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RM6 million matching grants allocated for Indian business community: Ramanan | Scoop
Deputy Entrepreneur Development and Cooperatives Minister Datuk Seri Ramanan Krishnan says the ministry and SME Corp are launching a joint initiative to allocate matching grants for small-scale Indian businesses that meet certain criteria. - Abdul Razak Latif/Scoop file pic, September 27, 2024
News

RM6 million matching grants allocated for Indian business community: Ramanan

Facilitating access to funds better than providing cash handouts

Main Author Image
Arjun Mohanakrishnan
Updated
1:40 PM MYT

 

KLANG — The Entrepreneur Development and Cooperatives Ministry (Kuskop) will allocate a RM6 million matching grant for small-scale Indian businesses. 

Deputy Minister Datuk Seri Ramanan Krishnan said the initiative with SME Corp will help enhance the growth of small and medium enterprises (SMEs) in Malaysia.

The matching grant, branded as the Business Accelerator Programme for Indian Small Business (I-Bap), will award up to RM100,000 for enterprises that comply with the necessary criteria. 

In order to qualify for the matching grant, Ramanan said that businesses in the manufacturing sector must have sales revenue ranging between RM300,000 and RM15 million or a workforce of between 5 and 75 individuals. 

“Meanwhile, commercial organisations in the service sector should have sales revenue between RM300,000 and RM3 million or have a workforce of 5 to 30 individuals,” Ramanan said at a press conference at Renewcell (M) Sdn Bhd in Bukit Raja here today. 

According to the Sungai Buloh MP, businesses must also have at least 60% equity owned by local Indians, adding that applications can be made using their business registration certificate, commercial premises license, financial statement, bank statement, and their quotation. 

The matching grant, available from October 7, should be utilised for expenditures related to the acquisition of machinery, product certification, information technology adaptation, and e-commerce, among others. 

Ramanan said the allocation is expected to assist SMEs, which comprise 97% of businesses in Malaysia and contribute significantly to the country’s economy. 

“If we look at the SMEs, they are important due to their growth and value to the economy. In 2023 alone, SMEs contributed RM630 billion to Malaysia’s GDP,” Ramanan added. 

On Budget 2025 which will be tabled in Parliament next month, Ramanan reiterated Prime Minister Datuk Seri Anwar Ibrahim’s view that the national spending plan should not be focused on race.

“The prime minister was clear; we don’t need to have a racially motivated budget. There has to be a focus on growth, and opportunities must be funneled to the community regardless of their race,” Ramanan added. 

For the Indian community, he said it was better if the budget provided them with more access to business funding, as opposed to cash handouts. 

“I don’t think giving out free money is a good principle because, if you are getting money without the work and effort, you would not really care. 

“However, if you get money via grants such as the I-Bap programme, it becomes an investment to make sure your business succeeds,” Ramanan added. – September 27, 2024

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