Madhya Pradesh on Tuesday became the first Indian state to announce shifting of its financial year format to January-December from the present April-March cycle.
A decision to this effect was taken during the state cabinet meeting chaired by Chief Minister Shivraj Singh Chouhan's today.
The decision comes 10 days after Prime Minister Narendra Modi pitched for shifting the fiscal year to January-December period at NITI Aayog's governing council meet in the national capital.
"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," state Public Relations Minister Narottam Mishra told reporters after the cabinet meeting.
When asked about the ongoing fiscal 2017-18, the minister said that the state government would try to finish the current budget proceedings by December this year.
"We would try to finish the current fiscal by December this year. So the next budget would either be presented in December this year or January next year," he added.
Addressing the Niti Aayog Governing Council’s third meeting on April 23, which was attended by chief ministers of all states except two, Modi said for long, India had suffered from economic and political mismanagement.
“Because of poor time management, many good initiatives and schemes had failed to deliver the anticipated results,” he said, adding there is a need to develop robust arrangements that could function amid diversity.
