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21 August 2014, MENAFN

India PM axes Soviet-style economic planning body

Rajrishi Singhal, Senior Geoeconomics Fellow, Gateway House analyses how the Planning Commission was important after independence, but the institution now appeared out of step with changing times

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India’s new right-wing premier Narendra Modi announced Friday an end to Soviet-style economic planning in an Independence Day speech as he pressed ahead with overhauling cumbersome government policymaking.

Modi said he was scrapping the Planning Commission — a relic of socialist policies put in place by India’s first prime minister, Jawaharlal Nehru, who was impressed by the former Soviet Union’s centralised planning and five-year economic blueprints.

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