Professor Milton Rajaratne, Founder and Dean of the Department of Operations Management of Faculty of Management emphasized that it is people like Ravi who are suitable for the Finance Minister position who have a theoretical and practical knowledge on economy and finance filed with knowledge and experience in this present crisis situation of the country.
Professor Milton Rajaratne made these observations in a discussion with "lankanewsweek" regarding the current economic crisis in the country and the role of the Finance Ministers as well where he further stated.
Ravi Karunanayake is a professional and a pragmatic politician. He has theoretical knowledge as well as practical experience in the field of economics and finance. He also has a vision, a program and a goal. He has an understanding of how to deal with emerging challenges, issues and crises in the economy and Finance fields. This skill is called "Cause and Effect1” in economics.
Although Ravi Karunanayake served as the Minister of Finance for a very short period under the government of Good Governance, it was due to this skill that he was able to increase the total Government revenue from 9% to 12% and his greatest service as the Minister of Finance increase the government revenue in this manner.
When focusing on the Government tax revenue, Ravi Karunanayake who was able to increase the tax revenue to Rs. 1355 billion in 2015 which was Rs. 1,050 billion in 2014. This was an increase of Rs. 305 billion and about 30%increase also was able to increase the tax on production to Rs. 497 billion in 2015 which was 256 billion in 2014. That was an increase of 241 billion rupees.
It is noteworthy that for the first time in the history of Sri Lanka, Ravi Karunanayake, then Minister of Finance, was able to increase the salaries of public servants by Rs. 10,000.00 without much concern while not imposing tax burden on the public.
Even though Basil Rajapaksa, the current Minister of Finance, does not have the theoretical knowledge, vision, agenda and goals of Ravi Karunanayake on this economic and financial subject, it must be clearly stated that he too is a pragmatic political leader.
That is why, while the budget proposal presented by Ravi Karunanayake as the Minister of Finance in 2015 under the government of Good Governance became a development budget, the budget proposal presented by Basil Rajapakssa became only a lot of words without a goal, a plan and a vision.
If we compare Ravi Karunanayake and Basil Rajapaksha, we can say that these two are like Sanath Jayasuriya and Arjuna Ranatunga. Ravi Karunanayake plays according to technology like Arjuna Ranatunga. What Basil Rajapaksa is doing is thrashing the incoming ball like Sanath Jayasuriya to increase the score. That means the field needs Arjuna Ranatunga as well as Sanath Jayasuriya. Ravi Karunanayake and Basil Rajapaksha are like that.
That is why we say that people like Ravi Karunanayake, who has theoretical as well as practical knowledge, experience and exposure in the field of economics and finance, are suitable for the post of Finance Minister in the face of the current crisis in the country.
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