Senator Waythamoorthy says the money will be used to help community members develop, especially those from the B40 group.
KUALA LUMPUR: A special fund is set up for the socio-economic development of the Indian community with an initial allocation of RM4 billion for 10 years, the Dewan Negara said today.
Minister in Prime Minister Prime Minister P Waythamoorthy said the fund would be used to help develop community members, especially those from the B40 group.
"The government wants to continue raising the equity of the Indian community in the national economy.
"The first allocation will be increased by contributions from the government, government agencies and the private sector," he said.
He responded to a question from Senator M Sambanthan, who wanted to know whether the government would increase equity through the Malaysian Action Plan for the Indian Community (MIB) introduced by the previous government.
Waytha said the government was reviewing all programs under the MIB and tried to step up efforts to improve the living standards of the Indian community.