Cabinet greenlights National Productivity Commission to boost economic efficiency

The Cabinet nod has been granted to establish the National Productivity Commission as an independent entity ensuring productivity in every sector of the economy.

President Ranil Wickremesinghe sought the approval of the Cabinet of Ministers this week to appoint an intellectual committee with a mandate to submit a report to the Cabinet of Ministers outlining the institutional structure of the proposed National Productivity Commission, including the formulation of necessary laws and an examination of other key aspects for the commission’s establishment.

In budget 2023, the government allocated funds to establish the commission and subsequently an inter-Ministerial Working Group has been appointed to lead the task, comprising members from various ministries, departments, and organisations.

In the absence of a responsible authority that reserves the legal eligibility to act formally with regard to productivity and related issues, the Department of Government Information pointed out that  the establishment of National Productivity Commission is critical for the country at this juncture.
In order to obtain international insights on productivity materialisation, the government has reached out to the Australian Productivity Commission, which is recognised as an international standard.