Business and economics news
What ails the Sri Lanka Tea Industry?

With regards to the current crisis facing the tea industry in Sri Lanka, the Tea Exporters Association released the following article on what ails this industry.

What ails the Sri Lanka Tea Industry?

1.    Recognition of the different industries under tea - There are two different sectors in the Tea Industry, the Plantation/Growers sector and the Tea Export sector. Failure to recognize the difference in these industries is the inherent problem. For political reasons the government high ups require both these sectors to come up with a unified solution. The plantation sector is highly politicized and approx.70% of the tea production is controlled by the smallholder farmers, depend on heavy subsidies in replanting, fertilizer and price guarantees. The government policy on the industry is primarily decided on the pacification of this sector and all others are victims of unrealistic policies in a world driven by market economy based on supply and demand.

2.    Social Economy versus Business Economy - The tea export sector is driven by the private establishments without any handouts or subsidies from the government coffers and pay heavy taxes in terms of cess, levies, service charges and the revenue based income to the IRD.
Metropolitan Telecom Services Launches New Feature Phone Micromax X1i 2017

Metropolitan Telecom Services, the fastest growing communications and handset distributors in Sri Lanka, unveiled the new Micromax X1i 2017, catering to the surge in demand for feature phones.

Introduced at an attractive price point, the phone is getting the attention of a new generation of consumers who opt for a feature phone as their second phone as well as among budget conscious consumers who want a sleek and sturdy phone with minimum investment.

The device has a 2.4-inch colour screen and an alphanumeric keypad, featuring a 11 Hour battery life on standby and 8 hours of talk-time on a single charge depending on the network conditions.

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Car registration sets new record. Maruti Suzukis hog Sri Lankan roads

Latest data reveal that following the new government slashing duties on smaller motorcars through its interim budget, the Maruti Suzuki motorcars registered in Sri Lanka in May 2015 has grown to 2,512.

While presenting the latest data, JB Securities Stock Brokers state that only 325 Maruti Suzuki motorcars registered in Sri Lanka during November 2014. By December 2014 this number had increased up to 1,100 and by January 2015 it has gone up to 1,363.

During May 2015, 2,311 Maruti Alto motorcars which has recorded the highest sales, have been registered in Sri Lanka.

Meanwhile, 384 Geely Panda motorcars marketed by Micro Motors Limited have been sold during May 2015 while it had sold 325 in April.

Sales of the recently most sold Honda Vezel hybrid motorcars has dropped to 308 during last May whereas 1,263 cars had been sold in Sri Lanka last January.

The registration of hybrid cars have dropped to 2,791 in May 2015 due to the government increasing the duty on such vehicles through the interim budget while 4,320 hybrid cars had been registered during January this year.

Accordingly, when compared to the same period last year, during May 2015 the number of motorcars registered in Sri Lanka has grown by 205 per cent to 5,999.

This is so far the largest number of motor vehicles registered in Sri Lanka within a month.

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