Nov 22, 2010 7:00:00 PM - aussieindolanka.com
President Mahinda Rajapaksa in his capacity as Finance and Planning Minister yesterday presented Budget 2011 in Parliament which could be best described as futuristic. The total revenue and grants envisaged in the Budget amounts to Rs 986.1 billion where as the total expenditure proposed amounts to Rs 1419.9 billion. The Budget deficit which was eight percent of the GDP excluding grants in 2010 will be brought down to 6.8 percent under the current Budget.
A series of concessions have been given to industrialists, agricultural entrepreneurs and public and private sector employees under the Budget.
A highlight of the Budget is a proposed revision of salaries and allowances to public servants. All public servants will be paid a special allowance equivalent to five percent of the basic salary with effect from January 2011. Also increased is the Cost of Living allowance to Rs 5,850 per month, an increase of Rs 600.