Planning Commission Renamed 'Niti Aayog' Thursday Jan 01,2015

 

Following up on Prime Minister Narendra Modi's Independence Day announcement that the Planning Commission would be replaced, the government, Thursday Jan 01,2015, renamed the plan panel as 'Niti Aayog'.

The renaming of the Planning Commission is being seen as the first step towards replacing it with a new-age institution.

The Prime Minister had called meeting of all chief ministers recently to deliberate on the structure of the new body which would replace the Commission.

Note

The Planning Commission was set up by a simple government resolution in March 1950

The first Five-year Plan was launched in 1951 with total outlay of little over Rs 2,000 crore and two subsequent five-year plans were formulated till 1965, when there was a break because of the Indo-Pakistan Conflict.
Two successive years of drought, devaluation of currency, a general rise in prices and erosion of resources disrupted the planning process and after three Annual Plans between 1966 and 1969, the fourth Five-year plan was started in 1969.


The plan panel has commissioned 12 five-year plans and six annual plans involving fund outlays of over Rs 200 lakh crore in its 65-year-history.