New Delhi: Taking a leaf out of China’s book—India’s northern neighbour replaced its state planning commission with a similar body—Prime Minister Narendra Modi said India’s central Planning Commission would be replaced by a new body that understands contemporary concerns.

TV Channel Times Now said the new body is called the National Development and Reforms Commission.

China’s new body, created in the 2000s, has the same abbreviation, but uses the singular. It is the National Development and Reform Commission.

India’s NDRC will be headed by the Prime Minister and comprise representatives of the states as well as business leaders, the TV channel said.

With an eye on reviving manufacturing activities in the country to create more jobs and reduce trade deficit, Modi, in his maiden Independence Day speech, invited multinational companies (MNCs) to set up production bases in India using the skills and resources available in the country.

“The world’s economic structure has changed. Now India cannot decide its future sitting in a corner. We have to focus on manufacturing if we want to give jobs to our youth. To create balance in the disparity between imports and exports and for import substitution, we need to focus on manufacturing," Modi said.

Modi invited MNCs in businesses such as electricals, electronics, chemicals, pharmaceuticals, automobiles, agro-value addition, paper and plastic to set up manufacturing facilities in India.

He also emphasized the need to popularize “Made In India" brand across the globe and asked small and medium enterprises to make high-quality environment-friendly goods.

Modi announced a new scheme named Pradhan Mantri Jan Dhan Yojana for providing financial inclusion to the poor as well as life insurance facility.

“We want to connect the poorest of the poor with the facilities of bank accounts through the Pradhan Mantri Jan Dhan Yojana. Today, there are crores of family who have mobile phones but no bank accounts. We have to change this situation. Through this yojana (scheme), account holders will be given debit cards and each poor family will receive life insurance of 1 lakh," said.