What was introduced by the Malaysian government on 17 June 1991 to replace the New Economic Policy?

This policy was adopted in 1971 for a period of 20 years and it was succeeded by the National Development Policy (NDP) in 1991. …

What were the main objectives of the New Economic Policy NEP )?

THE New Economic Policy (NEP) was formulated with the overriding objective of attaining national unity and fostering nation-building through the two-pronged strategy of eradicating poverty and restructuring society.

Who introduced New Economic Policy Malaysia?

In actual fact, the NEP, in its original concept and purpose, is neither of the two. We all know the origins of the original New Economic Policy that was introduced by the late Tun Abdul Razak Hussein in 1971.

Why was 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.

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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.

Why did Lenin introduce the New Economic Policy?

At this time (Mar., 1921) Lenin introduced the NEP in order to revive the economy. … The new program signified a return to a limited capitalist system. Forced requisition of grain was replaced by a specific tax in kind; peasants could retain excess produce and sell it for a profit.

What is the basic purpose of new economic policy?

Answer: The thrust of the New Economic Policy has been towards creating a more competitive environment in the economy as a means to improving the productivity and efficiency of the system. This was to be achieved by removing the barriers to entry and the restrictions on the growth of firms.

Who introduced new economic policy?

The New Economic Policy (NEP) (Russian: новая экономическая политика (НЭП), tr. novaya ekonomicheskaya politika) was an economic policy of the Soviet Union proposed by Vladimir Lenin in 1921 as a temporary expedient.

What is bumiputera policy?

Policies under the rubric of the NEP include subsidies for real estate purchases, quotas for public equity shares, and general subsidies to Bumiputra businesses. … Some bumiputra groups believe further affirmative action is necessary. Parliament began to use the term bumiputra in 1965.

What are the major achievements of new economic policy?

The Major Achievements of New Economic Policy are:

  • GDP Growth: GDP rose from 0.8 percent in 1991-92 to 7 percent for the period from 1994-95 to 1996-97.
  • Increase in Gross rate of return (ROR) on Capital: In 1995-96, the gross rate of return was recorded at a high of 16.1 percent.
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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.

What were the Second Malaysia Plan’s goals?

The Second Malaysia Plan focues on a New Development Strategy setting the national unity as the over-riding objective of the country. It aims at eradicating poverty among all Malaysians and restructuring the Malaysian social structure in a context of economic expansion and well-being of the country.

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”.

What are the weaknesses of the New Economic Policy?

What were the failures of the NEP? One of the biggest failures of the NEP is that it failed to help many non-Bumiputeras who deserved to benefit from affirmative action. The Indian poor, especially from the rural estate communities, are one of the main groups that are still in poverty until today.

When was New Economic Policy introduced in India?

Conventional interpretations of the New Economic Policy introduced in India in 1991 see this program of economic liberalization as transforming the Indian economy and leading to a substantial increase in the rate of India’s economic growth.

Notes from the road