Colombo/New Delhi

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Sri Lanka on Saturday (Sept 21) is voting in the presidential election to choose the country's 10th president. The new president would face the task of bolstering the South Asian country's fragile economic recovery following its worst financial crisis in decades.

More than 17 million of Sri Lanka's 22 million people are eligible to vote in the election. Voting began at 7 am local time and would go on till 4 pm. 

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Over 13,000 polling stations have been set up across the country and 250,000 public officials are deployed to manage the election, R.M.L. Rathnayake, the head of Sri Lanka's election commission, told the news agency Reuters.

The top contenders

This time, the top candidates for the president's post are- current President Ranil Wickremesinghe, main opposition leader Sajith Premadasa of the Samagi Jana Balawegaya (SJB), and Marxist-leaning challenger Anura Kumara Dissanayake of the Janatha Vimukthi Peramuna (JVP), who led in one recent opinion poll.

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Click here to follow all updates on Sri Lanka polls

This is the first election since Sri Lanka's economy buckled in 2022 under a severe foreign exchange shortage, leaving the Indian Ocean island nation unable to pay for imports of essentials including fuel, medicine and cooking gas.

Thousands of protesters marched in Colombo in 2022 and occupied the president's office and residence, forcing then-President Gotabaya Rajapaksa to flee and later resign.

Buttressed by a $2.9 billion bailout programme from the International Monetary Fund, Sri Lanka's economy has posted a tentative recovery but the high cost of living remains a core issue for many voters.

Reuters reported that whoever wins the election would have to ensure Sri Lanka sticks with the IMF programme until 2027 to get its economy on a stable growth path.

Why does the election matter for India?

Given the uncertainty of the results of the presidential election in Sri Lanka, India has embraced a wait-and-watch approach. A recent report by ORF said that New Delhi saw the election as purely domestic and was willing to work with any incoming government, including the JVP despite its radical call for reforms and anti-Indian nationalist ideology in the past. 

"As a result, the Indian External Affairs Minister and the National Security Advisor have met main political leaders across party lines in recent months. It is this calculated approach and the goodwill generated by the US$4 billion assistance that India has not been subject to the anti-India rhetoric that is usually seen during the elections," the report said.

Also watch | Sri Lankans vote in first election after 2022 economic crisis

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"Nonetheless, in private, the goodwill generated by India is a subject of intense debate, especially in the civil society which is still disenchanted with their political class. Many express gratitude towards Indian assistance and believe Sri Lanka should connect and integrate better with India to expedite their recovery and enhance economic growth," the report added.

It is also important to note that the minority Tamil community in Sri Lanka holds strong bonds with the Indian state of Tamil Nadu across the ocean.

(With inputs from agencies)