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.
What was the main event that led to the introduction of new economic policy in 1970?
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.
What were the main objectives of the New Economic Policy NEP?
Under the “New Economic Policy” (NEP)the objectives were to eradicate poverty and to redistribute wealth. The characteristics of the implementation processes of the NEP was that of governme-nt’s intervention through direct involvement in the economic activities and commercial sector.
Why was there a new economic policy in 1991?
Trade and investment policy reforms: with the aim to increase international competitiveness of Indian economy and infuse foreign capital and technology the liberalization of trade and investment regime was done. Import licenses and export duties were removed also quota on imports were abolished.
What is meant by economic policy?
Economic policy refers to the actions that governments take in the economic field. It covers the systems for setting interest rates and government budget as well as the labor market, national ownership, and many other areas of government interventions into the economy.
What is new economic model Malaysia?
The goal of the NEM, according to Najib, is to “transform the Malaysian economy to become one with high incomes and quality growth” by 2020. … The keys to the plan as described by Najib at 30 March unveiling are “high income, sustainability and inclusiveness”.
Was NEP successful?
The NEP succeeded in creating an economic recovery after the devastation of World War I, the Russian Revolution, and the Russian Civil War. … By 1928, agricultural and industrial production had been restored to the 1913 (pre-World War I) level.
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.