PM Narendra Modi announces scrapping of Planning Commission

New Delhi, Aug. 15 (ANI): Prime Minister Narendra Modi today said that a new institution would be formed in place of the planning commission.

"There have been many speculations in the media about the future of the Planning Commission. The Planning Commission was formed as a result of the situation prevalent that time. Today the times have changed," said Modi.

"The importance of a federal structure is increasing, and we need to work towards strengthening it. A new institution will be formed now in place of the Planning Commission with "creative thinking on public-private partnerships, optimum utilisation of resources, giving direction to state governments, an organisation that will strengthen federalism and more" he said.

"This new institution that will replace the Planning Commission will have a new direction, new blood, and new thought," he added.

The Planning Commission is an institution in the Government of India, which formulates the country's Five-Year Plans, among other functions.

Earlier today, the Prime Minister unfurled the flag in the central court of Red Fort, after inspecting the guard of honour.

After hoisting the National Flag from the ramparts of Red Fort, he began his addressal to the nation.

The Prime Minister also paid homage at the Rajghat before reaching the Red fort. (ANI)