Jakarta. President Prabowo Subianto decried greedy businessmen in his first-ever state address on Friday as he tried to make his catchphrase “serakahnomics” (‘greedynomics’) popular.

“Serakahnomics” -- a term that combines the Indonesian word for greedy (“serakah”) and “economics”. He coined the play-on-words last month when he alleged that Indonesia lost Rp 100 trillion (around $6.2 billion) from food cartels each year. The retired army general repeatedly used this term in his state address at the parliamentary complex in Jakarta as he fumed over corporate greed.

In a televised fiery speech, Prabowo promised that he would not hold back on taking action against companies over legal violations. In particular, Prabowo targeted those who have caused food prices to skyrocket as the president worries that, although the economy grows beyond 5 percent, hunger still exists in the country. 

The 73-year-old politician said it was strange that some people still lacked access to affordable food despite the government’s constant rollout of agricultural equipment and fertilizer subsidies. He found it ironic how Indonesia -- the world’s largest palm oil producer -- faced a cooking oil crisis in 2022, something that Prabowo also blamed on “serakahnomics”. He talked of the rice scandal that recently shook the country, which saw the government flagging 212 rice brands over violations.

“Isn’t rice important to this country, and doesn’t it affect the livelihood of many people? And what about rice milling? … Some, not all, entrepreneurs use their power, capital power, to dominate and manipulate people’s lives. This is unacceptable,” Prabowo said.  

He went on to say how his government would “make sure that the Indonesian people would not be victims of ‘serakahnomics’.”

He also warned the rich not to act as they please just to rake in profit.

“As long as I’m president, never assume that the great and the rich can do whatever they want. We are not afraid of your greatness or wealth. Because your wealth comes from the Indonesian people. The government that I lead will not hesitate to defend the interests of the Indonesian people,” Prabowo said.

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