NEW DELHI, December 7 (Sputnik) — Indian Prime Minister Narendra Modi has called a meeting with all the state chief ministers Sunday to discuss the overhaul of the country's Planning Commission.
India’s Planning Commission is responsible for formulating the country’s five-year plans, but now needed redefining “to be in tune with changing times,” Modi said.
During the meeting, Modi sought the opinion of the state chiefs on the Planning Commission. However, majority of chief ministers were against disbanding the institution and suggested a restructuring instead.
Indian Prime Minister called the meeting following an announcement made in his August Independence Day speech that the commission would be replaced with an institution more relevant in modern economic world.
Modi had envisaged the replacement of the Planning Commission with the so-called “Team India” comprising country's Prime Minister, state chief ministers on rotation basis, some cabinet ministers as well as relevant technocrats and experts.
According to India’s Finance Minister Arun Jaitley, the states of India could be given freedom to spend funds on the basis of their requirements after the overhaul of the commission.
India’s first Prime Minister Jawaharlal Nehru had set up the Planning Commission for the economic growth of the country based on Soviet Union ideals, which he admired. The Indian Planning Commission was created by a Cabinet Resolution in 1950, and aimed at formulating plans for the most effective and balanced use of the country’s resources.