Best answer: Who introduced New Economic Policy Malaysia?

The tragedy prompted the ruling authorities to integrate a twenty-year affirmative action program known as the New Economic Policy (NEP) into the national economic development plan, signed into law on 21 June 1970 by Deputy Prime Minister Tun Abdul Razak.

Who introduced the New Economic Policy?

The Kronshtadt Rebellion of March 1921 convinced the Communist Party and its leader, Vladimir Lenin, of the need to retreat from socialist policies in order to maintain the party’s hold on power. Accordingly, the 10th Party Congress in March 1921 introduced the measures of the New Economic Policy.

Why was the New Economic Policy introduced Malaysia?

Malaysia’s New Economic Policy (NEP) was announced in 1970 as part of a package of measures introduced after the political crisis of May 1969. It sought to ‘eradicate poverty’ and ‘restructure society to eliminate the identification of race with economic function’ in order to create the conditions for national unity.

What is new economic model Malaysia?

The NEM is one of four pillars of the Government’s blueprint in moving Malaysia towards developed nation status. NEM’s goal is for Malaysia to become a developed and competitive economy whose people enjoy a high quality of life and a high level of income resulting from growth that is both inclusive and sustainable.

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When was the New Economic Policy introduced in Malaysia?

Malaysia’s New Economic Policy (NEP) was first announced in 1970 as the principal policy response to the post-election race riots of May 1969, which also resulted in a significant regime change.

Who introduced New Economic Policy 1991?

Former Prime Minister Manmohan Singh is considered to be the father of New Economic Policy (NEP) of India. Manmohan Singh introduced the NEP on July 24,1991.

Who introduced Bumiputera?

The concept of a bumiputra ethnic group in Malaysia was coined by Abdul Razak Hussein. It recognised the “special position” of the Malays provided in the Constitution of Malaysia, in particular Article 153.

What is the New Economic Policy of 1991?

The New Economic Policy of 1991 included standard structural adjustment measures including the devaluation of the rupee, increase in interest rates, reduction in public investment and expenditure, reduction in public sector food and fertilizer subsidies, increase in imports and foreign investment in capital-intensive …

Why the New Economic Policy NEP was formulated?

The NEP was conceived as a two-pronged strategy for eradicating poverty for all Malaysians as well as reducing and subsequently eliminating identification of race by economic function and geographical location.

When was the New Economic Model introduced?

The New Economic Model (NEM) 2011-2020 was an economic plan in Malaysia unveiled on 30 March 2010 by Malaysian Prime Minister Najib Razak which was intended to more than double the per capita income in Malaysia by 2020.

What are the objectives of New Economic Policy?

The objectives of New Economic Policy are: (i) To reduce the domestic inflation rate. (ii) To improve the efficiency and productivity of the economy. (iii) To put the economy back on the path of sustainable growth with social justice.

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What is national development policy in Malaysia?

The National Development Policy was a Malaysian economic policy introduced by Prime Minister Mahathir Mohamad. The objective was achieving economic growth, while ensuring that accrued benefits reached all sections of society.