Our Economy Minister disclosed that the median monthly income for households between the Bumiputera and Chinese in 2022 was at 0.71 at 1 while the ratio of Bumiputera to Indian households in 2022 was 0.87 to 1. The ratio of Bumiputera median household income to Chinese households is targeted to increase to 0.88 to 1 by 2025, according to the Minister. He did not disclose the ratio target for Bumiputera-Indian household income or the ratio between Indian and Chinese households.
A key strategy integrated into initial policies is to enhance capital mobilisation through increased private sector involvement. This approach aims to lessen reliance on government funds by leveraging them to attract private investments to advance Bumiputera businesses. This includes empowering Bumiputera entrepreneurs to participate in international supply chains through enhanced collaborations with multinational corporations.
Source: https://en.wikipedia.org
On March 1, the BEC Wealth Creation and Corporate Dominance chairperson, reiterated calls for the government to consider introducing the Equitable Opportunity Act on a needs-based basis to ensure all citizens get fair employment and business opportunities. It was highlighted the importance of such an act as the wealth creation and corporate dominance among Bumiputera is still low compared to the non-Bumiputera community.
Before going into legal and other Government measures, can the Minister please explain the failure of the NEP? Was it leakages? Corruption? Mismanagement? Poor controls? This median income disparities are useful indicators of wealth but our Gini coefficient is firmly stuck at 0.4 over 40 years, surely we don’t understand income and wealth distribution! Can the Minister look at intra-racial disparities instead of inter-racial ones? Otherwise, we will never end this NEP mindset!
Reference:
Chinese median household income 29pct more than bumiputera? Ili Aqilah, Isabelle Leong & B Nantha Kumar, Malaysiakini, 11 July 2024
No comments:
Post a Comment