Modi says central planning body to be disbanded

NEW DELHI Fri Aug 15, 2014 12:00pm IST

Prime Minister Narendra Modi (wearing turban), surrounded by his bodyguards, arrives to address the nation from the historic Red Fort during Independence Day celebrations in Delhi August 15, 2014. REUTERS/Ahmad Masood

Prime Minister Narendra Modi (wearing turban), surrounded by his bodyguards, arrives to address the nation from the historic Red Fort during Independence Day celebrations in Delhi August 15, 2014.

Credit: Reuters/Ahmad Masood

NEW DELHI (Reuters) - Prime Minister Narendra Modi said on Friday that he would replace the central Planning Commission that for decades guided the country's socialist economy with a more modern institution.

"The times have changed since the Planning Commission was created. In a short span of time we will initiative a new institution that will work in place of the Planning Commission," Modi said in his independence day address.

(Reporting by Sanjeev Miglani; Editing by Douglas Busvine)

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