Madhya Pradesh has become the first state to adopt a January to December fiscal year. The decision was made in a cabinet meeting led by chief minister Shivraj Singh.
Prime Minister Narendra Modi recently encouraged states to adopting this idea.
The meeting also decided that a picture of Pandit Deendayal Upadhyay will be issued with all the government letter heads, banners and advertisements.
Following a proposal from Modi, the Centre is in consultation with the states to have a January to December financial year, doing away with the old tradition of financial year starting on April 1 and ending on March 31.
The system was adopted around 150 years ago during British rule.
