The Planning Commission is likely to be bifurcated and an announcement is expected on Friday when Prime Minister Narendra Modi addresses the nation from the ramparts of the Red Fort on Independence Day. 

On the anvil is an eight-person think tank for vision 2020. The  implementation of such proposals will be left to babus of the Planning Commission.

The Planning Commission after bifurcation will be merged with the Department of Expenditure.

These are the broader terms on which the PMO has been working. The PMO will submit a eight-page note for the consideration of Narendra Modi, who in turn will discuss it with Arun Jaitley and other senior Union Ministers tonight.

Does this mean the end of Prime Minister's Economic Advisory Council headed by Dr C Rangarajan? All we can say is that some major initiatives and the thought process with which the government will be run will be unveiled on Friday from the ramparts of the Red Fort.

Stay with us for all the reports.