Madhya Pradesh will be the first State to switch to the January-December financial year from the present April-March cycle.The change will mean the financial year will coincide with the calendar year. The decision was taken at a meeting of the Cabinet held at Mantralaya here on Tuesday. “The next budget session will start in January. Now, the financial year will start in January and end in December,” CM Shivraj Singh Chouhan said. The decision was announced to the press by Public Relations Minister Narrotam Mishra.On April 23, Prime Minister Narendra Modi made the proposal at the third governing council meeting of the NITI Aayog in New Delhi. Mr. Modi said the switch could have a significant impact on the economy.