Madhya Pradesh Becomes The First State To Shift Fiscal Year From Jan to Dec
Bhopal: Taking Prime Minister Narendra Modia��s recent pitch for shifting the fiscal year from January to December to a next step, Madhya Pradesh has announced that ita��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 Aayoga��s governing council meet on Tuesday.
Speaking at the NITI Aayog governing council meet, the prime minister said, a�?In a country where agricultural income is crucial, budgets must be prepared immediately after the receipt of agricultural incomes for the year.a�?
a�?The Cabinet decided to shift the fiscal year January to December from the traditionally followed April- March,a�? said the State Public Relations Minister Narottam Mishra on Tuesday after the meeting. a�?Now the budget will be held in December- January.a�?
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.