Prime Minister Narendra Modi raised an important issue of change in fiscal year from April- March to January- December. This is yet another significant step taken by the Modi government in reforming Indian Economy. Though there has been no deadline set to implement this proposal but PM Modi asked the States to think about this proposal in serious manner.
Why Change in Fiscal Year is Necessary?
The present fiscal is the long inheritance of British government which they adopted in 1867, a 150 year old tradition. Similarly, this year there was no presentation of Rail Budget as it was included in the general budget. The first reason is symbolic. BJP has always believed in implementing the agenda which derives itself from Vedic India. Almost every BJP government has focused on erasing everything that is related to Islamic invaders and British Government.
The second reason is to eliminate wastage of time due to its management. PM Modi said in the meeting that India is a agricultural country and when we are focusing on increasing the income of farmers, we need to create a robust system that is agriculture friendly. The important thing that is needed to be done is to make the fiscal year in accordance to the preparation of agriculture receipt of that year.
Benefits of this Step:
One can easily see that what the government proposes in the budget has never been implemented fully. The major reason behind this is mismanagement of time. PM Modi focused on the plans that are not implemented. There has been a great loss of resources and time as many of the schemes laid out have never been implemented on ground. Change in fiscal year was directly aimed to benefit the agriculture sector in India.
Many experts have also advised the government to go for a January- December fiscal year as it will be in accordance to the agriculture sector. PM Modi aimed for 2022 which will mark 75 years of India’s independence. He said that the states, center and the major stakeholders should come together to formulate a vision that is focused to create a new India for 2022.