On 23 April 2017, at the Niti Aayog’s governing council meeting, Prime Minister proposed changing to a January-December fiscal year, saying it would to help prepare budgets once agricultural income is determined.
Most countries follow the January to December fiscal period and if India takes forward this change, it would mean aligning with many fiscal years globally. However, if this change takes place in India it will be a significant change from the 150-year colonial practice implemented in India in 1867 to align Indian accounting with that of Great Britain.
