New Delhi, Jan 1: The Planning Commission, which was established in 1950, will be called 'Neeti Ayog' in its new avatar, months after Prime Minister Narendra Modi announced that it will replaced by a new body.
According to TV reports, an official announcement in this regard will be made later on Thursday.
The decision comes nearly three weeks after Modi held consultations with chief ministers at a meeting where most favoured restructuring of the Socialist-era body but some Congress Chief Ministers opposed disbanding of the existing set-up.
Prime Minister Narendra Modi in his Independence Day speech had announced that the 64-year-old commission would be abolished and replaced with a more relevant institution.
Since then the commission has held several meetings with experts to discuss the new structure of the proposed institution.
While addressing the Chief Ministers on December 7, he had invoked former Prime Minister Manmohan Singh who had said on April 30 last year that the current structure has "no futuristic vision in the post-reform period".
He had pushed for an effective structure which strengthens "cooperative federalism" and the concept of "Team India".
There were indications that the new structure will have the Prime Minister, some Cabinet ministers and some chief ministers along with technocrats and experts in various fields.
Country's first Prime Minister Jawaharlal Nehru had set up the Planning Commission to steer the nation's economic destiny at that time.
Set up by a Cabinet Resolution, the commission has enjoyed power and prestige with Prime Minister as its chairman. Its most important functions have been fixing targets for sectoral growth and allocate resources. The deputy chairman of the commission has often been a political stalwart holding the rank of a Cabinet Minister.
(With agency inputs)