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)

FILED UNDER:

Economic Pulse

REUTERS SHOWCASE

Gold Imports

Gold Imports

India eases gold import rule in surprise move.  Article 

Indians in Iraq

Indians in Iraq

India says no contact with 39 men held by Islamic State in Iraq.  Full Article 

Sahara Issue

Sahara Issue

Sahara looks to raise $650 million loan to fund bail.  Full Article 

Bhopal Tragedy

Bhopal Tragedy

Bhopal's toxic legacy lives on, 30 years after industrial disaster.  Full Article 

Banking Sector

Banking Sector

After record deal, more India bank takeovers on cards  Full Article 

Islamic Fund

Islamic Fund

India gets new Islamic equity fund but debt market still off-limits  Full Article 

Cricket Tragedy

Cricket Tragedy

Clarke breaks down giving heartfelt Hughes tribute  Full Article 

Nigeria Violence

Nigeria Violence

Bombs, gunfire kill 81 at crowded mosque in Nigeria's Kano  Full Article 

Movie Review

Movie Review

D’Silva's “Ungli” just skims the surface  Full Article | Related Story 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage