New body replaces Planning Commission: TV reports
The new panel, which has been formed keeping in mind the new-age deregulated economy, will be headed by the prime minister and will have representatives from the states and also business leaders.
The new panel has been set up keeping in view the deregulated economy
Modi said during his I-Day speech that times have changed now and to take the nation forward, it is important to take the states along and hence the government thought of bringing a new arrangement in place.
The Planning Commission, which looks after a planning model for the country's growth, was set up in March 1950 when Jawaharlal Nehru was the prime minister.