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Govt considering to change fiscal year: It's a welcome move
It refers to welcome decision by the central government to set up a committee to suggest feasibility in change of fiscal year for doing away with yet remaining British legacy of having April-March as financial year.

The NDA government led by Atal Bhiari Vajpayee had changed British practice of presenting Union Budget in the evening to now in the morning. The evening presentation of the Union Budget was adopted by British rulers in India so that presentation of the Indian budget could be listened in Britain during day timings there.

Aspect of change in fiscal-year was considered long back when a high-level expert committee with eminent economist LK Jha as its chairperson, recommended calendar-year (January-December) to be in tune with most countries of the global world and also to achieve multiple other advantages.

It was indeed a wrong system that reports of expert committees set up at high costs later remained locked in cupboards gathering dust in government-records. It is useless to set up such committees at high costs if their recommendations are not even studied.

The new committee now set up by the central government should also study LK Jha committee report in regard to change in fiscal-year while making its recommendations.

Editorial NOTE: This article is categorized under Opinion Section. The views expressed in this article are solely those of the author and do not necessarily represent the views of merinews.com. In case you have a opposing view, please click here to share the same in the comments section.
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