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 was the New Economic Policy introduced in 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.
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. …
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.
What was the aim of new economic policy?
1. The main objective was to plunge Indian Economy in to the arena of ‘Globalization and to give it a new thrust on market orientation. 3. It intended to move towards higher economic growth rate and to build sufficient foreign exchange reserves.
What is NDP Malaysia?
The National Development Policy was a Malaysian economic policy introduced by Mahathir Mohamad, then Prime Minister of Malaysia, with the objective of achieving economic growth, while ensuring that accrued benefits reach all sections of society.
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.
Who is introduced NEP?
The first came in 1968 and the second in 1986, under Indira Gandhi and Rajiv Gandhi respectively; the NEP of 1986 was revised in 1992 when P V Narasimha Rao was Prime Minister. The third is the NEP released Wednesday under the Prime Ministership of Narendra Modi.
Why did Lenin introduce the NEP?
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.
Was the NEP successful quizlet?
The NEP was successful in boosting economic growth and food production. By 1926 production had returned to pre-1914 levels and grain production doubled between 1921 and 1926. Factory wages were increased by 150%. … The success of the NEP led to the disappearance of peasant rebellions of urban strikes.
What are the 5 year plans?
Five-Year Plans, method of planning economic growth over limited periods, through the use of quotas, used first in the Soviet Union and later in other socialist states.