PM Modi pushes for a January-December fiscal year

At the Niti Aayog meet, the Prime Minister said there have been suggestions on shifting the financial year from the existing April-March to January-December.

Prime Minister Narendra Modi chaired the Niti Aayog Governing Council's meeting on Sunday and addressed chief ministers of the state.

The major talking point at the meeting was Narendra Modi asking states to consider advancing the financial year to January-December, in line with major global economies.

Pitching a January-December financial calender for the country, Narendra Modi said a country where agricultural income is crucial, Budget should be prepared immediately after its receipt for the year.

At the Niti Aayog meeting, Prime Minister Narendra Modi also made a push for holding simultaneous elections for state assemblies and Parliament.

Here is all you need to know about what the PM saud at the Niti Aayog meeting:

  1. At the Niti Aayog meet, the Prime Minister said there have been suggestions on shifting the financial year from the existing April-March to January-December.
  2. Narendra Modi said that because of poor time management, many good initiatives and schemes had failed to deliver the anticipated results. Breaking away from tradition, the Narendra Modi government had advanced the Budget presentation to February 1 this year.
  3. At the meet, the Prime Minister reiterated the idea of holding simultaneous elections, and said the country had suffered enough from economic and political mismanagement. Narendra Modi said a constructive discussion on the subject has already begun.
  4. In his address to the nation on New Year's eve, Narendra Modi had said that it was time to "have a constructive debate and find a way to hold all elections across the country simultaneously and get rid of the various cycles of elections".
  5. "The Prime Minister said if the elections are held simultaneously, then political parties could just focus on them once in five years and then use the rest of the period to do serious work," NITI Aayog vice chairman Arvind Panagariya said.
  6. Narendra Modi also called upon the state governments to work with the Centre to build "the India of the dreams of our freedom fighters" by 2022, the 75th anniversary of Independence.
  7. He urged states, local governments and all government and non-government organisations to decide goals for 2022, and work in mission mode towards achieving them.
  8. He called upon the states to use the GeM (Government e-Marketplace) platform to reduce corruption and increase transparency in government procurement, adding that the use of technologies such as BHIM and Aadhaar would result in significant savings for the states.

(with inputs from IANS)

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