Indian Prime Minister Shree Narendra Modi has suggested changing the financial year from January to December. Today morning Narendra Modi pitched to the Lok Sabha for the condition of simultaneous elections and the state assemblies, in addition to this he suggested fiscal year changes to be considered.
While addressing the third meeting of the Niti Aayog Governing Council, in which a number of state chief ministers were present, PM expressed his concern for the Indian people, who has suffered the consequences of disorganised economic and political conditions. He said, "Because of poor time management, many good initiatives and schemes had failed to deliver the anticipated results", adding to this he mentioned that there should be a development in arrangements which can perform amidst diversity.
There is an initiative call taken by the Prime Minister to further carry the debate and discussions to the Parliament and state legislatures for carrying out simultaneous elections.
For the taxes on Goods and Services (GST), PM has strictly asked the state ministers for quick arrangements of legislative "without delay", to start the roll-out of indirect tax regime from 1st July.
In reference to the budget presentations, PM has instructed to prepare the budgets soon after the receipt of agricultural income for the year, because in our country the agricultural income is the most important every year. Shri Modi requested the state ministers take initiative in changing the fiscal year from April-March to Jan-Dec.