The impact of the 2025 Budget according to the Women’s Chamber and female entrepreneurs in the country would depend on implementing the policy proposals with their allocations.
Past Chairperson Women’s Chamber of Industry and Commerce, Chathuri Ranasinghe said the overall impact of the Budget 2025 on women entrepreneurs will heavily depend on the specific allocations, initiatives, and policy measures introduced and implemented giving emphasis to access to finance. If strategically designed, these measures can create a supportive ecosystem for women entrepreneurs, enhancing their contributions to the economy and promoting gender equality in business.
The Budget comes during a period of economic and political change and restructuring of debt. Looking at the Budget it reflects measures to improve fairness (burden is distributed), stability (align with IMF targets) and improving governance, structural reforms, anti corruption.
The Budget provides policy direction and consistency and it is encouraging to note that the President has touched based on demand/ supply, regulations and private public partnerships. All in all it is an encouraging Budget for women entrepreneurs.
Board Member and Joint Secretary of the Women’s Chamber of Industry and Commerce Ashanti Fernando addressing a post Budget discussion organized by the Institute of Certified Management Accountants of Sri Lanka CMA last week said the focus on developing the digital infrastructure in the country could support more participation of women in the country’s labour force.
Former Export Development Board Chairperson Indira Malwatte said though there aren’t too many things concerning women directly in the Budget the proposal to empower women through community lead entrepreneurship programs at village level must be commended as it would promote female participation in the economy.
However, as much as execution of proposal is essential creating a conducive business environment with market channels is also vital to develop women entrepreneurship.
However, women entrepreneurs while commending the many positives proposals to reinvigorate the economy said the 2025 Budget paid less attention to the welfare of women apart from supporting them to join the formal work force of the country.
Chitrani Fonseka who runs her own apparel factory at Biyagama said there was more expected from the Budget to address the issues of women workers in FTZs across the country which are mostly sweat shops.
In its Report on ‘Factors Affecting Women’s Labour Force Participation in Sri Lanka’ the ILO states, “In Sri Lanka, the labour force participation rate of women is low and has remained at a low rate between 30- 35 percent in the past two decades, which is surprising given the high levels of educational attainments and other social indicators.
Women’s participation in the labour market varies greatly across countries reflecting differences in economic development, education levels, social norms and access to childcare and other support services”.
The ILO also strongly believes that gender equality at the workplace is, not just the right thing to do, but that it is good for business. There is growing awareness and evidence that gender equality boosts enterprise productivity, spurs economic growth and improves the welfare of families. The ILO four key Conventions that aim to promote gender equality in the world of work form the basis of all other ILO activities promoting gender equality in employment.
The four key equality conventions are the Equal Remuneration convention (No. 100), Discrimination (Employment and Occupation) (No. 111), Workers with family Responsibilities (No. 156), and Maternity Protection Convention (No. 183). Sri Lanka has ratified all four conventions.
