New Delhi, July 22 (KNN) The government is considering to change the fiscal year pattern of April-March to January to December, while an announcement in this regard is yet to be made, if changed it will be a neutral step for the industry, says Indian Industries Association.

Finance Minister Arun Jaitley informed Lok Sabha that the government is exploring the possibility of changing the fiscal year.

The Minister further informed that a committee headed by the former chief economic advisor Shankar Acharya has been constituted by the government to study the issue. The committee has submitted its report and the matter is under consideration.

Talking to KNN, Sunil Vaish, President of Indian Industries Association said that the decision is likely to have a neutral impact on the industry.

He further said that it is not for the first time that a revision in the fiscal years pattern is proposed.

“Earlier there used to be a Diwali to Diwali year, followed by April to March. Changing it to Jan-Dec will not have any negative implication” said Sunil. (KNN/ DA)