Simple and to the point - here are the good points :
1) MRT - though this is long overdue and should have been done eons ago (but then, who would protect proton? Actually proton could protect itself by improving quality and competitiveness but that has always been a problem for Malaysia - protect, protect and weaken from within)
2) Development plans for greater KL
3) Slightly better allocation for Health and Education
There are however more cons :
It seems to me that the gubment is really not trying to attract foreign investment but trying instead to stimulate local private players to drive the economy (many of these, I may add are glcs...but that's not surprising, right?)
1) Nothing to excite foreign investors - no tax cuts/ tax breaks or review of 50 year old policies that may really improve the quality of human capital in Malaysia or at least reduce the brain drain in Malaysia.
2) This was supposed to be a budget that will build human capital - not sure which aspect of the budget covers this - don't quite see it
3) The 100 storey tower??? What the hey do we need this for? The twin towers are beautiful and iconic and they are sufficient as it is. Do you see Singapore, Thailand or Indonesia trying to build the tallest towers etc? They are far more pragmatic and they are attracting more FDI than we are. I'm not sure whose hair brained idea it was to have the tower.... The general consensus is that the government is trying once again to enrich their cronies and persecute the middle class (which funds a large proportion of the government's revenue)
4) Higher service taxes (1% which will largely affect the urban middle class who have been funding the governments coffers and civil servant salaries all this while) Oh but the government would so much rather protect it's cronies who actually also help fund the governments coffers.....
5) Reduced import taxes for imported branded goods which are largely purchased by the upper classes and the Arab tourists who visit. Retailers, importers and the rich and famous are likely to benefit from this. Perhaps there will be some spillover effect for local players (hoteliers etc...) but I am thinking that this will not help improve tourism much in Malaysia - Thailand appears on the tourist radar far more often.....due to the fun nightlife and entertainment activities. So in the end, who will benefit? Perhaps people like Farah Khan of the Melia group and other rich magnates and politicians who will pay less for their wives handbags and shoes....
Sigh - we expected so much more and were excited about the ETP etc.... somehow it has all fallen flat.
Disclaimer : By the way, to those who wonder if I am influenced by opposition blogs - I have not read any of the comments yet/ or articles on those blogs - these thoughts are my own.
