Government likely to bring next budget in January 2017

New Delhi: According to official sources, the Central government likely to bring next budget during the month of January.

The sources in the Finance Ministry said, “This proposal (to shift the budget presentation to January) is being examined. But a decision is likely to be taken soon. This idea has come about to overcome a practical hurdle every year.”

The official explained, “Thus far, the budget is tabled in February-end. But the release of funds comes only by July-three-four months of the fiscal year are wasted in completing the formalities.”

So it is suggested by our senior officials that the date be advanced to January so that by March-end the funds are received by all ministries. This way, all the ministries will also get one full year to spend what is allocated to them.”

The move also comes against the backdrop of the government announcing a four-member committee to examine the desirability and feasibility of having a new financial or fiscal year, currently from April 1 to March 31.

The statement said, “The committee, headed by former Chief Economic Adviser Shankar Acharya, will examine the merits and demerits of various dates for commencing the financial year, including the existing April 1 to March 31.”