Madhya Pradesh adopts Jan-Dec as Financial Year

Kristopher Drake
May 4, 2017

The decision was taken during a cabinet meeting that was held under the chairmanship of Chief Minister Shivraj Singh Chouhan.

In order to stabilise the financial position of farmers and benefit the common man, the Prime Minister, while addressing a meeting organised by the Niti Aayog on April 23, suggested that the financial year period be moved from April-March to January-December. Prior to that, India's financial year was May-April.

A committee headed by former chief economic advisor Shankar Acharya was last year tasked to study the desirability and feasibility of shifting the financial year to start from January 1 from the current practice of starting from April 1.

When Madhya Pradesh implements the Jan-Dec cycle, its financial year will be the same as the calendar year.

Referring to the change in the budget dates, he said in a country where agricultural income is exceedingly important, budgets should be prepared immediately after the receipt of agricultural incomes for the year.

The new budget for the state would be presented in December from now on. It was adopted to coincide with the British financial year.

The roadmap's execution will be monitored quarterly by the minister in charge of every department, and department's will take a turn to present it every Tuesday.

The state government's spokesperson and parliamentary affairs minister Narottam Mishra said this was really a unique experiment and all the ministers enjoyed the moments having lunch together from their tiffin boxes brought from home.

The government also made a decision to review all laws which have lost significance in the present era and pave the passage for their replacement with more relevant, newer laws, said Mishra.

The meeting also decided that a picture of Pandit Deendayal Upadhyay will be issued with all the government letter heads, banners and advertisements.

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