The Planning Commission, which was established in 1950 was on 1st January 2015 replaced by a new body, NITI Aayog or National Institution for Transforming India, which will serve as a policy think-tank for the central as well as state governments and have Prime Minister as its chairperson. NITI Aayog will have a CEO and a vice chairperson, to be appointed by the Prime Minister, in addition to some full-time members and two part-time members, while four union ministers would serve as ex-officio members. The NITI Aayog will have a governing council comprising of all state chief ministers and Lt Governors and will work towards fostering a 'co-operative federalism' for providing a "national agenda" to the Centre and states.
The Prime Minister Shri Narendra Modi, has made the following appointments to the NITI Aayog:
Vice Chairman : Shri Arvind Panagariya, Economist
Full-Time Members : Shri Bibek Debroy, Economist and Dr. V.K. Saraswat, Former Secretary Defence R&D
Ex-officio members : Shri Rajnath Singh (Union Minister), Shri Arun Jaitley (Union Minister), Shri Suresh Prabhu (Union Minister), Shri Radha Mohan Singh (Union Minister).
Special Invitees : Shri Nitin Gadkari (Union Minister), Shri Thawar Chand Gehlot (Union Minister), Smt. Smriti Zubin Irani (Union Minister)