Features

Does Private Sector Have It to Partner Good Governance Of Maithree Palanaya’s 100 Days?

23 Jan 2015 - {{hitsCtrl.values.hits}}

Never has been in the history of Sri Lanka such an awakening made with regard to the need to have good governance integrated into the fabric of the Sri Lankan society, economy and culture by Sri Lankans like what we see today.

Ushering i n t he Maithree Palanayak on March 9, following one of the most remarkable election victories, the Maithripala-Ranil combination set on motion delivering what was promised to the country in their 100-day programme.

While this process takes its own course, due to the massive awakening of the Sri Lankan society - urban and rural, young and old, rich and poor, Sinhalese, Tamils and Muslims, Buddhists, Christians, Islamists and Hindus - all have rejected with one voice unprecedented corruption, malpractices and bad governance that were allegedly prevailing under the previous regime.

The public by sending previous regime home also demanded fast visible action to not only punish the culprits but also firmly institutionalize the framework and mechanism to prevent any future occurrence of bribery and corruption and also the misuse of public property.

Institutionalizing good governance framework
President Maithripala Sirisena during his address t o t he nation from Kandy very simply and effectively articulated the need to bring societal transformation through economic, social, cultural and environmental transformation t hat can effectively impact every family. Towards this, under his leadership, a significant number of diverse political stakeholders partnered together to see eye-to-eye to achieve this common objective.
One of t he key commitments of t he new leaders is the establishment of the key commissions - the Judicial Service Commission, Police Commission, Public Service, Election Commission, Commission Against Bribery and Corruption, Human Rights Commission - the paramount priority. The new regime is equally committed to push through the National Drugs Policy, National Audit Bill and Right to Information Bill.

Is private sector ready for game changing new dimension?
The private sector needs to recognize and realize the establishment of these key commissions and enacting and passing these vital laws and bills will be a game changing new dimension, which will help the private sector operate its businesses in a better platform.
The private sector in the past more or less adopted and took it for granted to operate under a hugely politicized environment as a permanent status quo in Sri Lanka. Not only the private corporate sector, the private SME sector and its respective business chambers too had no option but to live through the system of the state of the day.

In addition to institutionalizing the key regulatory framework and mechanism, the economically impactful deliverables the new government has promised are: reducing petroleum product prices, reducing the price of domestic gas cylinders by Rs.300, a guaranteed purchase price for a kilogram of rice at Rs.50, a guaranteed purchase price of a kilogram of potatoes at Rs.80, the guaranteed purchase price for a kilogram of tea leaves to be around Rs.80 and Rs.90, the guaranteed purchase price for rubber to be at Rs.350 per kilogram, the guaranteed purchase price paid to dairy farmers for a litre of milk to be Rs.70, an increase by Rs.10, and an increase in NRFC deposit rate by 2.5 percent.

It is clear now both t he regulatory and economic structural and framework revisions and changes could and would directly and i ndirectly be linked and could and would impact the private sector businesses once these revisions and changes are effected. And in view of that, it is time the private sector through respective apex bodies - the business chambers - granulize the private sector impact of the government’s 100-day programme and come up with equally strong private sector support mechanism programmes to partner with public sector institutions to create a significant dual impact that will fast tract the envisaged outcome in the long run the private sector stands to gain.

Commitment and courage of private sector to new game change
In the light of the revolutionary mood of the Sri Lankan society and public-minded organisations and institutions, the private sector approach in ‘making hey while the sun shines’ will be exposed at every turn if this mood continues. Even if it continues or not, transparent good governance and value creation based on that by both the public and private sectors is here to stay. The private sector, whether it is corporate, SME or micro in nature, has to facilitate and drive its business engagements more on ‘responsible revenue generation’ models in comparison to the ‘make hey while the sun shines’ approach and the ‘fast buck at any cost to society’. Business continuity and sustainability will depend more on a number of other stakeholder engagements and properly synchronized public-private partnership engagements in future.

Historic moment of truth
In this historic ‘moment of truth’, the private sector, instead of very narrowly looking at its respective business or industry sector perspective and t he needs and requirements of its respective business and industry perspective, needs to understand and look at the big picture and also think that they are operating on a micro area of a larger economic landmass. Whiles the current leadership is putting their house in order, isn’t it the responsibility of the private sector business chambers and other specific industry-focus apex bodies align their members, who are the private sector corporates and private sector SMEs, towards new ground rules and the need to play the game according to the new game change?

There is the saying “If the root is weak, so will the trunk of the tree is weak, if the trunk of the tree is weak so will the branches be, which result in no hanging fruits.” Hence, the private sector has to leave alone the ‘low hanging fruits’ that they are always looking to pluck.

Features

Does Private Sector Have It to Partner Good Governance Of Maithree Palanaya’s 100 Days?

Most Popular Articles

Third review approved by IMF, SL to get next US$ 333 million tranche

Niloufer Esufally-Anverally Makes a Stylish Comeback with the Launch of NLFR

Global Entrepreneurship Week 2024 kicks off across all 25 districts

LATES'T NEWS

Four students stranded due to floods transported to exam centres by Navy

Presence of Harini, Vijitha, Tilvin at ABBA Tribute Show clarified

Imran Khan supporters rally in Pakistan despite ban, arrests

Accident causes bus to break apart

SEC issues summons for Gautam Adani, nephew on bribery allegations