- NITI Aayog was formed on January 1, 2015.
- It is neither a constitutional nor a statutory body.
- NITI Aayog is created via an executive resolution of the Union Cabinet.
- It is the premier policy ‘Think Tank’ of the Union Government, providing both directional and policy inputs.
- It had replaced the 65-year old Planning Commission established in 1950.
- Prime Minister is ex-officio Chairperson of the Aayog.
- NITI Aayog plays important role in designing strategic and long term policies and programmes for the Government.
- It also provides relevant technical advice to the Centre and States.
- It also acts as the quintessential platform of Union Government to bring States to act together in national interest, and thereby fosters Cooperative Federalism.
- It aims to achieve Sustainable Development Goals and to enhance cooperative federalism by fostering the involvement of State Governments of India in the economic policy-making process using a bottom-up approach.