"In addition, the digitisation of national broadcasting service in country will spur the creation of more content, increase in choices for consumers and better quality transmission to the home and offices,"said Cheah. "E-Rezeki is also a welcomed moved to create a vibrant ecosystem of entrepreneurs and start-ups that will spur innovation and generate income in line with our aspirations for a high-income economy."
Lee Ching Wei (pic) , co-founder & CEO of iMoney, said that more could have been done "In summary, the budget did not address the needs of the middle-income nor the concerns over GST. While the increase in zero-rated medications is great, the issue of GST on treatment costs still remains, along with the overall high GST rate of 6 percent."
"The Budget did address the needs of the B40 through many necessary rural development allocations and it also maintained the stance on BR1M - with an increased allocation of RM5.9 (US$1.39) billion," said Lee. ""The government allocations for PR1MA are good but it still does not help the middle-income as they do not qualify. Disappointingly, other initiatives focused on easing cost of living are focused solely on civil servants. The only silver lining we saw in this allocation is the increased tax relief for those with non-working spouses, children, and elderly family members to care for."
"In a budget that was supposed to be for the rakyat [people], it seems like it only benefits a specific group of people. Those who fall into the middle-income group will have to improve their own finances through smart saving and investing, and not rely too heavily on the government for additional aid or support," he added.
Mano Govindaraju (pic), Gartner Malaysia area vice president for Research and Advisory, said Budget 2016 does see IT as playing an increasingly important role in the nation's business transformation efforts and was confident that Malaysia will reach a developed nation status with greater participation of entrepreneurs, SMEs, individuals and across all sector regardless of current and future economic challenges.
"The allocation of RM1.5 billion (US$350 million) to the Ministry of Science, Technology and Innovation will encourage companies in Malaysia to become more relevant and effective, as they move towards the digital space," said Govindaraju. "Malaysia's efforts to improve broadband connectivity and infrastructure particularly in rural areas will no doubt accelerate Malaysia's digitisation process as technology services and solutions become more accessible and democratised. This is in line with Gartner's prediction that, within the next 10 years, every industry and business will be transformed by digital business that will be driven by the adoption of cloud services, breakthrough innovations and stronger economic models for services and growth."
"With a five year allocation for the development of Cyberjaya as Malaysia's leading smart city, Gartner foresees opportunities for Malaysian innovators and technopreneurs to innovate and introduce a range of enabling technologies and solutions, such as real-time parking, the Internet of Things (IoT) and intelligent lighting, to make Cyberjaya and more cities in Malaysia even smarter," he said.
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