oppn parties Financial Year: Is Jan-Dec Better?

News Snippets

  • MS Dhoni decides to take a two-month break, will skip West Indies tour but will not retire
  • Phagu Chauhan is the new Governor of Bihar while Ramesh Bais has been appointed as that of Tripura
  • Governors: Anandiben Patel shifted from Madhya Pradesh to Uttar Pradesh and Lalji Tandon from Bihar to Madhya Pradesh
  • Naga talks interlocutor RN Ravi appointed as Governor of Nagaland
  • Noted lawyer Jagdeep Dhankhar appointed as new Governor of West Bengal
  • 84 NDRF teams have been despatched to 23 states to tackle the flood situation
  • Three persons lynched in Bihar after being accused of cattle theft
  • Delhi police seize a consignment of 1500 kgs of heroin and busts a cartel of Afghanistan-Pakistan narcotics dealers with links to the Taliban
  • Supreme Court gives 9 more months to complete the Babri Masjid demolition case trial
  • Priyanka Gandhi not allowed to meet the families of the dead in the Sonabhadra firing, arrested
  • ICC inducts Sachin Tendulkar in [email protected]@@s Hall of Fame
  • Stock markets bleed for the second day. Sensex crashes 560 points
  • S Jaishankar, Minister of External Affairs, says Pakistan should release and repatriate Kulbhushan Jadhav immediately
  • Karnataka Governor Vajubhai Vala asks the Speaker to hold the trust vote latest by 1.30 pm today
  • The Government sends a list of 24 questions to mobile app company that runs video app TikTok seeking answers for anti-national and obscene content carried on the platform
Former Delhi CM and senior Congress leader Sheila Dikshit dies following a cardiac arrest. She was 81
oppn parties
Financial Year: Is Jan-Dec Better?

By Ashwini Agarwal

Should India move to a financial year from January to December? The prime minister pitched for it when addressing the NITI Aayog meeting on Sunday. Before that, there were whispers in the corridors of power that the government was thinking along that line ever since the Shankar Acharya committee had recommended the same. Although the advancement of the date of budget presentation to February 1st instead of 28th was explained away as a move to ensure that budgetary expenditure was ready to be undertaken from April 1, many had said that the move was also in order to gradually advance the budget to bring it to November, in preparation for a move to Jan-Dec financial year.

There is nothing wrong in such a move. In fact, since the British had set April-March as India’s financial year only to align it with the practice back home, the time is ripe for India to break with the colonial legacy and bring its financial year in line with what is followed in the rest of the world. With a pitch for Make in India, a host of MNCs and other smaller foreign firms are coming to work in India. It is extremely difficult for them to maintain records for two types of financial years – one in India and another for the mother country.

No change is easy. This change will also create confusion for some time. It will also entail a cost. But once the change is fully implemented, the benefits will be immense. There is a cost in changing names of roads and towns too. But that is being done with abandon in our country. Hence, this change should not be denied just for the cost. There will be benefits if the budget is presented in November as it will mean that the government will have more precise data about monsoons and crops with it. If it is true that the move will be beneficial to the economy, all else does not matter. It will all fall in place over time.