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Economists want a 'Think Tank' to replace Planning Commission
Prime Minister Narendra Modi, while addressing the nation on 15 August 2014, the 68th independence day, made it clear that Planning Commission of India, that was established on March 15, 1950 would be soon a history.
He proposed the idea of replacing more than sixty year old commission with a new institution with new plans and news vision, which will be able to face current economic challenges, boost the economy development and strengthen the federal structure.

PM Modi has asked the country men to come up with ideas for the new institution. The government also announced creation of a special open forum on the website mygov.nic.in for suggestions on the new institution.

How different should be the new institution from the old Planning Commission, what are the major changes that should be incorporated in the proposed body?

Noted economist Dr. P. Pai Panandikar, said that the new institution should be a 'think tank'.

"My view is that the new institution should be a 'Think Tank', what I have suggested earlier also. It should have no power at all as far as government is concerned. It should be totally independent, no executive powers. If you give it power, it will be of no use then. It should study problems subjectively. And it should make suggestions on how to tackle a particular issue.

SP Sharma, Economist with industry body PHD Chamber of Commerce and Industry:

I believe, the new institution should be planned in a way that the industries' concerns are addressed because at the end of the day the economy is boosted up by the industrial development and manufacturing process and that is the major area to generate more and more employment in the economy because you the employment is declined in the agriculture sector and hardly there is new creation of jobs in the manufacturing sector.

So, the new body should consider the interest of the industry number one, and number two that should also consider some stake holder from the agriculture sector as economy is facing so many problems at agriculture front. Day after day new rise in the inflation rate particularly in the food inflation, now the prices of key vegetables are high. So, going forward if this is the situation then in the coming time, that may impact the whole economic scenario in terms of rise in prices and impact on industrial processes because if the prices of food items are than RBI also increases the policy rates that impacts the industrial scenario. So, these things should be addressed by the new body like how to support the agriculture, how to educate the farmers to focus on perishable items, to focus on the changing dynamics of the consumption, not only in urban areas but in the rural areas also. So I believe, the new body should consider the interest of farmers, interest of industry, and the interest of consumers also.

Harsh Mander, member of now abolished National Advisor Council and a social worker:

It should be a think tank that can make good policy interventions in different areas. Secondly, it should have the capacity for independent evaluation of performance of government programmes.

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