Ameer Ali Mydin, president of the Bumiputera Retailers Organisation, said the economy would stagnate if price controls and subsidies were in place for a long period.

“We know the government wants to help the public. So, reduce subsidies and increase assistance to those in need like the M40 group, who are also burdened by the rising cost of living,” he said, Astro Awani reported.

Ameer, who is also the managing director of Mydin hypermarkets, said subsidies should be withdrawn in stages.

“The extra RM100 from Bantuan Keluarga Malaysia for three months is not enough and is only for the B40 group. Many from the M40 have fallen into the B40, so the government may need to review its data.

“Currently, the household income is set at RM4,000, maybe it can be increased to RM6,000,” he said.

For instance, he said, if a married couple with four or five children had a household income of RM4,500 a month, the RM100 cash aid will not be enough.

Ameer suggested that the government restructure the cooking oil packet subsidy, which amounts to almost RM1.8 billion, and channel those funds to the needy instead.