Kuala Lumpur, July 12 - Malaysian Prime Minister Najib Tun Razak has announced funds equal to over $400,000 to assist ethnic Indians set up small-scale industries, marking a five-fold increase in the annual allocation.

Razak's former cabinet colleague and president of the Malaysian Indian Congress (MIC) S. Samy Vellu Sunday thanked him for the additional allocation under what is called the Tekun Scheme, The Star reported.

'Initially, the allocation was RM (Ringgit Malaysia) 3 million but we asked for it to be increased to RM 10 million. Instead, the prime minister decided to give RM 15 million ($419,000) annually,' he said.

Vellu said the additional funds would enable the MIC to help more Indian small entrepreneurs.

He said there would be more road shows nationwide to assist Indian businessmen in need of financial help through Tekun.

MIC is Malaysia's oldest party of ethnic Indians, a bulk of whom came here during the British era.

Vellu, as also other Indian leaders, have in the past lamented at the lack of awareness among the two million-plus community on the opportunities the government and its schemes offer them.