Narendra Modi it had over the appointment of judges, and reducing that of the judiciary. On 31 December 2014, Modi announced that the Planning Commission had been scrapped. It was replaced with a body called the National Institution for Transforming India, or NITI Aayog. The Planning Commission was a legacy of the Indian Independence movement, although critics said that it was slowing economic growth. The move had the effect of greatly centralising the power previously with the planning commission in the person of the prime minister. It also reduced the extent of control individual states had over their financial allocation from the
Premiership of Narendra Modi budget was moved from 28 February to 1 February and financial cycle was changed from July to April. Further, the artificial distinction between planned and non-planned expenditure was removed. Foreign Investment Promotion Board (FIPB), considered as a hurdle in FDI, was scrapped by Modi government. Modi government put in place the Goods and Services Tax, the biggest tax reform in the country since independence. It subsumed around 17 different taxes and became effective from 1 July 2017. Modi launched Pradhan Mantri Jan Dhan Yojana (PMJDY) in August 2014. The initiative aimed to create bank accounts and debit cards for 150