Madhya Pradesh Becomes The First State To Shift Fiscal Year From Jan to Dec
Bhopal: Taking Prime Minister Narendra Modi’s recent pitch for shifting the fiscal year from January to December to a next step, Madhya Pradesh has announced that it’s shifting its financial year format.
With this decision, Madhya Pradesh has become the first State to shift the financial year from April- March cycle to January- December.
Narendra Modi expressed an inclination for shifting the financial year during NITI Aayog’s governing council meet on Tuesday.
Speaking at the NITI Aayog governing council meet, the prime minister said, “In a country where agricultural income is crucial, budgets must be prepared immediately after the receipt of agricultural incomes for the year.”
“The Cabinet decided to shift the fiscal year January to December from the traditionally followed April- March,” said the State Public Relations Minister Narottam Mishra on Tuesday after the meeting. “Now the budget will be held in December- January.”
Responding to a question posed by a reporter, the Minister said that they would try to finish the current fiscal year by December thereby, facilitate the presentation of the next budget in December – January.