KUALA LUMPUR: The government has been urged to ensure that the initiatives under Budget 2025 are carried out efficiently and transparently, given that it requires concerted efforts from the public and private sectors, according to the National Chamber of Commerce and Industry of Malaysia (NCCIM).
Its president, Datuk Seri N. Gobalakrishnan said as the apex body of the Malaysian business community, NCCIM believed this budget sets a strong foundation for sustainable economic growth and addresses key challenges the nation faces.
"While we are optimistic about the budget's potential, I must stress the importance of efficient and transparent implementation," he told the media in a press conference on Budget 2025, here today.
Gobalakrishnan also suggested that the disbursement of the RM86 billion development expenditure (DE) allocation under the Budget 2025 should be expedited to help stimulate domestic consumption.
"Looking at the strong performance of the ringgit, given the export increase and foreign direct investment (FDI) coming in, we believe that all this money should be trickled down to the industries as soon as possible.
"Instead of waiting for the 10th month to be released, it should be released in the first quarter of the year so we can see the progress earlier," he said.
Gobalakrishnan highlighted that the development budget will help to stimulate domestic consumption further and breathe life into various sectors, which will have a positive spillover effect on the entire economy.
"We urge the government to maintain an open dialogue with industry stakeholders and to remain flexible in adapting policies as economic conditions evolve," he stressed.
Meanwhile, commenting on the minimum wage increase to RM1,700, as announced under the Budget 2025, Gobalakrishnan said that the association welcomed the initiatives to address the welfare of the people and will take a cautious measure to mitigate the risk.
"Due to the increasing cost of production, the government should give us incentives and they should be provided as soon as possible.
"This will provide for a smooth landing zone for us to absorb the cost," he said.