For illustration purpose only.

KUALA LUMPUR, Oct 13  -- Budget 2020 is not only prudent but also provided adequate funding to build a stronger national innovation ecosystem, an academician said.

Monash University Malaysia vice-president (research and development) Prof Mahendhiran Nair said the budget empowered firms and the rakyat to acquire the necessary resources to become more agile, responsive and adaptable to volatile and competitive global economy.

"Budget 2020 is the first of the budgets to set the platform for the nation’s development to become a developed economy by 2030 as outline in SPV2030 (Shared Prosperity Vision 2030)," he said in a statement today.

Mahendhiran who is also the chief executive officer of Monash Malaysia Research and Development, said incentives proposed in the budget would also enable Malaysian firms to move up the global innovation value chain. 

"While firms may express some concern with the increase in minimum wage, adequate provision is given in the budget for them to obtain cost-competitiveness via adopting new technology and hiring incentive schemes of local Malaysians," he added.

Apart from that, he said the budget also gave emphasis to increasing the disposable income of Malaysian with various tax incentives and cash transfer program for the B40, include subsidy for petroleum and lower toll rates. 

-- BERNAMA