PETALING JAYA, Oct 11 — Budget 2020, which was presented today, is the first step towards realising the objectives and goals of the Shared Prosperity Vision 2030 (SPV2030), said Economic Affairs Minister Datuk Seri Azmin Ali.
He said the Budget is an integral part of the SPV2030 philosophy that fosters inclusive growth models for the well-being of the people.
“I am confident that with the support of the people and all stakeholders, we will be able to realise SPV2030’s vision,” said Azmin in a statement after Finance Minister Lim Guan Eng made the announcement when tabling Budget 2020 in Kuala Lumpur today.
Azmin said the government has provided a comprehensive national Budget in line with SPV2030 to restructure the country’s economy and to drive sustainable development along with fair, equitable and inclusive economic distribution for all Malaysians.
He said the Budget presented was the government’s commitment to bridge the economic gap between income classes, ethnic groups and regions.
To that end, Azmin said the ceiling on development expenditure for next year has been raised to RM56 billion, up 18.9 per cent from the overall Budget 2020 compared with 17.3 per cent for 2019.
He said the increase will directly benefit all Malaysians, especially the B40 community, rural dwellers and young people.
“Initiatives worth more than RM1.6 billion have been allocated to the community of settlers and smallholders from the Federal Land Authority (Felda), the Federal Land Consolidation and Rehabilitation Authority (Felcra) and the Rubber Industries Smallholders Development Authority (Risda) to implement income-generating programs that benefit more than 500,000 settlers and smallholders,” said Azmin.
In addition to that, Azmin said over RM1 billion is allocated for digital consumption as well as stimulating the digital economy.
“Digital stimulation and digital business operations for small and medium enterprises (SME) will hone their talents and skills in leveraging new technologies to meet the challenges of the Industrial Revolution 4.0.
“This will also provide the government with the opportunity to provide a conducive domestic environment, while increasing the country’s economic cake,” said Azmin, who is also Gombak MP.
Azmin said the government encourages local companies to enhance their capabilities in industry and entrepreneurship as well as export products that compete with the global market.
He said to achieve this, the government has allocated RM1.5 billion specifically to assist SMEs through interest subsidies, export assistance and entrepreneurial development.
“Budget 2020 also focuses on empowering young people to meet new challenges in the era of advanced technology.
“The government wants young people to equip themselves with the skills needed in the digital revolution, focusing on the Technical and Vocational Education and Training (TVET) programme with an allocation of RM5.9 billion that will increase the marketability of new graduates in an increasingly competitive job market,” said Azmin.