MIB will correct income distribution imbalance in Indian community: PM

HANA NAZ HARUN, ZAFIRA ANWAR and THARANYA ARUMUGAM


KUALA LUMPUR: Prime Minister Datuk Seri Najib Razak has delivered good news with the announcement of several schemes to aid Malaysian Indians in the Bottom 40 (B40) economic stratum.

At the launch of the ground breaking Malaysian Indian Blueprint (MIB), Najib said the programme aims to increase the capabilities of Indians in the B40 bracket.

"There is (an imbalance) in the Indian community, with income distribution (concentrated in) the Top 20 and Middle 40.

"(To correct this), the blueprint aims to elevate the capabilities of the B40 through employment, entrepreneurship and easing the setting-up of businesses," he said.

Najib also announced a RM500 million allocation as seed fund in relevant Permodalan Nasional Bhd (PNB) unit trust schemes.

In addition, the government will be cooperating with the Indus Education Fund to allocate RM40 million to help Indian students at tertiary-level educational institutions, in four years’ time.

"(MIC president) Datuk Dr S Subramaniam suggested that the government set up a Revolving Fund to help Indian entrepreneurs.

"I agreed to the initial fund of RM350 million, and for this year’s RM150 million allotment to be combined in the Revolving Fund, to better accommodate the financial needs of Indian entrepreneurs,” he added.