Business
India gearing up Central Bank Digital Currency for cross-border payments
by Sanath Nanayakkare
Indian Finance Minister Nirmala Sitharaman has recently said that the Government of India and the Reserve Bank of India (RBI) are actively working to improve Central Bank Digital Currency (CBDC) for cross-border payments.
“This development aims to expedite transactions at a reduced cost, making inward and outward remittances more affordable, she has said, according to The Economic Times.
As per the latest official announcement, the Indian Interim Budget for the financial year 2024-2025 has been scheduled to take place on February 1, 2024. This budget is an important event in India’s economic calendar as it outlines the government’s revenue and expenditure plans for the upcoming financial year.
Speaking at an event last week, Sitharaman referred to Indian Prime Minister Narendra Modi’s recent statement on four target groups, stating that the focus would be on their upliftment without considering caste, community, or religion. Accordingly, the Indian Government’s policies would prioritise the welfare of youth, women, farmers, and the poor in the upcoming interim Budget, to be presented in parliament.
The union minister also highlighted the government’s efforts to enhance skilling, improve agricultural tools, and provide healthcare and other benefits to citizens.
“Make sure everybody who’s actually eligible to get those should get it and equally make sure that every local talent, every product that comes out should find access to markets,” she added.
Addressing concerns about the Indian economy, Sitharaman countered the narrative that it is not performing well.
Despite India being the fastest-growing major economy and witnessing positive performance in companies and the stock market, there is a misleading perception that the Indian economy is “sick.”
Sitharaman challenged those making such claims to provide evidence for their assertions. “I want them to stand up and say on what basis are they saying it, but they won’t be available for you to answer. They throw that idea and go away,” she said.
The RBI has conducted successful pilot projects on central bank digital currency, leading to the conviction that it can be an effective mode for cross-border transactions.
In October 2023, Indian Reserve Bank Governor Shaktikanta Das emphasized that while paper currency would continue to exist, central bank digital currency would be the future currency worldwide.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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