GSM3/Budgeting: Why change Financial Year of India instead of 1st April-31st March?

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Examine the merits of changing the financial year of India from the present 1st April-31st March.
भारत के प्रवर्तमान वितीय वर्ष अप्रेल-मार्च को बदल देने के सुजाव का योग्यता परिक्षण कीजिए.

Why do British start their financial year from 1st April in their home country? What were the views of LK Jha Committee and 1st ARC? If we change annual financial year starting date to 1st November or 15th January, will it make our fiscal policy more proactive?

Relevance- UPSC Mains GS Paper-3 Syllabus topic: : Government Budgeting. Three questions in 2013, one question in 2015, no question in 2014.


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Exam-Utility: UPSC IAS IPS Civil service exam, Mains General Studies paper 1, Staff selection (SSC) and other State services exams with Indian Economy, Budget, Public Finance in its syllabus- with descriptive questions and answer writing.