Deputy Entrepreneur and Cooperatives Development Minister Datuk Seri R. Ramanan distributed RM1.4 million in financial assistance yesterday to support eight Indian community cooperatives, aiming to strengthen the cooperative sector within the community.
Under the Bantuan Bakti Madani initiative, six cooperatives received grants amounting to RM175,600, while the remaining two were allocated RM1.225 million through the Malaysia Co-operative Societies Commission Revolving Capital Fund (TMPSKM).
Addressing reporters after the cheque presentation ceremony for the Grant Assistance and Revolving Capital Fund by the Malaysia Co-operative Societies Commission (SKM), Deputy Minister Datuk Seri R. Ramanan emphasized that the financial aid underscores his ministry’s dedication to fostering economic growth within the Indian community.
He explained that the distribution of funds follows the 2024 Indian Community Cooperative Conference (PKKI 2024), which took place on October 13 last year and brought together over 200 Indian community cooperatives.
YB Ramanan noted that while the 2024 Indian Community Cooperative Conference (PKKI) received a positive response, only 17 cooperatives submitted applications for financial aid. He highlighted that this number is relatively low compared to the more than 200 cooperatives that participated in the event.
Out of the 17 applications, six cooperatives have been approved under the Bantuan Bakti Madani initiative, while the remaining applications are still under review by the Malaysia Co-operative Societies Commission (SKM).
The event was also attended by SKM Chief Executive Officer Datuk Rusli Jaafar and other senior officials from the Malaysia Co-operative Societies Commission.
YB Ramanan announced that RM1 million has been allocated for this year’s Bantuan Bakti Madani initiative, sourced from the Cooperative Development Provident Fund (KWAPb). Under this initiative, each cooperative is eligible to receive a maximum grant of RM30,000.
He further stated that SKM will organize outreach programs in every state to offer briefings and consultations for Indian cooperatives. These initiatives aim to assist cooperatives with documentation and other necessary requirements, ensuring a smoother application process for the Bantuan Bakti Madani initiative.
“I encourage Indian cooperatives to take advantage of this opportunity, as it enables them to gain greater benefits and seek support from SKM,” he stated.
Additionally, Ramanan, who is responsible for Indian community affairs, revealed that the ministry is preparing to launch a significant initiative aimed at strengthening Indian community businesses through one of Kuskop’s agencies.
The financial assistance distributed by Deputy Minister Datuk Seri R. Ramanan underscores the government’s commitment to strengthening the Indian community’s cooperative sector and fostering economic growth. As the ministry prepares to launch a new initiative to support Indian community businesses, these efforts collectively reflect a proactive approach toward empowering cooperatives and driving sustainable development within the community.
Source: NST
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