Impact of Malaysia Budget 2013 on Small and Medium Enterprises Assignment

involve of Malaysia Budget 2013 on Small and Medium Enterprises - Assignment ExampleSmall and medium-sized enterprises have had bigger challenges in their business performance, incursion, and marketing, compared to the large enterprises. The Malaysian 2013 budget has given indicated considerable efforts to emphasize on the need of SMEs in frugal development, and vision 2020 of attaining an industrialized nation-state (Budget 2013, 2012). The government policies through the 2013 budget initiatives provided financial support for the enterprises straddling crosswise large and small enterprises, focusing on the youth and women through loans and financial support in investments crosswise the local regions. The loans and funds have subsidized charges on interest rates, which the government is collaborating with financial institutions for easy introduction to the SMEs. The tax and non-tax incentives will reduce the expense of operation in enterprises consequently saving money channeled b y enterprises from incentives (Budget 2013, 2012). The budget could also influence the SMEs through ICT infrastructure, entrepreneurship training to remediate national GDP, revenue, investment, and enhance economic growth. The small and medium scale enterprises form the backbone of the majority of the developing nations economy. These enterprises play a momentous role in facilitating the considerable growth of the economy however, financial constraints and inhibiting the competitiveness nature, which pushes every entrepreneur and businessperson, to improve the worth and quantity of market goods and services remains a significant obstacle (Budget 2013, 2012). In the past, Malaysian SMEs have been struggling to expand beyond their national boundaries, so that they can compete internationally, in particular in the current wave of globalization.