MP becomes first state to formally shift to January-December financial year

PM Modi has also hinted that he favours a January-December financial year

Madhya Pradesh has become the first state in the country to formally switch to a January-December financial year format, with the state Cabinet on Tuesday approving the proposed move.

The next Budget session of the state Assembly will be held in December 2017 or January 2018, while the next financial year will start from January 2018.

“From now onwards, the financial year in the state will be from January to December,” said a statement from the state government.

Chief Minister Shivraj Singh Chouhan, meanwhile, has directed all state departments to prepare road maps of work to be done with full details of targets to be met in the next quarter, half-year and full year. After Madhya Pradesh, other BJP-ruled states might also gradually change their financial years from April-March to January-December, officials said.

Prime Minister Narendra Modi in a recent meeting of the Niti Aayog has urged states to share their views on changing the financial year from April-March to January-December.

The Central government had constituted a high-level committee under former Chief Economic Advisor Shanker Acharya to examine “desirability and feasibility” of having a new financial year. The report hasn’t been made public yet. Read more

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