MP first to switch to Jan-Dec fiscal year

PM Modi has also hinted that he favours a January-December financial year

Madhya Pradesh has become the first state to switch to the January-December financial year from the existing April-March cycle, with the state cabinet endorsing the move on Tuesday. 

The move breaks a 150-year tradition as India started adopting the April-March financial year from 1867. 

“The state cabinet in its meeting chaired by Chief Minister Shivraj Singh Chouhan (pictured) today decided to shift the financial year to January-December. So, now the Budget session of the next financial year will be held either in December 2017 or January 2018,” state Public Relations Minister Narottam Mishra told reporters in Bhopal.

The state government,