The Federal Government will introduce a new initiative for the Indian community, via Permodalan Nasional Berhad (PNB), to enable a special distribution of 1.5 billion additional units of Amanah Saham 1Malaysia limited to 30,000 units per investor, says Prime Minister Datuk Seri Najib Tun Razak.

When tabling Budget 2018 at the Dewan Rakyat today, he said in support of the initiative, a RM500 million fund was allocated for a five-year period for a special investment loan scheme.

"This loan scheme will be offered to 100,000 households from the B40 Indian community, limited to 5,000 units per participant," said Najib, who is also Finance Minister, when tabling the budget themed 'Prospering an Inclusive Economy, Balancing Between Worldly and Hereafter, for The Wellbeing Of The Rakyat, Towards The TN50 Aspiration'.

According to him, the government will also allocate an additional RM50 million through the Tabung Ekonomi Kumpulan Usaha Niaga (TEKUN) for the socio-economic development programme of the Indian community as one of the steps to prosper the target group.

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He said Tekun had earlier allocated RM50 million for the Indian Community Entrepreneur Development Scheme which benefitted more than 35,000 entrepreneurs from the Indian community.

Najib said since the launch of the Malaysian Indian Blueprint (MIB) on April 23, the average household monthly income increased significantly to 6.8 percent per annum.

"At the same time, through MIB, the new intake of Indians to public higher learning institutions and public service will be increased to a targeted seven percent.

"Under the Socio-Economic Development of the Indian Community (SEDIC)), more than RM230 million had been distributed since 2014, benefiting more than 500,000 Indian participants," he added.

On the welfare of the Chinese community, the Prime Minister said the government would channel an additional RM30 million to the 1Malaysia Hawkers and Petty traders Foundation to provide loans to Chinese hawkers.

"As an inclusive budget for the Chinese community, the government will provide a sum of RM50 million as loans for Small and Medium Enterprises (SME) through Koperasi Jayadiri Malaysia Bhd (KOJADI)," he said.

He also announced RM65 million for the development of Chinese New Villages and another RM10 million for housing refurbishment programme. -- Bernama

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