Union Budget for 2017 to get released sooner
Posted on: 28/Dec/2016 2:26:01 PM
Cracking the tradition of announcing the Union Budget on the last working day of Friday, for the year 2017, the Union Budget will be presented on 1st February. The government has announced the same a day before start of winter session of parliament which will be between 16th November and 16th December.
Earlier, on 26th October, Narendra Modi had hinted that the budget 2017 will be presented ahead by one month. The states are urged to modify their plans according to the scheduled date of budget presentation. Modi has also stated that the schemes proposed in the budget will be implemented sooner.
Investing his efforts to take maximum advantage of this move, the Prime Minister, when chairing the 16th interaction via PRAGATI, the ICT based multi-modal platform for pro-active governance, and timely implementation, has requested all the states to schedule their plans according to the revised release date.
Can we expect a change in financial year as well?
The financial year is between 1st April and 31st March in India. However, there are plans to change the financial year to be between 1st January and 31st December – same as calendar year. This will also get aligned with the financial year in several other countries, apart from World Bank and International Monetary Fund.
According to a Finance Ministry sources, it will better if the financial year is amended and made as January-December cycle, as most other countries practice the same as their respective financial years.
