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Niti Aayog: A Think Tank for Government Policy Formulation

The planning commission was a single compact authoritative organization set up by a resolution of the Government of India on 15th March, 1950 which was functional till 31st December 2014. The union government of India announced the formation of NITI Aayog on 1st Jan, 2015 which replaced the 65-year-old planning commission. NITI means National Institution for Transforming India and is a group of people with authority entrusted by the government to formulate or regulate policies in social and economic issues with experts in it. NITI Aayog is responsible for formulating what the government described as a "Bharatiya approach to development". The new NITI Aayog will act more like a think-tank or forum and execute programme by taking the state along with them, this is in sharp contrast with the defunct planning commission which imposed five-year plans and allocated resources. The Prime minister of India is its chairperson. Main Functions of NITI Aayog include Co-operative federalism, sustainable development, urban development, participatory development with the help of private sector and citizens, inclusive development, poverty elimination, development of small enterprises, monitoring, feedback and midway course correction.