MP first state to advance fiscal yr

Bhopal: Madhya Pradesh today became the first state to announce shifting of its financial year format to January-December from the present April-March cycle. The decision comes close on the heels of Prime Minister Narendra Modi making a pitch for shifting the fiscal year to January-December period during NITI Aayog’s governing council meet in the national capital recently.

In a first of its kind move in the country, the Madhya Pradesh Cabinet here on Tuesday gave the approval to advance the commencement of financial year to January 1 from the existing April 1, breaking a 156-year-old tradition in the country.

Madhya Pradesh has become the first state in the country to adopt the English calendar year method — January 1 to December 31 — as the state’s financial year.

Tuesday’s Cabinet meeting has been dubbed as “tiffin cabinet meeting” with ministers carrying their lunch boxes to discuss the Cabinet agendas as per instructions from the Chief Minister, Shivraj Singh Chouhan’s, office.

All the ministers including the Chief Minister brought lunch boxes from their homes to have lunch together during the Cabinet meeting.

“The state cabinet has decided to commence the financial year from January 1 and end it in December 31, breaking away from the traditional April 1 to March 31 routine. The next budget session will be held in December-January to bring into effect the new financial year,” state parliamentary affairs minister Narottam Mishra told reporters.

The Cabinet also decided to accord Narmada river, lifeline of MP and Gujarat, a living being status for her protection and preservation.