Budget 2024 covers all segments, gives attention to state development

14 Oct 2023 09:16am
For illustration purpose only - FILE PIX
For illustration purpose only - FILE PIX
KUALA LUMPUR - The Malaysia MADANI Budget 2024 presented by Prime Minister Datuk Seri Anwar Ibrahim today has been described as very comprehensive with all segments of society taken into account, including economic and infrastructure development in the states.

In PENANG, the state government welcomed the initiatives and plans announced by the prime minister which also saw the state given priority in the national development radar.

Chief Minister Chow Kon Yeow said among them was the proposal to provide an investment tax allowance on a tiered basis of 70 per cent or 100 per cent with the 'trickle-down economics' policy, potentially encouraging investors to increase capital investment.

In addition to the increase in commodity productivity, the introduction of the policy will also indirectly create more job opportunities, in turn driving the state's economic cycle, he said in a statement.

Anwar, who is also Finance Minister, when presenting Budget 2024 in the Dewan Rakyat, said the results-based incentive approach is a new dimension that uses a tiered system in giving incentives.

He said the approach would, among others, encourage companies to generate economy through investment in high-growth and high-value areas to further create new economic clusters, expand domestic networks and achieve a balance between economic and environmental sustainability.

In the meantime, Chow hopes that the Light Rapid Transit (LRT) construction project to be implemented in Penang as announced by the prime minister could be realised and expedited in line with the state government's aspiration to strengthen the rail-based public transport service system on the island.

He is confident that the LRT construction which is estimated to be worth RM10 billion, would not only be able to contribute to the increase in gross fixed capital formation but would also be able to improve the quality of life as well as reduce traffic flow density during peak hours.

The LRT project connecting the island with Seberang Perai will be implemented through a private partnership (PPP) arrangement.
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Last January, Chow said that the state government was waiting to discuss the proposed George Town-Butterworth LRT link with Anwar and Transport Minister Anthony Loke.

In KEDAH, Menteri Besar Datuk Seri Muhammad Sanusi Md Nor said the state government appreciated the Federal Government's move to raise the floor price of rice purchases by manufacturers from RM1,200 per tonne to RM1,300 per tonne.

He said the move could give some relief to farmers, especially in Kedah.

"The Kedah government also welcomes the Federal Government's announcement to start a project to cultivate rice five times within two years, including in Kota Sarang Semut, Kedah.

"Thank you also for the proposed development of a new special education block at SMK Kubang Rotan in addition to the Bus Service Transformation Programme in the Kota Setar District," he said in a statement.

Meanwhile, as chairman of PASRelief, Muhammad Sanusi also expressed his heartiest appreciation for the concern of the Federal government to contribute RM10 million to help the Palestinian people suffering from the brutality of the Israeli Zionist regime.

Earlier, Anwar tabled Budget 2024 with the theme ‘Economic Reform, Empowering People’ amounting to a record RM393.8 billion.

Of the total, RM303.8 billion has been allocated for operating expenses, RM90 billion for development expenses and RM2 billion for contingency savings. - BERNAMA