Australia can't even imagine.....— Patiala Jokes (@patialajokes) March 29, 2017
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what Indians can do to achieve target in March ending😂😂
Santa goes to hotel orders birayani, Eats Birayani. washes his hands n pays bill n goes back to work. No jokes, March ending Be serious !!!— Salma Mansuri (@salma_mansuri) March 29, 2017
Calcutta to Kolkata, Bombay to Mumbai, from roads to cities to even states, renaming and reforming small British Policies has been in the trend for quite a time now, And this time it’s the fiscal period.
A few
days after when the Prime Minister favoured
for January-December as a fiscal year, Tuesday Madhya Pradesh announced that it
will implement this suggestion by presenting its next annual budget in December
this year, 2017. Government representative Narottam Mishra declared the decision after
the Cabinet meet conducted by the chairmanship of Chief Minister Shivraj Singh
Chouhan.
Prime Minister had proposed the third
governing council meeting of NITI Aayog held last week on Monday. Narendra Modi
stated that the move could have a remarkable impact on the economy of this
nation. The current financial year runs from April to March. The change in
Madhya Pradesh’s fiscal period makes the financial year, coincide with the
calendar year.
In the meeting, Modi had spoken
“Because of poor time management, many good
initiatives and schemes had failed to deliver the anticipated results,”
adding
that it’s necessary to develop resilient arrangements that could function encompassing
diversity. He hollered for taking the debate into the state Assemblies and the
Parliament.
The
April-March fiscal period back-number in India date backs to 1867 from the era
of British Raj. It coincided with the British financial year. Obviously!!
Things
were not proper prior to that as well. Before 1867, India’s financial year was
May-April. But yeah, lets blame the British now.
Hey,
but why?
Why
the change? Is there any reason behind or it’s just how we “Indianize” the
British names of cities such as Calcutta to Kolkata or Bombay to Mumbai?
Well,
Yes and No. Yes, there is a reason and No, this is not that…
One
of the prime reasons behind the reform in the financial year as averred by NITI
Aayog, which issued a paper upholding the move previous year, was the obstacles
faced by the governments in procuring statistical data in references to
monsoons and agricultural income. The revision in the fiscal period will enable
the government to execute the budget reckon exercise more effectually as it
will get periodical access to critical statistical data.
So yeah,
this thing is serious, so serious that Government is acting up.
A panel
was implemented by the Government to suss out the matter in 2016. A
parliamentary panel gave yes for the matter to be taken ahead. Many statutes
and taxation laws will be needing revisions for the reform to actually realize.
However, the economic long-run benefits are anticipated to outweigh the
immediate costs and hurdles relating to the implementation of the change.
It
will also promote simplicity of doing business in the state numerous big
multinationals and investors who follow January-December fiscal.
OOOoooo
Well, we do not really
see things through. What seems a simple change has such big impacts it’s hard
to say. We should be positive regarding these impacts up to the point they are
positive.
This post was written by:
Adarsh Narsaria is a content marketing professional , a Digital Artist and Professional Audio - Video Editor who helps companies attract visitors by making appealing promotional media, video advertisements and custom branded stationery. Previously, Adarsh worked as a marketing consultant in a Talent Acquisition Startup Business. He is currently doing his graduation.
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