ISSN: 2222-6990
Open access
The objective of this study is to explain four decades of experience regarding export expansion under the new industrial policy, which was introduced in 1977 in Sri Lanka. The industrial policy has multiple objectives however the study was limited to export expansion and industrial sector achievements. This research is primarily based on secondary data and involves an extensive literature review on the area of concern to provide an overview of the industry policy and economic impact of Sri Lanka. The study presents the current status of industrial policy and highlights the contemporary issues in industrial policy in Sri Lankan economic development during four decade start from 1977 up to 2017. It is concluded that after four decades of experience, Sri Lanka is achieved moderate growth even though unable to maintain the required growth rate to make Sri Lanka as a fast growing economy in South Asia. Sri Lanka has opportunity to grow faster than other South Asian countries because of long term welfarism of the country for free health and education, already made talented and healthiest citizen comparing other South Asian countries.
Asian Development Bank. (2017). The Sri Lankan Economy Charting a New Course. (Eds) Athukorala, P., Ginting, E., Hill, H. and Kumar, U., Asian Development Bank, Philippines. http://dx.doi.org/10.22617/TCS178786-2
Athukorala, P. & Jayasuriya, S. (1994). Macroeconomic Policies, Crises and Growth in Sri Lanka, World Bank Publications, Washington D.C., pp: 20-24.
Athukorala, P. (2014). Growing with Global Production Sharing: The Tale of Penang Export Hub. Competition & Change, 18(3), pp: 221–245.
Bruton, H.J. (1992). The political Economy of Poverty, Equity and Growth: Sri Lanka and Malaysia, World Bank Oxford University Press, pp: 119–147.
Central Bank of Sri Lanka. (1997). Annual Report. Central Bank Publications, Colombo.
Central Bank of Sri Lanka. (2009). Annual Report. Central Bank Publications, Colombo. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/publications/annual_report/2009/en/9_Chapter_05.pdf
Central Bank of Sri Lanka. (2016). Annual Report. Central Bank Publications, Colombo.
Central Bank of Sri Lanka. (2017). Annual Report. Central Bank Publications, Colombo. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/publications/annual_report/2017/en/9_Chapter_05.pdf
Export Development Board. (2016). Industry Capability Report - Sri Lankan Apparel Sector, Export Development Board (EDB), Sri Lanka.
Government of Sri Lanka. (2018). National Export Strategy of Sri Lanka-2022: Electronic and Electrical Components Strategy, https://www.srilankabusiness.com/pdf/nes/sri-lanka-eec-6-web.pdf
Institute of Policy Studies of Sri Lanka. (2012). Sri Lanka: State of the Economy 2010 ‘Post Conflict Economic Development Challenges’ p. 7-8 http://www.ips.lk/talkingeconomics/wp-content/uploads/2012/09/pb13_Industrial-Development.pdf
Ministry of Finance Sri Lanka. (2016). Budget Speech 2017. http://www.treasury.gov.lk/article/-/article-viewer-portlet/render/view/budget-speech-2017.
Pursell, G. and Ahsan, F.M. Z. (2011). ‘Sri Lanka’s Trade Policies: Back to Protectionism’, Australia South Asia Research Centre Working Paper 2011/03, Canberra: Australian National University.
Rajapakshe, W. (2018). An Analysis of Major Factors Affecting Labor Turnover in the Apparel Industry in Sri Lanka: Policy Alternations for Solving the Problem. International Journal of Academic Research in Economics and Management Sciences, 7(3), 214–231.
Thomas R Dye. (1978). Understanding Public Policy, 3rd ed. Englewood Cliff NJ, Prentice Hall.
UNIDO (United Nations Industrial Development Organization). (1995). Country Industrial Development Profile of Sri Lanka. Industrial Center for Industrial Studies, United Nations Industrial Development Organization, pp: 28-32.
Widyantha, W.G.S. (1997). Industrialization, what went wrong?, Economic Review. People’s Bank Publications, pp: 2 -3.
World Bank. (1984). Sri Lanka: Recent Economic Development Prospects and Policies, Report No. 5038-CE, Washington D.C.
World Bank. (2016). Enhancing competitiveness in Sri Lanka. World Bank Group, Washington D.C., PP:14-38.
World Bank. (2018). World Bank national accounts data, and OECD National Accounts data files. https://data.worldbank.org/indicator/ny.gdp.mktp.kd.zg?end=2017&start=1978&view=chart
In-Text Citation: (Rajapakshe, 2018)
To Cite this Article: Rajapakshe, W. (2018). An Evaluation of Four-Decade Experience of Industrial Policy in Sri Lanka: 1977-2017. International Journal of Academic Research in Business and Social Sciences, 8(12), 969–986.
Copyright: © 2018 The Author(s)
Published by Human Resource Management Academic Research Society (www.hrmars.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode