The Sri Lankan government has set aside US $10 million (3 billion Sri Lankan rupees) for digital transformation strategies this year, aspiring to generate US $15 billion in revenue through the digital economy in five years with a unique digital ID and new legislation for digital services after the launch of a governing digital body. The Sri Lanka Unique Identity Project ( SL-UDI ) will be a key element of this transformation and by eliminating duplications in identity records across government departments, SL-UDI seeks to ensure data accuracy and efficiency in government operations. In 2023, India granted Sri Lanka $5.4 million toward the SL-UDI project. As of January, India’s contribution has risen to SLRS 10.4 billion ($35 million) of an estimated SLRS 20 billion ($67.3 million) total. Sri Lanka’s President Anura Kumara Dissanayake announced strategic initiatives to position the country as a leading digital economy in South Asia. The government is committed to strengthening regulatory frameworks, fostering technological innovations, and boosting financial inclusion to drive economic growth, he said in his 2025 Budget Speech last Monday. Dissanayake stated the formation of a Digital Economic Authority to run and regulate the expanding digital sector. New legal frameworks will be launched […]
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