Minister in the Prime Minister’s Department Senator P Waythamoorthy said the fund would be used to help develop members of the community, especially those from the B40 group.

“The government desires to continue raising the equity of the Indian community in the national economy.

“The initial allocation will be raised through contributions from the government, government-linked companies and the private sector,” he said.

He was replying to a question from Senator M Sambanthan, who wanted to know whether the government would increase the equity through the Malaysian Action Plan for the Indian Community (MIB) introduced by the previous government.

Waytha said the government was reviewing all programmes under the MIB and trying to step up efforts to improve the standard of living of the Indian community.