Speaking at a Chief Ministers' meet convened by Prime Minister Narendra Modi to discuss the proposal, he said the Commission in its work has adapted to the changed economic environment and reoriented itself to meet the objectives of the economic growth, infrastructure and planned development.
"I wonder why we need a new institution to do what is already being done by the existing one. The allure for the new must not sway us from appreciating the worth of what we have, and improving it," Siddaramaiah said.
"Any institution of excellence can be easily disbanded with the stroke of a pen but cannot be created overnight," the Congress leader said in his strongly worded speech.
He said the role and functions of the Planning Commission as envisaged at the time of its constitution are still relevant today.
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"In my view, a new forum is not necessary. Presently, the Planning Commission, has been guided by the deliberations of the National Development Council, in which all the chief ministers of the states are also participants," he said.
"By adopting such process, the Commission has largely met the objective of planning in a neutral set up," he said.
The chief minister also criticised the Centre for not holding prior consultations with the states and convening the meeting at a "very short notice".
"Since this meeting has been convened at a very short notice at the level of the chief ministers chaired by the Prime Minister and there having been no prior consultations at the official level, our response is limited to specific ideas floated in the paper," he said.