Madhya Pradesh has become the first state to switch to the January-December financial year from the existing April-March cycle, with the state cabinet endorsing the move on Tuesday.

The move breaks a 150-year tradition as India started adopting the April-March financial year from 1867. “The state cabinet in its meeting chaired by Chief Minister Shivraj Singh Chouhan (pictured) today decided to shift the financial year to January-December. So, now the Budget session of the next financial year will be held either in December 2017 or January 2018,” state Public Relations ...