Government will shift the financial year to January-December from the April-March pattern
Government will shift the financial year to January-December from the April-March pattern
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New Delhi: Prime Minister Narendra Modi led government to shif the financial year to January-December, from the current April-March pattern to align it with the agriculture production cycle. Accoding to cogencis sources,  An announcement regarding the same is likely to be made soon as per.

while addressing chief ministers at the Governing Council of NITI Aayog , PM  Modi had backed the idea of the January-December financial year last year . PM  had said that in a country where agricultural income is exceedingly important, budgets should be prepared immediately after the receipt of agricultural incomes for the year. And with the monsoon arriving in month of June, most of the schemes and spendings by states did not take off until October month , leaving just half a year for their implementation.

NDA government  had two years ago set up a high-level committee to study the feasibility of shifting the financial year to January 1 from the current practice of starting it from April 1. The committee submitted its report, reasoning for the transform and its effect on the different agricultural crop periods and its impact on businesses, the taxation system and procedures, statistics and data collection. Till last 2016, the Budget was presented on the last day of February.

 

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