The government will need to address the rising cost of living, economic concerns, and a lack of funding for public services and ethnic minorities in Budget 2024. Stakeholder representatives emphasize the importance of delivering people-first initiatives and fulfilling the rakyat’s wish list.
The Federation of Malaysian Consumers Associations (Fomca) chief executive officer, Dr Saravanan Thambirajah, acknowledges the government’s efforts to reduce the cost of living. However, he emphasizes the need for long-term solutions, in addition to subsidies and cash aid provided by initiatives like Rahmah.
Food security measures need to be a priority, taking into account Malaysia’s RM60 billion annual food import bill. Other consumer issues such as public transportation, affordable housing, and improved public healthcare policies and infrastructure must also be addressed.
Micro, small, and medium enterprises (MSMEs) warn against neglecting ethnic minorities and underfunding small businesses. The Malaysian Associated Indian Chambers of Commerce and Industry (MAICCI) president, Datuk Seri N. Gobalakrishnan, calls for RM300 million in business loans and another RM700 million for social development in Budget 2024.
According to Gobalakrishnan, previous governments provided insufficient loans or grants for the Indian business community, relying mainly on the National Entrepreneurial Group Economic Fund and the Malaysian Indian Community Transformation Unit. The allocation of RM100 million to Mitra in Budget 2023 was deemed insufficient.
SME Association of Malaysia president Ding Hong Sing also stresses the need for more funding for SMEs, particularly in automation, digitalization, and export growth. Ding hopes for an interest rate below 2% for entrepreneurs relying on bank financing to address the main issue faced by MSMEs, which is cash flow.
The Federation of Malaysian Manufacturers (FMM) president, Tan Sri Soh Thian Lai, suggests initiatives under Budget 2024 should focus on strengthening the competitiveness of the industry, specifically SMEs. He highlights the need to mitigate the impact of the global economic slowdown, enhance productivity through digitalization, and support green growth and sustainability.
From a political perspective, USM political scientist Prof Datuk Dr Sivamurugan Pandian emphasizes the importance of presenting a people-friendly Budget for groups such as the B40, M40, and civil servants. The government should address issues related to the cost of living, education, employment, and business opportunities.
Regarding the Budget 2024 roadshow by Prime Minister Datuk Seri Anwar Ibrahim, who is also the Finance Minister, Sivamurugan believes that the presence and groundwork of the Prime Minister would be appreciated as a bottom-up approach to address the concerns of the masses.
Credit: The Star : News Feed
