Latest race-based wealth aid not going to work too, declares prominent economist
Ranjit Singh, TMI
The new race-based cash aid and uplift plans aimed at Bumiputeras are off-tack – just like the old policies – and Malays would be better off if the Prime Minister targeted aid at the poor instead, said Professor Emeritus Datuk Dr Mohamed Ariff (pic) yesterday.
He pointed out that Malays form 80% of households which earn less than RM2,000 per month.
So, for example, the idea to increase the Bumiputera share of unit trusts under the Amanah Saham Bumiputera programme would not help the poor Malays as they could not even afford to buy into the unit trust, he said in an interview with The Malaysian Insider.
Referring to the previous long-term, race-based effort, he added, “The New Economic Policy had noble aspirations but the wealth generated through it did not filter to the Malays who were underprivileged. The wealth was retained within a small group.”
That is what is going to happen again, he argued, echoing the same point made by former minister Zaid Ibrahim yesterday to The Malaysian Insider.
Zaid said, “They have to make people understand that a fairer, transparent policy should be promoted for the interest of all. We don’t need this so-called protection. If the majority of the Malays are still poor, then something is wrong with the policy.”
Last Saturday, Prime Minister Datuk Seri Najib Razak launched the Bumiputera Economic Empowerment Council, which has a five-pronged thrust to strengthen Bumiputeras in the fields of capital, corporate sector equity ownership, non-financial assets, entrepreneurship and commerce, and service delivery and ecosystem.
The new effort includes a slew of economic programmes as well as cash aid, which Putrajaya said was aimed at helping Bumiputeras.
Analysts saw this as Najib’s attempt to shore up support ahead of the Umno party polls next month, while respected law expert Dr Azmi Sharom said it was a violation of the Federal Constitution which promises equality.
