Is Budget 2021 Inclusive Enough?

IRDA shares 5 points from the recently tabled Budget 2021

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National Budget 2021
Datuk Ismail Ibrahim, CE of IRDA shares about the National Budget 2021

The National Budget 2021 with concentration on individuals and small businesses will help in sustaining the citizens’ daily needs and recharge the local economy – both crucial for Malaysia in prevailing over the COVID-19 pandemic.

Datuk Ismail Ibrahim, Chief Executive, Iskandar Regional Development Authority (IRDA), shares the following:

Creation and Maintaining Jobs

RM3.7 billion will be set aside for ‘Skim Jaminan Penjanaan Pekerjaan (JanaKerja)’ under ‘Strategy 3 – Creating and Sustaining Jobs’ to create 500K job opportunities. ‘Rakyat’s Well-Being’,’ Business Continuity’ and ‘Economic Resilience’ are the government’s 3 pronged priority of the 5th ‘Revitalise’ point.

Empowering SMEs

Iskandar Malaysia also welcomes another RM11.1 billion that has been set aside for Bumiputera access to quality education such as MARA and TVET. Small businesses can further take advantage of the RM1.9 billion budget to help them get access to funding through PRIHATIN and PENJANA packages.

Transformation into Digitised Industry

Iskandar Malaysia is excited to see an allocation of RM800 for ‘Jalinan Digital Negara’ (JENDELA) and another RM7.8 billion to expand broadband services. This is further reinforced through an RM1 billion budget being set aside for ‘Skim Transformasi Pendigitalan Industri’

Environmental Conservation

RM550 million has also been set aside for environmental conservation. This budget includes the expenses for the Integrated Island Waste Management project around the islands in Johor. The region’s environmental programmes can further benefit from the Malaysia-SDG Trust Fund.

Infrastructure & High-Tech Endeavour

At a total valuation of RM1 billion, the Rent-To-Own scheme includes 5,000 PR1MA apartments. IRDA was pleased to extend the current benefits until 2022 in Iskandar Malaysia.

Malaysia has RM1 billion dedicated to supporting the growth of high-tech, which includes R&D in aerospace. IRDA has already identified the aerospace industry as the next growth sector in Iskandar Malaysia.

BUDGET 2021 will concentrate on the needs of Rakyat and small businesses, such as job development and training, reskilling and up-skilling. Entrepreneurship sector funding and reinforcement, digitalisation and automation, and basic infrastructure completion to further allow Malaysia to cope with the COVID-19 pandemic.