January-December fiscal year gets thumbsup from exporters
Exporters have said that any change in the financial year to align with the calendar one is a welcome move. On Tuesday, the Madhya Pradesh government became the first state to announce that it is shifting to the January-December cycle. On a national level, the Centre has also started making preparations for switching over to a similar financial year cycle. It had also constituted a high-level committee under former chief economic advisor Shankar Acharya to examine the possibility of making such a move. “Since most other countries follow a January-December financial year, any move in this direction will be helpful,� said Ajay Sahai, director general, Federation of Indian Export Organisations.