On Tuesday, Madhya Pradesh (MP) became the first state to switch to a ‘January to December’ fiscal year. Changing from the present format of April-March cycle, the state has planned to shift the financial year to the present format in which the financial year will run from January to December.
This decision came in contrast of the call of PM Modi pitching for shifting the financial year from the earlier system during a council meet of Niti Aayog. Immediately after the Niti Aayog meeting, the MP state cabinet held a meeting to make this policy effective from the new session of the next financial year.
According to Narottam Mishra, Public Relation Minister of State, “This new format will come in action from the next budget session. The state will try and complete this session by December so that we could be able to work on the new format as proposed.” He further added that the format of next budget would be either presented in December or in January.