Annual state budget likely to be presented in Winter Session

The state government is planning to present the annual budget in December from next year onwards. Girish Bapat, minister for Parliamentary Affairs said next winter session would be considered as budget session. The new system will be followed immediately after the union government will implement it. He stated the officer who is responsible to spent the allocated budget, if fail to perform, would hold responsible and it should be noted in his confidential report.

Depending upon when does the Union Government decides to begin new financial year from January to December, the state government too is planning to present its annual budget in December.

Arguing in favor of changing the official fiscal year, Bapat pointed out many European countries have their fiscal year between January to December. Moreover, for the layman the new year starts from January. “It is only the banks and some other institutions have their fiscal ac- counting year between April to March,” said the minister.

Bapat further said, “At present the delays in approving the projects, tendering, re-tendering, granting administrative approvals and releasing budgeted allocations after the budget is presented in March causes delays in actual implementation of the projects.” He added though the budget is passed in March-April, considering no work is possible in monsoon months between June-September, all the project approvals, tendering and re-tendering takes place after monsoon season is over.

Bapat said, “The projects for which budget allocations are made in April-May, their actual implementation begins only around October-November. If the budget is passed in January, then there is sufficient time to approve the projects allocate funds and begin implementation by monsoon season.” He said the government is considering linking not just how well the officials spend the allocated funds in a time-bound manner, but also how well they meet the fiscal targets in terms of revenue income generation.