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innovation in malaysia budget 2010

innovation in malaysia budget 2010

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Published by tirazol

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Published by: tirazol on Sep 19, 2010
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05/24/2012

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1.0INTRODUCTION
The government has played a crucial role in ensuring that the nation’s wealthis enjoyed by the citizens in a fair and equitable manner. Thus, it’s becomes theresponsibility of the government to plan for the citizens. Due to the global economiccrisis that affected our countries, it makes difficult for the government to plan wisely.However, today global economic crisis has showed a strong sign of recovery and thisrequires the government to plan the resources wisely. The resources are plan and present as a budget. Every year, Ministry of Finance is responsible for planning the budget for the citizen.Budget 2010 was presented by Minister of Finance or our Prime Minster,Dato’ Sri Mohd Najib Tun Razak on 23
rd
October 2009 at Dewan Rakyat. The themeof Budget 2010 is “1Malaysia, together we prosper. Budget 2010 is the last budget for 9
th
Malaysian Plan. It is the foundation of the development of new economic modeland a precursor to the 10
th
Malaysian Plan.Malaysia has successful in transforming its economy form agriculture based tothe industrial based. Now, Malaysia is moving to the new economic model. This neweconomic model is based on innovation, creativity and high-value added activities toremain competitive in the global economies. Innovation is an important agenda for Malaysia, as the government will transform Malaysia through comprehensiveinnovation process. The innovation includes private and public sector governance,societal, urban, rural, corporate, industrial, education, healthcare, transport, socialsafety net, and branding innovation. The government is serious in implementing thoseinnovations to promote Malaysia to be in advanced economy.
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Budget 2010 focuses on the well-being of the citizens and achievements of  National Key Result Areas (NKRAs). This budget is also emphasize on advancing therole private sector as the driver of economic growth, developing high-skill humancapital, and increase the efficiency of the public sector. There are three strategies thatare focused by the government on this budget which are driving the nations toward ahigh income economy, ensuring holistic and sustainable development, focusing on thewell-being of the citizens. There are so many programs that are implemented by thegovernment to run those strategies such as strengthening ICT industry, PERMATA,advancing agriculture sector, and so on.
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2.0DEFINITION
Innovation is a change in the thought process for doing something, or theuseful application of new inventions or discoveries. It may refer to anemergentchanges in thinking, products, processes, or organizations. The goal of innovation is positive change, to make someone or something better. Due to innovation it mayleading to increasing inproductivitywhich is the fundamental source oincreasingwealthin an economy
(www.businessdictionary.com).
In the organizational context, innovation may be linked to performance andgrowth through improvements in efficiency, productivity, quality,competitive  positioning,market share, etc. All organizations can innovate, including for example hospitals, universities, and local governments. Each organization must constantlychange with the current situation. If it is still a long notch with no change toexcellence, then it would lose in competition.While innovation typically adds value, innovation may also have a negative or destructive effect as new developments clear away or change old organizational formsand practices. Innovation can be described as the result of some amount of time andeffort into researching an idea, plus some larger amount of time and effort intodeveloping this idea, plus some very large amount of time and effort intocommercializing this idea into a market place with customers.
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