New area of data analytics for economic prosperity
Sri Lanka now makes use of data as a catalyst for economic reforms a knowledge based society and a nation to unleash its maximum potential.
A group of professionals recently passed out from universities was seen tirelessly collecting and analysing data for decision making at the Analytics Unit of the Ministry of Economic Reforms and Public Distribution.
In this backdrop Non-Cabinet Minister of Economic Reforms and Public Distribution Dr. Harsha de Silva told a media conference in Colombo on Thursday that this unit modeled on Singapore-style is capable of driving entirely unprecedented paradigms of development in nearly every sector in the country.
This unit has the ability to crunch data and arrive at feasible solutions for economic issues to enable political leaders to endorse it.
Dr. de Silva expressed the belief that harnessing of data from multiple platforms would provide opportunity to use data analytics to improve the economy and mange the financial system efficiently.
This unit will be a think-tank in handling cost of living issues, he said pointing out that price control is viable in a competitive market.
Price control could be imposed for certain goods in tackling high cost of living, he said.
Dr. de Silva, who is also the convener of the cost of living committee, has considered ways and means to intervene in the market in a broad sense.
He added that his ministry is working in close collaboration with the Consumer Affairs Authority (CAA) which is the authority in imposing price controls on essential commodities including gas, milk powder and cement.
He disclosed a pricing formula for LP gas will be introduced following the termination of the Supreme Court case as the matter is now in court.
Measures will also be taken to transform into an independent national statistics office in accordance with recommendations from a panel appointed for this purpose.
Meanwhile Sri Lanka’s first Temperature and Humidity Controlled Warehouse Complex for Perishables will be opened in Dambulla in October this year, said Dr. de Silva.
This state-of-the art cold storage complex with a capacity of 5,000 metric tons comprises six separated chambers of different temperature and humidity levels, he disclosed.
The Indian government has provided a grant of Rs.300 million and the Sri Lanka government had to bear the balance cost of Rs.225 million, he added.
This cold storage complex is being built in an area of seven acres in close proximity to the Dambulla Economic Centre.
In order to tackle oligopolies and large scale rice millers, the ministry has introduced ‘Shakthi’ rice to the market by forming rice millers’ co-operative societies.
With this initiative the government has been successful in streamlining the rice supply chain by facilitating the co-operatives to step into the process of supplying of rice to the market under ‘Shakthi label.
This new scheme is implemented with the participation of the All Island Rice Producers Co-operative Societies where Small and Medium Scale (SME) rice millers have been organised into state-funded co-operatives across eight key Districts.
‘Shakthi’ rice in 5 and 10 kg are available in Sathosa retail outlets countrywide and it will soon be on sale at Cargills, Keells and Laugfs supermarkets and Daraz, the online store.