Indian rupee
Indian rupee.Reuters File

The Modi government has changed the name of the Planning Commission to Neeti Ayog in line with a plan to restructure the body. 

The plan panel, which was established in 1950, will be officially called Neeti Ayog from Thursday following an official announcement.

The decision to change the institution's name was taken on Monday at a cabinet meeting.

The restructuring process began three weeks ago when Prime Minister Narendra Modi called a meeting of chief ministers asking for suggestions on the restructuring process.

During his meeting with the CMs on 7 December, Modi referred to former prime minister Manmohan Singh and said that the socialist-era body should get a structure that will strengthen "cooperative federalism" and the concept of "Team India", PTI reported.

Singh had said that the Planning Commission had "no futuristic vision in the post-reform period".

Modi announced his decision to restructure the Commission in his Independence Day speech. He said the institution needs to be restructured to bring it in sync with the changing times.

The new body is believed to have a panel consisting of the prime minister, some cabinet ministers, some chief ministers, technocrats and experts from various fields.