caused major drops in crop yields. President Gotabaya Rajapaksa’s election promise led to a ban on synthetic fertilizers and pesticides. This forced 2 million farmers to adopt organic methods, resulting in a 20% fall in rice production.

The ban also hit tea crops hard, Sri Lanka’s main export. Within six months, domestic rice prices jumped by 50%. The country had to import $450 million worth of rice to make up for lost production.

The fertilizer ban’s impact was severe. Tea production losses alone cost the economy $425 million. This further strained Sri Lanka’s foreign exchange reserves and worsened the country’s economic crisis.

The government tried to help farmers with $200 million in direct compensation. They also gave $149 million in price subsidies to rice farmers. But these efforts weren’t enough to offset the negative effects of the sudden change.

The organic farming shift contributed to rising inflation and currency depreciation. It also increased poverty in the country. Critics say the government didn’t include agricultural experts in planning the change.

There was no gradual transition plan, which made things harder for farmers. The new policy not only hurt crop production but also threatened food security for Sri Lanka’s people.

Sri Lanka’s Abrupt Transition to Organic Farming

President Gotabaya Rajapaksa’s government banned synthetic fertilizer and pesticide imports in April 2021. This move was part of his organic agriculture pledge from the 2019 election campaign. The decision aimed to save foreign exchange and promote organic farming in Sri Lanka.

The policy was implemented without input from leading agricultural experts. Instead, it relied on representatives from the small organic sector and alternative agriculture advocates. This exclusion of agronomists led to widespread criticism of agricultural policy mismanagement.

President Gotabaya Rajapaksa’s Election Promise

During his 2019 campaign, President Rajapaksa promised a 10-year transition to organic farming. This pledge received mixed reactions. Sri Lanka had long relied on synthetic fertilizers and pesticides for crop yields.

Nationwide Ban on Synthetic Fertilizers and Pesticides

The government suddenly banned synthetic fertilizer and pesticide imports in April 2021. This abrupt change left farmers struggling to adapt to organic methods. It led to significant drops in crop yields and food shortages.

The decision to cut fertilizer subsidies made the situation worse for farmers. They faced many challenges during this rapid transition to organic farming.

Exclusion of Agricultural Experts in Policy Implementation

The government’s approach to implementing the organic farming policy faced heavy criticism. Leading agricultural experts and agronomists were left out of the decision-making process. Instead, the policy relied on input from the small organic sector and alternative agriculture advocates.

Many of these supporters were linked to the Viyathmaga civil society movement. This group had backed President Rajapaksa’s election campaign.

Economic and Agricultural Consequences

Sri Lanka’s sudden shift to organic farming caused major drops in crop yields. Rice production fell by 20% within six months of banning synthetic fertilizers. This forced the country to import $450 million worth of rice.

Domestic rice prices jumped by 50%. Food inflation hit 94% in August. As a result, 28% of the population faced food insecurity.

The tea industry, crucial for exports, also took a hit. Tea output decreased by 18% after the ban. This led to lower export earnings.

Other export crops like rubber, coconut, and spices suffered too. This affected household incomes and export revenues.

Farmers struggled due to insufficient organic fertilizer production. The government couldn’t produce enough to replace imported fertilizers. This made it hard for farmers to maintain crop yields.

Protests and economic instability forced the government to partially reverse the policy. They did this for key export crops by November 2021.

The failed policy led to reduced crop yields and tea export losses. It also increased food insecurity in Sri Lanka. The government had to compensate farmers and reverse the fertilizer policy.

Experts suggest a gradual shift to organic farming. This approach should include proper support and training for farmers. It would help minimize impacts on crop yields and food security.

ASPI Surges 15% as Stock Market Recovers in 2024

The Sri Lankan stock market showed strong recovery in 2024. The All Share Price Index (ASPI) went up a lot in the first half of the year. This was a big moment for the country’s economic bounce back. It showed investors were feeling good about putting their money in Sri Lanka. The rise in the ASPI index was a sign of growing confidence. It also showed the country’s overall economic improvement.

