The new entity, which will replace the current planning panel, is likely to have eight members comprising economists and representatives from society, government, industry and academics.

According to sources, the government is chalking out the details of the panel which is expected to be announced in the near future. Of the eight members, four are expected to be from the government and remaining from other sectors.

The new panel will suggest the government on its approach to new reforms and is believed to function as a dispute resolution medium for states.

In his Independence Day speech, the Prime Minister had said that Planning Commission would be soon replaced with a new institution.

"We need a new body with a new soul. We will have to think about giving a new shape to the Planning Commission. Very soon this new institute will start working in place of the Planning Commission," Modi had said.

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