Bhopal: Madhya Pradesh has become the first state to adopt a January to December fiscal year.
The decision was made in a cabinet meeting led by chief minister Shivraj Singh Chouhan on Tuesday.
Prime Minister Narendra Modi recently encouraged states to adopting this idea.
[blurb]The cabinet has decided to hold the budget session in December âJanuary, Public Relations Minister Narottam Mishra told the media after the meeting.[/blurb]
The meeting also decided that a picture of Pandit Deendayal Upadhyay will be issued with all the government letter heads, banners and advertisements.
Following a proposal from Modi, the Centre is in consultation with the states to have a January to December financial year, doing away with the old tradition of financial year starting on April 1 and ending on March 31. The system was adopted around 150 years ago during British rule.
Mishra said that it was also decided in the meeting that functioning of all departments would be reviewed on a quarterly basis.
On the lines of Modiâs Chai Pe Charcha, Chouhan held the cabinet meeting with lunch. The secretariat had called up all the ministers on Monday evening, urging them to bring their home made food.
In accordance with plans to shift fiscal year, Centre had presented the annual budget on Feb 1 this year. Once the country switches to January to December financial year, it will align with fiscal years of several economies globally.