Budget 2021 has been described as well-crafted, with measures to sustain and develop the country’s economy, by Kuala Lumpur & Selangor Indian Chamber of Commerce & Industry (KLSICCI) president Datuk R Ramanthan.PETALING JAYA: The expansionary
However, he said significant assistance should be provided to small and medium enterprises (SMEs), as well as large enterprises that have been struggling with acute cash flow, reduced demand, supply chain disruptions and legal issues.
“For SMEs and the large enterprises to retain their businesses, help other than commercial loans are utmost needed.
“This could be in the form of soft financing and deduction on corporate and business taxations, ” Ramanthan said in a statement.
He also urged for the immediate rollout of the RM1.2bil micro-credit financing provided under Tekun, Perbadanan Usahawan Nasional Bhd, AgroBank, BSN and other financial institutions.
This would benefit many SMEs and the B40 micro entrepreneurs.
Ramanthan said the Targeted Loan Repayment Assistance (TRA), which began on Oct 1, should be extended to at least mid-2021, as severely impacted SMEs would unlikely recover by December 2020.
Meanwhile, he also said the formation of a new consumer credit law would strengthen the protection framework for credit consumers in the country.
Malaysia’s household debt currently stands at more than 80% of gross domestic product, and there is an increasing number of borrowers participating in the debt management programmes by Credit Counselling & Debt Management Agency.
Did you find this article insightful?
100% readers found this article insightful