NEW DELHI (Reuters) - Indian Prime Minister Narendra Modi said on Friday that he would replace the central Planning Commission that for decades guided the country's socialist economy with a more modern institution.

"The times have changed since the Planning Commission was created. In a short span of time we will initiative a new institution that will work in place of the Planning Commission," Modi said in his independence day address.

(Reporting by Sanjeev Miglani; Editing by Douglas Busvine)