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Why India should change its fiscal year

When I was in school, I heard that India’s fiscal year start’s on 1 April because India is a agrarian economy and the harvesting season happens in April. But now I think it could be 1 April because UK has it’s fiscal year on 1 April, and after Independence, we might have preferred to simply keep it that way.

But I think we should change the fiscal year to either 1 January or 1 October. Or we could keep start our fiscal year on Diwali, the way Stock market begins it’s new year.

But why should we change it? Because majority of development work at center, state and municipality level happens between January to March, the last quarter. That is when everyone wakes up and decides that it’s time work needs to be done. This is how the fiscal planning and execution goes  at all 3 levels  –

By February or March, a budget is allocated by the elected representatives.
The new budget is enforced from 1 April. First quarter starts. But not much work is initiated in the first quarter …

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