Prime Minister Narendra Modi Friday announced that a new institution will now work in place of the Planning Commission.

 

 "In a short span of time we will initiate a new institution that will work in place of the Planning Commission," said Modi while delivering his maiden speech from the Red Fort on Independence Day.

 

 He said that the importance of the federal structure is increasing. "This is a good thing and we have to strengthen it."  "Today the times have changed from the time the Planning Commission was created," he added.