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Question

Difficulty: EasyEconomic Planning History, NITI Aayog, and Structural Reforms

Which of the following Premier think tanks replaced the Planning Commission of India on January 1, 2015, to foster cooperative federalism and bottom-up economic policy planning?

  1. NITI Aayog (National Institution for Transforming India)Answer
  2. B
    National Development Council (NDC)
  3. C
    Finance Commission of India
  4. D
    Commission for Agricultural Costs and Prices (CACP)

Answer

NITI Aayog (National Institution for Transforming India)
The National Institution for Transforming India (NITI Aayog) was formed via a Cabinet resolution on January 1, 2015, replacing the 65-year-old Planning Commission to serve as a think tank promoting cooperative federalism.

Step-by-Step Solution

1
Identify the historical transition in Indian economic planning institutions.
The Government of India decided to replace the top-down Planning Commission established in 1950.
To adapt to modern economic needs and enhance participation from state governments.
2
Confirm the name and launch date of the replacement body.
NITI Aayog was formally instituted on January 1, 2015.
It serves as the premier policy 'Think Tank' of the Union Government.

Key Concept

Establishment and structure of NITI Aayog replacing the Planning Commission
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Topics

Economic Planning History, NITI Aayog, and Structural Reforms