NEW DELHI: Finance Minister Arun Jaitley today said the Government was studying recommendations for advancing the financial year from January 1 so as to factor in the impact of the monsoon in the budget estimates.
However, since the issue involved both the state governments and local bodies, it needed wide application of mind, and so very wide consultations, Mr Jaitley said replying to supplementary questions in the Lok Sabha during Question Hour.
The questioner had asked why the country was continuing the 150-year-old British practice which did not factor in the Indian conditions, and not taking action on the recommendations of various committees, including the Shankar Acharya Committee on the subject.
The Finance Minister said the Government had partly addressed the problem by advancing the conclusion of the Budget business before April 1, so that the money could be transferred to departments, states etc for expenditure. (AGENCIES)
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