The economy of Sri Lanka is looking up, according to fiscal data. Government revenue jumped from Rs. 1,448 billion in 2022 to Rs. 2,110 billion in 2023. Meanwhile, tax revenue went from Rs. 1,283 billion to Rs. 1,934 billion. At the same time, government spending increased a lot. This was to help the economy grow more.

The country sold less abroad, with exports dropping. However, the tourism sector saw a lot more visitors. This showed the world is trusting Sri Lanka more. There was also a big increase in money sent home by workers abroad. This helped improve the country’s financial health overall.

The recovery of the stock market was helped by better monetary conditions. The interest rates banks charge each other fell significantly. And, the returns on short-term government loans also went down. This made it cheaper for people and companies to borrow money. This likely helped the stock market do well, attracting both local and global investors.

Stock Market Recovers, ASPI Gains 15% in First Half of 2024

The 15% increase in the ASPI shows Sri Lanka’s economic progress. These results are good news. But, we need to watch the world’s political and economic changes too. They could affect the market. Still, this positive change gives hope for a strong market and ongoing investments ahead.

Analyzing the Reasons Behind ASPI’s 15% Climb

The All Share Price Index (ASPI) of the Sri Lankan stock market rose by 15% in 2024. This jump shows the impact of different factors. The foreign investment trends, updated economic policies, and sectoral performance together led to this market upturn.

The Impact of Foreign Investment Trends on ASPI

Foreign investment is key to the Sri Lankan stock market. There’s an ongoing change between money coming in and out. Even with a net foreign outflow in 2024, foreign investors bought LKR 100 million worth. This indicates global trust in some market sectors.

How Economic Policies Influenced the Stock Market Recovery

New economic policies have helped the market find stable ground. The 2024 Fiscal Management Report outlines a focus on spending smart and increasing revenue. These actions helped the Sri Lankan stock market find balance, aiding the ASPI’s rise.

Sectoral Performances Driving ASPI’s Surge

Important sectors like financial services helped push the ASPI up. Sectors such as diversified financials, food, beverage, & tobacco, have seen big growth. They played a major part in the ASPI’s 15% increase in 2024.

Sector	Contribution to Turnover	Percentage of Total Market Turnover
Banking and Financial Services	LKR 662 million	30%
Diversified Financials	LKR 403 million	18%
Food, Beverage & Tobacco	LKR 400 million	18%
Capital Goods	LKR 210 million	9%
Consumer Services	LKR 173 million	8%

With market capitalization on the rise, it’s evident that specific investments and policies worked together to lift the ASPI. These efforts show the detailed work needed in Sri Lankan stock market analysis. It illustrates how government, sectoral, and global factors combine to boost the market.

Sri Lankan stock market analysis

Stock Market Recovers, ASPI Gains 15% in First Half of 2024

The financial news from Sri Lanka’s stock market is positive. The All-Share Price Index (ASPI) went up by 15% in the first half of 2024. This shows the market and economy are strong. Investors are showing confidence in different sectors, not just one. Banks and John Keells Holdings made big contributions. The S&P 20 index also went up by about 19%, showing great investment chances in the country.

Local money flowing into the market has helped it recover. This is because investment in bonds is giving lower returns. Also, investors are taking less risk. This change matches well with the good news from the International Monetary Fund (IMF). Past financial troubles made the Sri Lankan Rupee drop. But now, the market could go up by 40-60% in the next 18 months. This is if it keeps following the IMF’s advice and gets ongoing investor support.

As people become more hopeful about the market, how Sri Lanka deals with its foreign debt is crucial. If banks do well, we might see changes in the stock market. The market has grown, showing a 9.77% gain recently. Measures of market health look good too. Local players, wealthy individuals, and regular folks have good expectations for mid-2025. They think the market will keep getting better. This is linked to peaceful changes in politics, moving towards the Janatha Vimukthi Peramuna (JVP). The story of Sri Lanka’s economic recovery ties into this political shift. This shows the stock market’s rise is also a sign of the country’s overall strength.