SMU School of Economics Associate Dean (Faculty, Research) and Professor of Economics Hoon Hian Teck commented on the Industry Transformation Programme (ITP) unveiled by Finance Minister Heng Swee Keat in the Budget. The ITP is estimated to cost $4.5 billion over five years and mostly aimed at helping SMEs scale up. It envisions technology and innovation at the core of Singapore's SMEs, setting aside over $450 million to encourage SMEs to adopt robotics and other forms of automation. Professor Hoon said: "There's always been talk about this, but I must say I walk away from listening (to Mr Heng) feeling that I've heard a game plan for the next 50 years. And it makes me a bit more hopeful - I think we've identified what are the things we have to do to engineer ourselves for the future."