Friday 5 May 2017

Madhya Pradesh becomes first Indian state to change financial year to January-December starting 2018

Madhya Pradesh becomes first Indian state to change financial year to January-December starting 2018

Becoming the first state in India, Madhya Pradesh state government today took a decision(फेसला) to change its financial year format to calendar year i.e January-December starting 2018, as against the current practice of April-March cycle. "The state cabinet in its meeting chaired by Chief Minister Shivraj Singh Chouhan today decided to shift the fiscal year January to December. So, now the budget session of the next FY would be held in December-January," Moneycontrol report said quoting state Public Relations Minister Narottam Mishra after the cabinet meeting. The move comes after Prime Minister Narendra Modi last week pitched for shifting fiscal year to January- December. Addressing the Niti Aayog Governing Council's third meeting, which was attended by several state chief ministers, the prime minister had asked the states to take the initiative in this regard. Referring to the change in the budget dates, he said in a country where agricultural income is exceedingly(निहायत) important, budgets should be prepared immediately(हाथोंहाथ) after the receipt of agricultural incomes for the year.Later, briefing reporters about the meeting, Niti Aayog vice chairman Arvind Panagariya said the prime minister wants that "we should think of January-December financial year as this is appropriate (उपयुक्त) from the point of view of farmers". "Niti Aayog is working on a 15-year long term vision, 7-year medium-term strategy, and 3-year action agenda," Modi said, adding the vision of 'New India' can only be realised through the combined efforts and cooperation of all the states. Niti Aayog in a paper advocated the move last year to change the financial year to Jan-Dec. It said the reason for shifting the financial year to calendar year was also due to difficulties the government faced in collecting statistical data with regard to monsoons and agriculture income.

The financial year of RBI starts from 1st July -June 30
financial year of world bank-July 1, – June 30

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